Optimism Foundation, which supports the Ethereum Layer 2 project Optimism, said it is privately selling approximately 19.5 million governance tokens — valued at over $89 million at current prices.

The terms of the private sale and the identity of the buyer have not been disclosed.

The tokens will be subject to a lockup period of two years, according to an official announcement, but the purchaser will still be able to delegate tokens to unaffiliated third parties for governance votes. "Optimism has entered into a private token sale of approximately 19.5M OP tokens," the announcement posted on Optimism's governance forum read. 

The project claims "the tokens come from the unallocated portion of the OP token treasury, and are part of the Foundation's original working budget of 30% of …