Overview

• In this Optimism Analysis we look at the following metrics, for both failed and successful transactions in the month of July 2022.
• Our main focus in this analysis is how optimism is doing in terms of transactions health and number of users transacting as the markets get turbulent.
  • Transaction Frequency - Overtime
  • Number of Users - over time
  • Cumulative Number of Transactions vs Number of Users over time.
  • Gas Used over time $USD - Cumulative, Over time
  • Success Rate of Transactions, Over time vs cumulative
  • TPS - Max and Average.
  • Swap Metrics
    • Number of Swappers over time
    • Gas Used
    • Swap Frequency
  • ETH Deposits over time

Transaction Frequency - Overtime

• We see around 80k-100k transactions daily on Optimism.
• The highest was 260K, with 233K Successful and 38K Failed transactions.
• The frequency has an increasing trend in July 2022.

Transaction Frequency - Cumulative, Overtime

• We see around 15k-20k users daily on Optimism with recent rise upto 60K users at the end of July 2022.
• The highest was 65k users, with 63k users having Successful txns and 2k with Failed transactions.
• The daily number of unique users interacting with the platform has increased over time.
• Looking at the cumulative number of txns vs user, we have see 6.3M transactions till date since Jun 15, 2022 with 776K users.

Gas User over Time - $USD

• Optimism like other L2s is known for its very low gas fees.
• We saw there are ~100K transactions everyday and the gas fee is a mere 500 - 1000 $USD per day.
• Till date we have seen only 26k $USD in Gas fees.

Transaction Success Rate

• Till date we have seen 309K Failed vs 2.9M Passing transactions, which means we see about 9.5% of transactions failure every day.
• This number seems high, we have also seen as high as 14% failure on Jul 29, 2022.
• Optimism certainly needs to work on this failure rate.

Transactions Per Second

• While L2s are known for low fees, they are not particularly know for high TPS.
• Looking at the overall max vs average in July 2022, the overall max is ~400 Transactions per second, whereas the average has been ~12 with recently moving up to 20 transactions per second.
• The Max TPS seen was 409 on July 13, 2022.

Swap Metrics

Gas Used

• Optimism being an L2 is know for its Gas optimization, we see that for the past 90 days only ~47 ETH has been used in fee for about 1.46M Swaps.
• About 30% of the swap gas came from the last 3 days.

Swap Frequency

• Swap frequency has shot up since July 18, totalling around 50-60K swaps per day, for a cumulative of 1.4M swaps in July 2022.

Number of Swappers

• The swapper activity has seen an increase as well in the past week, with a total of 104K in July 2022, with 16K swappers on July 28-29 alone.

Conclusion

• Overall in terms of number of transactions Optimism has seen an increase in activity in July 2022, plus the Transaction Performance is increasing.
• The only thing concerning is the Transaction Failure Rate as well as the decreasing amount of ETH deposits

ETH Deposits Native vs Hop

• Highest deposit was 3K ETH deposited on Jul 29, 2022 for optimism vs .5K ETH for Hop.
• Highest number of wallets depositing were 122 wallets on July 27, 2022 for the native bridge vs 285 for Hop, totalling around 400.
• The amount of average ETH deposited in going down, while the daily amount deposited is quite consistent.