- Optimism performed an airdrop of its governance tokens to over 300,000 wallets on 9 February.
- Person exercise, nonetheless, continues to say no.
Regardless of an airdrop of 11.7 million OP tokens to over 300,000 wallets on 9 February, the worth of Layer 2 (L2) token Optimism (OP) continues to say no, inflicting buyers to lose confidence.
Reasonable or not, right here’s OP market cap in BTC’s phrases
Per a weblog put up printed on 9 February by the layer 2 blockchain’s caretaker group, Optimism Collective, the unannounced airdrop was made to customers on the community which have delegated the voting energy of their OP tokens and addresses that spent greater than $6.10 on L2 gasoline since 25 March 2022.
Greedy at straws?
In September 2022, Optimism launched a set of 18 duties referred to as “Optimism Quests.” These quests aimed to enhance the person expertise by guiding customers via completely different options on the community, resembling swapping, lending, and staking. This system’s launch resulted in a major improve in person numbers and day by day transactions on the community.
Nevertheless, because the finish of the Quests on 17 January, the day by day transaction rely on the Optimism roll-up platform has decreased considerably.
Based on information from IntoTheBlock, a comparability of exercise between Optimism and Arbitrum confirmed that the day by day transaction rely of Arbitrum surpassed that of Optimism shortly thereafter.
Supply: IntoTheBlock
The unannounced airdrop could possibly be taken as an effort by Optimism to realize a bonus over Arbitrum. Presently, Arbitrum has a larger variety of transacting wallets, with a complete that’s greater than double that of Optimism, which has resulted in a rising distinction between the 2 exchanges’ transacting wallets in latest months.
Based on information from Dune Analytics, the variety of day by day lively addresses on Optimism has decreased because the conclusion of its Quests program. In distinction, the variety of day by day lively addresses on Arbitrum has elevated.
Though the Arbitrum community doesn’t at the moment have a token, the rise in utilization could also be attributed to the will of many customers to change into eligible for token airdrops as soon as the L2 community launches its token.
Supply: Dune Analytics
How a lot are 1,10,100 OPs value in the present day?
An airdrop is okay, however extra may be required
Based on CoinMarketCap, OP’s worth has decreased by 14% because the airdrop. As of this writing, the altcoin traded at $4.14.
An evaluation of OP’s efficiency on the day by day chart revealed a gradual decline in shopping for momentum because the airdrop. Its Relative Energy Index (RSI) and Cash Move Index (MFI) have since fallen to the touch their respective impartial traces.
With much less liquidity within the OP market, these momentum indicators would breach their impartial zones precipitating an extra decline in OP’s worth.
Supply: OP/USDT on TradingView
