Optimism, the community approved the return of OP Tokens
Optimism's blockchain-backed administration has approved a proposal to allocate 50% of Superchain's revenue to buy the network's tokens over the next 12 months, starting in February.
The proposal was initially presented by the Optimism Foundation on January 8 as part of a push to expand the use of the Optimism (OP) token and align with the success of Superchain, a network of converged blockchains.
The voting period ended last Thursday, with the Optimist Management Society voting for the proposal with 33.27 percent in favor, 3.23 percent against and 3.95 percent abstaining.
Until the vote, 100% of SuperChain's revenue is allocated to a treasury managed by the Optimism Management Community.
Optimum Superchain is a network of layer-2 (L2) chains built on top of the project's open source OP stack, including Sony Sonium, Unichain, Inc. and Coinbase's Base. From these L2s, you will continuously earn income in Ether (ETH).
As part of the proposal, Optimism will partner with a counter provider to execute the conversion of Ether (ETH) to OP on a monthly basis. The funds are then held in the treasury along with other ETH.
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The foundation stated that based on last year's Superchain earnings, the same allocation was used to return about 2,700 ETH, or nearly $8 million in OP at current prices.
The Optimum Foundation said that the accumulated OP will be used for various purposes, including burning tokens, expanding the ecosystem, and rewarding participants who help keep the network safe.
Optimism Foundation CEO Bobby Dresser said in a statement to Cointelegraph that the approval is “an exciting first step in expanding the role of the OP token” and that the program “will help align the value of the OP token with the success of the Superchain ecosystem.”
Despite voting for OP token's volatility on the main shakeout, the price has yet to respond positively. According to CoinGecko data, OP is down 1.9% in the last 24 hours, trading at $0.26.
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