{"post_stream":{"posts":[{"id":45979,"name":"system","username":"system","avatar_template":"https://europe1.discourse-cdn.com/bc41dd/original/2X/3/399c2cdab1be9e0c1ae7481c939f977574c28f5e.svg","created_at":"2026-01-07T22:07:39.219Z","cooked":"\u003ch1\u003e\u003ca name=\"p-45979-proposal-to-align-op-token-with-superchain-success-1\" class=\"anchor\" href=\"#p-45979-proposal-to-align-op-token-with-superchain-success-1\" aria-label=\"Heading link\"\u003e\u003c/a\u003eProposal to Align OP Token with Superchain Success\u003c/h1\u003e\n\u003cp\u003e\u003cem\u003eThis proposal was updated on 1/15/26 to reflect community feedback to split the original proposal into two separate proposals.\u003c/em\u003e\u003c/p\u003e\n\u003ch2\u003e\u003ca name=\"p-45979-executive-summary-2\" class=\"anchor\" href=\"#p-45979-executive-summary-2\" aria-label=\"Heading link\"\u003e\u003c/a\u003e\u003cstrong\u003eExecutive Summary\u003c/strong\u003e\u003c/h2\u003e\n\u003cul\u003e\n\u003cli\u003e\u003cstrong\u003eThis proposal would implement a buyback program to align the OP token to the Superchain’s success.\u003c/strong\u003e This proposal would authorize a 12 month program, dedicating 50% of incoming Superchain revenue to buying back OP, beginning in February. This includes the revenue contribution of OP Chains within the Superchain such as Base, Uniswap, and World.\u003c/li\u003e\n\u003c/ul\u003e\n\u003chr\u003e\n\u003ch2\u003e\u003ca name=\"p-45979-motivation-3\" class=\"anchor\" href=\"#p-45979-motivation-3\" aria-label=\"Heading link\"\u003e\u003c/a\u003e\u003cstrong\u003eMotivation\u003c/strong\u003e\u003c/h2\u003e\n\u003cp\u003eToday, the Optimism Foundation is excited to introduce a proposal to align the OP token with the Superchain’s success. Optimism earns revenue from the Superchain, a network of L2 chains built on the OP Stack that includes Base, Unichain, Ink, World Chain, Soneium, OP Mainnet, and more. These chains all contribute a portion of their sequencer revenue back to Optimism. In the past twelve months, Optimism has collected 5,868 ETH in revenue, 100% of which has been dedicated to a treasury overseen by Optimism governance. As the Superchain expands, so does this treasury.\u003c/p\u003e\n\u003cp\u003eThis proposal introduces a buyback mechanism using 50% of Superchain revenue to buy the OP token. We believe 50% is the right starting point to strike a balance that aligns the OP token with Superchain success while reserving flexibility for alternate uses of ETH.\u003c/p\u003e\n\u003cp\u003eWith this buyback mechanism, OP transitions from a pure governance token to a token that is tightly aligned with the growth of the Superchain. While OP will still retain important governance rights, now Superchain activity will drive buybacks of the OP token. Every transaction across every OP Chain expands the base from which buybacks operate. The more blockspace consumed across the Superchain, the more structural demand flows into OP.\u003c/p\u003e\n\u003ch2\u003e\u003ca name=\"p-45979-buyback-specifications-4\" class=\"anchor\" href=\"#p-45979-buyback-specifications-4\" aria-label=\"Heading link\"\u003e\u003c/a\u003e\u003cstrong\u003eBuyback Specifications\u003c/strong\u003e\u003c/h2\u003e\n\u003cp\u003eIf approved, the Foundation will partner with an OTC provider to execute monthly conversions of ETH to OP. We will initiate this program with an OTC provider due to liquidity requirements that are not currently met by DEX or CEX platforms.\u003c/p\u003e\n\u003cul\u003e\n\u003cli\u003e\n\u003cp\u003eYou can view sequencer revenue by month \u003ca href=\"https://docs.google.com/spreadsheets/d/1f-uIW_PzlGQ_XFAmsf9FYiUf0N9l_nePwDVrw0D5MXY/edit?usp=sharing\"\u003ehere\u003c/a\u003e to verify proper conversion.\u003c/p\u003e\n\u003c/li\u003e\n\u003cli\u003e\n\u003cp\u003eThe conversion of ETH to OP with the OTC provider will occur within a predetermined window each month, without regard to conversion price.\u003c/p\u003e\n\u003c/li\u003e\n\u003cli\u003e\n\u003cp\u003eIf any of the following occur, conversion for that month will be paused and rolled over to the next month: (1) the Collective does not generate at least $200,000 equivalent in revenue in a month; (2) the OTC provider cannot or will not execute the conversion under the maximum allowable fee spread, which will be determined in advance between Foundation and the OTC provider; or (3) the conversion cannot occur within the predetermined window for any reason.\u003c/p\u003e\n\u003c/li\u003e\n\u003cli\u003e\n\u003cp\u003eThe Foundation will publish an execution dashboard to track execution data (fills, pacing, pricing, balances).\u003c/p\u003e\n\u003c/li\u003e\n\u003c/ul\u003e\n\u003cp\u003eInitial operations of the buyback mechanism will be executed by the Foundation, subject to predetermined parameters to eliminate any discretion. Over time, this mechanism can move more onchain so that execution takes place without the Foundation. To start, Protocol Upgrade 18 will ensure that all sequencer revenue from other OP Chains is collected onchain.\u003c/p\u003e\n\u003cp\u003eThe purchased OP will be held in the Collective treasury, along with the remaining sequencer ETH.\u003c/p\u003e\n\u003cul\u003e\n\u003cli\u003e\n\u003cp\u003eIn the future, repurchased tokens may be directed to a burn mechanism, deployed to fund ecosystem expansion, or distributed to tokenholders who participate in securing the network as interop and sequencer customizations come online throughout 2026.\u003c/p\u003e\n\u003c/li\u003e\n\u003cli\u003e\n\u003cp\u003eGovernance will still retain oversight over important capital allocation parameters, ensuring the Foundation remains accountable to stakeholders and allowing the Superchain to remain credibly neutral. See more \u003ca href=\"https://www.optimism.io/blog/season-9-from-experiment-to-organization\"\u003ehere\u003c/a\u003e.\u003c/p\u003e\n\u003c/li\u003e\n\u003c/ul\u003e\n\u003cp\u003eThe Foundation will begin this process in February using 50% of January’s revenue. This program will continue for the following 11 months and will be re-evaluated at the conclusion of this initial 12 month program.\u003c/p\u003e\n\u003ch2\u003e\u003ca name=\"p-45979-impact-summary-5\" class=\"anchor\" href=\"#p-45979-impact-summary-5\" aria-label=\"Heading link\"\u003e\u003c/a\u003e\u003cstrong\u003eImpact summary\u003c/strong\u003e\u003c/h2\u003e\n\u003cul\u003e\n\u003cli\u003e\u003cstrong\u003eBuybacks:\u003c/strong\u003e Based on last year’s Superchain revenue, a comparable allocation would have resulted in approximately 2.7k ETH used for buybacks, or roughly $8M in OP at prevailing prices.\u003c/li\u003e\n\u003c/ul\u003e\n\u003ch2\u003e\u003ca name=\"p-45979-governance-process-6\" class=\"anchor\" href=\"#p-45979-governance-process-6\" aria-label=\"Heading link\"\u003e\u003c/a\u003eGovernance Process\u003c/h2\u003e\n\u003cul\u003e\n\u003cli\u003eThis proposal will go to vote in Special Voting Cycle \u003cspan class=\"hashtag-raw\"\u003e#47\u003c/span\u003e and will be subject to Joint House approval at a 60% approval threshold. During Season 9, the Foundation will update the Operating Manual with additional proposal types to support \u003ca href=\"https://www.optimism.io/blog/season-9-from-experiment-to-organization\"\u003eCapital Allocation 2.0.\u003c/a\u003e\u003c/li\u003e\n\u003c/ul\u003e\n\u003ch2\u003e\u003ca name=\"p-45979-action-plan-7\" class=\"anchor\" href=\"#p-45979-action-plan-7\" aria-label=\"Heading link\"\u003e\u003c/a\u003e\u003cstrong\u003eAction Plan\u003c/strong\u003e\u003c/h2\u003e\n\u003cp\u003eIf this proposal is approved:\u003c/p\u003e\n\u003cul\u003e\n\u003cli\u003eThe Foundation will promptly enter into an agreement with an OTC provider to execute the conversion of January sequencer revenue and begin publicly confirming monthly execution.\u003c/li\u003e\n\u003c/ul\u003e\n\u003cp\u003e\u003cstrong\u003eAny important updates or substantial deviations in execution will be noted by the Foundation as a comment on this post.\u003c/strong\u003e\u003c/p\u003e","post_number":1,"post_type":1,"posts_count":37,"updated_at":"2026-01-26T15:49:19.967Z","reply_count":2,"reply_to_post_number":null,"quote_count":0,"incoming_link_count":2232,"reads":158,"readers_count":157,"score":11636.6,"yours":false,"topic_id":10527,"topic_slug":"proposal-to-align-the-op-token-with-superchain-success","display_username":"system","primary_group_name":null,"flair_name":null,"flair_url":null,"flair_bg_color":null,"flair_color":null,"flair_group_id":null,"badges_granted":[],"version":7,"can_edit":false,"can_delete":false,"can_recover":false,"can_see_hidden_post":false,"can_wiki":false,"link_counts":[{"url":"https://docs.google.com/spreadsheets/d/1f-uIW_PzlGQ_XFAmsf9FYiUf0N9l_nePwDVrw0D5MXY/edit?usp=sharing","internal":false,"reflection":false,"title":"Superchain Health Dashboard - Google Sheets","clicks":80},{"url":"https://www.optimism.io/blog/season-9-from-experiment-to-organization","internal":false,"reflection":false,"title":"Season 9: From Experiment to Organization - Optimism","clicks":47},{"url":"https://gov.optimism.io/t/base-the-superchain-and-governance-questions-that-merit-answers/10612/6","internal":true,"reflection":true,"title":"Base, the Superchain, and Governance: Questions That Merit Answers","clicks":0},{"url":"https://gov.optimism.io/t/seedgov-delegate-communication-thread/2950/65","internal":true,"reflection":true,"title":"SEEDGov - Delegate Communication