Question:

What's going on with Optimism?

This is an open-ended bounty, what we call a Free Square, and it’s an opportunity for you to show us what you’ve got.

overview of essay:

In this essay, dive deep into the Flipside community data on Optimism and establish investigation based on these data.

This study divided into the two main sections:

• Analyze network performance
• Study the main sectors on Optimism from the participation aspect

In the first one, the daily count of active users, newcomers, transaction per minute (TPM), paid fee and success rate of network have been analyzed.

For the second part, the behavior of Optimism network from participation on main sectors like Dexs, Layer2, DeFi, … has been evaluated.

The appearance of Optimism data on Flipside was from June 15, 2022.

Approach:

1. Active wallets and newcomers: Users and newcomers from optimism.core.fact_transactions

2. Status analysis (success rate): STATUS, count(distinct tx_hash) from optimism.core.fact_transactions

3. Paid fee: sum(TX_FEE) as fee from optimism.core.fact_transactions

4. Transaction per minute (TPM):

   date_trunc('minute', block_timestamp) as minute, count(tx_hash) as count_txn from optimism.core.fact_transactions

5. Identify the Major sectors performance on Optimism:

   LABEL_TYPE as sectors, count(FROM_ADDRESS) as Users

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

6. Clarify the performance on each sector:

   PROJECT_NAME, count(FROM_ADDRESS) as participants,

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

   where LABEL_TYPE ='dex' or 'defi' or 'layer2' or 'nft'

Decide to make this dashboard Live by setting Refresh rate on Daily

Part 1 of results: Performance analysis on Network

Key findings 1:

As mentioned earlier, this part belongs to the performance analysis of Optimism network over time:

1. More than 3.5 million transactions have been executed by 225k unique users on Optimism so far.

2. The Optimism as L2 is known for its lower transactions fee. When using Optimism, transaction fees must still be paid in ETH. The total paid fee on this network is 10.21 ETH.

3. The average transactions per user on Optimism is about 16 transactions and the average paid fee by users is 0.000045 ETH which is very small in compariosn with paid fee on Ethereum blockchain.

4. The Daily number of active wallets (who made at least one transaction) has been increased in the first two weeks but reduced after June 27th.

5. The daily count of newcomers on Optimism has raised to high level on June 27 with 43.53k unique users and after that followed the decreasing pattern.

6. The overall success rate of Optimism network is about 92% and the daily status analysis reveals the lowest success rate was about 84% of transactions and happened on June 21th.

7. According to TPM graph of Optimism, the performance of network is acceptable and the highest TPM happened on June 22 with 1406 transactions per minute.

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Part 2 of results: Investigation on Sectors of Optimism

Key findings 2:

Now in the second part, lets look at the sectoral analysis on Optimism network.

We should notice the the participation on this essay means the number of unique users made transaction on each sector.

1. The overall application of sectors on Optimism reveals the very close applications for Layer2 and DEXs on Optimism.
2. The paid fee for each sector on Optimism shown the domination of Layer2 and DEXs with more than 85% of paid fee by these two.
3. The daily area graph related to the application of main sectors illustrates the space related to each main sector and the largest space belongs to Layer2 and DEX.
4. One of the powerful tools to evaluate the participation over time is grow rate (cumulative) analysis. According to the line graph of grow rate, the application of DEX and Layer2 sectors are more than others and the application of DEXs have been passed Layer2 in the final days..
5. From the Layer2 sector point of view, it can be seen that most of the time the highest usage belongs to HOP protocol.
6. From the results related to the detailed analysis of DEX sector, it can be seen that the Uniswap is the dominant DEX program on Optimism. Next ranks belong to Rubicon with 9% of DEX application.
7. The DeFi program with the most application on Optimism is Synthetix. After that Aave and Lyra takes the other spots.
8. The most used NFT programs on Optimism are VeNFT, Oops-lotto and Genesiskami.
9. The application of Dapp programs has dominated by Gnosis safe and Elk finance as can be seen from the related graph.

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 or 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.