OP · vesting nearly done, a new buyback online.
OP is the governance token of Optimism, an Ethereum Layer 2 — ~2.15B circulating of a 4.29B max.
Sell pressure. Vesting is almost complete — a final ~31M unlock lands around Jun 30, then the schedule ends. No protocol emission.
Buy pressure. A new buyback spends 50% of Superchain sequencer revenue on OP — about ~17M over 90 days, held in the treasury.
Net. About +0.65% to market next 90 days — the final unlock minus the buyback. Heading toward flat as vesting ends.
- Final vesting unlock~31M OPJun 30 2026 · added to market
Optimism is a Layer 2 governance token with no staking or protocol emission. New OP enters only through vesting unlocks, not minting.
The token-vesting schedule ends around Jun 28 2026; a final ~31M OP unlock (~1.4% of circulating) lands ~Jun 30 2026. After that, scheduled vesting is complete and this row falls toward zero.
Tracked overhangs: Retroactive Public Goods Funding (20%), the unallocated Ecosystem Fund (8.8%) and the Partner/Seed/Governance funds — most complete vesting by Jun 28 2026. No discretionary release booked.
No bankruptcy estate. Remaining allocations are on the published vesting schedule, counted above.
A Jan 2026 governance program directs 50% of net Superchain sequencer revenue to monthly OP buybacks (started Feb 2026, ~$0.67M/month ≈ ~17M OP over 90 days). Bought OP goes to the Collective treasury, held rather than burned; conversions pause if monthly revenue falls below $200K.
L2 transaction fees are paid in ETH to cover L1 data costs — there is no OP burn.
The sequencer-revenue buyback above is the accumulation mechanism; there is no separate programme.
No protocol-enforced lockup with an announced quantum.
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