Profile of jason42 in Optimism
Posts by jason42
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Token Resurrection - Analysis of Locked OP Tokens (Season 6 Mission Grantee)
by jason42 - No Role
Posted on: Oct. 16, 2024, 9:43 a.m.
Content: This task was conducted for the Optimism Collective as part of the Season 6 Mission Grant 3 .
TL;DR
The Token Resurrection project is driven by the need to address a common yet challenging problem in the blockchain ecosystem: recovering tokens that users mistakenly send to smart contracts without token recovery functions. Throughout this project, we have made significant progress in identifying and categorizing such locked tokens, particularly focusing on the OP Mainnet. This report covers the findings from Milestone 1 and Milestone 2 of the Optimism Season 6 grant, presenting both the detailed research, analysis and technical work undertaken to bring us closer to resolving this issue for the Optimism community.
Acknowledgement
We would like to extend our gratitude to the Optimism Collective and Council Members for supporting the Token Resurrection project through Season 6 Mission Grants.
Introduction
The Token Resurrection project was launched to address a growing issue on the OP Mainnet—users mistakenly sending OP tokens to smart contract addresses without token recovery functions, effectively locking the tokens. The purpose of this project is to help users recover their lost OP tokens and establish a process to ensure that future tokens sent in error can be recovered.
The project was divided into two milestones:
Milestone 1 focused on researching and documenting the criteria for identifying smart contracts without recovery functions, creating a guide for manual verification, and analyzing the amount of locked OP tokens on the OP Mainnet.
Milestone 2 aimed to develop a user-friendly interface for users to identify their locked tokens, implement a Merkle root mechanism for secure claims, and test the process to ensure integrity and security.
In this report, we summarize the methods, findings, and results from both milestones and propose a solution to recover these lost tokens by minting new tokens and assigning them to our team for distribution.
Methods
Data Collection and Contract Analysis
We began by collecting transaction data from the OP token contract on OP Mainnet. Our analysis filtered transactions sent to smart contracts and excluded externally owned accounts(EOAs). This provided a dataset of 6 , 560 unique contracts holding over 1 OP token each.
Each contract was categorized into types: Gnosis Safe Proxy, Vault Contracts, ERC- 20 Tokens, and Other Contracts. After removing Gnosis Safe and Vault contracts, we narrowed them down to 1 , 855 contracts for further review.
Contract Categorization 1080 × 796 33 . 5 KB
Verification Process and Checklist Development
For Milestone 1 , we developed a checklist to manually verify whether the identified contracts had token recovery functions. We examined contract ABIs for functions like sweep, rescue, or withdrawal mechanisms and excluded contracts that already had built-in recovery functions. After refining our analysis, we focused on 704 contracts with no token outflow, manually verifying if they held locked tokens.
Merkle Root and Claim System Development
In Milestone 2 , we developed a Merkle root mechanism based on the collected data. Using this, we created a secure process for users to identify their locked tokens and sign a proposal to claim them. The data integrity was tested, and a smart contract using the Merkle root was deployed to allow only eligible addresses to claim the tokens.
Frontend Development for User Interaction
A user-friendly interface was created to allow users to easily identify their locked tokens and sign claims. This interface was integrated with the backend system, enabling seamless interaction with the claim process.
Home Page 2559 × 1456 186 KB
Active Proposal 2559 × 1453 231 KB
Claim Page 2559 × 1459 178 KB
Token Recovery 2559 × 1530 254 KB
Results
Milestone 1 Findings
Through comprehensive analysis, we identified 45 contracts that hold a total of 173 , 515 OP tokens (~ $ 279 , 358 . 38 - As of 3 rd October 2024 at the Price of $ 1 . 61 per OP) locked due to user errors. These contracts were thoroughly reviewed to ensure that the tokens were indeed irrecoverable without external intervention.
The detailed breakdown of the user addresses and locked amounts can be found in our data sheet, which tracks every verified contract holding locked OP tokens.
Milestone 2 Developments
We successfully implemented the Merkle root generation system and integrated it into a smart contract. The root was tested to ensure data integrity and security, providing a safe mechanism for users to recover their tokens. The interface was designed with usability in mind, allowing users to easily interact with the platform and initiate claims.
