Optimism passes buyback proposal to bolster OP token

The Optimism blockchain will begin to sell half of its Superchain revenue to buy back its own token starting next month, with the tokens held for future ecosystem use.

The governance backing the Optimism blockchain has approved a proposal to allocate 50% of all Superchain revenue to buy back the network’s token over the next 12 months, starting in February.

The proposal was initially submitted by the Optimism Foundation on Jan. 8 as part of a push 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, with the Optimism governance community passing the proposal with a 33.27% vote in favor, with 3.23% against, and 3.95% abstaining.

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