The volume of transactions on Optimism, a scaling solution for Ethereum, has recently experienced a decline following a spike in activity.
According to data from blockchain explorer Blockscan, daily transactions have dropped from a peak of almost 800,000 on January 12th to 238,000. This decline in activity coincides with the end of the Optimism Quest, an incentive program designed to increase user engagement and educate users about the Optimism Layer 2 network.
Airdrop Speculation
The surge in on-chain activity during the Quest was reportedly associated with speculation of a second airdrop by the Optimism team. In April 2022, Optimism announced an airdrop, a free token giveaway for early users, with amounts ranging from $500 to $10,000 per user.
The team also mentioned a second, larger airdrop, but provided no further details. This sparked speculation among users that completing tasks during the Optimism Quest program, which rewarded participants with non-fungible tokens (NFTs), could make them eligible for the airdrop.
Optimism Quest Program
During the Quest program, which lasted for four months, 450,000 wallets minted over 3.4 million NFTs after completing tasks involving the use of decentralized apps in the Optimism ecosystem, on-chain data shows. The program was powered by Galxe, an on-chain credentials framework.
A similar NFT program on Optimism’s closest competitor, Arbitrum, called Odyssey, had been instrumental in increasing the amount of activity on the network, also driven by airdrop speculators. However, in Arbitrum’s case, there has so far been no airdrop.
Despite the decrease in transactions, Optimism’s native token, the OP token, has recently reached an all-time high. The token has risen about 150% since the start of the year and currently trades at $2.25.
The uptrend in on-chain activity serves as a reminder that the speculation of a potential airdrop can sometimes be used to boost on-chain activity, similar to how the Arbitrum Odyssey caused a surge in on-chain activity for Arbitrum.
It is important to note that while airdrop speculation can drive activity on the network, it may not always lead to an actual airdrop, and it is important to stay informed and educated about the projects and their goals.