The system is now ready to process claims once the required OP tokens are minted.
Conclusion
In conclusion, our analysis confirms that 173 , 515 OP tokens (~ $ 279 , 358 . 38 - As of 3 rd October 2024 at the Price of $ 1 . 61 per OP) are currently locked across 45 contracts with detailed analysis provided in Milestones 1 and 2 .
We propose that the Optimism Collective consider minting or granting an equivalent amount of OP tokens to recover the lost assets, starting with the tokens that are locked in the OP ERC 20 contract.
This approach is inspired by traditional financial practices where central authorities recover soiled notes and issue replacements to maintain the economy’s integrity. The Optimism Collective, with its power to mint tokens, could similarly set a precedent by enabling OP token holders to recover lost tokens, ensuring that the Net Total Supply is maintained as:
Net Total Supply = Total Minted OP - Unrecoverable OP
By taking this action, the Collective can support its users while establishing a model for token recovery that reinforces confidence in the OP ecosystem.
Next Steps
Before formally submitting this proposal to the Optimism Collective, we will first gather consensus from affected token holders. Specifically, we aim to engage with 120 addresses that have lost $ 50 worth of OP tokens or more by transferring OP to OP ERC 20 . These users will be invited to sign the proposal on the Token Resurrection platform, which outlines the request for Optimism Collective to mint and distribute new OP tokens or provide these tokens as a grant by marking these as irrecoverable.
The proposed distribution framework is as follows:
70 % of the recovered tokens will be reimbursed to the original holders.
20 % will be allocated as a DAO fee.
10 % will cover platform fees.
Once the required signatures from these token holders are collected, we will formally present the proposal to the Optimism Collective for consideration.
We will consult with the Developer Advisory Board to confirm the irrecoverable nature of these OP tokens too.
Resources -
Platform - Token Resurrection 1
Detailed Research Report - Detailed Report for Optimism Collective
Detailed findings including the locked OP tokens Database - Locked OP Tokens Database
User Addresses and Locked Amounts - User addresses and Locked amounts 1
Merkle Root - Merkle Root
User guide - User guide 2
Likes: 7
Replies: 0
No replies yet.
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Token Resurrection - Analysis of Locked OP Tokens (Season 6 Mission Grantee)
by jason42 - No Role
Posted on: Oct. 16, 2024, 9:43 a.m.
Content: This task was conducted for the Optimism Collective as part of the Season 6 Mission Grant.
TL;DR
The Token Resurrection project is driven by the need to address a common yet challenging problem in the blockchain ecosystem: recovering tokens that users mistakenly send to smart contracts without token recovery functions. Throughout this project, we have made significant progress in identifying and categorizing such locked tokens, particularly focusing on the OP Mainnet. This report covers the findings from Milestone 1 and Milestone 2 of the Optimism Season 6 grant, presenting both the detailed research, analysis and technical work undertaken to bring us closer to resolving this issue for the Optimism community.
Acknowledgement
We would like to extend our gratitude to the Optimism Collective and Council Members for supporting the Token Resurrection project through Season 6 Mission Grants.
Introduction
The Token Resurrection project was launched to address a growing issue on the OP Mainnet—users mistakenly sending OP tokens to smart contract addresses without token recovery functions, effectively locking the tokens. The purpose of this project is to help users recover their lost OP tokens and establish a process to ensure that future tokens sent in error can be recovered.
The project was divided into two milestones:
Milestone 1 focused on researching and documenting the criteria for identifying smart contracts without recovery functions, creating a guide for manual verification, and analyzing the amount of locked OP tokens on the OP Mainnet.
Milestone 2 aimed to develop a user-friendly interface for users to identify their locked tokens, implement a Merkle root mechanism for secure claims, and test the process to ensure integrity and security.
In this report, we summarize the methods, findings, and results from both milestones and propose a solution to recover these lost tokens by minting new tokens and assigning them to our team for distribution.
Methods
Data Collection and Contract Analysis
We began by collecting transaction data from the OP token contract on OP Mainnet. Our analysis filtered transactions sent to smart contracts and excluded externally owned accounts(EOAs). This provided a dataset of 6 , 560 unique contracts holding over 1 OP token each.
