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The new OP proposal introduces a Buyback Mechanism, aiming to allocate 50% of the Superchain Sorter's net income to token buyback.
BlockBeats News, January 29th, the Optimism governance layer has passed a proposal to more closely tie the OP token to the Superchain's economic performance. This marks a significant shift in the token's value and utility within one of Ethereum's largest Layer 2 ecosystems.
According to the proposal, during a 12-month pilot period starting in February, the Optimism Foundation will use 50% of the Superchain sequencer's net revenue to regularly buy back OP tokens. The remaining revenue will continue to be used to support the ecosystem fund, fund projects, and operations.
According to data from the Optimism on-chain governance portal, the proposal received 84.4% approval after several days of discussion among representatives and token holders.
This move represents Optimism's first formal attempt to align the demand for OP tokens with Superchain's network-wide activity. Superchain is a constantly expanding chain collection built on the OP Stack, including the OP Mainnet, Base, Unichain, World Chain, Soneium, Ink, and more.
At the time of writing, OP has a market capitalization of $583 million, down 87.6% from its all-time high, with a price of $0.3, down 93.8% from its peak.
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