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Crypto
Ethereum layer2 developer OP Labs cuts 20 jobs to focus on core strategy
OP Labs, the developer supporting Ethereum layer2 scaling network Optimism, carried out an internal restructuring to strengthen its strategic focus, CoinDesk reported. CEO Jing Wang said on X that the company cut 20 employees. Wang said the move was not due to financial issues and that OP Labs has sufficient capital. OP Labs develops layer2 technology to speed transactions and reduce fees. OP token fell about 3 percent over 24 hours after the announcement.
Crypto
Optimism governance approves OP token buyback plan linked to Superchain revenue
Optimism governance approved a buyback plan linking OP tokens directly to Superchain economics, CoinDesk reported on Jan. 28. The proposal passed with 84.4 percent support and OP fell slightly after the decision. Under the plan, the Optimism Foundation will use 50 percent of Superchain sequencer net revenue for 12 months to buy back OP, with the remainder used for ecosystem support and operations.
Crypto
Optimism seeks OP token buybacks using 50 percent of Superchain revenue
The Optimism Foundation has proposed using 50 percent of Superchain revenue to buy back OP tokens, CoinDesk reported on Wednesday. The proposal will be put to a governance vote on Jan. 22. If approved, Optimism plans to begin monthly buybacks from February using sequencer fee revenue generated by blockchains built on the OP Stack. OP Stack chains include Coinbase\'s Base, Uniswap\'s Unichain and Sony\'s Soneium.