Each contract was categorized into types: Gnosis Safe Proxy, Vault Contracts, ERC- 20 Tokens, and Other Contracts. After removing Gnosis Safe and Vault contracts, we narrowed them down to 1 , 855 contracts for further review.
Contract Categorization 1080 × 796 33 . 5 KB
Verification Process and Checklist Development
For Milestone 1 , we developed a checklist to manually verify whether the identified contracts had token recovery functions. We examined contract ABIs for functions like sweep, rescue, or withdrawal mechanisms and excluded contracts that already had built-in recovery functions. After refining our analysis, we focused on 704 contracts with no token outflow, manually verifying if they held locked tokens.
Merkle Root and Claim System Development
In Milestone 2 , we developed a Merkle root mechanism based on the collected data. Using this, we created a secure process for users to identify their locked tokens and sign a proposal to claim them. The data integrity was tested, and a smart contract using the Merkle root was deployed to allow only eligible addresses to claim the tokens.
Frontend Development for User Interaction
A user-friendly interface was created to allow users to easily identify their locked tokens and sign claims. This interface was integrated with the backend system, enabling seamless interaction with the claim process.
Home Page 2559 × 1456 186 KB
Active Proposal 2559 × 1453 231 KB
Claim Page 2559 × 1459 178 KB
Token Recovery 2559 × 1530 254 KB
Results
Milestone 1 Findings
Through comprehensive analysis, we identified 45 contracts that hold a total of 173 , 515 OP tokens (~ $ 279 , 358 . 38 - As of 3 rd October 2024 at the Price of $ 1 . 61 per OP) locked due to user errors. These contracts were thoroughly reviewed to ensure that the tokens were indeed irrecoverable without external intervention.
The detailed breakdown of the user addresses and locked amounts can be found in our data sheet, which tracks every verified contract holding locked OP tokens.
Milestone 2 Developments
We successfully implemented the Merkle root generation system and integrated it into a smart contract. The root was tested to ensure data integrity and security, providing a safe mechanism for users to recover their tokens. The interface was designed with usability in mind, allowing users to easily interact with the platform and initiate claims.
The system is now ready to process claims once the required OP tokens are minted.
Conclusion
In conclusion, our analysis confirms that 173 , 515 OP tokens (~ $ 279 , 358 . 38 - As of 3 rd October 2024 at the Price of $ 1 . 61 per OP) are currently locked across 45 contracts with detailed analysis provided in Milestones 1 and 2 .
We propose that the Optimism Collective consider minting or granting an equivalent amount of OP tokens to recover the lost assets, starting with the tokens that are locked in the OP ERC 20 contract.
This approach is inspired by traditional financial practices where central authorities recover soiled notes and issue replacements to maintain the economy’s integrity. The Optimism Collective, with its power to mint tokens, could similarly set a precedent by enabling OP token holders to recover lost tokens, ensuring that the Net Total Supply is maintained as:
Net Total Supply = Total Minted OP - Unrecoverable OP
By taking this action, the Collective can support its users while establishing a model for token recovery that reinforces confidence in the OP ecosystem.
Next Steps
Before formally submitting this proposal to the Optimism Collective, we will first gather consensus from affected token holders. Specifically, we aim to engage with 120 addresses that have lost $ 50 worth of OP tokens or more by transferring OP to OP ERC 20 . These users will be invited to sign the proposal on the Token Resurrection platform, which outlines the request for Optimism Collective to mint and distribute new OP tokens or provide these tokens as a grant by marking these as irrecoverable.
The proposed distribution framework is as follows:
70 % of the recovered tokens will be reimbursed to the original holders.
20 % will be allocated as a DAO fee.
10 % will cover platform fees.
Once the required signatures from these token holders are collected, we will formally present the proposal to the Optimism Collective for consideration.
We will consult with the Developer Advisory Board to confirm the irrecoverable nature of these OP tokens too.
Resources -
Platform - Token Resurrection
Detailed Research Report - Detailed Report for Optimism Collective
Detailed findings including the locked OP tokens Database - Locked OP Tokens Database
User Addresses and Locked Amounts - User addresses and Locked amounts
Merkle Root - Merkle Root
User guide - User guide
Likes: 7
Replies: 0
No replies yet.
