User Behaviour on Optimism vs Ethereum

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    Optimism Introduction

    As a layer 2 chain, Optimism builds on top of the Ethereum Mainnet (layer 1). Optimism was developed to overcome challenges, such the gas fees that have been continuously affecting the scalibility of the Ethereum ecosystem.

    With Optimism, all transaction data is stored on-chain while processing is carried out off-chain, boosting the number of transactions processed per second and lowering transaction fees on the Ethereum network.

    This Dashboard enables viewers to examine the details of User Behaviour on Optimism vs Ethereum. Please select the Periodical and Starting_Date in the Parameters column to apply all visualisation.

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    Approach

    1. Main table Used: optimism.core.fact_transactions, ethereum.core.fact_transactions, optimism.sushi.ez_swaps, ethereum.sushi.ez_swaps
    2. All Fees and Swap volume will be calculated in USD volume, instead of ETH.
    3. Starting_Date format = YYYY/MM/DD
    4. Default Starting_Date = 2022-06-01

    Topics

    1. Transactions Analysis
    2. Sushiswap Analysis
    3. Conclusion

    Transactions Analysis

    • The metrics above show the Transaction details on Optimism vs Ethereum since June 2022.
    • As can be seen, the number of active users and transactions executed daily on Ethereum outnumber Optimism.
    • Ethereum accounts for 88.3% of the total transactions market share.
    • Furthermore, Ethereum accounts for more than 85% of the daily active user among the two platforms.
    • However, the average number of transactions executed by users on Optimism was significantly higher with more than 6 transactions on most days, whereas users on Ethereum executed around 3 transactions.
    • This is because fees on Optimism are far cheaper than Ethereum fees. Users might thereby execute transactions without having to pay a hefty fee.
    • On Optimism, the average fee per transaction is 0.16 USD, while the average fee on Ethereum is 3.46 USD. Average transaction fee on Ethereum is roughly 23 times higher than Optimism.
    • The metrics above show the Swap details on Optimism vs Ethereum since June 2022.
    • The Sushiswap analysis shows a similar trend with the Transaction analysis, with Ethereum dominated the daily number of swaps and active swappers.
    • However, the average swap executed by each active swapper per day on Optimism and Ethereum was relatively comparable at around 1 or 2 swaps executed each day.
    • In terms of daily and average swap volume, we can see that majority of the volume comes from Sushiswap on Ethereum.
    • This indicates that users who transacted with huge sums, or "whales", prefer to swap on Ethereum instead of Optimism.

    Conclusion

    1. Transaction Analysis:
      • Optimism is dramatically outnumbered by Ethereum's active users and daily transactions, with each category having more than 85% of the market share.

      • Nevertheless, users on Optimism often conducted more than 6 transactions per day on average, compared to only 3 transactions per day for users on Ethereum, which was a substantial difference.

      • This is due to Optimism’s fees being far lower than Ethereum fees. Therefore, users may execute transactions devoid of exorbitant fees.

      • Average transaction fee on Ethereum is roughly 23 times higher than Optimism.

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    2. Sushiswap Analysis:
      • On Sushiswap Ethereum, we can observe that Ethereum owning the majority of the daily volume of swaps and active swappers.
      • Moreover, daily and average swap volume on Sushiswap Ethereum was extremely higher.
      • This shows that users who traded with significant amounts of funds, or "whales", choose to swap on Ethereum rather than Optimism.
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    Sushiswap Analysis

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