Optimism governance approves 50% Superchain revenue buyback of OP tokens

The governance backing the Optimism blockchain has approved a proposal to allocate 50% of all Superchain revenue to buy back the network’s OP token over the next 12 months, starting in February, the vote result shows. The proposal was submitted by the Optimism Foundation on Jan. 8 as part of an effort to expand the utility of the OP token and align it with Superchain performance.

The voting period ended Thursday, with the Optimism governance community passing the measure with 33.27% in favor, 3.23% against and 3.95% abstaining, according to Optimism. Optimism’s Superchain is a network of layer-2 chains built with the project’s open-source OP stack, including Sony’s Soneium, Unichain, Ink and Coinbase’s Base.

The Superchain generates income in ether (ETH) via sequencer revenue contributed by these L2s. Under the plan Optimism will partner with an over-the-counter provider to execute monthly conversions of ETH to OP; the converted tokens will be held in the treasury alongside remaining ETH.

The Optimism Foundation said accumulated OP could be used for token burning, funding ecosystem expansion and rewarding participants who help secure the network.

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