Try Quests to earn cryptoOpen Analytics - 16. Optimism
The effects of $op airdrop #2 on the Optimism ecosystem.
📖 INTRO
On February 9, 2023 at 8:00 PM ET, Optimism Ecosystem implemented its second airdrop process. In this airdrop, the amount of 11,742,277 op tokens was distributed among 307,965 unique addresses.
Airdrop #2 rewards users for their involvement in Optimism governance and covers a portion of their network usage costs:
-
Governance delegation rewards based on the amount of OP delegated and the length of time it was delegated.
-
Partial gas rebates for active Optimism users who have spent over a certain amount on gas fees.
-
Multiplier bonuses determined by additional attributes related to governance and usage.
You can refer to this link for more details.
👓 Insights
According to the daily charts of the swap, the jump in the volume of buying and selling OP can be seen on the day of the airdrop. The OP swap volume on the day before the airdrop was around $5 M and on the day of the airdrop, it jumped to more than $30 M.
The decrease in swap volume has continued until February 12 and has been increasing since then.
The jump in the number of swappers and the number of swap transactions can be seen on the day of the airdrop and one day after. As we can see, the sales data is more than the purchase data in these two days.
It seems that the increase in purchase data, especially the purchase volume of OP in the days after February 14, has caused the price of this token to recover.
🎯 GOAL
In this dashboard, my goal is to check the effects of Airdrop #2 of the Optimism ecosystem on this network. I want to see what effect the addition of about 12M op tokens to the circulating supply of this asset has had on the Optimism ecosystem.
For this purpose, I examined several processes in the Optimism ecosystem in three time periods. These three time periods are one week before the airdrop, the day of the airdrop and one week after the airdrop.
In this dashboard, the impact of airdrop on 6 activities in the Optimism ecosystem has been examined, which include: 1.Op Token price 2.Token swap activity 3.transactions and active network users 4.first time delegators 5.OP token transfer 6.Bridge activity
🔧 METHOD
I used the optimism.core.fact_hourly_token_prices table to call the op token price data, and the optimism.core.ez_dex_swaps table was used to call the swap data.
In order to be able to call the active users and the number of network transactions in a certain time period, I used the optimism.core.fact_transactions table, and the optimism.core.fact_delegations table was used to call the OP delegation data.
Optimism.core.dim_labels and optimism.core.fact_token_transfers tables have been used to calculate OP Token transfers to different platforms. In this section, OP Token transfer to dex, cex, defi, dapp, nft, later2 platforms is discussed in our time period , and finally, using the optimism.core.fact_token_transfers table and filtering the transfer destination using two contracts 0x99c9fc46f92e8a1c0dec1b1747d010903e884be1 and 0x25ace71c97b33cc4729cf772ae268934f7ab5fa1 The volume of OP Token transfer and the number of bridgers have been called.
👓 Insights
As can be seen in the graph on the left, the price of Op Token was above $3 in the week before the airdrop, and on the day of the airdrop, it faced a sharp price drop and reached $2.6 . This price drop continued until February 12 and reached $2.2, and from February 13, this asset was able to recover to $2.8 one week after the airdrop.
The reason for the sharp price drop can be considered the high supply of this token on the day of the airdrop and four days after that. But this token recovered well from this price drop and was able to recover its price.
👓 Insights
NOTE: The volumes presented are in USD.
The first noteworthy point is the high volume of sell and buy on the day of the airdrop. As we can see, in airdrop day, more than $18.5 M of Op Token have been sold in the decentralized exchanges of the Optimism network, which is about $3 M more than the purchase volume of this token.
As we can see, on the day of airdrop, the number of sales transactions is about 8,000 transactions, more than the purchase transactions, and the number of sellers of this token is about 4 times the number of buyers.
As we can see, the number of Op Token sellers has increased by 2.5 times in the week after the airdrop, while the number of buyers has increased by 5,000 addresses.
The volume of buying and selling has decreased in the week after the airdrop. The number of buying transactions has increased and the number of selling transactions has almost stabilized.