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Badgeholder Onchain Analysis
by jason42 - No Role
Posted on: Sept. 28, 2024, 11:18 a.m.
Content: This research analysis was conducted with the Optimism Foundation as part of the Foundation Grant 4 .
TL;DR
This analysis examines the on-chain behaviors of Badgeholders within the Superchain ecosystem, which includes OP Mainnet, Base, Zora, and Mode. It contrasts these findings with those of Non-Badgeholders across both Superchain and Non-Superchain chains, such as Ethereum and Arbitrum. The study shows that Badgeholders, despite having significant account age, exhibit lower overall activity levels compared to Non-Badgeholders. Notably, Badgeholders demonstrate a strong preference for Ethereum transactions and tend to focus their activities on a limited number of decentralized exchange (DEX) platforms. Additionally, more than half of the Badgeholders maintain connections with Farcaster, indicating a high level of social engagement. These insights will assist the Optimism Collective in developing effective strategies to increase Badgeholder participation and integration within the broader Superchain ecosystem.
Introduction
The primary goal of this mission is to establish a comprehensive baseline understanding of the current Badgeholder demographic within the Superchain ecosystem. By examining the on-chain activities of Badgeholders in comparison to Non-Badgeholders, this study aims to identify key behavioral patterns and differences. The analysis focuses on four main dimensions: activity duration, cross-chain engagement, application usage, and the prevalence of Farcaster connections. The insights gained from this analysis will support the Optimism Collective in its objective of expanding the Citizenry, enabling them to make informed, data-driven decisions about community engagement strategies and resource allocation to promote growth and sustainability.
Methods
Data for this analysis was carefully collected from two primary sources:
EAS Attestation for Badgeholders(EAS Attestations): This dataset 1 includes 132 RPGF Badgeholder addresses, and among these, a separate dataset 1 consists of 102 addresses that have ENS labels linked to them. This information is essential for examining activities specific to Badgeholders, such as transaction behavior and engagement patterns across various applications.
Dune Dashboard 3 : This analytical platform was utilized to gather extensive transaction data and additional insights regarding Non-Badgeholders. The focus included a range of activity categories, including token transfers, decentralized exchanges (DEXs), NFT trades, and perpetual trading, providing a comprehensive view of user engagement within the Superchain ecosystem.
To ensure a balanced comparison, Non-Badgeholders were categorized into two distinct groups based on specific criteria:
Group 1 ( 132 addresses): This group consists of a comparative sample that matches the number of Badgeholders. All members meet rigorous criteria, including a minimum of 300 transactions on the Optimism network and at least 8 transactions within any single month, ensuring that the comparison is made with an equivalent level of activity.
Group 2 ( 1 , 320 addresses): This larger dataset is used for additional comparative analysis, adhering to similar transactional criteria to provide insights into broader sample size and a deeper understanding of user behavior.
For detailed data collection methods, please refer to the (Research Work):- Behind the scenes 2 documentation.
Results:
Activity Duration
Badgeholders have an average account age of 461 days, while Non-Badgeholders in Group 1 average 467 days and those in Group 2 average 469 days. This indicates that Badgeholders are relatively newer but have engagement levels similar to those of Non-Badgeholders.
In tracking monthly activity, Badgeholders peaked at 84 active users in April 2024 , compared to 122 in Group 1 and 115 in Group 2 . Activity levels increased notably from April 2022 , followed by stabilization through late 2022 .
Image 1055 × 435 23 . 7 KB
Source - Average Account Age of Badgeholders and Non-Badgeholders
Image 1910 × 836 51 . 3 KB
Source: Monthly Active Badgeholders & Non-Badgeholders
Image 1910 × 834 92 . 9 KB
Source Link:- Account age and transaction count of badgeholders & non-badgeholders
The analysis of account age versus transaction activity revealed no significant correlation; both newer and older accounts exhibited diverse transaction volumes.
