The Optimism community begins voting on the OP token buyback plan

The Optimism community has started voting on a governance proposal to more closely tie the value of the OP token to the economic efficiency of the Superchain, a network of layer-2 blockchains on Ethereum using the OP Stack. The proposal was put forward by the Optimism Foundation.

If approved, the plan will allocate 50% of ETH revenue from the Superchain sequencer to buy back OP on a monthly basis during a 12-month pilot phase. According to the Optimism Foundation, this is a significant step as OP is not only a governance token but also directly linked to network usage levels.

In the past 12 months, the Superchain has generated 5,868 ETH in revenue from the sequencer. With the new mechanism, approximately 2,700 ETH, equivalent to nearly $8 million at current prices, could have been used to buy back OP. The voting will conclude on 01/29 at 02:00.