Question:

Are you optimistic or pessimistic about the future of the layer-2 chain known as Optimism? How do you think it will fare going forward compared to other L2s?

Make your case with Flipside data. Include at least three visualizations in your submission, and note any particularly interesting trend our outliers you see.

Overview of analysis:

This analysis has been investigated the pattern of Optimism network as Layer2 chain according to the various metrics and estimate the future of this network by comparing it to other L2 network.

The metrics used to handle this analysis are:

• The general stats
  • Transaction count and grow rate
  • Active wallets
  • TPM
  • Success rate
• The sectoral analysis of Optimism
• Dive deep into the NFT ecosystem on Optimism

About Optimism:

Due to the high density of transactions in the Ethereum network, second layer technologies have come to the aid of this network to reduce the transaction time and also the transaction sending fee in this popular network. Optimistic is one of the Ethereum layer two solutions that uses Rollup technology to provide its security from the Ethereum network, but it will reduce the transaction cost in the Ethereum network by 100 times.

Optimistic is one of the most famous second layer solutions of Ethereum, which is provided with the aim of making Ethereum more scalable. This second layer solution increases the speed of transactions in the Ethereum network and significantly reduces the cost of transactions. In this solution, Ethereum network transactions are processed in the second layer and only the information of that transaction will be stored on the main Ethereum network. As a result, the security of this solution is provided by the Ethereum main network, which increases the reliability of this method. Various ideas have been introduced to provide Ethereum layer two solution, among which, solutions that use rollup technology, whether ZK rollup idea or optimistic rollup idea, have higher security and efficiency compared to competitors.

This solution uses a smart contract. In order to use this layer two solution, people must first transfer their digital assets from layer one, the Ethereum network, to layer two, the Optimism network. This transfer is done by smart contract.

The main advantage of using Ethereum second layer solutions is that you can pay much lower fees while using programs and platforms launched on the Ethereum network.

Methodology:

The Flipside date has been utilized to execute this analysis. The roadmap of this analysis has the following steps:

• Transactions and active wallets → network.core.fact_transactions

• Newcomers to network

• Success rate of transactions

• The speed on Network→ Transaction per minute

• Sectoral analysis →

  from optimism.core.fact_transactions x join optimism.core.dim_labels y on x.TO_ADDRESS= y.address

• NFT projects on Optimism→ Add time of projects to ecosystem

• Application of Optimism NFT ecosystem→ Grow rate (cumulative) analysis

• Time period→ Define by user but set to past 90 days

Part 1: General stats

Findings:

The comparison among Optimism, Avalanche and Arbitrum chains has been done in this part:

• The cumulative charts reveals the breakpoint for Optimism network active wallets and transactions right after September 20.
• The daily transaction per user for Optimism is more than other two most of the times and it can be said that users interacted more in single day rather than other L2 chains.
• The newcomers on Optimism network shown the promising trends on special dates of the past 90 days.
• From the TPM aspect, the Optimism network stands in the second rank after Arbitrum network.
• The success rate of transactions on Optimism network has acceptable values over the past 90 days.

Part 2: Sectoral analysis

Findings:

Detail analysis on provided here:

It should noted that the provided insight are for the past 90 days but you can find the other results by setting the time period of dashboard.

• As said earlier, the DeFi programs of Optimism network has greater application than other two networks.
• The competition on DEXs are very close together on various chains. After September 20, the DEXs application on Optimism was more than other two chains.
• The cumulative and daily charts related to the application of Layer2 sector (bridge) on Optimism has promising movement over time and has been passed the Arbitrum network in the final days of the analysis.

The combination of outcomes related to the application of most used sectors on various L2 chains demonstrated the increasing trend on Optimism network specially in the past month.

Part 3: NFT ecosystem on Optimism

Author:

Credited by MZG

Discord handle: m.zamani#0361

Twitter handle: @GargariZamani

Findings:

One of the important and special sectors of each chain is NFT ecosystem.

In this part, the dive deep on NFT ecosystem of Optimism has been done and the following outcomes have been drawn:

• First of all lets look at the NFT projects added to the Optimism over time. The tremendous count of NFT projects have been added on September 1st, 2022 with 109 unique projects.
• The grow rate of NFT sales and distinct purchasers on Optimism shown the promising movement and increasing trend on NFT ecosystem of Optimism.
• The volume of sale in ETH verified the rising movement of NFT sale on Optimism in the past 3 months.

Useful links:

• Layer 2 networks
• Optimism chain
• Projects on Optimism

Findings:

The outcomes of this analysis have been collected and the movement of Optimism has been shaped in my opinion as below:

• Because of the rising application of DeFi programs and NFTs on Optimism, the future of Optimism can be considered as OPtimitic and dominated the L2s on Ethereum network. 
• Layer2 chains are considered as solution to make transactions cheap and fast. The future of Layer 2 chains are bright.

Findings:

• The most used sectors on Optimism are DeFi, Dex, Layer2 and NFT sectors, respectively.
• After September 19, the trend of application of sectors like Dex and Layer2 increased.
• The competition of most used sectors are among Optimism and Arbitrum but the domination of DeFi programs on Optimism can be seen obviously.