Optimism proposes OP token buybacks using superchain revenue

The Optimism Foundation has proposed a plan that would more closely tie the OP token to the performance of the Superchain. The move marks a structural shift in how layer-2 tokens attempt to capture value. 

The plan would dedicate 50% of incoming Superchain sequencer revenue to monthly OP buybacks for an initial 12-month period beginning in February, subject to a governance vote scheduled for 22 January.

Source: Optimism/X

If approved, the proposal would move OP beyond its current role as a governance token toward an asset whose demand is tied to aggregate network activity across the Superchain.

The ecosystem of OP Stack chains includes Base, Unichain, World Chain, OP Mainnet and others.

Optimism to go from governance token to revenue-aligned experiment

Under the proposal, Optimism would convert half of monthly sequencer revenue into OP via an OTC provider, with purchased tokens held in the Collective treasury. 

The remaining ETH would be actively managed by the Optimism Foundation under predefined parameters, with governance retaining oversight of capital allocation.

Optimism reported collecting 5,868 ETH in Superchain revenue over the past 12 months. Had the proposed allocation been in place, roughly half of that amount would have been directed to buybacks. 

This is an estimated $8m in OP at prevailing prices. The programme is designed as a pilot, to be reassessed after one year.

The shift matters because most L2 tokens today subsidise growth through incentives or governance rights, with limited, recurring links to real protocol revenue. 

Optimism’s proposal explicitly tests whether routing sequencer cash flows back to the token can create a durable alignment between usage and token economics.

Why Superchain aggregation matters

Data from DefiLlama underscores why Optimism is framing the initiative at the Superchain level rather than around a single chain.

Data shows that the OP Mainnet TVL is currently at $309 million, with chain revenue at $459 in the last 24 hours.

Source: DefiLlama

OP Mainnet currently operates as a low-fee environment by design, with modest chain and application revenue relative to historical TVL. 

By aggregating sequencer revenue across multiple OP Stack chains, Optimism is betting that scale, rather than per-chain fees, can generate a meaningful revenue base over time. 

In that context, buybacks are positioned less as a yield mechanism and more as an alignment tool.

Market context: structure over price

OP’s price has traded lower over recent months, and the buyback proposal has not prompted an immediate repricing. OP was trading at $0.32 with an increase of over 3% in the last 24 hours.

Source: TradingView

That is consistent with the design of the programme: conversions are capped by realised revenue and executed monthly, without regard to spot price. 

Any impact on supply dynamics would therefore depend on sustained Superchain growth rather than announcement effects.

In this sense, the proposal is best understood as a governance-led redesign of token economics, rather than a short-term market catalyst.

A test case for L2 value capture

The vote on 22 January will determine whether Optimism proceeds with the experiment. If approved, the buyback programme begins in February and runs for 12 months, after which governance will reassess its effectiveness.

Beyond OP, the outcome will be watched closely by the broader rollup ecosystem. 

If aggregating sequencer revenue proves sufficient to anchor token demand without undermining decentralisation, it could inform how other L2s approach value capture in low-fee environments. 

If not, it will reinforce the challenge of translating scale into sustainable token economics.

Final Thoughts

• Optimism’s proposal tests whether aggregating sequencer revenue across multiple OP Stack chains can create a durable economic link between network usage and the OP token.
• With capped, revenue-based buybacks and no price targeting, the initiative is less about near-term market impact and more about redesigning L2 value capture in a low-fee environment.