OP token holders approve buyback plan redirecting 50% of Optimism protocol revenue to OTC swaps

Holders of Optimism's native OP tokens voted overwhelmingly, with about 84% support, to approve a proposal that will redirect 50% of the protocol's revenue toward token buybacks. This plan aims to align the OP token with the Superchain, Optimism's network of Ethereum Layer 2s. The Superchain generated over $17.5 million (5,868 ETH) in revenue last year, and open-market buybacks are set to begin in February. The execution will initially be done via Over-The-Counter (OTC) swaps, with a transition to full on-chain execution within approximately six months. While the move follows successful models used by other crypto projects, some critics, like GFXlabs, argued the buybacks could be financially self-canceling when combined with OP emissions. Optimism governance countered that the buyback links demand for blockspace to the OP token without sacrificing ecosystem growth incentives.

(Source：The Block)