Optimism governance has approved a proposal to allocate 50% of Superchain revenue to buy back the OP token over the next 12 months, starting in February, as part of efforts to strengthen the token’s role in the ecosystem.
The proposal, submitted by the Optimism Foundation in January, passed with 33.27% voting in favour and shifts revenue use after all Superchain income was previously directed entirely to the treasury.
“This is an exciting first step in expanding the role of the OP token,”
Said Bobby Dresser, executive director of the Optimism Foundation, adding that the programme “will help align the OP token’s value with the success of the Superchain ecosystem.”
The Superchain is a network of layer-2 blockchains built on Optimism’s OP Stack, including Sony’s Soneium, Unichain, Ink and Coinbase’s Base, which generate revenue in Ether through sequencer fees.
Under the plan, Optimism will work with an over-the-counter provider to convert ETH into OP on a monthly basis, with the tokens held in the treasury for potential burning, ecosystem funding or participant rewards.
The foundation estimated that, based on last year’s revenue, about 2,700 ETH, or roughly $8 million at current prices, could have been used for OP buybacks under a similar allocation.