Overview

Optimism is a layer 2 scaling solution that uses Optimistic Rollups to process a large number of transactions outside the Ethereum blockchain. The project claims it can trade smart contracts five to 500 times cheaper than Ethereum layer 1. It speeds up Ethereum transactions and reduces their costs by settling them on another blockchain using advanced data compression techniques.

Optimism has its own token called OP, which are based on the volume of the token swapped over the corresponding and available exchanges. The price experimented some changes during the bear market and we will analyze it on this dashboard.

Methodology

To be able to track the evolution of the OP price and see some key findings on its performance, we will base our efforts on analyze some swappers’ metrics.

To do so, we will take into account the optimism.core.fact_hourly_token_prices table to see the price evolution. We will consider also the ETH price to see if OP is following the crypto market trends or not.

On the other hand, we will use the optimism.core.fact_event_logs table to track the swappers’ activity filtering by event_name = 'Swap' and EVENT_INPUTS:tokenIn/Out='0x4200000000000000000000000000000000000042', which refers to OP token.

In this first chart we can see the evolution of both, OP price and ETH price.

Here we can see how they follow a similar trend, saying us that the OP price seems to be stretchly correlated to the global cryptomarket trend.

As we can see, the price of OP dropped during July but recovered on August. Since then, it started to go down.

Considering the total swappers buying and selling, we can see how the trajectory is not similar to the OP price trend. In fact, if we see the correlation chart, we see that there is no significant relationship.

Looking at the swappers activity, we can see how the number of users buying and selling OP are quite similar over time. However, there are more negative than positive days in terms of net users.

If we compare the net users against the OP price, we can see how there is a strong negative correlation, and then, it is expected that the price decrease when less users interacts with the token. Otherwise, when more users interact with it, the price seems to go up.

In terms of number of swaps, here we can see as well the total amount of swaps and the amount of buys and sells and the net amounts.

If we take a look at the total number of swaps over time, we can see how the trend is quite similar to the OP price evolution. Considering the correlation chart, we can see a moderate positive correlation, saying that when the amount of swaps is high, the OP price tends to go up. Otherwise, when the number of swaps goes down, the Op price tends to drop.

In this case, the numbers are simialr for both directions, however, while during the first weeks the numbers were so close, this difference started to increase since July in favour of selling actions, being more OP sells than buys.

Comparing the net swaps with the OP price, we can see how there is again a negative correlation.

Finally, looking at the volume of OP swapped, we can see how during June more volume were swapps from OP to other tokens and then, more OP was sold. The situated was calmed during July but in mid of the month, the numbers were reverted. During those two weeks, the volume swapped to OP increased considerable and surpassed the volume of OP sold to other tokens. In first days of August the volume become negative but it seems that since mid August, the numbers are similar in both directions.

If we take a look at the evolution of the net volume and compare against the OP price, here we can see a strong positive correlation and then, we can say that the price of OP depends on the volume of OP swapped from and to. When there is more volume swapped from OP to other tokens, the OP price uses to drop, and when the OP receives more buys from other tokens, the OP price tends to increase.

Key findings

• The OP follows a similar trend in comparison to ETH price, saying us that the OP price seems to be stretchly correlated to the global cryptomarket trend.
• There is no correlation between the total active swappers and the OP price.
• The number of users buying and selling OP are quite similar over time. However, there are more negative than positive days in terms of net users.
• There is a strong negative correlation, and then, it is expected that the price decrease when less users interacts with the token. Otherwise, when more users interact with it, the price seems to go up.
• There is a moderate positive correlation between the amount of total swaps and the OP price. When the number of swaps increases, the OP price tends to go up, and on the other way around.
• Comparing the net swaps with the OP price, we can see how there is again a negative correlation.
• There is a strong positive correlation between the OP swapped volume and the OP price, and then, we can say that the price of OP depends on the volume of OP swapped from and to. When there is more volume swapped from OP to other tokens, the OP price uses to drop, and when the OP receives more buys from other tokens, the OP price tends to increase.