The Optimism Foundation announced on Friday that it has started a private token sale of over 19.5 million OP tokens, which are currently valued at almost $90 million, to an unidentified bidder.
The Optimism network, a blockchain that processes and settles Ethereum transactions, is one of the networks that the foundation helps to maintain and build.
There is a two-year lockup on the sold tokens. To participate in governance choices, the purchase can assign the tokens to unaffiliated third parties, providing them with the same advantages as an unvested holder.
The tokens, which make up 30% of the initial OP token supply, are part of the foundation’s original operational budget and originate from the unallocated share of the OP Token treasury. One billion tokens were in circulation and 4.29 billion total in OP as of Friday.