Coverage on Optimism.
About the editor: Spencer Noon is Co-founder & General Partner at Variant Fund.
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Coverage on Optimism, Uniswap, Velodrome, and Quixotic.
① OP Airdrop
📈 135k addresses claim their OP airdrop
On April 26th, Optimism announced on Twitter their plan to move towards a DAO structure. Part of this change was Optimism's OP token. For the initial allocation, 5% of the supply was announced to be a part of airdrop #1, proportionally rewarding addresses with a set of 6 criteria along with an overlap bonus. Along with past Optimism users, healthy network participants are also heavily rewarded. The initial airdrop distribution can be see in the picture attached.
It is on May 31st that users started to be able to claim. Given the early hype, 50% of the tokens were claimed in under 18 hours. It has now been 10 days and ~70% of the 214m available tokens were claimed.
With ~250k eligible addresses, an impressive 135k (55%) have claimed their share of the token. 3 more airdrops are also on the way, with allocation criteria still to be determined/announced.
📈 Optimism processed 490k+ transactions / day at peak
Optimism is an EVM-equivalent Layer 2 blockchain built on Ethereum. On April 26th, Optimism introduced the Optimism Collective, an experimental new governance structure consisting of a Citizens’ House and a Token House. The Token House launched on May 31st, where almost 250k addresses were eligible to claim and delegate OP tokens. This airdrop led the Optimism network to reach all-time highs: processed >490k transactions (🤯), submitted >1.6k batches to L1, and consumed 2.7% of L1 gas.
OP token holders can delegate their voting power to others who vote on their behalf. About 37m (25%) of claimed OP is delegated, with ~35 delegates making up 80% of voting weight. The first votes went live on Jun 9th, to distribute OP Tokens to projects to help catalyze their growth on Optimism.
Optimism reinvests all sequencer profits back in to the ecosystem via retroactive public good funding. In the week following Airdrop #1, users spent about 560 ETH in transaction fees. Minus the ~420 ETH needed to submit batches to Ethereum, Airdrop #1 resulted in about 140 ETH to fund public goods.
📈 Optimism’s revenue spikes after the airdrop
Transaction fees paid by Optimism users are split between the protocol (Optimism sequencer) and supply-side participants (Ethereum miners). Protocol revenue typically makes up just a few percent of the total revenue. The OP airdrop on the 1st of June caused daily transaction fees to exceed $200k before falling back to near $50k.
The airdrop caused a massive spike in the number of interacting addresses, which led to the total number exceeding 100k. Over 50k of those were new addresses that had no previous activity on Optimism.
OP currently has a fully diluted market cap of around $5b. The protocol’s price-to-sales ratio is roughly 200, placing it between Ethereum and Polygon. However, unlike ETH and MATIC, OP is a governance token that can not be used to pay for transaction fees or to earn staking rewards.