- Optimism performed an airdrop of its governance tokens to over 300,000 wallets on 9 February.
- Person exercise, nevertheless, continues to say no.
Regardless of an airdrop of 11.7 million OP tokens to over 300,000 wallets on 9 February, the value of Layer 2 (L2) token Optimism (OP) continues to say no, inflicting buyers to lose confidence.
Lifelike or not, right here’s OP market cap in BTC’s phrases
Per a blog post 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 known as “Optimism Quests.” These quests aimed to enhance the consumer expertise by guiding customers by way of totally different options on the community, akin to swapping, lending, and staking. This system’s launch resulted in a major improve in consumer numbers and every day transactions on the community.
Nevertheless, because the finish of the Quests on 17 January, the every day transaction depend on the Optimism roll-up platform has decreased considerably.
In accordance with information from IntoTheBlock, a comparability of exercise between Optimism and Arbitrum confirmed that the every day transaction depend of Arbitrum surpassed that of Optimism shortly thereafter.
The unannounced airdrop may very well be taken as an effort by Optimism to achieve a bonus over Arbitrum. Presently, Arbitrum has a higher 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 current months.
In accordance with information from Dune Analytics, the variety of every day energetic addresses on Optimism has decreased because the conclusion of its Quests program. In distinction, the variety of every day energetic 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 grow to be eligible for token airdrops as soon as the L2 community launches its token.
How a lot are 1,10,100 OPs value as we speak?
An airdrop is okay, however extra may be required
In accordance with 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 every day chart revealed a gentle decline in shopping for momentum because the airdrop. Its Relative Energy Index (RSI) and Cash Circulate 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.