The Optimism Foundation’s Airdrop #1

The Optimism Foundation’s Airdrop #1 was proposed to reward Optimism early adopters and active users of projects in the Optimism ecosystem. Also, as an Ethereum Layer 2 (L2) chain, elegible users were also active L1 participants who helped scale the Ethereum ecosystem to L2.

Key Findings

Out of the 248,699 users elegible for the Airdrop, 60% have already claimed.
Out of the 214,748,364.8 tokens available for Airdrop claimers, 74% have already been claimed. This means that the groups that were allowed to claim the highest number of tokens were those with the highest number of claimers.
Most of the activity (claims, tokens claimed, $OP sells and delegations) happened during the first two days after the claim opened (May 31st and June 1st).
In order to avoid the hype of the claim start date, the price correlation is shown two weeks after the claim started. Three claim peaks in the number of claimers chart can be seen on June 29th, July 4th and July 9th. However, each of them was followed by a price decrease in $OP, due to the sell pressure created by the Airdrop tokens.
Despite the ‘Multisig Signers’ group being the second group that individually provided more tokens when claiming, the small number of elegible wallets and claimers left it last in tokens claimed.
56% of all Airdrop claimers sold all their tokens while only 44% of them are holding them.
However, amongst the users holding their tokens, 97% of them have sold some of their tokens. On the other hand, only 0.75% of holders are idle with their tokens.
73% of all claimers have delegated their tokens. Most of them delegated during the first two days after the claim started.
The majority of users that delegated belong to the ‘Optimism Users’ group of claimers. These are users of this L2, who want their tokens to have a positive impact in Optimism.

Out of the 248,699 users elegible for the Airdrop, 60% have already claimed.

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Most users claimed their $OP tokens during the first two days after the claim opened (May 31st and June 1st).

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In order to avoid the hype of the claim start date, the price correlation is shown two weeks after the claim started. Three claim peaks can be seen on June 29th, July 4th and July 9th. However, each of them was followed by a price decrease in $OP, due to the sell pressure created by the Airdrop tokens.

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The allocation group with the most users claiming was the ‘Optimism Users’ group. This makes sense as it was the one with the largest number of elegible users (92k). However, DAO voters had 84k elegible users, and only 19.5k of them claimed their tokens. Nevertheless, some of them might be elegible for more than one group, so they might be included in the second largest category.

Claimers

Out of the 214,748,364.8 tokens available for Airdrop claimers, 74% have already been claimed. This means that the groups that were allowed to claim the highest number of tokens were those with the highest number of claimers.

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As it happened with the number of users claiming, the large majority of tokens were claimed during the first two days after the claim started.

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The correlation between the $OP claimed and the $OP price follows the same trend as the correlation between the number of claimers and the $OP price.

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As it is logical, the group that claimed the most tokens was the one where more than one group was combined. Moreover, the second group that claimed the most tokens was the ‘Optimism Users’ group.

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Despite the ‘Multisig Signers’ group being the second group that individually provided more tokens when claiming, the small number of elegible wallets and claimers left it last in tokens claimed.

$OP Claimed

Airdrop Token Balances

Airdrop Wallet Checker

56% of all Airdrop claimers sold all their tokens while only 44% of them are holding them.

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However, amongst the users holding their tokens, 97% of them have sold some of their tokens.

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Only 0.75% of holders are idle with their tokens.

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Percentually, this group has been increasing during the past month.

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The buyer/seller rate was not affected during the $OP price incerase at the end of July to mid August.

$OP Delegation

The current balance does not include balances previous to the Airdrop claim.

Conclusions

Out of the 248,699 users elegible for the Airdrop, 60% have already claimed.
Out of the 214,748,364.8 tokens available for Airdrop claimers, 74% have already been claimed. This means that the groups that were allowed to claim the highest number of tokens were those with the highest number of claimers.
Most of the activity (claims, tokens claimed, $OP sells and delegations) happened during the first two days after the claim opened (May 31st and June 1st).
In order to avoid the hype of the claim start date, the price correlation is shown two weeks after the claim started. Three claim peaks in the number of claimers chart can be seen on June 29th, July 4th and July 9th. However, each of them was followed by a price decrease in $OP, due to the sell pressure created by the Airdrop tokens.
Despite the ‘Multisig Signers’ group being the second group that individually provided more tokens when claiming, the small number of elegible wallets and claimers left it last in tokens claimed.
56% of all Airdrop claimers sold all their tokens while only 44% of them are holding them.
However, amongst the users holding their tokens, 97% of them have sold some of their tokens. On the other hand, only 0.75% of holders are idle with their tokens.
73% of all claimers have delegated their tokens. Most of them delegated during the first two days after the claim started.
The majority of users that delegated belong to the ‘Optimism Users’ group of claimers. These are users of this L2, who want their tokens to have a positive impact in Optimism.

Methodology

The data used in this analysis was collected by combining the information on the fact_event_logs, fact_hourly_token_prices, fact_token_transfers and the fact_delegations tables of the core schema of the Optimism database.

The first table provided information about the Airdrop claims, when filtering by the Airdrop contract address: 0xfedfaf1a10335448b7fa0268f56d2b44dbd357deand the emitted event = Claimed .
The second table was joined with the first one to correlate the metrics obtained with the $OP price.

$OP contract address = 0x4200000000000000000000000000000000000042
The third table contained the data regarding buy and sell transactions of $OP.
Finally, the last table contributed to obtaining the delgation data for the Airdrop claimers.

Useful Links

73% of all claimers have delegated their tokens.

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Most of them delegated during the first two days after the claim started.

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Two weeks after the Airdrop started, three spikes of delegations can be seen which match to the three days where the number of claimers spiked.

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According to the number 1 delegator (Linda Xie) by number of users delegating, she claims to support Optimism scaling, public goods funding and governance experimentation.

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The majority of users that delegated belong to the ‘Optimism Users’ group of claimers. These are users of this L2, who want their tokens to have a positive impact in Optimism.

The price correlation is shown 2 weeks after the claim started.

A holder is considered to be a wallet that has not sold the entirety of their tokens.

Elegible Wallets

Overview

This dashboard examines the Airdrop after a few months since it was started. It can be broken down into five different sections:

Custom Airdrop Wallet Data
Claimers
$OP Claimed
Airdrop Token Balances
Tokens Delegation

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