User Behavior (redux)

    How is user behavior different on Optimism compared to L1?

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    Introduction

    Optimism

    Optimism is a Layer 2 scaling solution for Ethereum that can support all of Ethereum’s Dapps. Instead of running all computation and data on the Ethereum network, Optimism puts all transaction data on-chain and runs computation off-chain, increasing Ethereum’s transactions per second and decreasing transaction fees. Tests have shown a 143x decrease in transaction fees on Synthetix Exchange and up to a 100x decrease on Uniswap. Since transaction data still stays on the Ethereum network, this scaling solution does not sacrifice Ethereum’s decentralisation or security for scalability. 

    DEX

    A decentralized exchange (DEX) is a peer-to-peer marketplace where users can trade cryptocurrencies in a non-custodial manner without the need for an intermediary to facilitate the transfer and custody of funds. DEXs substitute intermediaries—traditionally, banks, brokers, payment processors, or other institutions—with blockchain-based smart contracts that facilitate the exchange of assets. 

    SushiSwap

    SushiSwap is a software running on Ethereum that seeks to incentivize a network of users to operate a platform where users can buy and sell crypto assets. 

    Methodology

    Here we are going to have some analysis on two blockchains in SushiSwap DEX. I analyzed the data collected by the Flipside Crypto website itself. timespan for this analysis is from '2022/05/12’ till current time. The databases that are used are:

    • ethereum.core.fact_hourly_token_prices : Getting the price of ETH
    • optimism.core.fact_transactions : Getting the fee on Optimism blockchain
    • ethereum.core.fact_transactions : Getting the fee on Ethereum blockchain
    • optimism.sushi.ez_swaps and ethereum.sushi.ez_swaps : Our main database

    The number of transactions, users, amount of fees, input and output amounts, have been deeply investigated on two blockchains, Ethereum and Optimism. Finally, the top ten pools and users are obtained.

    As you can see, it is obvious that the number of transactions on the Optimism network is much less compared to Ethereum. At first, optimism gets a very strong jump and in early June it reaches its highest value till today. It goes through an overall upward trend, which is contrary to the Ethereum network, which is either decreasing or almost constant.

    So it can almost be said that it has grown well.

    The number of users of Ethereum is much higher compared to Optimism, but in terms of the speed of user acquisition, it can be seen that Optimism is on a good path. As you can see, there was a big jump on June 1, when the number of users reached 415 people.

    As can be seen from the graph, the sum of the in amounts per day in Ethereum is significantly higher than the optimism. From the beginning to the middle of July, its value is decreasing and then increases relatively. The peak value of the input is when it reaches 531 thousand. Recently, it can be seen that there has been an acceptable growth.

    On average, the output and net flow values are increasing and behave almost the same as the input values.

    Net flow for Optimism is higher than for Ethereum.

    It has been mostly negative for Ethereum and it has been negative and positive for Optimism.

    The average daily fee is much lower for Optimism than Ethereum, and this is a big advantage. As it is clear from the chart, the fee of Ethereum has a relative downward trend. This is due to the drop in transactions. From the middle of June to the middle of July, it can be seen that the average daily fee of Optimism has faced a significant decrease and fluctuation.

    Conclusions

    • The biggest advantage of Ethereum Optimism to layer 1 is accessibility. By reducing transaction fees,, and energy efficiency. Ethereum Optimism is a solution that makes Ethereum more accessible to all.
    • As it seems from charts and data Optimism Ethereum is slowly getting popular and we can imagine a good future for it.
    • WETH-USDC pool in Optimism blockchain includes 50% of all transactions.
    • WETH-OP pool includes more than half of all amounts.
    • Users are increasing from middle of the September.
    • Layer 2 compared with layer 1 is in progress level of gaining users.

    The top 10 transactions in pools for Optimism shows that the most transactions occurred in WETH-USDC pool, which includes 50% of all transactions. In Ethereum, we can see that the most transactions occurred in a USDC-WETH SLP pool, which includes 25.5% of the total.

    The top 10 charts in pools for Optimism shows that the most values circulate in WETH-OP pool, which always includes more than half of all amounts. In Ethereum, we can see that the most values circulate in a USDC-WETH SLP pool.

    Top 10 Users

    At the bottom of the top 10 wallets, which had the most transactions, in amount and out amount, and net flow in the Ethereum and Optimism blockchains, it can be easily seen from the charts.

    Author: Alireza Sam

    Email: alirezasam1998@gmail.com