Block Speed

• May having a higher average block time consumed as compared with the following months.
• The average block speed on early July took a little longer, around 1.2 to 1.58 secs.
• However, in late July 2022, the BPS has significant reduction in time consuming to around 0.3 and 0.8 secs.
• 🔝 BPS has taken over 440 secs
• Min BPS has always less than 1 secs.

Transaction Speed

• There is always 1 transaction per block made on Optimism.

• Hence, there is no variance between min and max transaction count per block.

• The block performance has not affected by the

  🐻 market at all.

New Joiners & Transactions Status

Optimism L2

Optimism is built according to a strong design philosophy that stands on four main pillars: simplicity, pragmatism, sustainability, and, of course, optimism. It's important to understand these pillars as they heavily influence the design of Optimism as a whole.

Simplicity

Optimism is designed to be as simple as possible for the feature set it provides. Ideally, Optimism should be composed of the minimum number of moving parts required for a secure, scalable, and flexible L2 system. This simplicity gives Optimism's design a number of significant advantages over other more complex L2 constructions.

Pragmatism

For all its idealism, the design process behind Optimism is ultimately driven by pragmatism. The core Optimism team has real-world constraints, the projects that build on Optimism have real-world needs, and the users that engage with Optimism have real-world problems. Optimism's design philosophy prioritizes user and developer needs over theoretical perfection. Sometimes the best solution isn't the prettiest one.

Sustainability

Sustainability actively influences Optimism's protocol design in ways that go hand-in-hand with our philosophy of simplicity. The more complex a codebase, the more difficult it is for people outside of the core development team to actively contribute. By keeping our codebase simple we're able to build a bigger community of contributors who can help maintain the protocol long-term.

Optimism

Although Optimism looks like a standalone blockchain, it's ultimately designed as an extension to Ethereum. We keep this in mind whenever we're creating new features or trying to simplify existing ones. Optimism is as close to Ethereum as possible not only for pragmatic reasons, but because Optimism exists so that Ethereum can succeed. We hope that you can see the influence of this philosophy when looking at Optimism's design.

Source : Optimism docs

Optimism bridge

User Behavior

Optimism Network Performance 🏃

New wallets on Optimism

New Users

• In the monthly charts, we can see that BEAR market still attract new users to Optimism network.

• Before the FEAR or FUD happened in May, there is only a little of new users joining Optimism. However, there are increasing new wallets since April to June.

• In fact JUNE has the most new users joining Optimism. It is behaving like when market is performing bad. More users inflow to Optimism network.

• 🏆 JUNE : 219k;

  🥈 OCT: 117k;

  🥉 JULY: 96k

• After the peak on June 2022, there is indeed a slow down in new users growth. But obviously BEAR market has not stop Optimism in user growth.

Is there any relationship on OP token price with the new users to Optimism L2?

• An obvious cool down started from July for new wallets. Even though the OP token price around the same level as in June 2022.
• However, a surge in the number of new wallets to Optimism will likely cause the rise of OP token price in a lag factor.
• Example : there is a surge in the amount of new wallets to Optimism on JULY 27 2022, then we can see the same magnitude of rise in OP token price in JULY 30 2022 with a lagging factor of 3 days.
• The OP token price have close correlation with the new users coming to Optimism.

Existing vs new users

• ==July 2022 has more existing users== than new users on daily.
• While ==JUNE having more new users== in Optimism chain on daily.

Success vs Fail Rate

• Fail rate is almost the same over the time.
• Only a little increase at the end of month of JULY 2022 due to a surge in the transaction amount.

Transactions performed monthly

• JULY 2022 has the most transactions performed but it has the full data for the month.

• JUNE 2022 comes second with only 15 days data. I presume the JUNE monthly transactions is larger than JULY given full month data.

  \

User transaction behavior

Above showing the users monthly transaction types distribution and also the token choice over the months.

Tx types

• There is an increase of transfer and swap transaction types in JULY 2022 as compared with JUNE 2022.

• While Deposit has decrease in month of July 2022.

• 🥇 USDC has the most volume among all types of transactions on Optimism.

• During month of BEAR, less deposits, mint but more swap and transfer occurred on Optimism chain.

  \

Bridging on Optimism

All charts above showing the bridge condition on Optimism with other chain through native bridge only.

