Optimism
Why Optimism is down 9.1% today
Analysis
Optimism (OP) fell 9.1% over the past 24 hours as traders reacted to news that OP holders approved a buyback plan redirecting 50% of Optimism protocol revenue to OTC swaps. While buybacks can be supportive long-term, the shift toward OTC execution and changes to revenue allocation can create near-term uncertainty and prompt risk-off positioning.
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.