Ethereum (ETH) Technical Analysis: a new range created?

Optimism, scaling solution for Ethereum, had announced an airdrop in April 2022. So the network wanted to donate tokens for early adopters. The expected amount per user was $500 to $10,000. There has been speculation that users may be eligible for the airdrop by participating in the Optimism Quest program. The latter is a program that earned participants NFTs. It aimed to increase user engagement and encourage them to use the Optimism Layer 2 network. But, recently, the NFT incentive program ended, impacting the on-chain activity of the Optimism network.

The volume of transactions on the Optimism network drops by 70%

After the failure of the launch of an airdrop of its governance token in 2022, Optimism sees its activity drop drastically this year. It appears that the volume of transactions on the network has dropped by 70%. He has precisely dropped to 238,000 transactions per day. Still, it had reached a peak of 800,000 transactions per day on January 12. That said, this considerable drop coincided with the end of the Optimism Quest program.

The increase in the volume of transactions observed during the NFT incentive program would be linked to the speculations on a second airdrop. This was reported by The Block Research in a report recently published. It is true that the team of the Optimism network had mentioned the launch of another airdrop, last year. She had even predicted that the latter would be more important. However, the team has not released any additional details about the event.

A sudden and worrying drop

Believing that they would be eligible for the airdrop by participating in the Optimism Quest program, users became more invested. As proof, 450,000 wallets performed tasks like using dApps within Optimism during the program. Then they hit over 3.4 million NFTs.

Arnold Toh, who is a research analyst at The Block, issued a statement on the subject. He explained : ” The upward trend in on-chain activity reminds us that airdrop speculation can sometimes be used to boost on-chain activity “. He recalled that the Arbitrum Odyssey program had had a similar effect to that of Optimism Quest. Indeed, this program had enabled an increase in Arbitrum’s on-chain activity.

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