{"id":290124,"date":"2023-02-12T02:00:42","date_gmt":"2023-02-11T20:30:42","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=290124"},"modified":"2023-02-11T18:27:20","modified_gmt":"2023-02-11T12:57:20","slug":"despite-token-airdrop-optimism-logs-decline-in-user-activity-decoding-why","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/despite-token-airdrop-optimism-logs-decline-in-user-activity-decoding-why\/","title":{"rendered":"Despite token airdrop, Optimism logs decline in user activity- Decoding &#8216;why&#8217;"},"content":{"rendered":"<ul>\n<li><em>Optimism conducted an airdrop of its governance tokens <span style=\"font-weight: 400;\">to over 300,000 wallets on 9 February.<\/span><\/em><\/li>\n<li><em>User activity, however, continues to decline.<\/em><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Despite an airdrop of 11.7 million OP tokens to over 300,000 wallets on 9 February, the price of Layer 2 (L2) token Optimism (OP) continues to decline, causing investors to lose confidence.<\/span><\/p>\n<hr \/>\n<p style=\"text-align: center;\">Realistic or not, here\u2019s\u00a0<a href=\"http:\/\/ambcrypto.com\/calculator\/marketcap\" target=\"_blank\" rel=\"noopener\" data-wpel-link=\"internal\">OP market cap in BTC\u2019s terms<\/a><\/p>\n<hr \/>\n<p><span style=\"font-weight: 400;\">Per a <\/span><a href=\"https:\/\/optimism.mirror.xyz\/lPZEkFF7LU2ZlrO-dsV3p_LtWQUaknFGfxFMgSz3vGA\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">blog post<\/span><\/a><span style=\"font-weight: 400;\"> published on 9 February by the layer 2 blockchain\u2019s caretaker group, Optimism Collective, the unannounced airdrop was made to users on the network that have delegated the voting power of their OP tokens and addresses that spent more than $6.10 on L2 gas since 25 March 2022.\u00a0<\/span><\/p>\n<h3><b>Grasping at straws?<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">In September 2022, Optimism introduced a set of 18 tasks called &#8220;<a href=\"http:\/\/ambcrypto.com\/optimism-sees-a-decline-in-transaction-count-thanks-to-optimism-quests\/\" target=\"_blank\" rel=\"noopener\">Optimism Quests<\/a>.&#8221; These quests aimed to improve the user experience by guiding users through different features on the network, such as swapping, lending, and staking. The program&#8217;s launch resulted in a significant increase in user numbers and daily transactions on the network.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, since the end of the Quests on 17 January, the daily transaction count on the Optimism roll-up platform has decreased significantly.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">According to data from <a href=\"https:\/\/www.theblock.co\/data\/scaling-solutions\/optimistic-rollups\/transaction-count-daily-7dma\" target=\"_blank\" rel=\"noopener\">IntoTheBlock<\/a>, a comparison of activity between Optimism and Arbitrum showed that the daily transaction count of Arbitrum surpassed that of Optimism shortly thereafter.<\/span><\/p>\n<figure id=\"attachment_290134\" aria-describedby=\"caption-attachment-290134\" style=\"width: 2560px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/02\/Screenshot-2023-02-11-at-07.48.16.png\"><img decoding=\"async\" class=\"wp-image-290134 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/02\/Screenshot-2023-02-11-at-07.48.16.png\" alt=\"\" width=\"2560\" height=\"1225\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/02\/Screenshot-2023-02-11-at-07.48.16.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/02\/Screenshot-2023-02-11-at-07.48.16-300x143.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/02\/Screenshot-2023-02-11-at-07.48.16-1024x490.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/02\/Screenshot-2023-02-11-at-07.48.16-768x367.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/02\/Screenshot-2023-02-11-at-07.48.16-1536x735.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/02\/Screenshot-2023-02-11-at-07.48.16-2048x980.png 2048w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/a><figcaption id=\"caption-attachment-290134\" class=\"wp-caption-text\">Source: IntoTheBlock<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">The unannounced airdrop could be taken as an effort by Optimism to gain an advantage over Arbitrum. Presently, Arbitrum has a greater number of transacting wallets, with a total that is more than double that of Optimism, which has resulted in a growing difference between the two exchanges&#8217; transacting wallets in recent months.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">According to data from <a href=\"https:\/\/dune.com\/blockworks_research\/l2-comparison-dashboard\" target=\"_blank\" rel=\"noopener\">Dune Analytics<\/a>, the number of daily active addresses on Optimism has decreased since the conclusion of its Quests program. In contrast, the number of daily active addresses on Arbitrum has increased.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Although the Arbitrum network does not currently have a token, the rise in usage may be attributed to the desire of many users to become eligible for token airdrops once the L2 network launches its token.