Thread","clicks":0}],"read":true,"user_title":null,"bookmarked":false,"actions_summary":[{"id":2,"count":27}],"moderator":true,"admin":true,"staff":true,"user_id":-1,"hidden":false,"trust_level":4,"deleted_at":null,"user_deleted":false,"edit_reason":null,"can_view_edit_history":true,"wiki":false,"post_url":"/t/proposal-to-align-the-op-token-with-superchain-success/10527/1","reactions":[{"id":"heart","type":"emoji","count":27}],"current_user_reaction":null,"reaction_users_count":27,"current_user_used_main_reaction":false,"can_accept_answer":false,"can_unaccept_answer":false,"accepted_answer":false,"topic_accepted_answer":null,"can_vote":false},{"id":45980,"name":"lavande","username":"lavande","avatar_template":"https://avatars.discourse-cdn.com/v4/letter/l/6f9a4e/{size}.png","created_at":"2026-01-07T22:07:42.648Z","cooked":"","post_number":2,"post_type":3,"posts_count":37,"updated_at":"2026-01-07T22:07:42.648Z","reply_count":0,"reply_to_post_number":null,"quote_count":0,"incoming_link_count":78,"reads":120,"readers_count":119,"score":414.0,"yours":false,"topic_id":10527,"topic_slug":"proposal-to-align-the-op-token-with-superchain-success","display_username":"lavande","primary_group_name":null,"flair_name":null,"flair_url":null,"flair_bg_color":null,"flair_color":null,"flair_group_id":null,"badges_granted":[],"version":1,"can_edit":false,"can_delete":false,"can_recover":false,"can_see_hidden_post":false,"can_wiki":false,"link_counts":[{"url":"https://gov.optimism.io/t/season-9-reflection-period-guide/10528","internal":true,"reflection":true,"title":"Season 9: Reflection Period Guide","clicks":0}],"read":true,"user_title":null,"bookmarked":false,"actions_summary":[],"moderator":false,"admin":false,"staff":false,"user_id":4355,"hidden":false,"trust_level":4,"deleted_at":null,"user_deleted":false,"edit_reason":null,"can_view_edit_history":true,"wiki":false,"action_code":"visible.disabled","post_url":"/t/proposal-to-align-the-op-token-with-superchain-success/10527/2","reactions":[],"current_user_reaction":null,"reaction_users_count":0,"current_user_used_main_reaction":false,"can_accept_answer":false,"can_unaccept_answer":false,"accepted_answer":false,"topic_accepted_answer":null},{"id":45985,"name":"lavande","username":"lavande","avatar_template":"https://avatars.discourse-cdn.com/v4/letter/l/6f9a4e/{size}.png","created_at":"2026-01-08T14:55:55.891Z","cooked":"","post_number":3,"post_type":3,"posts_count":37,"updated_at":"2026-01-08T14:55:55.891Z","reply_count":0,"reply_to_post_number":null,"quote_count":0,"incoming_link_count":2,"reads":122,"readers_count":121,"score":34.4,"yours":false,"topic_id":10527,"topic_slug":"proposal-to-align-the-op-token-with-superchain-success","display_username":"lavande","primary_group_name":null,"flair_name":null,"flair_url":null,"flair_bg_color":null,"flair_color":null,"flair_group_id":null,"badges_granted":[],"version":1,"can_edit":false,"can_delete":false,"can_recover":false,"can_see_hidden_post":false,"can_wiki":false,"read":true,"user_title":null,"bookmarked":false,"actions_summary":[],"moderator":false,"admin":false,"staff":false,"user_id":4355,"hidden":false,"trust_level":4,"deleted_at":null,"user_deleted":false,"edit_reason":null,"can_view_edit_history":true,"wiki":false,"action_code":"visible.enabled","post_url":"/t/proposal-to-align-the-op-token-with-superchain-success/10527/3","reactions":[],"current_user_reaction":null,"reaction_users_count":0,"current_user_used_main_reaction":false,"can_accept_answer":false,"can_unaccept_answer":false,"accepted_answer":false,"topic_accepted_answer":null},{"id":45994,"name":"Gonna.eth (Dhannte)","username":"Gonna.eth","avatar_template":"/user_avatar/gov.optimism.io/gonna.eth/{size}/3379_2.png","created_at":"2026-01-08T16:25:22.855Z","cooked":"\u003cp\u003eI strongly suggest splitting this into two separate proposals:\u003c/p\u003e\n\u003col\u003e\n\u003cli\u003eOP buyback mechanism\u003c/li\u003e\n\u003cli\u003eFoundation discretionary management of the ETH treasury\u003c/li\u003e\n\u003c/ol\u003e\n\u003cp\u003eThese are fundamentally different policy decisions and deserve independent discussion, signaling, and voting.\u003c/p\u003e\n\u003cp\u003eThe buyback proposal materially changes OP’s economic narrative and will naturally bias delegate sentiment. The treasury management proposal, on the other hand, is about governance structure, delegation of authority, and accountability over ETH that, frankly, has been poorly utilized since inception.\u003c/p\u003e\n\u003cp\u003eBundling them together creates a risk where:\u003c/p\u003e\n\u003cp\u003eDelegates support the proposal primarily due to expected OP price appreciation from buybacks.\u003c/p\u003e\n\u003cp\u003eAs a consequence, the Foundation is granted significantly expanded discretionary power without that authority being evaluated on its own merits.\u003c/p\u003e\n\u003cp\u003eEven if one agrees with improving treasury management, that conversation should happen without the emotional or speculative pressure of a buyback narrative attached.\u003c/p\u003e\n\u003cp\u003ePlease separate these proposals so the Collective can:\u003c/p\u003e\n\u003col\u003e\n\u003cli\u003eDebate buybacks on their own economic and philosophical merits.\u003c/li\u003e\n\u003cli\u003eIndependently evaluate whether, how, and under what constraints discretionary ETH management should be expanded.\u003c/li\u003e\n\u003c/ol\u003e\n\u003cp\u003eThis would lead to a clearer mandate, better governance hygiene, and more credible outcomes for both decisions.\u003c/p\u003e","post_number":4,"post_type":1,"posts_count":37,"updated_at":"2026-01-08T16:26:48.391Z","reply_count":1,"reply_to_post_number":null,"quote_count":0,"incoming_link_count":101,"reads":127,"readers_count":126,"score":790.4,"yours":false,"topic_id":10527,"topic_slug":"proposal-to-align-the-op-token-with-superchain-success","display_username":"Gonna.eth (Dhannte)","primary_group_name":null,"flair_name":null,"flair_url":null,"flair_bg_color":null,"flair_color":null,"flair_group_id":null,"badges_granted":[],"version":1,"can_edit":false,"can_delete":false,"can_recover":false,"can_see_hidden_post":false,"can_wiki":false,"read":true,"user_title":"","bookmarked":false,"actions_summary":[{"id":2,"count":17}],"moderator":false,"admin":false,"staff":false,"user_id":50,"hidden":false,"trust_level":2,"deleted_at":null,"user_deleted":false,"edit_reason":null,"can_view_edit_history":true,"wiki":false,"post_url":"/t/proposal-to-align-the-op-token-with-superchain-success/10527/4","reactions":[{"id":"heart","type":"emoji","count":17}],"current_user_reaction":null,"reaction_users_count":17,"current_user_used_main_reaction":false,"can_accept_answer":false,"can_unaccept_answer":false,"accepted_answer":false,"topic_accepted_answer":null},{"id":45996,"name":"Ed","username":"wildmolasses","avatar_template":"/user_avatar/gov.optimism.io/wildmolasses/{size}/11299_2.png","created_at":"2026-01-08T22:07:20.689Z","cooked":"\u003cp\u003eI’m excited by this proposal. I’d like to engage with the buyback part of this proposal:\u003c/p\u003e\n\u003caside class=\"quote no-group\" data-username=\"system\" data-post=\"1\" data-topic=\"10527\"\u003e\n\u003cdiv class=\"title\"\u003e\n\u003cdiv class=\"quote-controls\"\u003e\u003c/div\u003e\n\u003cdiv class=\"lightbox-wrapper\"\u003e\u003ca class=\"lightbox\" href=\"https://europe1.discourse-cdn.com/bc41dd/original/2X/3/399c2cdab1be9e0c1ae7481c939f977574c28f5e.svg\" data-download-href=\"/uploads/short-url/8dDOOMUUOoMqdrCtO5PMwpKrEEC.svg?dl=1\" title=\"\" rel=\"noopener nofollow ugc\"\u003e\u003cimg alt=\"\" width=\"24\" height=\"24\" src=\"https://europe1.discourse-cdn.com/bc41dd/original/2X/3/399c2cdab1be9e0c1ae7481c939f977574c28f5e.svg\" class=\"avatar\"\u003e\u003cdiv class=\"meta\"\u003e\u003csvg class=\"fa d-icon d-icon-far-image svg-icon\" aria-hidden=\"true\"\u003e\u003cuse href=\"#far-image\"\u003e\u003c/use\u003e\u003c/svg\u003e\u003cspan class=\"filename\"\u003e\u003c/span\u003e\u003cspan class=\"informations\"\u003e1024×1024 967 Bytes\u003c/span\u003e\u003csvg class=\"fa d-icon d-icon-discourse-expand svg-icon\" aria-hidden=\"true\"\u003e\u003cuse href=\"#discourse-expand\"\u003e\u003c/use\u003e\u003c/svg\u003e\u003c/div\u003e\u003c/a\u003e\u003c/div\u003e system:\u003c/div\u003e\n\u003cblockquote\u003e\n\u003cp\u003eIf approved, the Foundation will partner with an OTC provider to execute monthly conversions of ETH to OP. We will initiate this program with an OTC provider due to liquidity requirements that are not currently met by DEX or CEX platforms.\u003c/p\u003e\n\u003c/blockquote\u003e\n\u003c/aside\u003e\n\u003cp\u003eIf liquidity requirements weren’t an issue, could this proposal pursue an open, onchain, and possibly more efficient solution instead? There’s a good bit of prior art here, and while the world may not be ready for TWAMMs, a dutch auction if done right could efficiently and fairly arrive at an optimal price for the Collective’s ETH. So why not a dutch auction smart contract that receives the monthly tranche of ETH and allows bidders to buy as much of it as they’d like w/ their OP?\u003c/p\u003e\n\u003cdetails open=\"\"\u003e\n\u003csummary\u003e\nHow would this work and can I see a smart contract PoC?\u003c/summary\u003e\n\u003cp\u003eTo illustrate the idea using the \u003ca href=\"https://docs.google.com/spreadsheets/d/1f-uIW_PzlGQ_XFAmsf9FYiUf0N9l_nePwDVrw0D5MXY/edit?gid=584971628#gid=584971628\" rel=\"noopener nofollow ugc\"\u003edashboard\u003c/a\u003e for December data: we’d send 82.95 of the 165.9 ETH in revenue to December’s auction contract. Auction begins at some high OP/ETH exchange rate. As time passes, the exchange rate goes lower and lower until some bidder is incentivized to buy. She can purchase up to 82.95 ETH with her OP, but could purchase 1 ETH, or .1 ETH, etc, leaving the rest for other bidders. The auction continues, and the exchange rate slowly decreases, until all ETH has been purchased with OP! I wrote a \u003ca href=\"https://gist.github.com/wildmolasses/7be7b1b06603f232df0060297243d310\" rel=\"noopener nofollow ugc\"\u003equick PoC here\u003c/a\u003e, and would be happy to expand/secure it (factory pattern? algorithmic or oracle-based determination of start price? that’s my bag baby…)\u003c/p\u003e\n\u003c/details\u003e\n\u003cp\u003eA few possible benefits to doing this on-chain come to mind: no reliance on centralized OTC providers. No overhead or reliance on Foundation updating spreadsheets, etc. Maybe even creates demand for OP for auction participation? I’m no Mises, but I hope it’s not too late to explore on-chain solutions to convert treasury ETH into OP. I expect the DAB would love to help here, and I’d personally love to discuss more.