In this analysis, I will answer these questions:

• What does the average Optimism user's portfolio look like and how has that changed over time?
• 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?
• Analyzing token price.

What is Optimism?

Optimism is a layer 2 scaling solution for Ethereum. It helps reduce the transaction fee and transaction time on the Ethereum blockchain.

On Ethereum, optimistic rollups and ZK-Rollups are the two main categories of rollup solutions. Both rollups move the transactions off-chain to process the data, but the way the transactions are verified distinguishes them from one another.

Optimistic rollups don't do complex calculations on Layer 2 because they believe that all transactions are legitimate. Instead, the rollup transfers the batch to Layer 1 without checking the legitimacy of a transaction, improving scalability considerably.

Within a week, anyone can contest the batch's legitimacy if they believe it to be fake. Afterward, optimistic rollups perform a fraud-proof, which uses Layer 1 data to verify information.

Optimism outlined that there will be “an entire season of airdrops,” rather than just one. In light of this, it’s likely that the amount of ETH locked on the L2 will grow as users interact with the protocols built on the network in hopes of receiving subsequent OP airdrops.

\n Indeed, while 5% of the total OP supply has been allocated as part of this first airdrop, a further 14% of OP supply will be given out in the future, according to a chart of the token allocations.

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Approach

This dashboard focuses on main aspects:

1. Airdrop: The number of all eligible users and amount of airdrop.
2. Claiming: The number of claimers, claimed amount and average claimed amount per claimer, percentage of claimers and claimed amount in total.
3. Unclaiming: The number of unclaimers, unclaimed amount
4. Token holding and non-holding activities: number of users per action and percentage of holders in total.
5. OP delegation activity: number of delegators, daily change in number of delegators and percentage of delegators, top 10 destination of delegators.
6. Price fluctuation of BTC, ETH and OP over time.

Database:

02 tables are exploited to conduct this analysis:

• optimism.core.fact_event_logs for analyzing airdrop activity.
• optimism.core.fact_token_transfers for analyzing token transferring
• optimism.core.fact_delegations for analyzing delegating activity.
• optimism.core.fact_hourly_token_prices  for analyzing token price.

Kindly note:

1. “0x4200000000000000000000000000000000000042” is the contract address of OP token.

2. 0xfedfaf1a10335448b7fa0268f56d2b44dbd357de is the contract of OP Airdrop event.

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According to the Optimism document (*), in total, 248,699 addresses are eligible to claim OP in this initial airdrop. The airdrop has six sets of criteria. Two for Optimism users that target early adopters and active project users, and four for L1 Ethereum, which target active contribution, positive-sum behaviors, and active participation. Each set is distinct, meaning that an address can be eligible for multiple and allocated a sum of tokens accordingly.

How many users claimed optimism airdrop? How much of total airdrop was claimed?

Kindly note that:

Claimed_amount percentage = Total amount of OP claim * 100/Total amount of airdrop

Claimer_percentage = Number of claimers * 100/Number of eligible users.

Based on these results, we can see that regarding airdrop event, the amount of claim was higher than unclaimed amount. The number of claimers was also higher than number of users without claim. In general, less users “was silent” after the airdrop event occured.

Looking at the bar charts, we can see that the majority of eligible users have already claimed their OP tokens during the airdrop event's initial days. The highest number of claimers was 73.062K users on 01-Jun-2022.

The majority of the volume has also been claimed in the initial days, which was 68.8M OP on 01-Jun.

Regarding the average amount per claimer, after getting highest point of 1469 OP, it declined significantly and most of the time, it remained below 1000 OP per user.

How many wallets are still holding tokens from airdrop?

The number of non-holders accounted for over 98% in total number of claimers. We can see that a very large proportion of claimers did not hold OP after claiming.

As a result, number of delegators accounted for a significant proportion (70.5%) in total number of claimers. Delegation is considered as popular action of claimers after they receive OP from airdrop event.

Token price

As can be seen from the bar chart and pie chart, Lindaxie was the most popular destination with highest number of delegators (14.115K) which accounted for 34.5% in total number of delegators. Quixotic was the second largest destination with 11.6K users. There was no big gap in the number of 03 remaining destinations: GFX Labs, Polynya and Ceresstation. Their number of delegators were lower than 6000 users.

According to the charts, the prices of OP and BTC/ETH are directly correlated. Both of them reached the bottom in mid-June and mid-July before recovering and getting the highest point of 1.99 USD for OP and 24.5K USD for BTC and 1987K USD for ETH in Aug. From then on, both of them had the downward trend. From 20-Oct, they witnessed a steady increase in their price. There peak during that period was 05-Nov-2022. In conclusion, OP price was highly correlated with the price of ETH/BTC and had the same trend with the global crypto market.

How much of users delegated their OPs? 

The majority of delegates have their claimed OP delegated right after airdrop occurring. As is shown in the chart, the highest number of delegators was 50.107K delegators on 01-Jun-2022. 

Conclusion:

• The number of claimers was 150.5K users and the amount of claim was 159.6M. As a result, the average claimed amount per claimer was 1061 OP. The number of users without claiming was 98.2K users and the unclaimed amount was 55.1M. Based on these results, we can see that the amount of claim was higher than unclaimed amount. The number of claimers was also higher than unclaimers. Most users take action after the airdrop event occurs.
• The number of non-holders accounted for over 98% in total number of claimers. We can see that a very large proportion of claimers did not hold OP after claiming
 .
• Number of delegators accounted for a significant proportion (70.5%) in total number of claimers. Delegation is considered as popular action of claimers after they receive OP from airdrop event. Lindaxie was the most popular destination with highest number of delegators (14.115K)
• With same fluctuation in the price over time, OP price was highly correlated with the price of ETH/BTC and had the same trend with the global crypto market.