Introduction

In this analysis, You will read about the native token of optimism, the OP token. We want to know how Optimism airdropped their token to their users and what users did after claiming the Op token. In this analysis, I analyzed these parameters:
Total and Daily Claimers
Total and Daily OP Amount
Total and Daily OP Volume in USD
Delegated Voting power
Top Delegated wallets
Swaps after claim OP token
Top Swapped tokens from OP tokens based on transactions and volume

Analyzed by Hess - Reading Time Almost 8 min.

Method

I looked up some claim transactions on Optimism scan. I found the Contract address that distributed the OP token which is 0xfedfaf1a10335448b7fa0268f56d2b44dbd357de. I used my findings in the Token transfer table and put distribute address as from address and the op token which is 0x4200000000000000000000000000000000000042 as the contract address. In the end, I filtered Claimed action by 0x2e7ba6ef origin_function_signature.
For Delegating voting power, I found its origin_function_signature which is 0x5c19a95c.

Holders Vs. Sellers

89.8% of users sold Their OP and only 10.2% of users hold their Airdrop. As you can see, Most Users sold or transfer their tokens in the first hours, right after they claimed their tokens. About 90K users from 159K users sold their tokens. Partially or completely.

Vote and Delegate

133.9K Unique wallets delegated their voting power to 2.4K wallets. About 17K unique users delegated their voting power to Quixotic and 17K unique users delegated their voting power to Lindajxie. These two wallets are the most popular wallets at that time. The delegating happened right after claiming OP tokens.

I analyzed Users activities on Optimism Proposals. Only 11 unique wallets participated in Optimism Proposals. They participated in 83 proposals and their voting power is 6420. I drew a timeline and showed their activities on Optimism Proposals.

Swappers

59K Unique wallets swapped 145M Op amounts in 79K Transactions. Again, Most Users swapped their tokens in the first hours. They swapped their tokens right after they claimed their tokens.
Based on transactions, Users swapped their OPs to USDC. The second top token was WETH.
Based on Volume, Users swapped 80M US dollars to USDC. WETH is the second top token too.
The average swap volume was nearly 1K US dollars. Overall, Users swapped 168M US dollars.

Platforms

I analyzed platforms where users spent their OP most. Based on transactions, About 45-60% of transactions went through Uniswap. The second popular DEX was Slingshot.
Based on Volume, Most users swapped their OP tokens in Uniswap. Again, Slingshot is a popular dex too based on volume.

What is OP token?

The OP cryptocurrency powers the Token House, which will be a division of the Optimism Collective alongside the Citizens' House. The Collective governs network parameters, treasury disbursements, and protocol upgrades.

What is Optimism?

Optimism is a fast, stable, and scalable L2 blockchain built by Ethereum developers, for Ethereum developers. Built as a minimal extension to existing Ethereum software, Optimism's EVM-equivalent architecture scales your Ethereum apps without surprises.

OP Token distribution

User Airdrops

Allocation: 19%

The Optimism Foundation will distribute a portion of the OP allocation to members of the Optimism and Ethereum communities in multiple waves.

Airdrop #1

The first user airdrop will distribute 5% of the OP token supply. This airdrop is targeted toward people who:

Behave in positive-sum ways.
Contribute actively to their communities.
Have been priced out of Ethereum.

The addresses and amounts were chosen to reward Optimism users, as well as attract core Ethereum users to the OP family. Airdrop #1 cast a wide net to distribute OP to more than 250k addresses.

An allocation of 14% of the OP token supply will be held in reserve for future user airdrops. As a result of the game-able nature of airdrops, the Optimism Foundation will be responsible for determining airdrop metrics as fairly as possible. The intent behind airdrops is to distribute them to addresses that positively impact the Optimism community. The best way to improve your odds of receiving future airdrops is to get involved!

Ecosystem Fund

Allocation: 25%

The Ecosystem Fund is an incentive program designed to stimulate the development of the Collective ecosystem. The Ecosystem Fund will be used to directly fund the communities and companies that drive the expansion of the Collective ecosystem (OPCO).

The allocation dedicated to the Ecosystem Fund is to be further split into the following categories:

Governance Fund (5.4%)
Partner Fund (5.4%)
Seed Fund (5.4%)
Unallocated (8.8%)

Full Analysis

Airdrop

:key: Insights

150.6K Unique Users claimed 159.9M $OP tokens which are worth 239M US dollars

:bar_chart: Charts

Most users claimed their airdrop in the first hours. About 113K Users claimed their Airdrops in Two hours. About 80% of users claimed in that time. These users claimed nearly 130M OP tokens. 130M OP tokens are worth nearly 202M US dollars. After two hours, The total number of users and claimed $OP tokens decreased rapidly because most of the users want to claim their Airdrop and sell as fast as possible. Because After Airdrop, The token price is not stable and goes down quickly.

:key: Insights

The average OP amount per user was 1060 tokens which are worth 1.5K US dollars.
The Median OP Amount per user was 777 tokens.
The max claimed OP token was 32K OP token which is worth 56K US dollars.

:bar_chart: Charts

The max OP amounts are claimed at the first hour. Only 47 users claimed more than 30K OP tokens. The average OP amount per user decreased over time. Users Sill are claiming their tokens after 6 months.

Users Breakdown:

117.3K Users claimed between 100-1k OP tokens.
32.6K Users claimed 1K-10K OP tokens.
628 Users claimed 10K-30K OP tokens.
47 Users claimed +30K OP tokens.
Only two wallets claimed UP to 1 OP.

THANK YOU FOR READING!

ALL CODES AND CONTENTS WERE WRITTEN BY HESS.

:bird: Twitter: @hessaminanloo

:t-rex: Discord: hess#0890

:calendar: Analyze Date: 2022/NOV/17

Conclusion

Dropping Token Price after claiming Airdrop is normal. As you can see, The OP prices dropped from 1.7 to 0.5 only in three days. Because a large group of users swaps their Airdrop tokens right after claiming them. But In Long Term, They Price will recover itself. The Op Price increased After 1 month when Users Claimed their tokens. Right now, The Op price is almost 1%. It means 100% higher than three months ago.
Voting Power is very important to Projects But voting is a real job. Users can delegate their power to others that have the ability to vote properly. So as you read, About 106K of Users ( 70%) delegated their powers to others.

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