Ethereum Layer 2 scaling respond Optimism has sold $157 million price of OP tokens by a non-public sale, split amongst seven various purchasers.

In a governance publish on Wednesday, the foundation within the encourage of Optimism stated the 116 million OP tokens had been sold for treasury administration applications and may maybe perhaps be enviornment to a two-yr lockup.

“The tokens reach from the Unallocated portion of the OP Token treasury, and are section of the Foundation’s authentic working budget of 30% of the preliminary OP token offer,” stated a member of the Optimism foundation.

Consistent with records from DeFiLlama, more than $1.23 billion silent stays in Optimism’s Treasury, at the time of writing.

Though there are at the moment no fundamental parts as to who the seven purchasers in search data from are, they’re going to be in a space to delegate the tokens of their possession to unaffiliated third parties for participation in governance.

Bobby Dresser, the total manager at the Optimism Foundation, stated the job for the token holders to want delegates may maybe perhaps be left up to them, as is the case with all OP token holders within the community’s decentralized self satisfactory group (DAO), dubbed the Optimism Collective. Dresser moreover described the token sale as a “deliberate tournament.”

The token sale announcement comes two days after Optimism presented its third airdrop, which saw 31,000 queer addresses allocated 19.4 million OP tokens.

With $2.63 billion in Entire Imprint Locked (TVL), Optimism is the 2d-greatest Layer 2 community and accounts for 25% of the market, records from L2 Beat exhibits.