\u003c/p\u003e","post_number":5,"post_type":1,"posts_count":37,"updated_at":"2026-01-08T22:07:20.689Z","reply_count":2,"reply_to_post_number":null,"quote_count":1,"incoming_link_count":44,"reads":112,"readers_count":111,"score":387.4,"yours":false,"topic_id":10527,"topic_slug":"proposal-to-align-the-op-token-with-superchain-success","display_username":"Ed","primary_group_name":null,"flair_name":null,"flair_url":null,"flair_bg_color":null,"flair_color":null,"flair_group_id":null,"badges_granted":[],"version":1,"can_edit":false,"can_delete":false,"can_recover":false,"can_see_hidden_post":false,"can_wiki":false,"link_counts":[{"url":"https://gist.github.com/wildmolasses/7be7b1b06603f232df0060297243d310","internal":false,"reflection":false,"title":"Simple dutch auction of monthly Superchain revenue ETH · GitHub","clicks":2},{"url":"https://docs.google.com/spreadsheets/d/1f-uIW_PzlGQ_XFAmsf9FYiUf0N9l_nePwDVrw0D5MXY/edit?gid=584971628#gid=584971628","internal":false,"reflection":false,"title":"Superchain Health Dashboard - Google Sheets","clicks":2}],"read":true,"user_title":null,"bookmarked":false,"actions_summary":[{"id":2,"count":9}],"moderator":false,"admin":false,"staff":false,"user_id":10495,"hidden":false,"trust_level":2,"deleted_at":null,"user_deleted":false,"edit_reason":null,"can_view_edit_history":true,"wiki":false,"post_url":"/t/proposal-to-align-the-op-token-with-superchain-success/10527/5","reactions":[{"id":"heart","type":"emoji","count":9}],"current_user_reaction":null,"reaction_users_count":9,"current_user_used_main_reaction":false,"can_accept_answer":false,"can_unaccept_answer":false,"accepted_answer":false,"topic_accepted_answer":null},{"id":45997,"name":"Joan","username":"joanbp","avatar_template":"https://avatars.discourse-cdn.com/v4/letter/j/b4bc9f/{size}.png","created_at":"2026-01-08T22:12:32.101Z","cooked":"\u003cp\u003eI agree with \u003ca class=\"mention\" href=\"/u/gonna.eth\"\u003e@Gonna.eth\u003c/a\u003e’s comment.\u003c/p\u003e\n\u003cp\u003eAt the same time, I also have a question to the proposal as it is now:\u003c/p\u003e\n\u003cp\u003eIf approved, the buy-back would be evaluated and re-considered after the initial 12 months.\u003c/p\u003e\n\u003cp\u003eWhat would happen to the Foundation’s discretionary management of the ETH treasury at that point? Would that also be up for re-evaluation - ie. would there be a new joint house vote on that as well?\u003c/p\u003e","post_number":6,"post_type":1,"posts_count":37,"updated_at":"2026-01-08T22:19:09.303Z","reply_count":1,"reply_to_post_number":null,"quote_count":0,"incoming_link_count":3,"reads":91,"readers_count":90,"score":68.2,"yours":false,"topic_id":10527,"topic_slug":"proposal-to-align-the-op-token-with-superchain-success","display_username":"Joan","primary_group_name":null,"flair_name":null,"flair_url":null,"flair_bg_color":null,"flair_color":null,"flair_group_id":null,"badges_granted":[],"version":2,"can_edit":false,"can_delete":false,"can_recover":false,"can_see_hidden_post":false,"can_wiki":false,"read":true,"user_title":null,"bookmarked":false,"actions_summary":[{"id":2,"count":2}],"moderator":false,"admin":false,"staff":false,"user_id":10522,"hidden":false,"trust_level":2,"deleted_at":null,"user_deleted":false,"edit_reason":null,"can_view_edit_history":true,"wiki":false,"post_url":"/t/proposal-to-align-the-op-token-with-superchain-success/10527/6","reactions":[{"id":"heart","type":"emoji","count":2}],"current_user_reaction":null,"reaction_users_count":2,"current_user_used_main_reaction":false,"can_accept_answer":false,"can_unaccept_answer":false,"accepted_answer":false,"topic_accepted_answer":null},{"id":45998,"name":"GUNBOATs","username":"gunboats","avatar_template":"/user_avatar/gov.optimism.io/gunboats/{size}/2049_2.png","created_at":"2026-01-09T13:09:48.867Z","cooked":"\u003cp\u003eYearn already have this in production so it’s simple to do it.\u003c/p\u003e\n\u003caside class=\"onebox allowlistedgeneric\" data-onebox-src=\"https://docs.yearn.fi/developers/auctions\"\u003e\n  \u003cheader class=\"source\"\u003e\n      \u003cimg src=\"https://europe1.discourse-cdn.com/bc41dd/original/2X/2/223101326fc0751584256b66bfdc8e7c928384b0.png\" class=\"site-icon\" alt=\"\" data-dominant-color=\"0657F9\" width=\"48\" height=\"48\"\u003e\n\n      \u003ca href=\"https://docs.yearn.fi/developers/auctions\" target=\"_blank\" rel=\"noopener nofollow ugc\"\u003edocs.yearn.fi\u003c/a\u003e\n  \u003c/header\u003e\n\n  \u003carticle class=\"onebox-body\"\u003e\n    \u003cimg width=\"400\" height=\"400\" src=\"https://europe1.discourse-cdn.com/bc41dd/original/2X/a/a722d0153fbaade9e2c0e9a944a8eb737aa10db8.jpeg\" class=\"thumbnail onebox-avatar\" alt=\"\" data-dominant-color=\"407FF9\"\u003e\n\n\u003ch3\u003e\u003ca href=\"https://docs.yearn.fi/developers/auctions\" target=\"_blank\" rel=\"noopener nofollow ugc\"\u003eAuctions | Yearn Docs\u003c/a\u003e\u003c/h3\u003e\n\n  \u003cp\u003eIntroduction\u003c/p\u003e\n\n\n  \u003c/article\u003e\n\n  \u003cdiv class=\"onebox-metadata\"\u003e\n    \n    \n  \u003c/div\u003e\n\n  \u003cdiv style=\"clear: both\"\u003e\u003c/div\u003e\n\u003c/aside\u003e\n","post_number":7,"post_type":1,"posts_count":37,"updated_at":"2026-01-09T13:09:48.867Z","reply_count":0,"reply_to_post_number":5,"quote_count":0,"incoming_link_count":6,"reads":92,"readers_count":91,"score":108.4,"yours":false,"topic_id":10527,"topic_slug":"proposal-to-align-the-op-token-with-superchain-success","display_username":"GUNBOATs","primary_group_name":null,"flair_name":null,"flair_url":null,"flair_bg_color":null,"flair_color":null,"flair_group_id":null,"badges_granted":[],"version":1,"can_edit":false,"can_delete":false,"can_recover":false,"can_see_hidden_post":false,"can_wiki":false,"link_counts":[{"url":"https://docs.yearn.fi/developers/auctions","internal":false,"reflection":false,"title":"Auctions | Yearn Docs","clicks":17}],"read":true,"user_title":null,"reply_to_user":{"id":10495,"username":"wildmolasses","name":"Ed","avatar_template":"/user_avatar/gov.optimism.io/wildmolasses/{size}/11299_2.png"},"bookmarked":false,"actions_summary":[{"id":2,"count":4}],"moderator":false,"admin":false,"staff":false,"user_id":5034,"hidden":false,"trust_level":2,"deleted_at":null,"user_deleted":false,"edit_reason":null,"can_view_edit_history":true,"wiki":false,"post_url":"/t/proposal-to-align-the-op-token-with-superchain-success/10527/7","reactions":[{"id":"heart","type":"emoji","count":4}],"current_user_reaction":null,"reaction_users_count":4,"current_user_used_main_reaction":false,"can_accept_answer":false,"can_unaccept_answer":false,"accepted_answer":false,"topic_accepted_answer":null},{"id":46001,"name":"GFX Labs","username":"GFXlabs","avatar_template":"/user_avatar/gov.optimism.io/gfxlabs/{size}/171_2.png","created_at":"2026-01-09T16:20:37.921Z","cooked":"\u003cp\u003eThank you to the Foundation for taking the time to address the lack of alignment with OP tokenholders. Recognizing that tokenholders – who finance the ongoing development of Optimism through dilution – need a stronger value proposition is a positive step forward.\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003eThat being said, this proposal needs significant work before going to a vote, and we would actively urge voters to oppose it as it is currently written.\u003c/strong\u003e\u003c/p\u003e\n\u003cp\u003eFirst, this is effectively two proposals and need to be split accordingly for discussion and voting: one proposal to initiate a buyback program and one proposal to give Foundation more control over the ETH that is owned by Optimism governance. We trust that these will be voted upon individually once it is time for the proposals to be posted onchain.\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003e\u003cspan class=\"bbcode-u\"\u003eBuyback Proposal:\u003c/span\u003e\u003c/strong\u003e\u003cbr\u003e\nWe don’t believe it makes sense to initiate a buyback program while ongoing OP emissions are financing everything from business development to grants. \u003cstrong\u003eIt is financially self cancelling and value destructive.\u003c/strong\u003e\u003c/p\u003e\n\u003cp\u003eThere is no capital benefit to issuing 100 OP and buying back 10 OP vs reducing issuance to 90 OP. It is financially simpler to reduce supply pressure in other ways, like using sequencer fees to cover 10% of all expenses this year, 20% next year, and so on until the need to emit OP becomes trivial.\u003c/p\u003e\n\u003cp\u003eOther policies could be considered to lower supply growth as well, but \u003cstrong\u003ecreating a buyback program while relying on emissions for financing will signal to the market that Optimism is financially unsophisticated and is a poor steward of capital.\u003c/strong\u003e\u003c/p\u003e\n\u003cp\u003eAs written, the buyback proposal’s execution plan is also not well considered.