In terms of user engagement, 94 . 69 % of Badgeholders and 100 % of Non-Badgeholders remained active for over two years. As of June 27 , 2024 , there are 87 active Badgeholders compared to 121 in Group 1 and 1 , 186 in Group 2 , highlighting varying engagement levels within the ecosystem.
Cross-Chain Activity Overview
Badgeholders average 410 transactions on Superchain chains and 597 transactions on Non-Superchain networks, while Non-Badgeholders in Group 1 average 997 transactions on Superchain, and Group 2 significantly leads with 8 , 368 transactions. This indicates that larger Non-Badgeholder groups are more active within Superchain.
Image 1061 × 447 39 . 1 KB
Source Link:- Transaction Counts on Different chains
Interestingly, Non-Badgeholders consistently outperform Badgeholders on Superchain networks, particularly on OP Mainnet, while Badgeholders exhibit the highest activity on Ethereum, where 52 . 4 % of their transactions occur.
Overall, Badgeholders tend to favor Non-Superchain networks, but Non-Badgeholders, especially from larger groups, demonstrate higher transaction volumes on Superchain, indicating effective user engagement.
Image 1910 × 836 89 . 8 KB
Source link:- Monthly transaction count of Badgeholders & Non-Badgeholders 1
Transaction activity trends reveal significant growth for Non-Badgeholders, particularly in the larger group, reflecting increasing engagement, while Badgeholders also show upward trends, highlighting evolving dynamics of user participation in the blockchain landscape.
Activity Levels:
The transaction activity analysis on Superchain networks indicates that Badgeholders have an average transaction count of 413 . 42 in the top percentiles, reflecting solid engagement. In contrast, specific Non-Badgeholder groups show even higher activity, with Group 1 averaging 1 , 001 . 86 transactions and Group 2 averaging 8 , 394 . 85 transactions. This highlights that while Badgeholders are engaged, certain Non-Badgeholder segments are exceptionally active, revealing varying levels of participation within the Superchain ecosystem.
Application Usage:
The analysis of transaction patterns across Superchain chains reveals distinct engagement levels between Badgeholders and Non-Badgeholders. Badgeholders demonstrate a strong preference for token-transfer activities, accounting for 86 % of their transactions, followed by 9 . 3 % in DEX transactions, with minimal activity in NFTs, social interactions, and DAO governance. In contrast, Non-Badgeholders in Group 1 also show a preference for token transfers at 85 %, but they are more active in DEX transactions ( 12 . 3 %). Non-Badgeholders in Group 2 emphasize token transfers even more ( 95 . 8 %) while showing limited engagement in other categories, particularly NFTs and DAO governance. Overall, token-transfer activities dominate all user segments, highlighting a significant preference for decentralized exchange transactions across the Superchain ecosystem.
Image 1053 × 437 24 . 4 KB
Source Link:- Top 10 DEX Applications used by badgeholders
Image 1910 × 836 142 KB
Source Link:- Monthly Transaction count of Badgeholders on different DEX applications
Our analysis of Farcaster data for Badgeholders reveals intriguing user behavior patterns. Among the 132 Badgeholders, only three have custody addresses that directly match their Badgeholder addresses on Farcaster, indicating minimal direct matches. However, 70 Badgeholders ( 53 %) appear on the verified list, suggesting that many users initially join Farcaster with alternative addresses and later add their Badgeholder addresses as verified. This behavior may reflect a strategic approach to managing digital identities or maintaining privacy.
Farcaster Verification
A significant portion of Badgeholders, approximately 70 individuals, have successfully linked their Ethereum addresses to a Farcaster account. This high verification rate indicates a notable level of engagement and trust between Badgeholders and the Farcaster platform. Furthermore, transactions involving verified Badgeholders account for 61 % of total transactions, compared to 39 % from non-verified Badgeholders. This difference suggests that Farcaster verification is associated with higher engagement levels within the Superchain ecosystem.
When examining the correlation between the number of Ethereum addresses linked to a Farcaster account and transaction volume, we find that Badgeholders with 3 to 4 connected addresses typically conduct over 1 , 000 transactions. Interestingly, some Badgeholders with a single connected address have reached up to 1 , 825 transactions, indicating that factors beyond network size, such as individual engagement levels and specific use cases, influence transaction activity.
