Transaction volumes on Optimism, a scaling resolution for Ethereum, have dropped 70% following a significant spike earlier. The each day transactions have declined to 238,000 after a peak of just about 800,000 transactions per day on Jan. 12, in accordance 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 mentioned to have been related to speculations on a second airdrop by the Optimism group, in accordance with a current report by The Block Analysis.
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 group additionally talked about a second, bigger airdrop, nonetheless no additional particulars had been supplied.
This sparked hypothesis amongst customers that finishing duties in the course of the Optimism Quest program, which rewarded members with non-fungible tokens (NFTs), might make them eligible for the airdrop.
Throughout 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 identical NFT program on Optimism’s closest competitor, Arbitrum, known as Odyssey, had been instrumental in growing 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 generally 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 lately. The token has risen about 150% because the begin of the 12 months and presently trades at $2.25, in accordance with CoinGeko.