Question:

Earlier this year, Optimism offered an airdrop to users. Let’s examine the airdrop after a few months.

How many users claimed optimism airdrop? How much of total airdrop was claimed? How many wallets are still holding tokens from airdrop? How much of users delegated their OPs? 

Overview of analysis:

This analysis contains these parts:

1. Airdrop stats
2. $OP application by airdrop claimers
   • Sector analysis
   • Popular actions
   • Popular destinations
   • Delegation analysis

About $OP airdrop

Optimism is a layer 2 scaling solution that runs on Ethereum. The main feature of Optimism is to make Ethereum application transactions very cheap. Optimism transfers transactions from one blockchain to another. By doing this, gas costs are drastically reduced and operational efficiency is increased. Optimism gives Ethereum developers the opportunity to use all the tools available in Ethereum without the need for modifications.

Optimism, Ethereum's layer 2 scaling solution, announced that it will organize a new management structure, part of which will be strengthened by a proprietary governance token. The developers of this protocol informed the users about the OP governance token airdrop.

Now its time to dive deep into the distribution of $OP airdrop and claimers.

After that the claimers used this tokens to delegate or used on other destinations.

Methodology:

• Airdrop claimers:

  FROM optimism.core.fact_event_logs WHERE ORIGIN_TO_ADDRESS = '0xfedfaf1a10335448b7fa0268f56d2b44dbd357de' AND TOPICS[0] = '0xddf252ad1be2c89b69c2b068fc378daa952ba7f163c4a11628f55a4df523b3ef'

• Popular actions and destinations

  from optimism.core.fact_event_logs

  join optimism.core.dim_labels w on q.TO_ADDRESS= w.address

• Delegation analysis

  event_name in ('DelegateVotesChanged','DelegateChanged')

Part 1: Stats related to $OP airdrop

Findings:

The first part belongs to the stats related to the $OP airdrop:

According to the airdrop allocation by the official website, the total number of eligible users are 248699 and the volume of $OP token is 214748364.

• About ==60%== of eligible users claimed their $OP tokens and the volume of claimed $OP token is about ==74.4%== of total tokens.
• In the ==first three days== of airdrop, most of the users and volume of tokens have been claimed by eligible users.
• Additionally, the cumulative charts revealed the slope of grow for both claimed users and volume of claimed token.
• After airdrop the price of $OP has been decreased as can be seen.

Part 2: What users do with airdropped $OP

Findings:

• According to the analysis, the very small part of users about ==1888 unique claimers== HODL their $ tokens and ==about 50%== of claimed users (over 77k) use all of their claimed tokens.
• The most popular sector for airdrop claimers is ==DEX== with ==73.2% of users.
• In the ==first days of airdrop==, most of the users send their airdropped tokens to ==DEXs== to swap it for other assets like stable coins.
• The most popular actions by airdrop claimers are ==Transfer and delegations==.
• The most used destinations for the airdrop claimers with their airdropped $OP are ==Uniswap== and ==Velodrome finance==.
• The most busy day for spending airdropped $OP was ==June 1, 2022==.

Findings:

• About 45.2% of airdrop claimers delegate their airdropped $OP tokens for review Optimism governance proposals and vote on your behalf.
• On June 1, 2022 over 60k of airdrop claimers delegate their airdropped tokens.

Useful links:

• $OP airdrop
• Delegation by $OP
• $OP on Medium

Author:

Credited by MZG

Discord handle: m.zamani#0361

Twitter handle: @GargariZamani

Conclusion:

• One of the popular ways of obtaining $OP token is from Airdrop.
• The pressure of $OP airdrop was high in the first days of airdrop as can be seen.
• People sent their $OP token into the DEXs and the second sector is CEXs.
• The important applications of $OP token is delegation and about 45% of airdropped $OP used for delegation.