The governance community for the Optimism blockchain has approved a proposal to direct 50% of all Superchain revenue toward buying back the network’s OP token. The program will begin in February and last for 12 months, using an over-the-counter provider to convert revenue from Ether. Based on last year’s figures, this could equate to roughly $8 million worth of OP purchased. The Optimism Foundation stated this aligns the token’s value with ecosystem success, though the OP price dipped slightly following the vote’s passage.
The governance backing the Optimism blockchain has approved a proposal to allocate 50% of all Superchain revenue to buy back the network’s token over the next year. The voting period ended with the community passing the measure with 33.27% in favor.
This initiative aims to expand the utility of the OP token and align it with the success of the Superchain. The Superchain is a network of unified layer-2 chains built with the OP Stack, including Coinbase’s Base.
Revenue is generated in Ether via sequencer fees from these participating chains. Until now, 100% of this income went to a treasury overseen by the Optimism governance community.
The Optimism Foundation stated that, based on last year’s revenue, a comparable allocation would have seen around $8 million used for buybacks. The accumulated OP could later be used for token burning, ecosystem funding, or network rewards.
Foundation executive director Bobby Dresser said the approval was an “exciting first step in expanding the role of the OP token.” He added the program “will help align the OP token’s value with the success of the Superchain ecosystem.”
Despite the governance decision, the token’s market price has not reacted positively. OP is down 1.9% over the past 24 hours to trade at $2.60, according to CoinGecko data.
