Optimism is proposing a structural change that ties its token on to community exercise and Superchain income.
Abstract
- Optimism proposes utilizing 50% of Superchain income for OP buybacks.
- This system would launch in February pending a Jan. 22 governance vote.
- OP tokens purchased would return to the treasury for future governance use.
Optimism is transferring in direction of a mannequin that might see OP transition from a purely governance token.
In a Jan. 8 weblog publish, the Optimism Basis outlined a governance proposal that might direct half of all incoming Superchain income towards shopping for Optimism (OP) tokens on a recurring foundation, with this system set to start in February if authorized.
Turning Superchain income into OP demand
The proposal facilities on income generated by the Superchain, a rising community of layer-2 chains constructed utilizing the OP Stack. These embrace Base, OP Mainnet, Unichain, World Chain, Ink, Soneium, and others. Every chain contributes a share of sequencer income again to Optimism below current agreements.
Over the previous 12 months, that income totaled 5,868 ETH, all of which has flowed right into a governance-controlled treasury. As Superchain utilization has expanded, that pool has grown alongside it. The Basis now needs to formalize a hyperlink between that exercise and the OP token.
Below the plan, 50% of latest month-to-month income could be used to purchase OP tokens over a 12-month pilot interval. The remaining half would proceed to fund Basis operations and ecosystem development.
Purchases are anticipated to be executed in a means that limits market disruption, with tokens returned to the Collective’s treasury relatively than distributed instantly.
Governance would retain management over what occurs subsequent. Choices embrace burning the tokens, allocating them to future staking applications, or utilizing them for different ecosystem incentives because the Superchain matures.
A shift in OP’s position
Till now, OP has largely functioned as a governance token, with worth tied loosely to adoption of the OP Stack. The Basis argues that this construction now not suits the dimensions Optimism has reached.
The Superchain at present accounts for greater than 60% of layer 2 price market share and processes about 13% of complete on-chain transactions. The proposal frames buybacks as a option to let that utilization feed instantly again into OP, relatively than stopping at treasury accumulation.
The Basis described the transfer as an early step, not a ultimate design. Future adjustments might broaden OP’s position into areas comparable to shared infrastructure coordination or sequencer-related features, with the buyback mechanism positioned as a place to begin relatively than a whole overhaul.
Dialogue across the proposal is ongoing in Optimism’s governance discussion board. A neighborhood name with Optimism management is scheduled for Jan. 12, forward of a proper vote on Jan. 22. If authorized, the buyback program would start shortly after.
OP is down 87% year-over-year and greater than 90% from its 2024 all-time excessive. The brand new proposal might assist increase the token’s worth.
