Optimism’s second airdrop, distributing 11.7 million OP tokens to 307,965 addresses in February 2023, aimed to boost governance participation and user retention. While it rewarded active users and delegators, evidence suggests limited long-term impact. Post-airdrop, OP token prices dropped nearly 9%, indicating sell-offs by recipients. Historical data shows airdrops often attract short-term “hunters” rather than sustained engagement, with retention fading after rewards. Although Airdrop #5 later showed a 4.2% increase in 30-day retention,