Due to Base migrating from OP Stack to its own technology stack, OP prices have dropped by over 20%

Due to the Layer 2 solution Base announcing its transition from the OP Stack to its independently operated unified tech stack base/base, the native token OP of Optimism has dropped over 20% in price in the past 24 hours.

Base stated that this move aims to improve development speed and reduce system complexity. In the future, node operators will need to migrate to the Base client to align with the hard fork. Base went live in 2023 as an OP Stack chain, and according to previous agreements, a portion of its sequencer revenue was to be submitted to the Optimism treasury. With Base transitioning to an independent architecture, this revenue stream will be retained by Base itself. Currently, the trading price of OP is $0.1436, down about 97% from its historical high of $4.84 set in 2024. In contrast, Base has not yet issued any tokens.