What Happened: Buyback Program Approved The proposal, submitted by the Optimism Foundation on Jan. 8, passed Thursday with 33.27% of votes in favor, 3.23% against and 3.95% abstaining.
Previously, 100% of Superchain revenue went to a treasury overseen by the Optimism governance community. The Superchain is a network of layer-2 chains built on the open-source OP stack, including Sony's Soneium, Unichain, Ink and Coinbase's Base.
Under the new structure, Optimism will partner with an over-the-counter provider to execute monthly conversions of Ether (ETH) to OP. Based on last year's Superchain revenue, a comparable allocation would have directed roughly 2,700 ETH toward buybacks, or approximately $8 million in OP at current prices.
The accumulated tokens could be used for burning, funding ecosystem expansion or rewarding network security participants.
Also Read: Why Central Banks Are Stockpiling Gold Instead Of U.S. Debt For First Time Since 1996