The Optimism Foundation is making waves in the crypto community with a new proposal aimed at enhancing the value of OP tokens. This initiative, which is set to be voted on January 22, seeks to allocate a significant portion of revenue from the Superchain for regular buybacks of OP tokens, marking a pivotal moment for the token's utility. The source reports that this move could significantly impact the market dynamics of OP tokens.
Introduction of the Proposal
The proposal, introduced by Optimism Grants council member Michael Vander Meiden, aims to directly connect the value of OP tokens to the network's activity for the first time. If the governance vote passes, it would transform the role of OP tokens from merely serving governance functions to being tied to actual revenue generated across the Superchain ecosystem.
Funding Mechanism for Buybacks
Funding for the buybacks would come from ETH collected through sequencer fees across various networks within the Superchain. Estimates suggest that if this plan had been in place last year, around 2,700 ETH—equivalent to approximately $8 million at current prices—would have been allocated for OP token purchases. This strategic move could significantly enhance the token's market dynamics and investor interest.
The DFINITY Foundation recently unveiled a plan to significantly reduce ICP token inflation, contrasting with the Optimism Foundation's proposal for OP tokens. For more details, see read more.