\u003c/p\u003e\n\u003caside class=\"quote no-group\" data-username=\"system\" data-post=\"1\" data-topic=\"10527\"\u003e\n\u003cdiv class=\"title\"\u003e\n\u003cdiv class=\"quote-controls\"\u003e\u003c/div\u003e\n\u003cdiv class=\"lightbox-wrapper\"\u003e\u003ca class=\"lightbox\" href=\"https://europe1.discourse-cdn.com/bc41dd/original/2X/3/399c2cdab1be9e0c1ae7481c939f977574c28f5e.svg\" data-download-href=\"/uploads/short-url/8dDOOMUUOoMqdrCtO5PMwpKrEEC.svg?dl=1\" title=\"\" rel=\"noopener nofollow ugc\"\u003e\u003cimg alt=\"\" width=\"24\" height=\"24\" src=\"https://europe1.discourse-cdn.com/bc41dd/original/2X/3/399c2cdab1be9e0c1ae7481c939f977574c28f5e.svg\" class=\"avatar\"\u003e\u003cdiv class=\"meta\"\u003e\u003csvg class=\"fa d-icon d-icon-far-image svg-icon\" aria-hidden=\"true\"\u003e\u003cuse href=\"#far-image\"\u003e\u003c/use\u003e\u003c/svg\u003e\u003cspan class=\"filename\"\u003e\u003c/span\u003e\u003cspan class=\"informations\"\u003e1024×1024 967 Bytes\u003c/span\u003e\u003csvg class=\"fa d-icon d-icon-discourse-expand svg-icon\" aria-hidden=\"true\"\u003e\u003cuse href=\"#discourse-expand\"\u003e\u003c/use\u003e\u003c/svg\u003e\u003c/div\u003e\u003c/a\u003e\u003c/div\u003e system:\u003c/div\u003e\n\u003cblockquote\u003e\n\u003cp\u003eWe will initiate this program with an OTC provider due to liquidity requirements that are not currently met by DEX or CEX platforms.\u003c/p\u003e\n\u003c/blockquote\u003e\n\u003c/aside\u003e\n\u003cp\u003e\u003cstrong\u003eThis signals that Optimism – a chain built on decentralized finance use cases – cannot even trade its own token on its own network.\u003c/strong\u003e Why even have a chain with a DeFi ecosystem if it can’t support $500k-$1m in OP purchases? Even if OTC can be more efficient – which is not obvious – it is not worth saying Optimism can’t support relatively low levels of economic activity. Why would a project deploy to such a chain?\u003c/p\u003e\n\u003cp\u003eWe must eat our own cooking if we expect anyone else to do so.\u003c/p\u003e\n\u003cp\u003eA separate concern is that OTC purchases are hard for governance to audit and don’t directly impact quoted prices. \u003cstrong\u003eIt also creates an appearance that the buyback program is designed to benefit specific tokenholders who may want to unload their OP, rather than transparent purchases on the open market\u003c/strong\u003e. Whether that would be the case is immaterial – it will have the appearance of  backdoor funneling project funds to favored parties that has become so typical in crypto. It will break trust to use OTC, and we cannot support it in any execution plan.\u003c/p\u003e\n\u003cp\u003eTo the extent that we could support a buyback proposal, it would need to have a more thoughtful execution plan that is transparent, signals a belief in Optimism as a venue for transactions in OP and other assets, and minimizes corruption risk.\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003eBut overall, we would prefer to see more focus on crafting and publishing a business plan to get Optimism to financial sustainability.\u003c/strong\u003e That’s the real challenge that Optimism Foundation/Labs leadership needs to address, and a buyback does nothing to address this, and may in fact make it worse.\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003e\u003cspan class=\"bbcode-u\"\u003eFoundation Discretion Over ETH Treasury:\u003c/span\u003e\u003c/strong\u003e\u003cbr\u003e\nThis moves in the wrong direction. Foundation should instead be turning over the ETH to governance, not seeking more control. \u003cstrong\u003eThe Optimism Foundation has consistently shown itself to be a poor manager of these assets.\u003c/strong\u003e\u003c/p\u003e\n\u003cp\u003eETH sat idle, without any staking or utilization \u003ca href=\"https://gov.optimism.io/t/allow-the-optimism-foundation-to-stake-a-portion-of-sequencer-eth-through-season-8/9710\"\u003euntil a Feb 2025 proposal\u003c/a\u003e. While the proposal was welcome to finally mobilize governance’s assets, \u003ca href=\"https://gov.optimism.io/t/allow-the-optimism-foundation-to-stake-a-portion-of-sequencer-eth-through-season-8/9710/4\"\u003eOptimism Foundation appeared completely in the dark about the most basic terms of the first staking agreement\u003c/a\u003e – most notably \u003ca href=\"https://gov.optimism.io/t/allow-the-optimism-foundation-to-stake-a-portion-of-sequencer-eth-through-season-8/9710/23\"\u003ebelieving yield was ~1.25% higher than it actually was\u003c/a\u003e.\u003c/p\u003e\n\u003cp\u003eUltimately, approval was given to stake 60% of the L1 ETH with institutional stakers, \u003ca href=\"https://gov.optimism.io/t/allow-the-optimism-foundation-to-stake-a-portion-of-sequencer-eth-through-season-8/9710/30\"\u003ebut that was only fully executed in November 2025\u003c/a\u003e, indicating that Foundation moves slowly on execution and does not prioritize ETH utilization.\u003c/p\u003e\n\u003cp\u003eThis historic underperformance, willingness to leave assets idle, and opaque selection process for staking providers makes Foundation an especially poor choice to have discretion over surplus ETH not required for operations.\u003c/p\u003e\n\u003caside class=\"quote no-group\" data-username=\"system\" data-post=\"1\" data-topic=\"10527\"\u003e\n\u003cdiv class=\"title\"\u003e\n\u003cdiv class=\"quote-controls\"\u003e\u003c/div\u003e\n\u003cdiv class=\"lightbox-wrapper\"\u003e\u003ca class=\"lightbox\" href=\"https://europe1.discourse-cdn.com/bc41dd/original/2X/3/399c2cdab1be9e0c1ae7481c939f977574c28f5e.svg\" data-download-href=\"/uploads/short-url/8dDOOMUUOoMqdrCtO5PMwpKrEEC.svg?dl=1\" title=\"\" rel=\"noopener nofollow ugc\"\u003e\u003cimg alt=\"\" width=\"24\" height=\"24\" src=\"https://europe1.discourse-cdn.com/bc41dd/original/2X/3/399c2cdab1be9e0c1ae7481c939f977574c28f5e.svg\" class=\"avatar\"\u003e\u003cdiv class=\"meta\"\u003e\u003csvg class=\"fa d-icon d-icon-far-image svg-icon\" aria-hidden=\"true\"\u003e\u003cuse href=\"#far-image\"\u003e\u003c/use\u003e\u003c/svg\u003e\u003cspan class=\"filename\"\u003e\u003c/span\u003e\u003cspan class=\"informations\"\u003e1024×1024 967 Bytes\u003c/span\u003e\u003csvg class=\"fa d-icon d-icon-discourse-expand svg-icon\" aria-hidden=\"true\"\u003e\u003cuse href=\"#discourse-expand\"\u003e\u003c/use\u003e\u003c/svg\u003e\u003c/div\u003e\u003c/a\u003e\u003c/div\u003e system:\u003c/div\u003e\n\u003cblockquote\u003e\n\u003cp\u003eThis reduces undue governance overhead that has historically limited our ability to actively, and effectively, manage the ETH treasury.\u003c/p\u003e\n\u003c/blockquote\u003e\n\u003c/aside\u003e\n\u003cp\u003eFacts and history make it clear that \u003cem\u003egovernance\u003c/em\u003e is not the obstacle to Foundation taking action. It is typically \u003cem\u003eOptimism Foundation\u003c/em\u003e that is the obstacle to governance action.\u003c/p\u003e\n\u003cp\u003e\u003ca href=\"https://gov.optimism.io/t/liquid-staking-rfp/10365\"\u003eThere is also this RFP for the other 40% of available ETH, which should be announcing allocation recommendations shortly\u003c/a\u003e.\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003eWe oppose giving Foundation any further discretion over surplus ETH, and would recommend instead that the ETH be fully put under the control of the governance contract.\u003c/strong\u003e\u003c/p\u003e\n\u003cp\u003eOur hope is that the Foundation will do the following:\u003c/p\u003e\n\u003col\u003e\n\u003cli\u003eBreak this into two separate proposals so they are not bundled.\u003c/li\u003e\n\u003cli\u003eWithdraw the buyback plan.\u003c/li\u003e\n\u003cli\u003eIf dead-set on initiating a buyback plan, revise the mechanisms to both utilize Optimism’s own financial infrastructure and lower the risk of unreported self-dealing or corruption.\u003c/li\u003e\n\u003cli\u003eWithdraw the plan for Foundation to have discretion over the ETH treasury, and instead put it under the control of the governance contract.\u003c/li\u003e\n\u003c/ol\u003e","post_number":8,"post_type":1,"posts_count":37,"updated_at":"2026-01-09T16:52:31.741Z","reply_count":2,"reply_to_post_number":null,"quote_count":1,"incoming_link_count":116,"reads":100,"readers_count":99,"score":790.0,"yours":false,"topic_id":10527,"topic_slug":"proposal-to-align-the-op-token-with-superchain-success","display_username":"GFX Labs","primary_group_name":null,"flair_name":null,"flair_url":null,"flair_bg_color":null,"flair_color":null,"flair_group_id":null,"badges_granted":[],"version":2,"can_edit":false,"can_delete":false,"can_recover":false,"can_see_hidden_post":false,"can_wiki":false,"link_counts":[{"url":"https://gov.optimism.io/t/allow-the-optimism-foundation-to-stake-a-portion-of-sequencer-eth-through-season-8/9710/4","internal":true,"reflection":false,"title":"Allow the Optimism Foundation to Stake a Portion of Sequencer ETH Through Season 8","clicks":8},{"url":"https://gov.optimism.io/t/allow-the-optimism-foundation-to-stake-a-portion-of-sequencer-eth-through-season-8/9710/23","internal":true,"reflection":false,"title":"Allow the Optimism Foundation to Stake a Portion of Sequencer ETH Through Season 8","clicks":4},{"url":"https://gov.optimism.io/t/allow-the-optimism-foundation-to-stake-a-portion-of-sequencer-eth-through-season-8/9710","internal":true,"reflection":false,"title":"Allow the Optimism Foundation to Stake a Portion of Sequencer ETH Through Season 8","clicks":2},{"url":"https://gov.optimism.io/t/allow-the-optimism-foundation-to-stake-a-portion-of-sequencer-eth-through-season-8/9710/30","internal":true,"reflection":false,"title":"Allow the Optimism Foundation to Stake a Portion of Sequencer ETH Through Season 8","clicks":2},{"url":"https://gov.optimism.io/t/liquid-staking-rfp/10365","internal":true,"reflection":false,"title":"Liquid Staking RFP","clicks":2}],"read":true,"user_title":null,"bookmarked":false,"actions_summary":[{"id":2,"count":12}],"moderator":false,"admin":false,"staff":false,"user_id":291,"hidden":false,"trust_level":2,"deleted_at":null,"user_deleted":false,"edit_reason":null,"can_view_edit_history":true,"wiki":false,"post_url":"/t/proposal-to-align-the-op-token-with-superchain-success/10527/8","reactions":[{"id":"heart","type":"emoji","count":12}],"current_user_reaction":null,"reaction_users_count":12,"current_user_used_main_reaction":false,"can_accept_answer":false,"can_unaccept_answer":false,"accepted_answer":false,"topic_accepted_answer":null},{"id":46002,"name":"Michael Vander Meiden","username":"Michael","avatar_template":"/user_avatar/gov.optimism.io/michael/{size}/2489_2.png","created_at":"2026-01-09T17:36:10.400Z","cooked":"\u003cp\u003eIn general I am thrilled by the proposal and I think it’s an important milestone in aligning incentives congrats to everyone on arriving at this point!