Optimism governance approves OP token buyback plan

The community of Ethereum Layer 2 network Optimism (OP) has approved a governance proposal to buy back OP tokens using revenue from its Superchain sequencer. The on-chain vote passed with 84.4% approval. Under the plan, the Optimism Foundation will allocate 50% of the Superchain sequencer's net profits to the buyback program for 12 months, starting in February. This initiative is the first official attempt to directly link the value of the OP token to network activity. The repurchased tokens will be held in the Optimism Treasury, with future decisions, such as a potential burn, to be determined by governance.