- Optimism performed an airdrop of its governance tokens to over 300,000 wallets on 9 February.
- User activity, nevertheless, continues to decrease.
Regardless of an airdrop of 11.7 million OP tokens to over 300,000 wallets on 9 February, the rate of Layer 2 (L2) token Optimism (OP) continues to decrease, triggering financiers to lose self-confidence.
Realistic or not, here’s OP market cap in BTC’s terms
Per a blog post released on 9 February by the layer 2 blockchain’s caretaker group, Optimism Collective, the unannounced airdrop was made to users on the network that have actually entrusted the ballot power of their OP tokens and addresses that invested more than $6.10 on L2 gas considering that 25 March 2022.
Grasping at straws?
In September 2022, Optimism presented a set of 18 jobs called “Optimism Quests.” These missions intended to enhance the user experience by assisting users through various functions on the network, such as switching, loaning, and staking. The program’s launch led to a substantial boost in user numbers and day-to-day deals on the network.
Nevertheless, considering that completion of the Missions on 17 January, the day-to-day deal depend on the Optimism roll-up platform has actually reduced substantially.
According to information from IntoTheBlock, a contrast of activity in between Optimism and Arbitrum revealed that the day-to-day deal count of Arbitrum went beyond that of Optimism quickly afterwards.
Source: IntoTheBlock
The unannounced airdrop might be taken as an effort by Optimism to acquire a benefit over Arbitrum. Currently, Arbitrum has a higher number of negotiating wallets, with an overall that is more than double that of Optimism, which has actually led to a growing distinction in between the 2 exchanges’ negotiating wallets in current months.
According to information from Dune Analytics, the variety of day-to-day active addresses on Optimism has actually reduced considering that the conclusion of its Missions program. On the other hand, the variety of day-to-day active addresses on Arbitrum has actually increased.
Although the Arbitrum network does not presently have a token, the increase in use might be credited to the desire of lots of users to end up being qualified for token airdrops once the L2 network releases its token.
Source: Dune Analytics
How much are 1,10,100 OPs worth today?
An airdrop is all right, however more may be required
According to CoinMarketCap, OP’s rate has actually reduced by 14% considering that the airdrop. Since this writing, the altcoin traded at $4.14.
An evaluation of OP’s efficiency on the day-to-day chart exposed a consistent decrease in purchasing momentum considering that the airdrop. Its Relative Strength Index (RSI) and Cash Circulation Index (MFI) have actually considering that been up to touch their particular neutral lines.
With less liquidity in the OP market, these momentum indications would breach their neutral zones speeding up a more decrease in OP’s rate.
Source: OP/USDT on TradingView
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