According to the average daily statistics, the decrease in the volume of buying and selling can be seen in the week after the airdrop. It can be said that the average daily volume of buying and selling in the week after the airdrop has reached almost half.
👓 Insights
The graphs above show the increase in the number of network transactions and the increase in the number of users on the day of the airdrop and one week after. As we can see, the number of network users has increased by 1.8 times in one week after the airdrop compared to the previous week, and the number of transactions has increased by 300,000 transactions.
The average number of daily transactions on the day of airdrop has increased significantly compared to the week before and the week after that. On the day of airdrop, about 40 K users have performed transactions on Optimism network, and this is while the number of active users on the network is The week before the airdrop was about 24 K.
The number of network users has doubled in the week after the airdrop and has reached more than 45 K.
👓 Insights
We see a jump in the number of transactions and the number of users on February 9 and 10. During these two weeks, February 10 had the highest number with more than 280 K transactions and more than 67 K users.
As we can see, more than 39% of Optimism network transactions were performed on the day of the airdrop, and more than 41% of Optimism network users performed transactions in the week after the airdrop.
👓 Insights
As we can see, the number of users who delegated OP for the first time began to increase on the day of the airdrop and increased significantly in one week after the airdrop.
As we can see, more than 16,000 users have delegated the OP token for the first time in the week after the airdrop, and this number was around 900 users in the week before that.
👓 Insights
The transfer volume data shows that users transferred the largest OP volume to decentralized exchanges on the day of the airdrop. The largest volume of op transfer was to Rubicon dex, nearly 20 M op tokens were transferred to this dex on the day of the airdrop.
On the day of airdrop, about 26% of OP was transferred to layer 2 platforms and 20% of OP volume was transferred to dapp platforms.
Optimism as a layer 2 platform and Gelato Network as a dapp have received the largest amount of ops after Rubicon.
One week after the airdrop, Op Token transfers to layer 2 platforms have increased and transfers to decentralized exchanges have decreased.
👓 Insights
Countable data shows that on the day of airdrop, more users have sent their op tokens to layer 2 platforms, and sending this token to decentralized exchanges is in the second place.
On the day of the airdrop, nearly 8,000 unique addresses have transferred their OP tokens to Optimism platform.
The week after the airdrop, more users have transferred their tokens to layer 2 platforms. This is while the transfer of tokens to decentralized exchanges was more in the week before the airdrop.
6️⃣ Bridge Activity
In this section, we examine the effect of airdrop on bridge activities.
In this section, we will examine the impact of airdrop on the activities of the bridge. We will examine the volume transferred through the bridge from the Optimism network to the Ethereum network and the volume transferred from the Ethereum network to the Optimism network during the desired time period.
👓 Insights
The volume data shows that the transfer volume from the Optimism network to Ethereum has increased significantly after the airdrop. This volume transfer on February 11 had a dramatic jump to its two-week high, going from around $135 K to over $8 M at once.
Within one week after the airdrop, more than $11 M has been transferred from Optimism network to Ethereum network.
Based on the volume data, the bridge transfer from the Ethereum network to Optimism has decreased significantly within a week after the airdrop. During the one week after the airdrop, only about $18.5 M was transferred from the Ethereum network to Optimism. This is while during a week before the airdrop, the volume of transfer through the bridge had reached more than $40 M.
Countable data based on the number of bridgers show that there was no significant change in the number of bridgeers during two weeks.
🔑Conclusion
It seems that the airdrop of the OP token caused the price of this asset to decrease on the day of the airdrop and about 5 days after. It can be said that the increase in the circulation of this token and the sale of this token by the recipients of this token caused this decrease.
As we have seen, on the day of airdrop until February 14, the volume of op sales and the number of addresses of sellers of this token in decentralized exchanges have increased. We saw that this airdrop increased the number of network transactions and the number of users, and the number of network users increased to more than 45,000 addresses during the week after the airdrop.
It seems that the recipients of the airdrop have bridged their assets to the Ethereum network after the OP sale, because the volume of the bridge has increased significantly from the Optimism network to Ethereum within a week after the airdrop.