First, let's take a look at the airdrop claim activity. Up until today, not all $PSP has been claimed by users. Total of 103.2M $PSP has beeen claimed by total of 13.8K addresses. Only 68.8% of total $PSP token allocated for airdrop has been claimed up until today.

There are two main metrics that I wanted to look at.

1. Number of daily active Paraswap users; before vs after the airdrop announcement and airdrop claims.

2. The activity of addresses that claimed Paraswap $PSP airdrop and see the activity before vs after airdrop.

1. Number of daily active Paraswap users; before vs after the airdrop announcement and airdrop claims.

The Paraswap $PSP token airdrop has hit the crypto-twitter space by storm. One of the main purpose of $PSP airdrop is as marketing ploy. And surely the announcement of free 5/4-figures worth of airdrop causing more users to flock to the Paraswap protocols. According to the this article, the airdrop was announced on 15th November.

Let's take a look at the daily transaction count and unique users for before vs during vs after airdrop. From this, we can gauge how successful has the $PSP airdrop. The first time @Paraswap mentioned airdrop on Twitter was on Oct 2nd and we can see some spike in transaction and unique users count using Paraswap.

Graph below shows the daily transaction and unique user count for before $PSP vs $PSP claim weeks vs after $PSP airdrop. We can see that the number spiked on claim week but the number goes down gradually after.

2. The activity of addresses that claimed Paraswap $PSP airdrop and see the activity before vs after airdrop.

In this section we will see how are the $PSP claimers' activities before and after the airdrop claim. This will shows how loyal are the early Paraswap supporters. Did they continue to use the protocols and how many of them has sold the airdropped $PSP. From graphs below, we can see that the airdrop claimers usage is lesser after the airdrop compared to before and during the airdrop week.

In conclusion, $PSP airdrop has shown to be quite lackluster to bring more users to the protocol. The airdrop also has failed to produce loyal users because we saw most of them dumped the token immediately and usage activities also declines. Let's be honest, most of the users seems to be in the crypto space for short term price manipulation which is a very sound strategy but it won't benefits the protocol in the long term even the product is good. Some suggestion that I think can help are;

• Implement vesting period of the token. Not 100% claims released to customer in one claim. This could help to reduce selling pressure.
• More utilities for $PSP.

27M of total 150M $PSP airdrop was sold/dumped in the first day by 3400 claimers as shown in graph below.