Image 1055 × 442 30 . 2 KB
Source Link:- Activity count of badgeholders with Farcaster verification
Smart Contract Deployment
Our research into smart contract deployment among Badgeholders reveals a significant difference. Only 0 . 8 % of Badgeholders have deployed smart contracts on Superchain chains, with the overwhelming majority ( 99 . 2 %) not participating in this advanced blockchain activity. Notably, no Badgeholders on the Optimism chain have deployed smart contracts, highlighting a significant gap in the utilization of these capabilities within the community.
Temporal Differences
When comparing the activity levels of Badgeholders from earlier rounds (RPGF Round 2 ) to those from later rounds (RPGF Round 3 ), we observe notable differences in transaction activity across various Superchain chains. Additionally, category engagement analysis shows that current Badgeholders are more active in the NFT sector on platforms like OpenSea, which has seen a substantial increase in engagement from 1 to 12 . 9 normalized counts. Conversely, engagement on Quix has decreased from 3 . 9 to 0 . 7 . In the DEX category, there is a clear shift toward projects like Velodrome and Balancer, with Velodrome experiencing a significant rise in engagement from 4 . 7 to 24 . 2 normalized counts.
Image 1910 × 768 34 . 3 KB
Source Link:- NFT Transaction count
Conclusion
This analysis of Badgeholders within the Superchain ecosystem reveals several important behavioral patterns. While Badgeholders have similar levels of experience to Non-Badgeholders, they tend to focus more on Ethereum for their transactions and prefer specific applications like Uniswap, Velodrome, and OpenSea. Although they engage more in token-transfer activities, their participation in areas such as DEX trading and smart contract deployment remains limited compared to Non-Badgeholders. The high level of Farcaster integration indicates strong social engagement within this group, yet there are opportunities for increased technical participation. These insights provide valuable guidance for the Optimism Collective in enhancing Badgeholder involvement and growing the Citizenry within the Superchain ecosystem.
Resources
Report Link: Report 1
Dune Dashboard Link: Dune Dashboard 1
EAS Attestation Link: EAS Attestations
Research Work: Behind the scenes 2
Likes: 10
Replies: 0
No replies yet.
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Badgeholder Onchain Analysis
by jason42 - No Role
Posted on: Sept. 28, 2024, 11:18 a.m.
Content: This research analysis was conducted with the Optimism Foundation as part of the Foundation Grant.
TL;DR
This analysis examines the on-chain behaviors of Badgeholders within the Superchain ecosystem, which includes OP Mainnet, Base, Zora, and Mode. It contrasts these findings with those of Non-Badgeholders across both Superchain and Non-Superchain chains, such as Ethereum and Arbitrum. The study shows that Badgeholders, despite having significant account age, exhibit lower overall activity levels compared to Non-Badgeholders. Notably, Badgeholders demonstrate a strong preference for Ethereum transactions and tend to focus their activities on a limited number of decentralized exchange (DEX) platforms. Additionally, more than half of the Badgeholders maintain connections with Farcaster, indicating a high level of social engagement. These insights will assist the Optimism Collective in developing effective strategies to increase Badgeholder participation and integration within the broader Superchain ecosystem.
Introduction
The primary goal of this mission is to establish a comprehensive baseline understanding of the current Badgeholder demographic within the Superchain ecosystem. By examining the on-chain activities of Badgeholders in comparison to Non-Badgeholders, this study aims to identify key behavioral patterns and differences. The analysis focuses on four main dimensions: activity duration, cross-chain engagement, application usage, and the prevalence of Farcaster connections. The insights gained from this analysis will support the Optimism Collective in its objective of expanding the Citizenry, enabling them to make informed, data-driven decisions about community engagement strategies and resource allocation to promote growth and sustainability.
Methods
Data for this analysis was carefully collected from two primary sources:
EAS Attestation for Badgeholders(EAS Attestations): This dataset includes 132 RPGF Badgeholder addresses, and among these, a separate dataset consists of 102 addresses that have ENS labels linked to them. This information is essential for examining activities specific to Badgeholders, such as transaction behavior and engagement patterns across various applications.
