Optimism’s OP token plunged over 20% following a major announcement from Base, a layer-2 network built on its technology. Base stated it is transitioning from the OP Stack to its own independent, unified tech stack. This move ends a key revenue-sharing agreement and grants Base greater autonomy, while OP’s price has fallen sharply alongside a broader altcoin market decline.
Optimism‘s OP token dropped by more than 20% in 24 hours. This decline coincided with the announcement that Base is transitioning from the OP Stack to a unified, self-operated tech stack called “base/base.”
OP is trading at $0.1436, according to recent data. Base made the announcement, citing a need for faster upgrades and reduced complexity.
The move severs a three-year dependency between the projects. Base launched as an OP Stack chain in 2023, sharing a portion of sequencer revenue with Optimism‘s treasury.
That revenue stream will now remain entirely with Base. As the highest-revenue layer 2 in the OP Stack ecosystem, Base gains independence but ends its financial contribution to Optimism.
Optimism’s recent selloff is not isolated; the token has shed more than 53% over the past month. It currently trades roughly 97% below its all-time high of $4.84 set nearly two years ago.
This decline highlights how altcoin price movements have become increasingly isolated to select narratives. Selling pressure on altcoins over the past 13 months has reportedly hit -$290 billion.
Only a few altcoins post occasional gains, like privacy tokens Zcash and Monero. Most tokens are struggling amid Bitcoin‘s extended consolidation phase.
Ignacio Aguirre Franco, CMO at Bitget, said to expect continued volatility and narrative-driven moves. “Without a strong macro tide lifting risk assets broadly, altcoins are likely to trade in choppy ranges, reacting to idiosyncratic events, on-chain flows, or fleeting sector narratives,” Franco stated.
This muted sentiment is reflected on prediction market Myriad. Users there place just a 9% chance on an “alt season” occurring before April.
