Optimism is proposing a strategic shift for its token. The foundation suggests using 50% of the revenues generated by the Superchain to repurchase OP tokens on the market, an initiative aimed at more directly linking the token’s value to the ecosystem’s economic activity.
Monthly Buybacks Starting in February, Pending Governance Vote
The proposal will be subject to a governance vote on January 22. If approved, Optimism would launch monthly buybacks of OP tokens starting in February. The funds would come from sequencer revenues collected across chains built using the OP Stack.
This includes major networks like Base, Unichain, World Chain, Soneium, and other members of the Superchain. Up to now, these revenues were entirely deposited into a treasury governed by the token, without a direct mechanism for value return to OP holders.
A Climate of High Pressure on the Token
The timing is not coincidental. The OP token has lost nearly 54% in the last three months and about 83% over a year. This underperformance has long fueled criticism of the OP status, often seen as a mere governance token, weakly connected to the real economic flows generated by the ecosystem.
Optimism states it has already accumulated 5,868 ETH from Superchain revenues. With the new proposal, half of future revenues would be systematically used to buy OP on the secondary market before returning them to the treasury.
Burn, Staking, or Another Use: Decision Postponed
The repurchased tokens would not be automatically burnt. Their fate would remain in the hands of governance, which could decide later whether to destroy them, redistribute them through staking mechanisms, or use them in other incentive programs.
This is a crucial point. Optimism seeks to introduce a clear economic link between network growth and the token, without prematurely locking in the final model. The foundation emphasizes the evolutionary nature of the mechanism, expected to gain strength as Superchain activity increases.
Towards an OP Closer to a Revenue Token
In the team’s mindset, this proposal signifies an intentional shift. OP would no longer be just a governance tool, but an asset whose value reflects, at least partially, the economic performance of the entire Superchain, not just OP Mainnet.
If the vote is successful, the remaining 50% of revenues would be managed directly by the foundation. They would be used to fund the ecosystem, optimize treasury management, and complement existing staking programs.
The message to the market is clear: Optimism aims to address investor concerns by introducing an explicit value return mechanism. It remains to be seen if governance will follow suit, and if these buybacks will be enough to restore credibility to the OP token in an increasingly competitive environment among layer 2 solutions.
