Crypto
Optimism Foundation Reviews OP Token Buyback Program Amid Declining Volumes
The Optimism Foundation has announced that it will review its OP token buyback program after the initial 12-month period. The program was launched in January and aimed to use up to half of the Superchain revenue to purchase OP tokens each month.
Three buybacks have taken place so far: January saw 1.57 million OP purchased, March recorded a high of 6.95 million OP, and April dropped to just 926,000 OP, an 87% decrease from March.
A total of 513.9 ETH (approximately $975,000) has been deployed across these three transactions. The review suggests a cautious approach by the foundation, allowing it to assess the program's effectiveness and market conditions before committing to a long-term strategy.