\u003c/p\u003e\n\u003cp\u003eTo me, the weakest part of the proposal is using an OTC provider to do the buybacks.\u003c/p\u003e\n\u003cp\u003eAn OTC buyback strategy lacks the transparency necessary for incentives to be aligned.\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003eA concerning scenario would be that employees or investors are using the OTC buybacks to offload their tokens as they unlock. This would be concerning because it defeats the purpose of aligning incentives, with unlocks currently happening at a rate much higher than the planned buybacks.\u003c/strong\u003e\u003c/p\u003e\n\u003cp\u003eWithout the transparency of onchain buybacks, it would be difficult to disprove that this is happening.\u003c/p\u003e\n\u003cp\u003eI think I speak for a lot of token holders when I say that the transparency gained from hosting the buyback mechanism onchain is worth losing value in regards to execution price.\u003c/p\u003e\n\u003cp\u003eIn addition, an onchain mechanism for buybacks would actually create incentives for more liquidity to exist onchain and may actually be a solution to the perceived problem.\u003c/p\u003e\n\u003cp\u003eI do think that \u003ca class=\"mention\" href=\"/u/wildmolasses\"\u003e@wildmolasses\u003c/a\u003e has some great ideas on how this could be executed in practice.\u003c/p\u003e","post_number":9,"post_type":1,"posts_count":37,"updated_at":"2026-01-09T17:37:42.411Z","reply_count":2,"reply_to_post_number":null,"quote_count":0,"incoming_link_count":59,"reads":80,"readers_count":79,"score":516.0,"yours":false,"topic_id":10527,"topic_slug":"proposal-to-align-the-op-token-with-superchain-success","display_username":"Michael Vander Meiden","primary_group_name":null,"flair_name":null,"flair_url":null,"flair_bg_color":null,"flair_color":null,"flair_group_id":null,"badges_granted":[],"version":1,"can_edit":false,"can_delete":false,"can_recover":false,"can_see_hidden_post":false,"can_wiki":false,"read":true,"user_title":null,"bookmarked":false,"actions_summary":[{"id":2,"count":13}],"moderator":false,"admin":false,"staff":false,"user_id":174,"hidden":false,"trust_level":2,"deleted_at":null,"user_deleted":false,"edit_reason":null,"can_view_edit_history":true,"wiki":false,"post_url":"/t/proposal-to-align-the-op-token-with-superchain-success/10527/9","reactions":[{"id":"heart","type":"emoji","count":13}],"current_user_reaction":null,"reaction_users_count":13,"current_user_used_main_reaction":false,"can_accept_answer":false,"can_unaccept_answer":false,"accepted_answer":false,"topic_accepted_answer":null},{"id":46012,"name":"Myles","username":"Myles","avatar_template":"https://avatars.discourse-cdn.com/v4/letter/m/779978/{size}.png","created_at":"2026-01-10T10:29:23.280Z","cooked":"\u003ch2\u003e\u003ca name=\"p-46012-counter-proposal-increasing-op-capital-efficiencysubsidized-lending-pools-vs-passive-buybacks-1\" class=\"anchor\" href=\"#p-46012-counter-proposal-increasing-op-capital-efficiencysubsidized-lending-pools-vs-passive-buybacks-1\" aria-label=\"Heading link\"\u003e\u003c/a\u003eCounter Proposal: Increasing OP Capital Efficiency—Subsidized Lending Pools vs. Passive Buybacks\u003c/h2\u003e\n\u003cp\u003e\u003cstrong\u003eExecutive Summary:\u003c/strong\u003e The current Foundation proposal to allocate 50% of Superchain revenue toward buybacks is a positive step toward value accrual. However, passive buybacks often act as exit liquidity for short-term sellers. I propose a more capital-efficient alternative (or parallel pilot): using a portion of those funds to \u003cstrong\u003esubsidize a dedicated OP lending pool (via Aave or Fluid)\u003c/strong\u003e. This creates a structural lock-up of tokens, lowers the cost of capital for builders, and prevents “grant dumping” by allowing developers to borrow stables against their OP holdings rather than selling them.\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003eMotivation:\u003c/strong\u003e While buybacks signal “value,” they don’t necessarily build “utility.” If the market knows a buyback is coming, sellers often front-run the liquidity, neutralizing the price impact. By pivoting toward a \u003cstrong\u003eLending Liquidity Model\u003c/strong\u003e, we transition OP from a “governance-only” asset to a “productive-collateral” asset.\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003eThe Proposal: The “Developer Liquidity Engine”\u003c/strong\u003e Instead of just buying tokens to sit in a treasury, the Collective should:\u003c/p\u003e\n\u003col\u003e\n\u003cli\u003e\n\u003cp\u003e\u003cstrong\u003ePartner with a Liquidity Protocol:\u003c/strong\u003e Establish a “Superchain-Native” lending market on Aave or Fluid.\u003c/p\u003e\n\u003c/li\u003e\n\u003cli\u003e\n\u003cp\u003e\u003cstrong\u003eInterest Rate Subsidies:\u003c/strong\u003e Use a portion of the 50% revenue to provide “Liquidity Mining” rewards for lenders of Stablecoins (USDC/USDT) \u003cem\u003eonly\u003c/em\u003e when the collateral used is the OP token.\u003c/p\u003e\n\u003c/li\u003e\n\u003cli\u003e\n\u003cp\u003e\u003cstrong\u003eThe Goal:\u003c/strong\u003e Create a market where the borrowing rate for builders is artificially low (e.g., 1–2%).\u003c/p\u003e\n\u003c/li\u003e\n\u003c/ol\u003e\n\u003cp\u003e\u003cstrong\u003eKey Benefits:\u003c/strong\u003e\u003c/p\u003e\n\u003cul\u003e\n\u003cli\u003e\n\u003cp\u003e\u003cstrong\u003eStructural Supply Reduction:\u003c/strong\u003e When a developer borrows against OP, those tokens are locked in a smart contract. This reduces “circulating supply” more effectively than a buyback because the tokens remain productive but off-market.\u003c/p\u003e\n\u003c/li\u003e\n\u003cli\u003e\n\u003cp\u003e\u003cstrong\u003ePreventing “Grant Dumping”:\u003c/strong\u003e Currently, many projects receive OP grants and immediately sell them to cover operational costs (USDC). In this model, they can keep their OP, deposit it, and borrow the USDC they need at a negligible cost.\u003c/p\u003e\n\u003c/li\u003e\n\u003cli\u003e\n\u003cp\u003e\u003cstrong\u003eVenture Upside:\u003c/strong\u003e Every dollar spent subsidizing a developer loan has a “multiplier effect.” It keeps a builder in the ecosystem who might create the next “killer app” for the Superchain. A buyback has a multiplier of zero.\u003c/p\u003e\n\u003c/li\u003e\n\u003c/ul\u003e\n\u003cp\u003e\u003cstrong\u003eExecution Strategy:\u003c/strong\u003e\u003c/p\u003e\n\u003cul\u003e\n\u003cli\u003e\n\u003cp\u003e\u003cstrong\u003ePilot Phase:\u003c/strong\u003e Divert 10% of the proposed buyback funds to a 3-month trial of this subsidized pool.\u003c/p\u003e\n\u003c/li\u003e\n\u003cli\u003e\n\u003cp\u003e\u003cstrong\u003eSuccess Metric:\u003c/strong\u003e Measure the amount of OP “locked” as collateral versus the volume of OP purchased via buybacks.\u003c/p\u003e\n\u003c/li\u003e\n\u003c/ul\u003e","post_number":10,"post_type":1,"posts_count":37,"updated_at":"2026-01-10T10:29:23.280Z","reply_count":1,"reply_to_post_number":null,"quote_count":0,"incoming_link_count":21,"reads":79,"readers_count":78,"score":200.8,"yours":false,"topic_id":10527,"topic_slug":"proposal-to-align-the-op-token-with-superchain-success","display_username":"Myles","primary_group_name":null,"flair_name":null,"flair_url":null,"flair_bg_color":null,"flair_color":null,"flair_group_id":null,"badges_granted":[],"version":1,"can_edit":false,"can_delete":false,"can_recover":false,"can_see_hidden_post":false,"can_wiki":false,"read":true,"user_title":null,"bookmarked":false,"actions_summary":[{"id":2,"count":5}],"moderator":false,"admin":false,"staff":false,"user_id":16417,"hidden":false,"trust_level":0,"deleted_at":null,"user_deleted":false,"edit_reason":null,"can_view_edit_history":true,"wiki":false,"post_url":"/t/proposal-to-align-the-op-token-with-superchain-success/10527/10","reactions":[{"id":"heart","type":"emoji","count":5}],"current_user_reaction":null,"reaction_users_count":5,"current_user_used_main_reaction":false,"can_accept_answer":false,"can_unaccept_answer":false,"accepted_answer":false,"topic_accepted_answer":null},{"id":46013,"name":"Myles","username":"Myles","avatar_template":"https://avatars.discourse-cdn.com/v4/letter/m/779978/{size}.png","created_at":"2026-01-10T10:33:38.065Z","cooked":"\u003cp\u003eI guess i would also like to mention that this can just be considered a v1 draft, there are other mechanisms we can use, maybe we can have the buybacks go into this lending pool which makes this more of a middle ground proposal\u003c/p\u003e","post_number":11,"post_type":1,"posts_count":37,"updated_at":"2026-01-10T10:33:38.065Z","reply_count":0,"reply_to_post_number":10,"quote_count":0,"incoming_link_count":11,"reads":72,"readers_count":71,"score":69.4,"yours":false,"topic_id":10527,"topic_slug":"proposal-to-align-the-op-token-with-superchain-success","display_username":"Myles","primary_group_name":null,"flair_name":null,"flair_url":null,"flair_bg_color":null,"flair_color":null,"flair_group_id":null,"badges_granted":[],"version":1,"can_edit":false,"can_delete":false,"can_recover":false,"can_see_hidden_post":false,"can_wiki":false,"read":true,"user_title":null,"reply_to_user":{"id":16417,"username":"Myles","name":"Myles","avatar_template":"https://avatars.discourse-cdn.com/v4/letter/m/779978/{size}.png"},"bookmarked":false,"actions_summary":[],"moderator":false,"admin":false,"staff":false,"user_id":16417,"hidden":false,"trust_level":0,"deleted_at":null,"user_deleted":false,"edit_reason":null,"can_view_edit_history":true,"wiki":false,"post_url":"/t/proposal-to-align-the-op-token-with-superchain-success/10527/11","reactions":[],"current_user_reaction":null,"reaction_users_count":0,"current_user_used_main_reaction":false,"can_accept_answer":false,"can_unaccept_answer":false,"accepted_answer":false,"topic_accepted_answer":null},{"id":46023,"name":"GUNBOATs","username":"gunboats","avatar_template":"/user_avatar/gov.optimism.io/gunboats/{size}/2049_2.png","created_at":"2026-01-11T17:25:57.309Z","cooked":"\u003cp\u003eAs a reminder, Yearn already run dutch auction that they used for their own operation with a frontend here \u003ca href=\"https://auctionscan.info/\" rel=\"noopener nofollow ugc\"\u003ehttps://auctionscan.info/\u003c/a\u003e And it can be setup to swap ETH to OP right now.