The price of the Optimism token dropped 25% after Coinbase decided to discontinue its three-year partnership with the Optimism Collective, cutting off millions in revenue from its Base blockchain. Coinbase plans to use its own in-house code instead of Optimism’s OP Stack, which previously shared 15% of Base revenues with the Optimism Collective. This revenue has totaled over $16 million, accounting for 41% of the Collective’s lifetime revenue. The change is seen as a shift in Coinbase’s strategy for faster updates and code simplification, potentially impacting the Superchain, which comprises interconnected blockchains like Sony’s Soneium and Uniswap’s Unichain.
Optimism token price plunges 25% after Coinbase ends revenue sharing
