The authorities supporting the Optimism blockchain have approved a proposal to allocate 50% of all Superchain revenues to repurchase the network’s token over the next 12 months, starting in February.
The proposal was originally submitted by the Optimism Foundation on January 8 as part of a push to expand the utility of the Optimism (OP) token and align it with the success of Superchain, a network of unified blockchains.
Voting ended on Thursday with the Optimism management community passing motion 33.27% in favor, 3.23% against and 3.95% abstaining.
Until the vote, 100% of Superchain revenues went into a vault overseen by the Optimism governance community.
Optimism’s Superchain is a Layer 2 (L2) blockchain built on the project’s open source OP stack, including Sony’s Soneium, Unichain, Ink, and Base. It generates income in Ether (ETH) through sequencer revenue from these L2s.
As part of the proposal, Optimism will partner with an OTC provider to conduct monthly Ether (ETH) to OP conversions. The funds will then be held in the vault along with the remaining ETH.
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Foundation he stated in its proposal that based on last year’s Superchain revenues, a comparable allocation would mean using approximately 2,700 ETH for redemptions, or approximately $8 million in OP at current prices.
The Optimism Foundation stated that the accumulated PO can be used for a wide range of purposes, including burning tokens, funding ecosystem expansion and rewarding participants who lend a hand secure the network.
Optimism Foundation executive director Bobby Dresser said in a statement to Cointelegraph that the approval was “an exciting first step in expanding the role of the OP token” and that the program “will help align the value of the OP token with the success of the Superchain ecosystem.”
Despite the vote on a major shake-up to the OP token’s dynamics, the price has yet to react positively. According to CoinGecko, OP fell by 1.9% in the last 24 hours, reaching a price of $0.26 data.
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