Optimism
Why Optimism is down 1.2% in the last hour
Analysis
Optimism (OP) slipped 1.2% over the past hour as markets digested news that OP token holders approved a buyback plan redirecting 50% of Optimism protocol revenue to OTC swaps. While buybacks can be supportive longer-term, the use of OTC swaps and the revenue reallocation can introduce uncertainty around timing and market impact, contributing to short-term selling pressure.
Contributing Factors (1)
OP token holders approve buyback plan redirecting 50% of Optimism protocol revenue to OTC swaps
The plan could redirect millions of dollars worth of Optimism protocol revenue "to align the OP token" with the Superchain.
Move Details
Explanation Confidence
Moderate confidence. Multiple factors may be contributing.