Due to forum limitations that prevent more than three consecutive replies from the same account, I’m sharing SEEDGov’s rationales for Special Voting Cycle #47 below.
Proposal to Align the OP Token with Superchain Success: AGAINST
We support implementing a buyback program that links the expansion of the Superchain to the OP token. Narrowing the scope of the proposal following delegate feedback was a move in the right direction, although we still see an important distinction between discussing the proposal and its underlying motivations, and defining the specific mechanics of how buybacks are executed.
We share the concerns raised on the forum regarding the use of OTC buybacks. While we understand the rationale behind this decision, which is presented as transitional, we do not find it fully convenient. Given the level of maturity the Collective has reached, we believe buybacks should be executed using liquidity available on the network itself. The amounts involved do not appear large enough to warrant an OTC, and there are alternative approaches (such as dutch auctions or splitting purchases across two or four monthly executions) that could help manage slippage while remaining onchain.
Our preference for onchain buybacks does not stem from an assumption of bad intent, but from how we understand the role delegates play at this stage: acting as guarantors of accountability towards OP Labs and Foundation. In that context, moving forward with onchain mechanisms is more consistent with our ethos and the principles of transparency that have guided the Collective.
For these reasons, while we support the idea of aligning OP with Superchain growth through buybacks, we vote AGAINST this proposal in its current form.
Proposed Midterm Adjustment for Seasons 8 and 9 Operating Budget: FOR
We support the mid-season adjustment proposed by the Budget Board, which was already anticipated in the original proposal. Applying TTM ETH revenue converted using a 6-month TWAP is consistent with the current token context. From a pragmatic lens, OP’s price has fallen by around 60% since the budget was set back in June/July of last year. As a result, keeping the budgets unchanged would imply a real and tangible reduction in the councils’ operating capacity.
Season 9 Governance Fund Mission: Grants Council (optimistic approval)
The proposed budget for Grants Council Season 9 is 3.89M OP. This is a 38% decrease (approximately 2.4M OP compared to Season 8 when the budget was ~6.29M OP). We view this adjustment as consistent with a prudent use of the Governance Fund, while keeping the program active.
Season 9 Governance Fund Mission: DAB (optimistic approval)
The proposed budget for Season 9 is 0.98M OP, broadly in line with the Season 8 allocation of ~0.95M OP. We see this continuity as appropriate and we support it.