The governance supporting the Optimism blockchain has agreed to a proposal to allocate 50% of all Superchain revenue to purchase back the network token over the subsequent 12 months starting in February.
The proposal was originally submitted on January 8 by the Optimism Foundation to expand the utility of the Optimism (OP) token and align it with the success of the Superchain, a network of unified blockchains.
The voting period ended on Thursday when the Optimism Governance community adopted the proposal with 33.27% in favor, 3.23% against and three.95% abstentions.
Source: Optimism
Pending the vote, 100% of Superchain revenues were allocated to a treasury overseen by the Optimism governance community.
Optimism's Superchain is a network of Layer 2 (L2) chains built on the project's open source OP stack, including Sony's Soneium, Unichain, Ink and Coinbase's Base. It generates revenue in Ether (ETH) through sequencer revenue from these L2s.
Under the proposal, Optimism will partner with an over-the-counter provider to perform monthly Ether (ETH) to OP conversions. The funds are then held within the treasury together with the opposite remaining ETH.
The foundation stated in its proposal that based on last 12 months's Superchain revenue, a comparable allocation would have used about 2,700 ETH for buybacks, which equates to about $8 million in OP at current prices.
The Optimism Foundation said the collected OP might be used for quite a lot of purposes, including burning tokens, funding ecosystem expansion, and rewarding participants who help secure the network.
Bobby Dresser, executive director of the Optimism Foundation, said in a press release to Cointelegraph that the approval is an “exciting first step in expanding the role of the OP token” and that this system “will help align the worth of the OP token with the success of the Superchain ecosystem.”
Although a serious change within the dynamics of the OP token has been voted on, the worth has not yet responded positively. According to CoinGecko data, OP is down 1.9% within the last 24 hours and is trading at $0.26.
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