Overview

• In this Free Square question we look at the following metrics, for both failed and successful transactions. Our main focus in this analysis is how optimism is doing in terms of transactions health and number of users transacting.
  • 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

Transaction Frequency - Overtime

• We see around 80k-100k transactions daily on Optimism.
• The highest was 123K, with 116K Successful and 7K Failed transactions.
• The frequency has remained consistent over time.

Transaction Frequency - Cumulative, Overtime

• We see around 15k-20k users daily on Optimism.
• The highest was 21.9k users, with 21.4k users having Successful txns and .5k 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 2M transactions till date since Jun 15, 2022 with 276K 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 400 - 700 $USD per day.
• Till date we have seen only 6.2k $USD in Gas fees.

Transaction Success Rate

• Till date we have seen 95K Failed vs 969K Passing transactions, which means we see about 9% of transactions failure every day.
• This number seems high, we have also seen as high as 15% failure on Jun 21, 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 till date, the overall max is ~400 Transactions per second, whereas the average has been ~20 Transactions per second.
• The Max TPS seen was 420 on June 22, 2022.

Swap Metrics

Gas Used

• Optimism being an L2 is know for its Gas optimization, we see that for the past 90 days only ~14 ETH has been used in fee for about 12.9M Swaps.
• About 30% of the swap fee came from the last 5 days.

Swap Frequency

• Swap frequency has shot up since July 18, totalling around 50-60K swaps per day, for a cumulative of 1.3M swaps in the past 90 days.

Number of Swappers

• The swapper activity has seen an increase as well in the past week, with a total of 5.2K unique swappers on July 15 alone.

Conclusion

• Overall in terms of number of transactions Optimism has seen a decline in activity, however we do see the swap activity going up for Optimism in the past week.
• The rise in activity might be related to the rising ETH price and markets becoming active again, however we are early and there is not much to conclude.