1010210102 Tokens
← Ranking

OP

Optimism / Superchain · L2 / Superchain

18 /100
T5Impaired · #73 of 77
No engine yetCould move up ↑low likelihoodReviewed Oct 23, 2026
DemandSoundnessDurability
6 of 455 of 407 of 15

Key facts

SupplyFloat 54% of issued supply
  • Circulating 2.30B, 54%
  • Locked or unvested 2.00B, 46%
  • Max 4.29B
FDV / market cap
1.9x
$491.0M / $262.9M
Market cap
$262.9M
Price $0.114, 7d −16.9%

Market data: CoinGecko, Oct 24, 2026. Scores reviewed Oct 23, 2026.

Assessment

Optimism's link to revenue is a discretionary pilot: since Feb 2026, 50% of net Superchain sequencer revenue funds monthly OP buybacks, but that revenue fell after Base left the OP Stack on Feb 18, 2026, the March buyback was ~$95K, and bought OP stays in the Collective treasury. Investors, contributors and the Foundation-run ecosystem fund took ~61%. Upgrades can be instant with the Security Council and Foundation, and the Foundation alone can pause L1 withdrawals for up to 3 months. What holds it back is mint authority: the Foundation-run Safe that owns the MintManager can hand token ownership to any address, lifting the 2%/yr cap.

How value reaches holders

Since Feb 2026 (Jan 28 vote, 84.4% for): 50% of net Superchain sequencer revenue funds monthly OP buybacks, now from OP Mainnet, Unichain and World Chain after Base left the OP Stack on Feb 18, 2026. The March buyback was 50.2 ETH (~$95K); 9M+ OP repurchased so far. Foundation-executed OTC, 'without regard to price'; bought OP goes to the Collective treasury, not burned or distributed. The 12-month pilot ends ~Jan 2027

Score anatomy

Demand

6 / 45: the stronger of two routes, plus adoption

Why would anyone hold it: does value reach the token, and is the network or product used today?

Holder routing engine input
2

Small or discretionary flows, plumbing under 25%, or buy-and-hold into a treasury

How this is scored

Revenue reality engine input
1

$0.5-5M/yr, or undisclosed

How this is scored

Monetary usage engine input
0

Not gas (OP Mainnet gas is ETH); ~$0.5M of OP posted at lenders.

Trading onlyhigh confidenceHow this is scored

Adoption ×3
2

OP Mainnet TVL $0.42B and fees $0.86M TTM (-84%), stablecoins -34% YoY; Base left the OP Stack in Feb 2026, so the Superchain lost its largest chain

Niche: real but small use, far behind its category leadersmedium confidenceHow this is scored

Two routes, the stronger counts

01234500cash flowmoney
Revenue 1, minus 2 for routing 2 = cash flow 0. Money use 0. The engine is the stronger route: 0.

Soundness

5 / 40

Can a long-term holder trust the rules: supply, float, distribution and control?

Supply discipline ×3
0

Supply flat at 2^32 since 2022, but the MintManager owner (a Foundation-run Safe) can call upgrade() to hand token ownership to any address, lifting the 2%/yr cap (read Oct 23, 2026).

Over 15%/yr, or a key, company, committee or multisig can mint without limit or redirect issuancehigh confidenceHow this is scored

Float and unlocks ×1
3

Float 54% (2.30B of 4.29B); investor and contributor tranches are done, next unlock Jan 10, 2027 to the Seed Fund; ~273M OP forecast for Year 5 (~1% of float a month).

0.5-1.5% per month, or large foundation or treasury holdings without a schedulemedium confidenceHow this is scored

Distribution ×2
0

Investors 17%, core contributors 19%, Foundation-run ecosystem fund 25%: ~61%; user airdrops 19%, RetroPGF 20%; no public sale

Insiders received over 50%, or one organization directs over 30% todayhigh confidenceHow this is scored

Decentralization and security ×2
1

Upgrades need the 10-of-13 Security Council plus the Optimism Foundation and can be instant, and the Foundation alone can pause L1 withdrawals via a Guardian module for up to 3 months; votes are Foundation-executed

A halt, rollback or exploited consensus bug in the last 24 months, attack cost under $10M, or a foundation-selected validator set or small multisig can halt or upgrade with no meaningful exit windowmedium confidenceHow this is scored

Durability

7 / 15

Is it big, proven and reachable by institutions?

Scale ×1
3

$272.0M market cap (band 3), $91.4M/day median volume (band 4), no flags.

Mid-cap: $250M-1B market cap and $10M/day+How this is scored

Track record ×1
2

Launched May 31, 2022: 4.4 years old.

3-5 years, or a rollback, coordinated chain-wide halt or restart, or a $50M+ exploit in the last 5 yearshigh confidenceHow this is scored

Institutional access ×1
2

Valour Optimism ETP in Europe; no US spot filing found.

OTC trust, non-US product, or a pending US filinghigh confidenceHow this is scored

What would move it up

To reach T4 Speculative, one gate is still open:

  • Supply 0needs 1(open)

Tier outlook · next trigger Jan 31, 2027

Could move up ↑low likelihood

  • Supply rises off 0 if MintManager ownership moves behind a binding OP vote or the upgrade path that lifts the 2%/yr cap is removed
  • Holder routing rises if the pilot renewal ~Jan 2027 burns or distributes bought OP; a lapse or quiet re-spending cuts it
  • Float absorbs the Jan 10, 2027 Seed Fund unlock and ~273M OP forecast for Year 5 (~1% of float a month)
  • Security rises to 2 if the Foundation's unilateral withdrawal pause is removed and upgrades gain an exit window

Compare with

How the ranking works and how OP compares: see the full ranking. This entry as JSON:

GET https://tokens.10102.io/api/v1/tokenomics?symbol=OP