Optimism redirects $49M in token revenue to buybacks, cutting user distributions in new governance vote.

Optimism's governance approved a proposal with 84% support to redirect about $49 million in OP token revenue from user distributions to recurring token buybacks over a 12-month pilot. This marks a shift from previous strategies focused on direct token rewards to users, aiming instead to reduce circulating supply and potentially stabilize token price. The vote was influenced by an Optimism Foundation-funded team, raising questions about governance independence. The pilot's success could lead to an extended buyback program if it supports price stability without harming developer activity.