\u003c/p\u003e\n\u003cp\u003e\u003cdiv class=\"lightbox-wrapper\"\u003e\u003ca class=\"lightbox\" href=\"https://europe1.discourse-cdn.com/bc41dd/original/2X/e/e442406cb92f3392028d0eb8202671ee10cbae4b.png\" data-download-href=\"/uploads/short-url/wzgO1hXFMJSBCJxKCZZfzgIXrQv.png?dl=1\" title=\"image\" rel=\"noopener nofollow ugc\"\u003e\u003cimg src=\"https://europe1.discourse-cdn.com/bc41dd/optimized/2X/e/e442406cb92f3392028d0eb8202671ee10cbae4b_2_347x500.png\" alt=\"image\" data-base62-sha1=\"wzgO1hXFMJSBCJxKCZZfzgIXrQv\" width=\"347\" height=\"500\" srcset=\"https://europe1.discourse-cdn.com/bc41dd/optimized/2X/e/e442406cb92f3392028d0eb8202671ee10cbae4b_2_347x500.png, https://europe1.discourse-cdn.com/bc41dd/optimized/2X/e/e442406cb92f3392028d0eb8202671ee10cbae4b_2_520x750.png 1.5x, https://europe1.discourse-cdn.com/bc41dd/original/2X/e/e442406cb92f3392028d0eb8202671ee10cbae4b.png 2x\" data-dominant-color=\"1A2231\"\u003e\u003cdiv class=\"meta\"\u003e\u003csvg class=\"fa d-icon d-icon-far-image svg-icon\" aria-hidden=\"true\"\u003e\u003cuse href=\"#far-image\"\u003e\u003c/use\u003e\u003c/svg\u003e\u003cspan class=\"filename\"\u003eimage\u003c/span\u003e\u003cspan class=\"informations\"\u003e608×874 26.5 KB\u003c/span\u003e\u003csvg class=\"fa d-icon d-icon-discourse-expand svg-icon\" aria-hidden=\"true\"\u003e\u003cuse href=\"#discourse-expand\"\u003e\u003c/use\u003e\u003c/svg\u003e\u003c/div\u003e\u003c/a\u003e\u003c/div\u003e\u003c/p\u003e","post_number":12,"post_type":1,"posts_count":37,"updated_at":"2026-01-11T17:25:57.309Z","reply_count":0,"reply_to_post_number":null,"quote_count":0,"incoming_link_count":3,"reads":72,"readers_count":71,"score":59.4,"yours":false,"topic_id":10527,"topic_slug":"proposal-to-align-the-op-token-with-superchain-success","display_username":"GUNBOATs","primary_group_name":null,"flair_name":null,"flair_url":null,"flair_bg_color":null,"flair_color":null,"flair_group_id":null,"badges_granted":[],"version":1,"can_edit":false,"can_delete":false,"can_recover":false,"can_see_hidden_post":false,"can_wiki":false,"link_counts":[{"url":"https://auctionscan.info/","internal":false,"reflection":false,"title":"Auctionscan - Yearn Auction Explorer","clicks":4}],"read":true,"user_title":null,"bookmarked":false,"actions_summary":[{"id":2,"count":2}],"moderator":false,"admin":false,"staff":false,"user_id":5034,"hidden":false,"trust_level":2,"deleted_at":null,"user_deleted":false,"edit_reason":null,"can_view_edit_history":true,"wiki":false,"post_url":"/t/proposal-to-align-the-op-token-with-superchain-success/10527/12","reactions":[{"id":"heart","type":"emoji","count":2}],"current_user_reaction":null,"reaction_users_count":2,"current_user_used_main_reaction":false,"can_accept_answer":false,"can_unaccept_answer":false,"accepted_answer":false,"topic_accepted_answer":null},{"id":46024,"name":"GUNBOATs","username":"gunboats","avatar_template":"/user_avatar/gov.optimism.io/gunboats/{size}/2049_2.png","created_at":"2026-01-11T18:01:14.338Z","cooked":"\u003cp\u003eAccording to \u003ca href=\"https://tokenomist.ai/optimism\" rel=\"noopener nofollow ugc\"\u003eTokenomist\u003c/a\u003e, we will be getting 30% diluted from token unlocks. Take it as what you will.\u003cdiv class=\"lightbox-wrapper\"\u003e\u003ca class=\"lightbox\" href=\"https://europe1.discourse-cdn.com/bc41dd/original/2X/8/89f302b82da42b7154437144afee410b0db91297.png\" data-download-href=\"/uploads/short-url/jGm3NFPqMoR1NXkacyEvL6Uo7tR.png?dl=1\" title=\"image\" rel=\"noopener nofollow ugc\"\u003e\u003cimg src=\"https://europe1.discourse-cdn.com/bc41dd/optimized/2X/8/89f302b82da42b7154437144afee410b0db91297_2_690x494.png\" alt=\"image\" data-base62-sha1=\"jGm3NFPqMoR1NXkacyEvL6Uo7tR\" width=\"690\" height=\"494\" srcset=\"https://europe1.discourse-cdn.com/bc41dd/optimized/2X/8/89f302b82da42b7154437144afee410b0db91297_2_690x494.png, https://europe1.discourse-cdn.com/bc41dd/optimized/2X/8/89f302b82da42b7154437144afee410b0db91297_2_1035x741.png 1.5x, https://europe1.discourse-cdn.com/bc41dd/original/2X/8/89f302b82da42b7154437144afee410b0db91297.png 2x\" data-dominant-color=\"E2E9EE\"\u003e\u003cdiv class=\"meta\"\u003e\u003csvg class=\"fa d-icon d-icon-far-image svg-icon\" aria-hidden=\"true\"\u003e\u003cuse href=\"#far-image\"\u003e\u003c/use\u003e\u003c/svg\u003e\u003cspan class=\"filename\"\u003eimage\u003c/span\u003e\u003cspan class=\"informations\"\u003e1200×860 65.9 KB\u003c/span\u003e\u003csvg class=\"fa d-icon d-icon-discourse-expand svg-icon\" aria-hidden=\"true\"\u003e\u003cuse href=\"#discourse-expand\"\u003e\u003c/use\u003e\u003c/svg\u003e\u003c/div\u003e\u003c/a\u003e\u003c/div\u003e\u003c/p\u003e","post_number":13,"post_type":1,"posts_count":37,"updated_at":"2026-01-11T18:01:14.338Z","reply_count":0,"reply_to_post_number":null,"quote_count":0,"incoming_link_count":0,"reads":66,"readers_count":65,"score":73.2,"yours":false,"topic_id":10527,"topic_slug":"proposal-to-align-the-op-token-with-superchain-success","display_username":"GUNBOATs","primary_group_name":null,"flair_name":null,"flair_url":null,"flair_bg_color":null,"flair_color":null,"flair_group_id":null,"badges_granted":[],"version":1,"can_edit":false,"can_delete":false,"can_recover":false,"can_see_hidden_post":false,"can_wiki":false,"link_counts":[{"url":"https://tokenomist.ai/optimism","internal":false,"reflection":false,"clicks":5}],"read":true,"user_title":null,"bookmarked":false,"actions_summary":[{"id":2,"count":4}],"moderator":false,"admin":false,"staff":false,"user_id":5034,"hidden":false,"trust_level":2,"deleted_at":null,"user_deleted":false,"edit_reason":null,"can_view_edit_history":true,"wiki":false,"post_url":"/t/proposal-to-align-the-op-token-with-superchain-success/10527/13","reactions":[{"id":"heart","type":"emoji","count":4}],"current_user_reaction":null,"reaction_users_count":4,"current_user_used_main_reaction":false,"can_accept_answer":false,"can_unaccept_answer":false,"accepted_answer":false,"topic_accepted_answer":null},{"id":46029,"name":"former Butterbum.eth","username":"Luckyhooman.eth","avatar_template":"/user_avatar/gov.optimism.io/luckyhooman.eth/{size}/1684_2.png","created_at":"2026-01-12T09:31:42.669Z","cooked":"\u003cp\u003eThanks to all who spent time putting this proposal together.\u003cbr\u003e\nfirstly id like to address the bundling of these two very different proposals. this is a common tactic in DAOs but its unethical, the buy back proposal is something everyone is likely to vote FOR but pairing it up with a proposal that gives full discretion of our ETH treasury to the foundation is absurd and which i am sure most delegates would be against.\u003c/p\u003e\n\u003cp\u003eI am in alignment with all \u003ca class=\"mention\" href=\"/u/gfxlabs\"\u003e@GFXlabs\u003c/a\u003e comments/opinions on this proposal and I would like to reiterate GFXlabs points on what I too hope changes in this proposal before this proceeds to vote\u003c/p\u003e\n\u003caside class=\"quote no-group\" data-username=\"GFXlabs\" data-post=\"8\" data-topic=\"10527\"\u003e\n\u003cdiv class=\"title\"\u003e\n\u003cdiv class=\"quote-controls\"\u003e\u003c/div\u003e\n\u003cimg alt=\"\" width=\"24\" height=\"24\" src=\"https://dub1.discourse-cdn.com/bc41dd/user_avatar/gov.optimism.io/gfxlabs/48/171_2.png\" class=\"avatar\"\u003e GFXlabs:\u003c/div\u003e\n\u003cblockquote\u003e\n\u003cp\u003eOur hope is that the Foundation will do the following:\u003c/p\u003e\n\u003col\u003e\n\u003cli\u003eBreak this into two separate proposals so they are not bundled.\u003c/li\u003e\n\u003cli\u003eWithdraw the buyback plan.\u003c/li\u003e\n\u003cli\u003eIf dead-set on initiating a buyback plan, revise the mechanisms to both utilize Optimism’s own financial infrastructure and lower the risk of unreported self-dealing or corruption.\u003c/li\u003e\n\u003cli\u003eWithdraw the plan for Foundation to have discretion over the ETH treasury, and instead put it under the control of the governance contract.