NumbaNERD program Season 4 Highlights

In Season 4, we launched NumbaNERD program to run a bounty board for governance related analytics, OP data infrastructure and to improve the overall accessibility and transparency of data.

Below is a summary highlighting the amazing work done by NumbaNERDs -

OP Rewards Deep Dives

  • Polynomial Protocol

    • Incentives contributed to a 23x surge in trading volume but only doubled daily traders
    • While the retroactive airdrop for Polynomial Vault V1 depositors was an excellent way to reward early adopters, it lacked longevity as the Vault program was ultimately sunset
    • The 450,000 OP initially allocated for liquidity mining incentives could not be used as planned
    • Incentives can drive short-term spikes in usage; however, consider tapering and strict vesting to sustain activity further
  • Synthetix

    • Synthetix leveraged the composable nature of its protocol to introduce a unique program that incentivized protocols at the ecosystem level
    • Following the notable adjustment of fund usage by numerous OP grant recipients, grant recipients should reference the process for grant ammendments outlined in the Code of Conduct
    • Majority of claimants from OP rewards were protocols. One notable takeaway is the success of Kwenta, who collected over 3.9M in total rewards, which was then redistributed to Kwenta traders
  • Celer

    • A substantial amount of funding remains unallocated to any program, impacting Celer’s potential to expand within the Optimism ecosystem
    • In the campaign’s early stage, offering Liquidity Rewards was effective in boosting the Total Value Locked during that time frame
    • Celer employed a strategy to attract USDC, USDT, and ETH by using a capital-efficient approach to incentivize liquidity providers
  • Via Protocol

    • The report delves into critical aspects, including the allocation of the granted 100,000 OP tokens, an assessment of the team’s execution of the proposed activities, identification of any missing wallet addresses, and additional insights gleaned from investigation
    • As of September 17th, 2023, a total of approximately 1730 OP tokens have been claimed
    • At the current rate, the 100,000 OP token grant is anticipated to last for approximately 4500 days. Even with a tenfold surge in the volume of bridges and swaps, the grant is projected to endure for an estimated 450 days
  • Pika Protocol

    • The OP incentive had a positive impact on Pika Protocol’s TVL and trading volume, increasing the TVL from $1 million to over $9 million in the months following the announcement and the trading volume to $165 million in January 2023
    • However, the trading volume and number of active traders declined significantly after the Optimism #2 airdrop snapshot was taken in January 2023. This suggests that most of the users who were active on Pika Protocol in January 2023 were only interested in the airdrop and not in the platform itself
    • The platform retained the traders with larger trade orders. Those airdrop hunters who made up 99% of the users were actually contributing around one-third of the trading volume to the protocol
  • Hop Protocol

    • The analysis revealed that approximately 10% of the granted 1 million OP tokens have been claimed within a year
    • Based on this pace, the OP grant is projected to sustain for 3-4 years, showcasing a prudent distribution strategy
    • It has led to a substantial increase in bridge and user counts, with Optimism becoming an attractive destination for bridging. Retention metrics exhibited promising trends, contributing to healthy user growth
  • Lyra

    • A noticeable spike in new trader count occurred during mid-April and May 2023. The introduction of trading rewards on both Optimism and Arbitrum attracted new traders to Lyra
    • The trading rewards seemed to have brought initial attention, but the effect was not consistently enduring

OP Mainnet Bi-Weekly Update

OP Mainnet updates and analytics insights -

Data Infrastructure

  • OP Mainnet Wallet Address Summary

    • Easy to use summary data abstraction on Dune for each wallet address on OP Mainnet. This is foundational for wallet address level usage and growth analysis
  • Contract Deployer Mapping

    • Enhanced contract deployer mapping abstraction on Dune, which has been used heavily by OP data team on understanding and mapping smart contracts to projects and deployers
  • Add DEX - Lifi Optimism

    • Added new DEX Lifi to OP Mainnet DEX data abstraction on Dune

If you are interested in making analytics contributions and impact to the Optimism Collective, start here.