The Optimism OP Token community has voted to approve a proposal to allocate millions of dollars in protocol revenue to Token buybacks. The vote, which concluded on Wednesday, received approximately 84% support from 450 participants, including representatives from seven chains within the Superchain ecosystem and five major applications. The Optimism Foundation first floated this buyback idea earlier this month as part of a plan to “connect the OP Token ” to the Superchain – the largest Layer 2 network on Ethereum built using the Optimism toolkit, encompassing major blockchains such as Base, OP Mainnet, Unichain, Soneium, Worldchain, and many others.
In its proposal, the fund notes that Superchain has generated approximately 5,868 ETH in revenue over the past year, worth over $17.5 million at current prices. Open market buybacks will begin in February, with the OP going into a “shared treasury” along with any remaining ETH earned through Optimism’s transaction sequencer.
With this plan, Optimism officially joins the ranks of successful crypto projects like Hyperliquid and Pump in reinvesting a portion of its protocol revenue to bolster the value of its Token. It is also the first major Layer 2 project on Ethereum to experiment with this model, while other major competitors like Arbitrum and Polygon have so far avoided direct buybacks.
“The conversion of ETH to OP from January revenue will be completed within approximately 25 to 35 days from February 1st,” the fund stated . “After the first month, this process will be carried out periodically at the same time each month. OTC trading is only a temporary solution until we fully transition to on-chain trading in the next six months.”
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The article "Holder OP implements buyback plan from 50% revenue" first appeared on CoinMoi .
