Optimism
Why Optimism is down 11.4% today
Analysis
Optimism (OP) fell 11.4% over the past 24 hours despite governance approval of a new buyback plan. According to The Block, OP token holders approved redirecting 50% of Optimism protocol revenue to OTC swaps for buybacks, which may have been interpreted as insufficient near-term market support given the OTC structure and timing, leading to 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.