Profile of chuxin_h in Optimism
Posts by chuxin_h
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NumbaNERD program Season 4 Highlights
by chuxin_h - No Role
Posted on: Sept. 25, 2023, 2:28 a.m.
Content: In Season 4 , we launched NumbaNERD program 7 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 6 Incentives contributed to a 23 x surge in trading volume but only doubled daily traders While the retroactive airdrop for Polynomial Vault V 1 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 1 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 . 9 M in total rewards, which was then redistributed to Kwenta traders Celer 1 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 17 th, 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 2 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 2 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 3 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 - August Issue 1 August Issue 2 Data Infrastructure OP Mainnet Wallet Address Summary 3 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 1 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 4 .
Likes: 7
Replies: 0
No replies yet.
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NumbaNERD program Season 4 Highlights
by chuxin_h - No Role
Posted on: Sept. 25, 2023, 2:28 a.m.
Content: In Season 4 , we launched NumbaNERD program 10 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 6 Incentives contributed to a 23 x surge in trading volume but only doubled daily traders While the retroactive airdrop for Polynomial Vault V 1 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 1 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 . 9 M in total rewards, which was then redistributed to Kwenta traders Celer 1 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 1 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 17 th, 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 2 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 3 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 3 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 - August Issue 1 August Issue 2 Data Infrastructure OP Mainnet Wallet Address Summary 4 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 1 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 1 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 5 .
Likes: 7
Replies: 0
No replies yet.
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NumbaNERD program Season 4 Highlights
by chuxin_h - No Role
Posted on: Sept. 24, 2023, 10:28 p.m.
Content: In Season 4 , we launched NumbaNERD program 14 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 7
Incentives contributed to a 23 x surge in trading volume but only doubled daily traders
While the retroactive airdrop for Polynomial Vault V 1 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 2
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 . 9 M in total rewards, which was then redistributed to Kwenta traders
Celer 4
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 3
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 17 th, 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 3
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 6
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 6
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 -
August Issue 1 1
August Issue 2
Data Infrastructure
OP Mainnet Wallet Address Summary 5
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 1
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 1
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 7 .
Likes: 7
Replies: 0
No replies yet.
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NumbaNERD program Season 4 Highlights
by chuxin_h - No Role
Posted on: Sept. 24, 2023, 10:28 p.m.
Content: 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 23 x surge in trading volume but only doubled daily traders
While the retroactive airdrop for Polynomial Vault V 1 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 . 9 M 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 17 th, 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 -
August Issue 1
August Issue 2
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.
Likes: 7
Replies: 0
No replies yet.
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Incentive Impact Analysis: Polynomial
by chuxin_h - No Role
Posted on: Sept. 11, 2023, 3:32 a.m.
Content: raho: With all programs incentivizing the same usage metrics, the major storyline remains the sheer amount of rewards traders could obtain by using either or both protocols. These combined rewards initiatives led to an increase in OP per fee spent, at times rebating users more OP (in $USD) than fees paid, raising concerns of wash trading. This is an excellent example demonstrating when reward > fees, it leads to increasing volume of wash trades. This happens in various incentive programs while generating initial inorganic hype in TVL and usage. The alternative is having reward lower than fees; however, it always seems less exciting than the previous one but much more sybil/wash trade resistant
Likes: 3
Replies: 0
No replies yet.
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OP Rewards Impact Analysis: Celer Protocol
by chuxin_h - No Role
Posted on: Sept. 11, 2023, 1:52 a.m.
Content: Chain_L: Celer has implemented two comprehensive programs known as the Farming Reward Program and the Incentive Event Reward Contract. No details for the Builder Grants Program were found on Celer Forum nor any public updates provided about it. Yea it’s been an issue here for not just Celer Builder Grants, but also others that it is very hard to track + understand the impact Thanks for the contribution and really comprehensive analysis!
Likes: 2
Replies: 1
Replies:
- Chain_L: True.
I believe if 1 million OP are granted for mutual success, an additional 1%-3% shall be spent by appointing a “Grant Oversight Manager” who can be paid for the time with the grantee in shaping how it is spent and ensuring that it is spent timely.
