Optimism Superchain Revenue Buyback Proposal Officially Passed: OP Token Value Capture Enters a Historic Turning Point

In January 2026, Ethereum’s largest layer 2 scaling ecosystem, Optimism, reached a significant turning point — a proposal to allocate 50% of the net revenue from the Superchain sequencer to regular OP token buybacks was approved by a high vote. This means that as the Superchain ecosystem expands, Optimism will establish a revenue flywheel mechanism: more on-chain activity will directly translate into structural demand for the OP token.

Core of the Proposal: Injecting Ecosystem Revenue Directly into Token Value

The Optimism governance team has just approved a fundamental reform proposal that will redefine the OP token’s value capture mechanism. According to this newly approved governance proposal, the Optimism Foundation will allocate 50% of the net revenue from the Superchain sequencer for a 12-month pilot starting February 2026, for regular buybacks of OP tokens. The remaining revenue will continue to support the ecosystem fund, project grants, and daily operations.

The proposal was approved with an 84.4% support rate, demonstrating broad community recognition of this change. This is the first time Optimism has officially attempted to directly link OP token demand with activity across the entire Superchain network.

Superchain Ecosystem: An Ever-Expanding Layer 2 Network Matrix

To understand the importance of this proposal, one must first understand what Superchain is. Superchain is a growing collection of chains built on the OP Stack, including the OP mainnet, Base, Unichain, World Chain, Soneium, Ink, and other well-known layer 2 networks. These chains collectively form a vast ecosystem, each contributing a portion of sequencer revenue to Optimism according to protocol.

Over the past 12 months, Superchain has generated 5,868 ETH in revenue for the Optimism ecosystem. Under the proposal’s design, about half of this (approximately 2,934 ETH) will be dedicated annually to OP token buybacks. As more chains join the Superchain, this revenue base is expected to continue growing.

Buyback Mechanism Design: Balancing Market Impact and Transparency

The Optimism Foundation has carefully designed the buyback mechanism to minimize market disruption. The plan is to conduct buybacks once a month, converting ETH into OP. These buybacks will occur within a pre-determined time window, and the foundation commits to releasing a data dashboard showing trading data including price, transaction speed, and balances.

OP tokens purchased through this mechanism will be stored in the collective treasury of Optimism, rather than being immediately distributed or burned. The proposal does not mandate burning these tokens or removing them from circulation; instead, future use decisions — including potential staking mechanisms, incentives, or burns — will be left to subsequent governance. This flexibility was a key point during the proposal discussion. Some representatives believe it preserves future options, while others advocate for clearer long-term commitments.

Token Role Transformation: From Governance Tool to Value Asset

Currently, OP mainly functions as a governance token, with its value loosely tied to the adoption of the OP Stack. The Foundation believes this structure no longer suits the scale Optimism has achieved.

“The approval of the buyback proposal marks an exciting first step in expanding the role of the OP token,” said the Executive Director of the Optimism Foundation. “Optimism’s OP Stack is becoming the settlement layer for the next generation of financial systems, and this plan will help align the value of OP tokens with the success of the Superchain ecosystem.”

At present, Superchain accounts for over 60% of Layer 2 fee market share, handling approximately 13% of total on-chain transaction volume. The proposal views buybacks as a way for usage to directly feedback into OP, rather than merely accumulating in the treasury.

Market Impact and Price Data: Long-term Value Rebuilding

For OP holders and potential investors, the most immediate impact of this proposal is creating structural demand for the token. The proposal explicitly states: “Every transaction on the OP chain will expand the buyback base,” positioning OP as a token increasingly linked to network usage beyond governance.

Current Market Performance of OP (as of January 29, 2026)

According to Gate data, in response to the proposal’s approval:

• OP current price is $0.2899, a -3.97% change in the past 24 hours
• 24-hour trading volume is $1.12 million, with a market cap of $572.34 million
• Circulating supply is 1.94 billion OP, total supply is 4.29 billion OP
• Market sentiment indicators show a neutral stance

Compared to its all-time high, OP’s price remains relatively low, significantly below the peak of $4.84. This situation partly reflects the cyclical volatility of the entire crypto market and provides a favorable environment for the implementation of buyback mechanisms.

Long-term Price Outlook

Based on Gate’s analytical research, OP’s price in 2026 may fluctuate between $0.2145 and $0.3478, with an average forecast of $0.2899 for the year. Looking further ahead, by 2031, Optimism’s price could reach $0.5616, representing a potential return of +70.00% compared to current levels. The introduction of the buyback mechanism could provide long-term value support for the OP token.

Industry Significance: Evolution of Layer 2 Token Economics

Optimism’s buyback proposal is not only significant within its own ecosystem but could also set a new benchmark for the entire Layer 2 industry. As blockchain networks shift from purely technical competition to broader ecosystem competition, token economic models are increasingly critical for long-term project success.

Traditionally, most Layer 2 tokens primarily serve governance functions and are loosely decoupled from the network’s actual economic performance. By directly tying Superchain revenue to token buybacks, Optimism pioneers a new model of value recirculation for layer 2 networks. If successful, this approach could inspire other Layer 2 projects to explore similar value capture mechanisms, pushing the industry toward more sustainable economic models.

Following the approval of the buyback proposal, the Optimism ecosystem stands at a pivotal turning point. The OP token is currently priced at $0.2899, with a market cap of $572.34 million, still some distance from its all-time high. This gap also reflects the market’s reassessment of the long-term value of Layer 2 projects — technological superiority must translate into sustainable economic models to truly gain market recognition. The 12-month pilot period will test the effectiveness of this economic model. The buyback mechanism is not just a technical parameter adjustment but a reshaping of value flow.