Optimism governance has approved a significant overhaul of OP’s token economics, formally linking the token’s value to the growth of the Superchain ecosystem.
Key Takeaways
Optimism approved a plan to use 50% of Superchain revenue for OP buybacks starting in February.
OP is trading near $0.26 despite the approval, showing limited immediate market reaction.
RSI and MACD indicate bearish momentum is still in control.
The newly approved proposal authorizes a 12-month buyback program set to begin in February. Under the plan, 50% of incoming Superchain revenue will be used to repurchase OP tokens on the market. The bought-back tokens will be retained in the Collective treasury alongside remaining sequencer ETH, reducing circulating supply while reinforcing long-term alignment between protocol activity and token value.
The proposal passed through Optimism’s Joint House governance framework, comfortably exceeding both quorum and approval requirements. Final voting data showed more than 84% approval, reflecting broad support across governance participants. Execution of the buybacks will be handled through monthly ETH-to-OP conversions via an OTC provider, a structure designed to avoid sharp market disruptions while maintaining consistent demand.
A Shift Toward Real Value Capture
The decision marks a strategic shift for Optimism, moving OP further beyond a pure governance role. By directly tying token demand to Superchain revenue, the network is positioning OP as an asset backed by real economic throughput rather than solely future expectations.
As Optimism continues expanding its Superchain model and onboarding additional rollups, governance participants appear confident that rising ecosystem activity will translate into sustained, structural buy pressure for OP. The move places Optimism among a small group of Layer-2 projects experimenting with explicit value capture mechanisms.
OP Price Remains Under Pressure
Despite the bullish long-term implications of the proposal, OP’s price reaction has been muted. At the time of writing, OP is trading near $0.26, down more than 7% over the past 24 hours and roughly 14% on the week. The token’s market capitalization currently sits just above $510 million.
Price action shows OP struggling to reclaim the $0.30 level, with sellers continuing to dominate short-term momentum. Trading volume has remained moderate, suggesting that market participants are taking a wait-and-see approach following the governance outcome.
Technical Picture: Weak Momentum Persists
From a technical standpoint, indicators continue to lean bearish. The daily RSI is hovering around 35, keeping OP close to oversold territory but without a clear bullish divergence forming yet. This suggests downside pressure has slowed, though buyers have not stepped in decisively.
MACD remains below the signal line, with a slightly negative histogram indicating that bearish momentum is still intact, even if its intensity has eased. Until OP can reclaim key resistance levels with stronger volume, technicals suggest the market remains cautious.
For now, Optimism has delivered a strong structural upgrade to OP’s token economics, but traders appear to be waiting for confirmation in price action before fully pricing in the impact of the newly approved buyback program.
