Optimism
Why Optimism is down 6.0% today
Analysis
Optimism (OP) fell about 6% over the past 24 hours even as token holders approved a buyback plan that redirects 50% of protocol revenue toward OTC swaps, a change intended to support OP but not necessarily an immediate catalyst for spot-market demand. The market may have treated the governance approval as largely anticipated or focused on the gradual, revenue-dependent nature of the buybacks rather than near-term token flow impacts.
Contributing Factors (2)
Optimism passes buyback proposal to bolster OP token
The Optimism blockchain will begin to sell half of its Superchain revenue to buy back its own token starting next month, with the tokens held for future ecosystem use.
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.