Try Quests to earn cryptoOptimism User Behavior
📜 Introduction
In this dashboard we are going to take a look at user behaviors on Optimism and Ethereum, then compare them.
- At first we will do a temporal analysis on network information and compare them, finally look for correlations.
- Then we will take a look at user transaction and their distribution, as well as their most active hours.
- Finally we will analyze Sushiswap on both Optimism and Ethereum blockchains.
🤔 Approach
Data Source and Tables
To conduct our study, we are using blockchain data provided by Flipside Crypto. From their datasets, following schemas are related to Optimism and Ethereum,
ethereum.core and optimism.core as well as ethereum.sushi and optimism.sushi, which are related to Sushiswap, from these schemas we are going to use following tables :
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fact_transactions -
ez_swaps\
Methodology & Definitions
We are using several aggregate functions to extract required information.
There are charts that are named Ratio Over Time, These charts depict the difference between Optimism and Ethereum for an specific criteria such as volume, for example if in a specific moment a volume ratio over time chart shows number 300, it means Ethereum chain has 300% more volume than Optimism on that specific moment.
To obtain the correlation between A and B, we use the aggregation function corr(A, B).
corr(A, B) gives a result between 1 to -1:
- 1 indicates a strong positive relationship.
- -1 indicates a strong negative relationship.
- 0 indicates no relationship at all.
Study Period
We are conducting our study using data available since Nov 2021. Sushiswap is activated on Optimism since May 2022, we are using the same date for Sushiswap data on Ethereum.
💱 Sushiswap Analysis
Temporal Analysis
The following charts depict the weekly swap volume in USD and swap count on Ethereum and Optimism, the charts next to them show the ratio over time, the definition of these charts are presented on the Approach section.
- The volume traded for Ethereum has been decreasing, in Optimism the average volume has not changed much over time. The volume ratio chart depicts that Ethereum had more than ==100,000,000%== more volume in June and July, and has always been higher than 10,000%, this number has fallen to less than ==10,000,000%== in past few days.
- Swap count over time shows the same pattern as volume. The swap count ratio chart depicts that Ethereum had more than ==1,000,000%== more swap in June and July, this number has fallen to less than ==100,000%== in past few days.
The Optimism’s swapping activity, at least on Sushiswap is way behind Ethereum’s.
User Distribution by Fees Spent
The following charts depict the distribution of total amount of fees paid by users on each chain.
It can be seen that:
- 65% of optimism users have paid less than 0.001 ETH, while 31% of Ethereum users have paid same amount.
- Almost Half of Ethereum users have paid between 0.001 and 0.01 ETH.
📊 User Onchain Activity
User Distribution by Transaction Count
The following chart depicts the distribution of number of transactions done by users of each chain.
It can be seen that:
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Almost 50% of Ethereum users have done only a single transaction, while only 30% of Optimism users are satisfied with one transaction.
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More than 41% of Optimism users have done more than 5 transactions, while only 35% of Ethereum users have done more than 5 transactions.
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Probably because Optimism transactions are significantly cheaper than Ethereum, more users are interested in doing more transactions.
⌛ Active Hours
The following charts depict the most active hours on each week day on each network.
It can be seen that:
- Optimism users are active between 07:00 and 15:00, while Ethereum users are most active between 07:00 and 15:00 and during 03:00.
- On weekends both chain experience a massive drop in daily activities.
📈 Temporal Analysis
The following charts depict the weekly user count, transaction count and fees spent on Ethereum and Optimism, the charts next to them show the ratio over time, the definition of these charts are presented on the Approach section.
- By looking at the User Count charts, it can be seen that in average Ethereum unique user count has hover around 2M, while Optimism user count has started growing since April. On 25 July both chain experienced an increase in unique user count. The user count ratio chart depicts that Ethereum had ==10,000%== more users in early 2022, this number has fallen to around ==1500%== in past few days.
- The Transaction Count chart depicts same results, Ethereum has been stable during our study period, and Optimism has experienced an increase in tx count. The transaction count ratio chart depicts that Ethereum had around ==3,000%== more transactions in early 2022, this number has fallen to around ==500%== in past few days.
- Fees have experienced an decrease on both chains. Ethereum fees are ==significantly higher== than Optimism’s. currently Optimism fees are around ==10000%== less than Ethereum fees.
Over time, the number of unique users and the number of transactions of Optimism have increased, closing the gap with Ethereum. The amount of fees paid is significantly lower on Optimism, its is related to fees on Ethereum.
👤 User Analysis
The following charts depict the number of new users that onboarded on each chain, as well as the cumulative number of new users.
It can be seen that:
- On average, on each day almost 100k new user start using Ethereum, the numbers are steady during study period.
- Optimism on the other hand have experienced moments, such as June 1st (the airdrop day) or June 26 and Jul 27, that lots of new users onboard.
Correlations
The following numbers show the correlation of unique user count, number of transactions and fees between Ethereum and Optimism.
It can be seen that:
- There are no correlation between unique user count on these chains, as the number is close to 0.
- There is a negligible negative correlation between transaction count on two chains.
Fees on the other hand show relatively strong correlation.
Swappers Distribution
The following charts present the distribution of swappers on each blockchain based on the amount they have swapped and the number of swappes they have done.
It can be seen that:
- 26% of Optimism users have swapped less than 10$ in total, while less than 5% of Ethereum user have swapped this amount.
- While more than 19% of users on Ethereum have swapped more than $10,000, less than 1% of Optimism users have swapped more than $10,000.
Almost half of Ethereum users have traded more than $1,000, compared to less than 3% of Optimism users.
More than half of Ethereum users have swapped only once, and 65% of Optimism traders have swapped once.
🔎 Summary
The results of our study can be summarized as following:
- Over time, the number of unique users and the number of transactions of Optimism have increased, closing the gap with Ethereum. The amount of fees paid is significantly lower on Optimism, yet its is related to fees on Ethereum.
- There is a relatively strong correlation between fees on Ethereum and Optimism.
- More users in a more steady manner onboard Ethereum on daily basis.
- On weekends both chain experience a massive drop in daily activities.
- Probably because Optimism transactions are significantly cheaper than Ethereum, more users are interested in doing more transactions.
- The Optimism’s swapping activity, at least on Sushiswap is way behind Ethereum’s.
- Almost half of Ethereum users have traded more than $1,000, compared to less than 3% of Optimism users.
- More than half of Ethereum users have swapped only once, and 65% of Optimism traders have swapped once.