<\/span><\/p>\n<figure id=\"attachment_290137\" aria-describedby=\"caption-attachment-290137\" style=\"width: 1378px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/02\/Screenshot-2023-02-11-at-07.54.54.png\"><img decoding=\"async\" class=\"wp-image-290137 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/02\/Screenshot-2023-02-11-at-07.54.54.png\" alt=\"\" width=\"1378\" height=\"656\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/02\/Screenshot-2023-02-11-at-07.54.54.png 1378w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/02\/Screenshot-2023-02-11-at-07.54.54-300x143.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/02\/Screenshot-2023-02-11-at-07.54.54-1024x487.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/02\/Screenshot-2023-02-11-at-07.54.54-768x366.png 768w\" sizes=\"(max-width: 1378px) 100vw, 1378px\" \/><\/a><figcaption id=\"caption-attachment-290137\" class=\"wp-caption-text\">Source: Dune Analytics<\/figcaption><\/figure>\n<hr \/>\n<p style=\"text-align: center;\">How much are\u00a01,10,100 OPs worth\u00a0today?<\/p>\n<hr \/>\n<h3><b>An airdrop is okay, but more might be required<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">According to <\/span><a href=\"https:\/\/coinmarketcap.com\/currencies\/pancakeswap\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">CoinMarketCap<\/span><\/a><span style=\"font-weight: 400;\">, OP\u2019s price has decreased by 14% since the airdrop. As of this writing, the altcoin traded at $4.14.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">An assessment of OP\u2019s performance on the daily chart revealed a steady decline in buying momentum since the airdrop. Its Relative Strength Index (RSI) and Money Flow Index (MFI) have since fallen to touch their respective neutral lines. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">With less liquidity in the OP market, these momentum indicators would breach their neutral zones precipitating a further decline in OP\u2019s price.\u00a0<\/span><\/p>\n<figure id=\"attachment_290145\" aria-describedby=\"caption-attachment-290145\" style=\"width: 2560px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/02\/OPUSDT_2023-02-11_08-11-58.png\"><img decoding=\"async\" class=\"wp-image-290145 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/02\/OPUSDT_2023-02-11_08-11-58.png\" alt=\"\" width=\"2560\" height=\"1185\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/02\/OPUSDT_2023-02-11_08-11-58.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/02\/OPUSDT_2023-02-11_08-11-58-300x139.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/02\/OPUSDT_2023-02-11_08-11-58-1024x474.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/02\/OPUSDT_2023-02-11_08-11-58-768x356.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/02\/OPUSDT_2023-02-11_08-11-58-1536x711.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/02\/OPUSDT_2023-02-11_08-11-58-2048x948.png 2048w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/a><figcaption id=\"caption-attachment-290145\" class=\"wp-caption-text\">Source: OP\/USDT on TradingView<\/figcaption><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>Optimism conducted an airdrop of its governance tokens to over 300,000 wallets on 9 February. User activity, however, continues to decline. Despite an airdrop of 11.7 million OP tokens to over 300,000 wallets on 9 February, the price of Layer 2 (L2) token Optimism (OP) continues to decline, causing investors to lose confidence. Realistic or<a href=\"https:\/\/ambcrypto.com\/despite-token-airdrop-optimism-logs-decline-in-user-activity-decoding-why\/\">Continue reading <span class=\"sr-only\">&#8220;Despite token airdrop, Optimism logs decline in user activity- Decoding &#8216;why&#8217;&#8221;<\/span><\/a><\/p>\n","protected":false},"author":64,"featured_media":290149,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[31,66,3,4,20],"tags":[],"class_list":["post-290124","post","type-post","status-publish","format-standard","has-post-thumbnail","category-altcoins-news","category-new-news","category-news","category-social","category-trading-view"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Despite token airdrop, Optimism logs decline in user activity- Decoding &#039;why&#039; - AMBCrypto<\/title>\n<meta name=\"description\" content=\"Despite an airdrop of 11.7 million OP tokens to over 300,000 wallets on 9 February, OP&#039;s price continues to decline.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-image-preview:large\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ambcrypto.com\/despite-token-airdrop-optimism-logs-decline-in-user-activity-decoding-why\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Despite token airdrop, Optimism logs decline in user activity- Decoding &#039;why&#039; - AMBCrypto\" \/>\n<meta property=\"og:description\" content=\"Optimism conducted an airdrop of its governance tokens to over 300,000 wallets on 9 February. 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