$OP Airdrop (Redux)

    Analyze $OP Airdrop

    Introduction

    The OP token plays an essential role in Optimism network management. In the first Optimism token airdrop in May 2022, part of its initial supply was provided to the first users of this network. Optimism developers have said that airdrops will continue in the future.

    Allocations of OP Token

    CategoryPercentageDescription
    Ecosystem Fund25%The Ecosystem Fund is a proactive program meant to stimulate development in the Collective ecosystem by providing funding to projects and communities
    Retroactive Public Goods Funding (RetroPGF)20%RetroPGF is the Optimism Collective’s primary mechanism to adequately and reliably reward public goods for the impact they provide
    User airdrops19%A series of airdrops to reward users for specific helpful behaviors, beginning with Airdrop #1
    Core contributors19%The people who’ve been working tirelessly to bring the Optimism Collective into existence
    Sugar xaddies17%Investors

    User Airdrops

    19% of the OP token supply is allocated to the airdrop, of which 5% will be airdropped in the first airdrop and 14% in subsequent periods.

    In total, 248,699 addresses are eligible to claim OP in this initial airdrop. A snapshot of addresses was taken on 03-25-2022 0:00 UTC. The allocations and criteria break down as follows:

    Name# of Addresses EligibleOP Allocated per Address
    Optimism Users92,157776.86
    Repeat Optimism Users*19,1741,692.49
    DAO Voters84,015271.83
    Multisig Signers19,5421,190.26
    Gitcoin Donors (on L1)23,925555.92
    Users Priced Out of Ethereum74,272409.42

    why Delegation?

    Participating in governance of the Optimism Token House can require a serious time commitment. For this reason, people are able to delegate the voting power of their OP tokens to a community member who has explicitly volunteered to play an active role in Token House governance. These volunteers are called delegates.

    Method

    contracts and summary on how I collected the data:

    contracts:

    • claim contract address : 0xfedfaf1a10335448b7fa0268f56d2b44dbd357de

    summary

    With help of above contract I collected the information about $OP airdrop claiming. I assumed the users who swapped OP tokens on sushi, velodrome or transferred out their tokens with the same amount that claimed from the airdrop as sellers. I used optimism.core.fact_delegations table to collect the delegations’ activity of airdrop claimed users

    i most note that I will analyze just the delegation events with DELEGATION_TYPe='First Time Delegator' or DELEGATION_TYPe='First Time Delegator - Self Delegation'

    Because we want the first time delegation for each user received the airdrop

    our approach for answering the bounty questions:

    we will have 5 sections:

    1. Claiming Stats:

      Here, we analyze the data specific to the airdrop claim process, such as the amount claimed on a daily basis or the daily number of users who received the airdrop.

    2. $OP Price After airdrop:

      We will monitor the price of the token after the launch and the start of the airdrop

    3. Distribution of Airdrop :

      Here we answer the question of how many tokens most users received

    4. Airdrop Holders:

      How many users still haven't sold their airdrops?

    5. Top Destination after claiming:

      To what destination have users transferred their tokens the most?

    6. delegations:

      We are going to analyze the Delegate statistics of the users who received the airdrop

    Conclusion

    • 60.5% of the eligible users claimed 73.9% of the total airdrop amount
    • the highest daily claiming amount was on May 31 with 60.1M $OP and Jun 1 with 68.78M $OP
    • highest number of claimed users was on Jun 1 with 73K user
    • on the first days of the airdrop the average amount of claimed airdrop was mostly between 800 and 1000 $OP after the end of July this average decrease and mostly be between 600 and 800 $OP
    • With starting of the airdrop, OP's price reached close to 4 USD, but its price quickly decreased to 0.5 USD.
    • Most users (77.9%) received less than 1000 tokens
    • 60% of the total airdrop amount claimed in the first 2 days
    • 63.9K user or 42.4% of 150.5K users that claimed the airdrop still holding the airdrop
    • 65.2% or 27.3M $OP of the transferred Amount went to uniswap
    • 105K user or 70.1% of 150.5K users that claimed the airdrop delegated their vote power and 13.54K Users who claimed the airdrop had a self delegation
    • Most of the users delegated to LindaXie with13K user

    Thanks For your time

    Discord and Twitter: Abbas_ra21

    date: 2022-11-16

    Observation

    63.9K user or 42.4% of 150.5K users that claimed the airdrop still holding the airdrop

    most of the sellers dump their tokens at the first days of the airdrop.

    The highest number of sellers was on Jun 1 with 40.7K which is more than 50% of users who claimed their tokens on this day

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    Observation

    • 150.5K or 60.5% OF 249K eligible users have been claimed their OP airdrop
    • 159.8M $OP or 74.4% of 215M $OP total airdrop amount have been claimed.
    • most of the Claimed amount was on the first days especially the first 2 days of the airdrop process which was on May 31 with 60.1M $OP and Jun 1 with 68.78M $OP
    • almost 50% of the total airdrop amount claimed in the first 2 days
    • on the first days of the airdrop the average amount of claimed airdrop was mostly between 800 and 1000 $OP after the end of July this average decrease and mostly be between 600 and 800 $OP

    Claiming Stats

    Airdrop Holders

    delegations

    Observation

    105K user or 70.1% of 150.5K users that claimed the airdrop delegated their vote power and 13.54K Users who claimed the airdrop had a self delegation

    Also, here most of the delegations belongs to the first 2 days and the highest delegation events number was on Jun 1 with 43.03K and 42.74% of the users delegated on the first 2 days.

    Most of the users delegated to LindaXie which 13.2K user delegated to this,

    at the second rank quix comes with 11.3K user

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    $OP Price After airdrop

    Distribution of Airdrop

    Observation

    • Most users (77.9%) received less than 1000 tokens, In contrast, users who received more than 20K tokens make up 0.4% of the total number
    • In all days so far, the number of users who receive less than 1000 tokens is more than other categories

    Top Destination after Claiming

    Observation

    • 65.2% or 27.3M $OP of the transferred Amount went to uniswap and 22.5% of it went to Binance

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    Observation

    • With starting of the airdrop, OP's price reached close to 4 USD, but its price quickly decreased to 0.5 USD.
    • In July, we can clearly see that the price of OP increased a lot against the price of ETH and BTC
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