Question

Analyze Optimism during the month of July as markets were get turbulent, showing whatever metrics you care to unearth.

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You can choose any topic you’d like: How did the network perform? What about market performance? Were there significant inflows or outflows on bridges? Were there any notable patterns in user behavior?

Introduction

Optimism allows users to save on fees by increasing transaction processing capabilities on the Ethereum network. In other words, Optimism is a new technology that increases processing power and reduces fees. In short, we can say:

• Optimism is a solution to increase the processing power of the Ethereum network.
• By categorizing transactions, Optimism technology increases processing speed and reduces their cost.

Trium has grown significantly and gained popularity in recent years. Currently, Ethereum is the second most important cryptocurrency in terms of market size and capital circulation. The importance and growth of the Ethereum network is the result of this network's support of smart contracts. By designing and developing smart contracts, Ethereum created many decentralized applications and exchanges, and the value and credibility of this network is the result of the huge ecosystem in which Dapps and DeFis operate.

But the Ethereum network has a major problem due to the extent of its activity: the low speed and high cost of executing transactions. Although many network users are waiting for the launch of the upgraded and new Ethereum 2.0 network, but independent of this major change, other solutions have been proposed to increase speed and reduce transaction costs. Optimism is one of these solutions.

By using the technique of compressing information and transferring transactions to another blockchain, Optimism increases the speed of transactions and reduces their fees. In fact, the mechanism of Optimism technology is clear from its name. The main issue in this technology is optimization. The Optimism protocol improves the processing power and speed of transactions by categorizing transactions, transferring them to other blockchains, and finally recording the result in the main Ethereum blockchain.

Optimistic classification Optimistic classification is a type of classification that assumes all transactions in a category are valid. This saves processing time; Because each transaction is not supposed to be validated separately. Network validators have one week to review the batches and evaluate them if they find a batch contains a fraudulent transaction.

This technology has been able to reduce transaction fees by 129 times. Optimism is supported by decentralized exchanges such as Synthetix and Uniswap. The Optimism protocol has supported $740 million in network assets as of March 2022. This figure reached one billion dollars in January, which decreased to 740 million dollars with recent fluctuations.

Optimism technology was invented in June 2019 and its trial version started working from October 2019. In January 2021, the alpha version of this technology was used more widely and by October 2021, it reached a stage where it can be said to be competitive with the Ethereum blockchain. Public use of this technology began in December 2021 and is still ongoing.

Optimism is one of the best ways to reduce heavy traffic on the Ethereum network. This network has been using its maximum power for some time and it can be said that it is exploding in a sense. Optimism technology can act as an effective auxiliary force until the network is upgraded and has more processing power. Optimism technology allows the decentralized financial exchange industry until the network upgrade is fully launched and the processing power is not extensive; continue to maintain their efficiency and continue their activity.

The Optimism protocol is not the only method that increases the speed of transactions and reduces its costs. Arbitrum and Boba Network also help Ethereum in reducing transaction costs. The Zero_knowledge category is also considered one of the well-known protocols in order to increase the processing capability of the Ethereum network.

Like Arbitrum, Optimism does not have its own digital currency and ETH is used to pay for transactions. On the other hand, Optimism, like Arbitrum, has implemented a beta version and is not yet fully decentralized.

Method

I use optimism.core.fact_transactions , flipside_prod_db.ethereum.erc20_balances , optimism.core.fact_blocks , optimism.core.fact_event_logs, optimism.core.dim_labelstable to get:

• volume of daily fees used vs cumculative fees used daily
• count of daily unique user vs cumculative count of daily unique user
• count of daily transaction vs cumculative count of daily transaction
• Top 10 Wallets with high number of Transactions
• Distribution of ETH balance for new wallets on Optimism
• average gas price
• minimum , maximum and average transaction per block
• optimism tps , tpm , tph
• total transaction vs succeeded transaction rate
• succeeded transaction rate
• succeeded transaction vs cumculative succeed transaction
• top dex by count of transaction
• top 10 event name
• top 10 optimism Smart contracts that have transferred the most amount of ETH
• top dapp on optimism by count of transaction

Appendix

Contact Data

Discord : Abolfazl#2441

Email : Abolfazl.yeganeh77@gmail.com

Conclusion

Optimism protocol is a suitable solution to increase the speed of transactions and reduce their fees. Considering the extent of activity of the Ethereum network, one of the main issues of this network is to increase the processing capability. Different routes and protocols have been proposed to solve this problem, one of which is Optimism.

By grouping and transferring transactions to another blockchain, this protocol reduces the load on the Ethereum network and ultimately reduces transaction fees. By using this protocol, you can execute your transactions with higher speed and lower fees through decentralized exchanges. But keep in mind that this protocol is not completely decentralized and the dominance of its developers is still one of the flaws of optimism.

• in 29 july optimism chain have the most transaction in july (271.7k transaction).
• in 27 july optimism chain have the most unique address in july (63.28 k unique address).

“0x82ac2ce43e33683c58be4cdc40975e73aa50f459“ wallet addrwss have the mostest interaction at optimism chain (17.5%).

most of (62.7%) wallet balance was less than 0.1 ETH in july.

Usually gas price was less than 0.1 but in 12 july it Increase till 0.179.

10.17 ETH used for transaction fee an july.

maximum , minimum and average transaction per block was 1.

now we have optimism transaction per Seconds, minutes and hours .

tps

tpm

tph

we have 2.96 M true transaction in july.

usually transaction success rate was bigger than 80 percent in july.

Transfer event was most popular event (38.8%).

Velodrome finance dex was most popular dex (87.6%).

Chain link dapp was most popular dapp (83.8.8%).

Hop protocol : eth bonder smart contract was most popular smart contract (64.1%).