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Let’s Analyze The $OP Airdrop

Kavitha
Image
Source: Twitter

Aim : Earlier this summer, Optimism offered an airdrop to users. Let’s examine the airdrop after a few months.

What is Optimism? How does it works ?

There are several scaling solutions for layer 2. One of them is optimism. Optimistic rollups use a technology that bundles large amounts of data into digestible chunks for easy consumption. Along with other layer 2s, such as Arbitrum, optimism is much cheaper to use than Ethereum. Ethereum mainnet layer 2 is enhanced with an optimism chain. Whose data is published on mainnet for verification but transactions are conducted on optimism. Optimism uses a technique called rollups, more specifically optimistic rollups.A rollup is simply a compilation of the data from several transactions into a single transaction on Ethereum mainnet (layer 1). They can be used for non-fungible token (NFT) mints, token swaps, etc. When so many transactions are rolled up into a single transaction, the blockchain transaction, or gas fee required to pay comes down to only one transaction, conveniently distributed across everyone involved.

This technology is known as a rollup, and it relies on the principle that it is valid until it is proven false. Potentially invalid transactions can be challenged by providing a “fraud proof” and running the computations of the transactions with reference to state data during a certain time period. As a result of optimism, gas is reimbursed for running the fraud proof calculation.

How and who will get the $OP Airdrop Tokens?

As part of Airdrop #1, the Optimism Foundation rewarded loyal users and early adopters of Optimism projects. To qualify for the airdrop, you had to swap tokens on Optimism’s blockchain and vote on governance proposals before March 25, 2022. On May 31, Optimism launched its OP token. Based on official Optimism docs, 248,699 addresses were eligible to claim 214,748,364.80 free OP tokens. 

It’s been a while since we heard about Optimism’s airdrop to users earlier this summer. Optimism officially tweeted about the launch at 5:45 p.m. ET, hours after the smart contract was already deployed and the token began trading on both decentralized and centralized exchanges. Furthermore, we can see from the tweet below that $OP Airdrop will be live on May 31st 2022. You can claim $OP Tokens by following this guide.  

Approach

Our dashboard shows the progress of the OP airdrop over the next few months after the airdrop was completed.  Here is how we approached it:

Visualization

Insights

Conclusion

Reference Query

with airdrop_total as (
    select
        214748364.80 as airdrop_total_amount,
        248699 as airdrop_eligible_users
),airdrop_claim as (
  SELECT 
  	tx_hash,
  	tx_status,
  	BLOCK_TIMESTAMP,
  	date_trunc(day, block_timestamp) as date, 
  	event_inputs :recipient as wallet,
  	event_inputs :amount / 1e18 as claimed_amount
  from
    optimism.core.fact_event_logs
  where
    origin_to_address = '0xfedfaf1a10335448b7fa0268f56d2b44dbd357de'
    and origin_function_signature = '0x2e7ba6ef'
    and event_name = 'Claimed' 
    and tx_status = 'SUCCESS'
),
daily as (
  	select 
  		date, 
  		count(tx_hash) as claims,
  		count(distinct wallet) as claimers,
  		sum(claimed_amount) as claimed_op,
  		avg(claimed_amount) as avg_claimed_op,
  		sum(claimed_op) over(order by date) as cum_claimed_op,
  		sum(claimers) over(order by date) as cum_claimers
  	from airdrop_claim
  	GROUP BY date
),
result as (
  	SELECT 
  		*,
  		(cum_claimed_op / airdrop_total_amount) * 100 as claimed_op_perc,
  		airdrop_total_amount - cum_claimed_op as pending_op,
  		( cum_claimers / airdrop_eligible_users) * 100 as claimer_perc,
  		airdrop_eligible_users - cum_claimers as pending_claimers
  		
  	FROM daily
  	INNER JOIN airdrop_total
)
SELECT * FROM result

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