\u003c/li\u003e\n\u003c/ol\u003e\n\u003c/blockquote\u003e\n\u003c/aside\u003e","post_number":14,"post_type":1,"posts_count":37,"updated_at":"2026-01-12T09:31:42.669Z","reply_count":0,"reply_to_post_number":null,"quote_count":1,"incoming_link_count":1,"reads":69,"readers_count":68,"score":48.8,"yours":false,"topic_id":10527,"topic_slug":"proposal-to-align-the-op-token-with-superchain-success","display_username":"former Butterbum.eth","primary_group_name":null,"flair_name":null,"flair_url":null,"flair_bg_color":null,"flair_color":null,"flair_group_id":null,"badges_granted":[],"version":1,"can_edit":false,"can_delete":false,"can_recover":false,"can_see_hidden_post":false,"can_wiki":false,"read":true,"user_title":"","bookmarked":false,"actions_summary":[{"id":2,"count":2}],"moderator":false,"admin":false,"staff":false,"user_id":331,"hidden":false,"trust_level":2,"deleted_at":null,"user_deleted":false,"edit_reason":null,"can_view_edit_history":true,"wiki":false,"post_url":"/t/proposal-to-align-the-op-token-with-superchain-success/10527/14","reactions":[{"id":"heart","type":"emoji","count":2}],"current_user_reaction":null,"reaction_users_count":2,"current_user_used_main_reaction":false,"can_accept_answer":false,"can_unaccept_answer":false,"accepted_answer":false,"topic_accepted_answer":null},{"id":46032,"name":"Gyges Lydias","username":"mud2monarch","avatar_template":"https://avatars.discourse-cdn.com/v4/letter/m/94ad74/{size}.png","created_at":"2026-01-12T18:53:36.480Z","cooked":"\u003cp\u003eI support this proposal! Thanks for making it, I know from personal experience how much planning, diligence, and thought goes into something like this. Given the long arc of the Optimism ecosystem and the goals of OP Governance + how to use the OP token as a coordination mechanism, I imagine this has been a goal from the very start. Congratulations and best wishes.\u003c/p\u003e\n\u003cp\u003e\u003cem\u003eDisclaimer: these are my personal views only.\u003c/em\u003e\u003c/p\u003e\n\u003cp\u003e\u003cem\u003e\u003cstrong\u003eIf the Superchain can’t support onchain buys, that may indicate a product improvement opportunity\u003c/strong\u003e\u003c/em\u003e\u003c/p\u003e\n\u003cp\u003eI’d encourage the Foundation to move to an onchain strategy quickly, if only because this seems to be a solvable product deficiency in the Superchain. I imagine OTC is also expensive relative to pure onchain execution, antic. slippage excluded.\u003c/p\u003e\n\u003cp\u003eI can imagine there are some very specific requirements for legal and other reasons; however, it does seem possible to execute onchain via TWAP. Other have suggested ideas. In addition, perhaps you could write an onchain router for execution and ask one of the Superchain’s sequencers to post cron-like triggers as part of block data. Or, you could drip ETH out of a smart contract, claimable by searchers upon sending XX OP to a specified address, akin to the Uniswap Firepit. Something along that general surface seems like it would still be automated/smart contract/non-custodial, and there’s a big community that I’m sure would be happy to help. To the extent that there is not \u003cem\u003ecurrently\u003c/em\u003e sufficient AMM liquidity on OP Mainnet or another Superchain chain, even on a very granular TWAP, the announcement of intent to buy will incentivize new LPs to enter the market.. likely the very firms who are trying to sell you OTC services!\u003c/p\u003e\n\u003cp\u003e\u003cem\u003e\u003cstrong\u003eAn updated vision for Superchain rev/exp would guide the community away from inaccurate or outdated thinking\u003c/strong\u003e\u003c/em\u003e\u003c/p\u003e\n\u003cp\u003eAfter discussing with my good friend Paper Imperium of GoFiXourself Labs, I do agree that it would be helpful for OP Labs/OP Foundation to provide an updated target for the revenue and expenses of the Collective. I read Jing’s \u003ca href=\"https://x.com/jinglejamOP/status/1993806277873725722\" rel=\"noopener nofollow ugc\"\u003ereflection/vision\u003c/a\u003e from last year, but it’d be good to supplement such a post with a simple calculator that shows how much net OP supply (i.e., Collective income statement) a bear/base/bull case of execution could drive.\u003c/p\u003e\n\u003cp\u003eLastly, I think it’d be appropriate to reevaluate spending on outdated programs while the OP Collective transitions, as \u003ca href=\"https://x.com/Fwiz/status/2009293156031029480\" rel=\"noopener nofollow ugc\"\u003eRyan suggested\u003c/a\u003e. I look forward to the update mentioned in replies! I would support locking much, much more than burning.\u003c/p\u003e\n\u003cp\u003eFeeling Optimistic!\u003c/p\u003e\n\u003cp\u003e\u003cem\u003eDisclaimer: these are my personal views only.\u003c/em\u003e\u003c/p\u003e","post_number":15,"post_type":1,"posts_count":37,"updated_at":"2026-01-12T19:01:29.679Z","reply_count":0,"reply_to_post_number":null,"quote_count":0,"incoming_link_count":4,"reads":74,"readers_count":73,"score":79.8,"yours":false,"topic_id":10527,"topic_slug":"proposal-to-align-the-op-token-with-superchain-success","display_username":"Gyges Lydias","primary_group_name":null,"flair_name":null,"flair_url":null,"flair_bg_color":null,"flair_color":null,"flair_group_id":null,"badges_granted":[],"version":4,"can_edit":false,"can_delete":false,"can_recover":false,"can_see_hidden_post":false,"can_wiki":false,"link_counts":[{"url":"https://x.com/Fwiz/status/2009293156031029480","internal":false,"reflection":false,"clicks":6},{"url":"https://x.com/jinglejamOP/status/1993806277873725722","internal":false,"reflection":false,"clicks":1}],"read":true,"user_title":null,"bookmarked":false,"actions_summary":[{"id":2,"count":3}],"moderator":false,"admin":false,"staff":false,"user_id":16424,"hidden":false,"trust_level":0,"deleted_at":null,"user_deleted":false,"edit_reason":null,"can_view_edit_history":true,"wiki":false,"post_url":"/t/proposal-to-align-the-op-token-with-superchain-success/10527/15","reactions":[{"id":"heart","type":"emoji","count":3}],"current_user_reaction":null,"reaction_users_count":3,"current_user_used_main_reaction":false,"can_accept_answer":false,"can_unaccept_answer":false,"accepted_answer":false,"topic_accepted_answer":null},{"id":46054,"name":"system","username":"system","avatar_template":"https://europe1.discourse-cdn.com/bc41dd/original/2X/3/399c2cdab1be9e0c1ae7481c939f977574c28f5e.svg","created_at":"2026-01-13T17:05:08.519Z","cooked":"\u003cp\u003eSplitting the proposals is something we previously considered and were hoping to receive community feedback on, so thank you for the comments, \u003ca class=\"mention\" href=\"/u/gonna.eth\"\u003e@Gonna.eth\u003c/a\u003e.  We initially combined the proposals to reduce governance overhead, and since allocating 50% of revenue naturally raises the question of what is done with the remaining 50%, we thought it reasonable to combine. However, we understand the perspective in the feedback provided and will split this proposals into two, so each portion can be voted on individually.\u003c/p\u003e\n\u003cp\u003ecc \u003ca class=\"mention\" href=\"/u/joanbp\"\u003e@joanbp\u003c/a\u003e who expressed similar feedback\u003c/p\u003e","post_number":16,"post_type":1,"posts_count":37,"updated_at":"2026-01-13T17:06:11.810Z","reply_count":0,"reply_to_post_number":4,"quote_count":0,"incoming_link_count":4,"reads":64,"readers_count":63,"score":212.8,"yours":false,"topic_id":10527,"topic_slug":"proposal-to-align-the-op-token-with-superchain-success","display_username":"system","primary_group_name":null,"flair_name":null,"flair_url":null,"flair_bg_color":null,"flair_color":null,"flair_group_id":null,"badges_granted":[],"version":2,"can_edit":false,"can_delete":false,"can_recover":false,"can_see_hidden_post":false,"can_wiki":false,"read":true,"user_title":null,"reply_to_user":{"id":50,"username":"Gonna.eth","name":"Gonna.eth (Dhannte)","avatar_template":"/user_avatar/gov.optimism.io/gonna.eth/{size}/3379_2.png"},"bookmarked":false,"actions_summary":[{"id":2,"count":12}],"moderator":true,"admin":true,"staff":true,"user_id":-1,"hidden":false,"trust_level":4,"deleted_at":null,"user_deleted":false,"edit_reason":"Ownership transferred","can_view_edit_history":true,"wiki":false,"post_url":"/t/proposal-to-align-the-op-token-with-superchain-success/10527/16","reactions":[{"id":"heart","type":"emoji","count":12}],"current_user_reaction":null,"reaction_users_count":12,"current_user_used_main_reaction":false,"can_accept_answer":false,"can_unaccept_answer":false,"accepted_answer":false,"topic_accepted_answer":null},{"id":46056,"name":"system","username":"system","avatar_template":"https://europe1.discourse-cdn.com/bc41dd/original/2X/3/399c2cdab1be9e0c1ae7481c939f977574c28f5e.svg","created_at":"2026-01-13T17:21:39.388Z","cooked":"\u003cp\u003eHi \u003ca class=\"mention\" href=\"/u/wildmolasses\"\u003e@wildmolasses\u003c/a\u003e, glad to see your feedback here! The ultimate goal is absolutely for this mechanism to be execute entirely onchain. In fact, upcoming Protocol Upgrade 18 includes improvements that automate large portions of the Superchain’s revenue collection logic, which is the first step in this process.\u003c/p\u003e\n\u003cp\u003eConsistent with our experimental approach, we’re initially proposing OTC execution as the simplest path to shipping the buyback and evaluating impact before solidifying the program onchain. The Foundation is actively drafting a proposal to establish a legal structure (possibly a DUNA), in part to transfer specific assets and governance powers to this structure onchain, as mentioned in the \u003ca href=\"https://www.optimism.io/blog/season-9-from-experiment-to-organization\"\u003eSeason 9 blog post\u003c/a\u003e. This legal structure may enable meaningful changes to token flows, treasury control, and governance of capital allocation. Waiting to implement onchain execution until such a structure exists, will allow execution to be designed in a way that addresses relevant legal and and tax questions while transferring more ownership over onchain infrastructure to governance.