Dune Dashboard: This analytical platform was utilized to gather extensive transaction data and additional insights regarding Non-Badgeholders. The focus included a range of activity categories, including token transfers, decentralized exchanges (DEXs), NFT trades, and perpetual trading, providing a comprehensive view of user engagement within the Superchain ecosystem.
To ensure a balanced comparison, Non-Badgeholders were categorized into two distinct groups based on specific criteria:
Group 1 ( 132 addresses): This group consists of a comparative sample that matches the number of Badgeholders. All members meet rigorous criteria, including a minimum of 300 transactions on the Optimism network and at least 8 transactions within any single month, ensuring that the comparison is made with an equivalent level of activity.
Group 2 ( 1 , 320 addresses): This larger dataset is used for additional comparative analysis, adhering to similar transactional criteria to provide insights into broader sample size and a deeper understanding of user behavior.
For detailed data collection methods, please refer to the (Research Work):- Behind the scenes documentation.
Results:
Activity Duration
Badgeholders have an average account age of 461 days, while Non-Badgeholders in Group 1 average 467 days and those in Group 2 average 469 days. This indicates that Badgeholders are relatively newer but have engagement levels similar to those of Non-Badgeholders.
In tracking monthly activity, Badgeholders peaked at 84 active users in April 2024 , compared to 122 in Group 1 and 115 in Group 2 . Activity levels increased notably from April 2022 , followed by stabilization through late 2022 .
Image 1055 × 435 23 . 7 KB
Source - Average Account Age of Badgeholders and Non-Badgeholders
Image 1910 × 836 51 . 3 KB
Source: Monthly Active Badgeholders & Non-Badgeholders
Image 1910 × 834 92 . 9 KB
Source Link:- Account age and transaction count of badgeholders & non-badgeholders
The analysis of account age versus transaction activity revealed no significant correlation; both newer and older accounts exhibited diverse transaction volumes.
In terms of user engagement, 94 . 69 % of Badgeholders and 100 % of Non-Badgeholders remained active for over two years. As of June 27 , 2024 , there are 87 active Badgeholders compared to 121 in Group 1 and 1 , 186 in Group 2 , highlighting varying engagement levels within the ecosystem.
Cross-Chain Activity Overview
Badgeholders average 410 transactions on Superchain chains and 597 transactions on Non-Superchain networks, while Non-Badgeholders in Group 1 average 997 transactions on Superchain, and Group 2 significantly leads with 8 , 368 transactions. This indicates that larger Non-Badgeholder groups are more active within Superchain.
Image 1061 × 447 39 . 1 KB
Source Link:- Transaction Counts on Different chains
Interestingly, Non-Badgeholders consistently outperform Badgeholders on Superchain networks, particularly on OP Mainnet, while Badgeholders exhibit the highest activity on Ethereum, where 52 . 4 % of their transactions occur.
Overall, Badgeholders tend to favor Non-Superchain networks, but Non-Badgeholders, especially from larger groups, demonstrate higher transaction volumes on Superchain, indicating effective user engagement.
Image 1910 × 836 89 . 8 KB
Source link:- Monthly transaction count of Badgeholders & Non-Badgeholders
Transaction activity trends reveal significant growth for Non-Badgeholders, particularly in the larger group, reflecting increasing engagement, while Badgeholders also show upward trends, highlighting evolving dynamics of user participation in the blockchain landscape.
Activity Levels:
The transaction activity analysis on Superchain networks indicates that Badgeholders have an average transaction count of 413 . 42 in the top percentiles, reflecting solid engagement. In contrast, specific Non-Badgeholder groups show even higher activity, with Group 1 averaging 1 , 001 . 86 transactions and Group 2 averaging 8 , 394 . 85 transactions. This highlights that while Badgeholders are engaged, certain Non-Badgeholder segments are exceptionally active, revealing varying levels of participation within the Superchain ecosystem.