• Surprisingly, in the month of market 🧸 , more inflow volume happened on Optimism compared to other month.
• Meanwhile the outflow from Optimism has decreased on JULY 2022.
• Most of the days are having more inflow volume to Optimism than the outflow volume.
• The net outflow volume occurs at the rate of 5 days apart.
• ==Every== 5️⃣ ==days, there will be a surge in outflow from Optimism to other chains.==

Bridge Token

USDC is the most popular token on Optimism. Not only among transactions, but also in bridge activity, the inflow/outflow volume for USDC is champion as well.

🏆🏆🏆

Conclusion

• From the data shown, BEAR market has brought more benefits to Optimism chain.
• In most of the aspect evaluated, new users, block performance, DeFi, NFTs, Optimism chain is registering a net growth.
• However, this can be said that Optimism chain has not reach large marketcap.
• Hence, there is still plenty of room to expand.
• When the marketcap or the chain has developed progressively to a larger size, it will definitely being influnce by macro.

Appendix

Author : Discord 𝐑α𝔪αʰαʳ#4167

Data source : flipside crypto

Date of analysis : November 2022

Methodology

In this dashboard, we have evaluate several aspects on Optimism to view the performance in BEAR market : picking since May 2022 when TERRA collapse and FED Reserve Quantitative Tapering.

Topics covered :

• Optimism Block performance
• New Users & Existing Users
• User Behavior
• Optimism Bridge
• Category Involvement
• DeFi
• NFT

There are several tables used to obtain data for analysis. I would not include all the tables but majority data are from ethereum.core.ez_eth_transfers, ethereum.core.ez_token_transfers, optimism.core.fact_transactions , optimism.core.fact_event_logs , optimism.core.fact_hourly_token_prices and etc. Besides I have added identify the native bridge address for Optimism :

 eth_to_address = lower('0x99c9fc46f92e8a1c0dec1b1747d010903e884be1')

All the charts below will be showing in respective daily or monthly timeframe for the performance in each aspects or sector in Optimism network. I will scope down from a major topic to a smaller topic. A top down flow. At the end I have chosen NFT and DeFi to view on Optimism network during BEAR market. Why chosen May as the starting month of BEAR market? Because a top blockchain ecosystem was fallen at the month of May 2022, kicks started a series of Exchanges collapsed and a lot of fear in crypto market. Besides, as the Federal Reserve started the quantitative tapering, it is speculate to have dragged the global economy into BEAR market with the fear of USA is going to be in recession for the up coming months.

DeFi

Findings

In general, the trend in DeFi is growing despite BEAR market.

Synthetix and perpetual protocol has covered majority of the market share in Optimism network.

However, lately Aave has grabbing the market share from both major DeFi protocols.

While in terms of user count metrics, it shows a different view.

Pika protocol . lyra, stargate finance are some of the DeFi protocols that having large amount of users .

In fact, those DeFi protocol are growing fast in terms of user. Even though the transactions made on the protocol are lesser.

Perpetual and synthetix having a dilution in terms of user and transaction in Optimism DeFi market share in late months.

Still there are tones of DeFi protocols that are having tiny little amount of coverage from the user.

While some of the protocols actually only having the participation of users in certain days only. I would say there are a lots of DeFi protocols out there in Optimism but majority of them are not doing good.

It can be justify as the user are not increasing and the transactions made on the protocols are not growing as well.

NFTs

NFTs

Most of the NFT buyers are involving in low purchasing frequency and low transaction size.

While majority of the NFT purchasers are only buying once.

We can also see that the majority of the transaction size are below 0.01 ETH.

In daily timeline smaller transaction size are majority.

I would say NFT sales cycle are periodic, disregard the BEAR market.

The NFT sales are surging for 1 month then slow don the subsequent month. After that, the NFT sales rising again. It seems to have a consistent cycle.

This might due to the NFT launch on Optimism network. Hence, NFT is more driven by the development itself than the macro market.

From my opinion, this can be happen when the NFT market on Optimism still small. With a gradual growth, Optimism will face the influence of macro market eventually.

Categories

• 🏆 DeFi

  🥈 DEX

  🥉 Layer2

DeFi has the most interaction from the Optimism users during bear market. In fact the growth jumped one month after the Terra chain collapsed. Since then there is a constant growth for the DeFi users and transactions on Optimism network.

Is there any category following the trend seen in DeFi?

Yes ,there is still DEX and layer2 which following closely for the trend.

Meanwhile NFT is catching up lately since early August 2022.

By observing the user growth and transactions. Optimism network is definitely performing well. In terms of the major sector in NFT, DeFi, DEX and Layer2(bridge).

Categories