\u003c/p\u003e\n\u003cp\u003eWe considered several of the alternatives mentioned in this thread (DEX execution, dutch auction, and tip jar claims), which I’ll let \u003ca class=\"mention\" href=\"/u/ryan\"\u003e@ryan\u003c/a\u003e weigh in on in detail shortly. If the community feels strongly that OTC is not a sufficient starting point, we may consider alternatives, but those are likely to come with higher execution costs, more complexity in implementing a legal structure, and / or delays.\u003c/p\u003e","post_number":17,"post_type":1,"posts_count":37,"updated_at":"2026-01-13T17:24:31.602Z","reply_count":0,"reply_to_post_number":5,"quote_count":0,"incoming_link_count":4,"reads":68,"readers_count":67,"score":138.6,"yours":false,"topic_id":10527,"topic_slug":"proposal-to-align-the-op-token-with-superchain-success","display_username":"system","primary_group_name":null,"flair_name":null,"flair_url":null,"flair_bg_color":null,"flair_color":null,"flair_group_id":null,"badges_granted":[],"version":2,"can_edit":false,"can_delete":false,"can_recover":false,"can_see_hidden_post":false,"can_wiki":false,"link_counts":[{"url":"https://www.optimism.io/blog/season-9-from-experiment-to-organization","internal":false,"reflection":false,"title":"Season 9: From Experiment to Organization - Optimism","clicks":0}],"read":true,"user_title":null,"reply_to_user":{"id":10495,"username":"wildmolasses","name":"Ed","avatar_template":"/user_avatar/gov.optimism.io/wildmolasses/{size}/11299_2.png"},"bookmarked":false,"actions_summary":[{"id":2,"count":7}],"moderator":true,"admin":true,"staff":true,"user_id":-1,"hidden":false,"trust_level":4,"deleted_at":null,"user_deleted":false,"edit_reason":"Ownership transferred","can_view_edit_history":true,"wiki":false,"post_url":"/t/proposal-to-align-the-op-token-with-superchain-success/10527/17","reactions":[{"id":"heart","type":"emoji","count":7}],"current_user_reaction":null,"reaction_users_count":7,"current_user_used_main_reaction":false,"can_accept_answer":false,"can_unaccept_answer":false,"accepted_answer":false,"topic_accepted_answer":null},{"id":46057,"name":"system","username":"system","avatar_template":"https://europe1.discourse-cdn.com/bc41dd/original/2X/3/399c2cdab1be9e0c1ae7481c939f977574c28f5e.svg","created_at":"2026-01-13T17:30:55.559Z","cooked":"\u003cp\u003eHi \u003ca class=\"mention\" href=\"/u/michael\"\u003e@Michael\u003c/a\u003e, thanks for your feedback. We addressed the reasoning for starting with OTC execution in above responses but wanted to specifically address the concerns you raise about transparency, as we agree this is important.\u003c/p\u003e\n\u003cp\u003eAll OTC trades would be reported publicly, either via \u003ca href=\"http://stats.optimism.io\"\u003estats.optimism.io\u003c/a\u003e or via the governance forum. The program is not designed to have any interaction whatsoever with existing private or employed OP holders: providers are being selected based on who can fill the Foundation’s operational, financial, and legal requirements.\u003c/p\u003e\n\u003cp\u003eAs mentioned above, we’ll have \u003ca class=\"mention\" href=\"/u/ryan\"\u003e@ryan\u003c/a\u003e weigh in on the tradeoffs that come with various alternatives shortly, so those may be weighed against the considerations relevant to OTC execution.\u003c/p\u003e","post_number":18,"post_type":1,"posts_count":37,"updated_at":"2026-01-13T17:31:49.249Z","reply_count":0,"reply_to_post_number":9,"quote_count":0,"incoming_link_count":4,"reads":72,"readers_count":71,"score":104.4,"yours":false,"topic_id":10527,"topic_slug":"proposal-to-align-the-op-token-with-superchain-success","display_username":"system","primary_group_name":null,"flair_name":null,"flair_url":null,"flair_bg_color":null,"flair_color":null,"flair_group_id":null,"badges_granted":[],"version":2,"can_edit":false,"can_delete":false,"can_recover":false,"can_see_hidden_post":false,"can_wiki":false,"link_counts":[{"url":"http://stats.optimism.io","internal":false,"reflection":false,"title":"Optimism: The most used blockchain infrastructure.","clicks":2}],"read":true,"user_title":null,"reply_to_user":{"id":174,"username":"Michael","name":"Michael Vander Meiden","avatar_template":"/user_avatar/gov.optimism.io/michael/{size}/2489_2.png"},"bookmarked":false,"actions_summary":[{"id":2,"count":5}],"moderator":true,"admin":true,"staff":true,"user_id":-1,"hidden":false,"trust_level":4,"deleted_at":null,"user_deleted":false,"edit_reason":"Ownership transferred","can_view_edit_history":true,"wiki":false,"post_url":"/t/proposal-to-align-the-op-token-with-superchain-success/10527/18","reactions":[{"id":"heart","type":"emoji","count":5}],"current_user_reaction":null,"reaction_users_count":5,"current_user_used_main_reaction":false,"can_accept_answer":false,"can_unaccept_answer":false,"accepted_answer":false,"topic_accepted_answer":null},{"id":46058,"name":"system","username":"system","avatar_template":"https://europe1.discourse-cdn.com/bc41dd/original/2X/3/399c2cdab1be9e0c1ae7481c939f977574c28f5e.svg","created_at":"2026-01-13T17:40:02.024Z","cooked":"\u003cp\u003eWe understand your feedback about the buyback program in the context of the overall emissions schedule. The main point of the buyback program is to link the OP token to the growth of the Superchain and demonstrate a meaningful shift in the role of the token. We still have a large OP and ETH treasury to use to incentivize growth for many years to come; this buyback does not come at the expense of ecosystem growth, but instead links demand for blockspace to the OP token. This is an important part of the OP token narrative and something prominent tokenholders have expressed is important to them. We are also taking additional steps to slow the rate of emissions, for example, by pausing the Retro Funding program (~775M OP allocated; more \u003ca href=\"https://gov.optimism.io/t/guide-to-season-9/10529#p-45983-community-led-grant-experiments-and-contribution-paths-7\"\u003ehere\u003c/a\u003e.)\u003c/p\u003e\n\u003cp\u003eWe agree that building a sustainable business is the most important thing for Optimism to focus on right now. You can expect comms on 2026 goals and objectives in the next few weeks. This proposal is a small part of a bigger plan for the coming year, and the focus continues to be on building the best platform for \u003ca href=\"https://www.optimism.io/blog/op-mainnet-the-enterprise-launch-pad\"\u003eenterprises to come onchain\u003c/a\u003e.\u003c/p\u003e\n\u003cp\u003eOTC vs. onchain execution won’t be repeated here as it’s covered in above responses.\u003c/p\u003e","post_number":19,"post_type":1,"posts_count":37,"updated_at":"2026-01-13T17:40:09.404Z","reply_count":1,"reply_to_post_number":8,"quote_count":0,"incoming_link_count":70,"reads":74,"readers_count":73,"score":444.8,"yours":false,"topic_id":10527,"topic_slug":"proposal-to-align-the-op-token-with-superchain-success","display_username":"system","primary_group_name":null,"flair_name":null,"flair_url":null,"flair_bg_color":null,"flair_color":null,"flair_group_id":null,"badges_granted":[],"version":2,"can_edit":false,"can_delete":false,"can_recover":false,"can_see_hidden_post":false,"can_wiki":false,"link_counts":[{"url":"https://www.optimism.io/blog/op-mainnet-the-enterprise-launch-pad","internal":false,"reflection":false,"title":"OP Mainnet: The Enterprise Launch Pad - Optimism","clicks":5},{"url":"https://gov.optimism.io/t/guide-to-season-9/10529","internal":true,"reflection":false,"title":"Guide to Season 9","clicks":0}],"read":true,"user_title":null,"reply_to_user":{"id":291,"username":"GFXlabs","name":"GFX Labs","avatar_template":"/user_avatar/gov.optimism.io/gfxlabs/{size}/171_2.png"},"bookmarked":false,"actions_summary":[{"id":2,"count":5}],"moderator":true,"admin":true,"staff":true,"user_id":-1,"hidden":false,"trust_level":4,"deleted_at":null,"user_deleted":false,"edit_reason":"Ownership transferred","can_view_edit_history":true,"wiki":false,"post_url":"/t/proposal-to-align-the-op-token-with-superchain-success/10527/19","reactions":[{"id":"heart","type":"emoji","count":5}],"current_user_reaction":null,"reaction_users_count":5,"current_user_used_main_reaction":false,"can_accept_answer":false,"can_unaccept_answer":false,"accepted_answer":false,"topic_accepted_answer":null},{"id":46118,"name":"system","username":"system","avatar_template":"https://europe1.discourse-cdn.com/bc41dd/original/2X/3/399c2cdab1be9e0c1ae7481c939f977574c28f5e.svg","created_at":"2026-01-15T10:37:39.176Z","cooked":"\u003cp\u003e\u003cstrong\u003eOn OTC execution:\u003c/strong\u003e We appreciate the community’s feedback and the thoughtful alternatives suggested. For the first iteration of buybacks, we recommend starting with OTC execution primarily for operational simplicity and reliability, allowing us to execute swaps cleanly without introducing additional smart contract risk or other complex dynamics during early rollout. OTC also enables better price discovery by accessing deeper liquidity than currently exists on OP Mainnet, while improving Optimism Mainnet liquidity is a core long-term goal. This helps reduce the impact of slippage that would ultimately reduce value to the ecosystem. We agree that onchain mechanisms such as DEX execution, Dutch auctions and Tip Jar claims offer strong transparency guarantees. In the meantime, all OTC trades will be reported publicly, either via \u003ca href=\"http://stats.optimism.io/\"\u003estats.optimism.io\u003c/a\u003e or via the governance forum. The program is not designed to have any interaction whatsoever with existing private or employed OP holders: providers are being selected based on who can fill the Foundation’s operational, financial, and legal requirements. In short, starting with OTC gives us a pragmatic baseline while we work toward onchain execution and exploring the alternatives mentioned is very much part of that path. 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