On-chain activity on Optimism drops after end of NFT incentive program
NFT
Transaction volumes on Optimism, a scaling answer for Ethereum, have dropped 70% following a serious spike earlier. The every day transactions have declined to 238,000 after a peak of virtually 800,000 transactions per day on Jan. 12, in line with information from blockchain explorer Blockscan.
The autumn in exercise coincided with the top of an incentive program known as Optimism Quest, which aimed to extend person engagement and educate customers concerning the Optimism Layer 2 community.
The surge in on-chain exercise throughout Quest was stated to have been related to speculations on a second airdrop by the Optimism crew, in line with a current report by The Block Analysis.
Airdrop Optimism
In April 2022, Optimism introduced an airdrop, a free token giveaway for early customers, with quantities starting from $500 to $10,000 per person. The crew additionally talked about a second, bigger airdrop, nonetheless no additional particulars have been offered.
This sparked hypothesis amongst customers that finishing duties through the Optimism Quest program, which rewarded individuals with non-fungible tokens (NFTs), may make them eligible for the airdrop.
Through the Quest program, that lasted for 4 months, 450,000 wallets minted over 3.4 million NFTs after finishing duties involving the usage of decentralized apps within the Optimism ecosystem, on-chain information reveals. This system was powered by Galxe, an on-chain credentials framework.
An analogous NFT program on Optimism’s closest competitor, Arbitrum, known as Odyssey, had been instrumental in rising the quantity of exercise on the community, additionally pushed by airdrop speculators. Nevertheless, in Arbitrum’s case, there has to date been no airdrop.
“The uptrend in on-chain exercise serves as a reminder that the hypothesis of a possible airdrop can typically be used to spice up on-chain exercise, identical to how the Arbitrum Odyssey had prompted a surge in on-chain exercise for Arbitrum,” famous Arnold Toh, analysis analyst at The Block.
Regardless of the lower in transactions, Optimism’s native token, the OP token, reached an all-time excessive not too long ago. The token has risen about 150% because the begin of the 12 months and at present trades at $2.25, in line with CoinGeko.