Application Usage:
The analysis of transaction patterns across Superchain chains reveals distinct engagement levels between Badgeholders and Non-Badgeholders. Badgeholders demonstrate a strong preference for token-transfer activities, accounting for 86 % of their transactions, followed by 9 . 3 % in DEX transactions, with minimal activity in NFTs, social interactions, and DAO governance. In contrast, Non-Badgeholders in Group 1 also show a preference for token transfers at 85 %, but they are more active in DEX transactions ( 12 . 3 %). Non-Badgeholders in Group 2 emphasize token transfers even more ( 95 . 8 %) while showing limited engagement in other categories, particularly NFTs and DAO governance. Overall, token-transfer activities dominate all user segments, highlighting a significant preference for decentralized exchange transactions across the Superchain ecosystem.
Image 1053 × 437 24 . 4 KB
Source Link:- Top 10 DEX Applications used by badgeholders
Image 1910 × 836 142 KB
Source Link:- Monthly Transaction count of Badgeholders on different DEX applications
Our analysis of Farcaster data for Badgeholders reveals intriguing user behavior patterns. Among the 132 Badgeholders, only three have custody addresses that directly match their Badgeholder addresses on Farcaster, indicating minimal direct matches. However, 70 Badgeholders ( 53 %) appear on the verified list, suggesting that many users initially join Farcaster with alternative addresses and later add their Badgeholder addresses as verified. This behavior may reflect a strategic approach to managing digital identities or maintaining privacy.
Farcaster Verification
A significant portion of Badgeholders, approximately 70 individuals, have successfully linked their Ethereum addresses to a Farcaster account. This high verification rate indicates a notable level of engagement and trust between Badgeholders and the Farcaster platform. Furthermore, transactions involving verified Badgeholders account for 61 % of total transactions, compared to 39 % from non-verified Badgeholders. This difference suggests that Farcaster verification is associated with higher engagement levels within the Superchain ecosystem.
When examining the correlation between the number of Ethereum addresses linked to a Farcaster account and transaction volume, we find that Badgeholders with 3 to 4 connected addresses typically conduct over 1 , 000 transactions. Interestingly, some Badgeholders with a single connected address have reached up to 1 , 825 transactions, indicating that factors beyond network size, such as individual engagement levels and specific use cases, influence transaction activity.
Image 1055 × 442 30 . 2 KB
Source Link:- Activity count of badgeholders with Farcaster verification
Smart Contract Deployment
Our research into smart contract deployment among Badgeholders reveals a significant difference. Only 0 . 8 % of Badgeholders have deployed smart contracts on Superchain chains, with the overwhelming majority ( 99 . 2 %) not participating in this advanced blockchain activity. Notably, no Badgeholders on the Optimism chain have deployed smart contracts, highlighting a significant gap in the utilization of these capabilities within the community.
Temporal Differences
When comparing the activity levels of Badgeholders from earlier rounds (RPGF Round 2 ) to those from later rounds (RPGF Round 3 ), we observe notable differences in transaction activity across various Superchain chains. Additionally, category engagement analysis shows that current Badgeholders are more active in the NFT sector on platforms like OpenSea, which has seen a substantial increase in engagement from 1 to 12 . 9 normalized counts. Conversely, engagement on Quix has decreased from 3 . 9 to 0 . 7 . In the DEX category, there is a clear shift toward projects like Velodrome and Balancer, with Velodrome experiencing a significant rise in engagement from 4 . 7 to 24 . 2 normalized counts.
Image 1910 × 768 34 . 3 KB
Source Link:- NFT Transaction count
Conclusion
This analysis of Badgeholders within the Superchain ecosystem reveals several important behavioral patterns. While Badgeholders have similar levels of experience to Non-Badgeholders, they tend to focus more on Ethereum for their transactions and prefer specific applications like Uniswap, Velodrome, and OpenSea. Although they engage more in token-transfer activities, their participation in areas such as DEX trading and smart contract deployment remains limited compared to Non-Badgeholders. The high level of Farcaster integration indicates strong social engagement within this group, yet there are opportunities for increased technical participation. These insights provide valuable guidance for the Optimism Collective in enhancing Badgeholder involvement and growing the Citizenry within the Superchain ecosystem.
Resources
Report Link: Report
Dune Dashboard Link: Dune Dashboard
EAS Attestation Link: EAS Attestations
Research Work: Behind the scenes
Likes: 10
Replies: 0
No replies yet.