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Incentive Impact Analysis: Polynomial
by chuxin_h - No Role
Posted on: Sept. 10, 2023, 11:32 p.m.
Content:
raho:
With all programs incentivizing the same usage metrics, the major storyline remains the sheer amount of rewards traders could obtain by using either or both protocols. These combined rewards initiatives led to an increase in OP per fee spent, at times rebating users more OP (in $USD) than fees paid, raising concerns of wash trading.
This is an excellent example demonstrating when reward > fees, it leads to increasing volume of wash trades. This happens in various incentive programs while generating initial inorganic hype in TVL and usage. The alternative is having reward lower than fees; however, it always seems less exciting than the previous one but much more sybil/wash trade resistant
Likes: 3
Replies: 0
No replies yet.
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OP Rewards Impact Analysis: Celer Protocol
by chuxin_h - No Role
Posted on: Sept. 10, 2023, 9:52 p.m.
Content:
Chain_L:
Celer has implemented two comprehensive programs known as the Farming Reward Program and the Incentive Event Reward Contract. No details for the Builder Grants Program were found on Celer Forum nor any public updates provided about it.
Yea it’s been an issue here for not just Celer Builder Grants, but also others that it is very hard to track + understand the impact
Thanks for the contribution and really comprehensive analysis!
Likes: 2
Replies: 1
Replies:
- Chain_L: True.
I believe if 1 million OP are granted for mutual success, an additional 1%-3% shall be spent by appointing a “Grant Oversight Manager” who can be paid for the time with the grantee in shaping how it is spent and ensuring that it is spent timely.
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Bi-weekly OP Mainnet Onchain analysis (Second half of August)
by chuxin_h - No Role
Posted on: Sept. 8, 2023, 1:43 a.m.
Content: arabianhorses: Notably, there is a significant spike in the ratio of l 2 Gas to l 1 FeesPaid, and this coincides with the date of the Bedrock upgrade on June 6 , 2023 , at 16 : 00 . The Bedrock upgrade was intended to enhance the cost-effectiveness of Optimism for users by optimizing transaction batches. However, the magnitude of this increase have come as a surprise to me (maybe I did something wrong ). On this part, the total gas fee paid by a user is calculated as L 1 Fee + L 2 Gas Used * L 2 Gas Price And you can see the fee contributor breakdown below, where L 2 execution fee has component of a Base Fee and Priority Fee, which is where you see the increase in your L 2 Gas bar chart. You can read more about Base Fee and Priority Fee here. image 823 × 375 31 . 8 KB Source: Dune 1 Overall, users have been paying less gas fee per transaction post Bedrock (average saving 54 % per tx), with users paying lower L 1 Gas Fees, and an overall lower gas fee per transaction image 819 × 371 22 . 3 KB image 820 × 373 26 . 6 KB Source: [Dune]
Likes: 1
Replies: 0
No replies yet.
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Bi-weekly OP Mainnet Onchain analysis (Second half of August)
by chuxin_h - No Role
Posted on: Sept. 7, 2023, 9:43 p.m.
Content:
arabianhorses:
Notably, there is a significant spike in the ratio of l 2 Gas to l 1 FeesPaid, and this coincides with the date of the Bedrock upgrade on June 6 , 2023 , at 16 : 00 . The Bedrock upgrade was intended to enhance the cost-effectiveness of Optimism for users by optimizing transaction batches. However, the magnitude of this increase have come as a surprise to me (maybe I did something wrong ).
On this part, the total gas fee paid by a user is calculated as
L 1 Fee + L 2 Gas Used * L 2 Gas Price
And you can see the fee contributor breakdown below, where L 2 execution fee has component of a Base Fee and Priority Fee, which is where you see the increase in your L 2 Gas bar chart. You can read more about Base Fee and Priority Fee here.
image 823 × 375 31 . 8 KB
Source: Dune 1
Overall, users have been paying less gas fee per transaction post Bedrock (average saving 54 % per tx), with users paying lower L 1 Gas Fees, and an overall lower gas fee per transaction
image 819 × 371 22 . 3 KB
image 820 × 373 26 . 6 KB
Source: [Dune]
Likes: 1
Replies: 0
No replies yet.
