User Behavior (redux)

    Introduction

    • Optimism is a layer-two blockchain for Ethereum using optimistic rollups as scaling technology and one of Ethereum’s biggest scaling solutions. Optimistic rollups outsource the execution of transactions to a L2 solution like Optimism. The transactions on Optimism are rolled up into batches that get relayed to the Ethereum mainnet, which only records the new chain state. Since their validity is assumed, the rollups are called optimistic.

    • SushiSwap is a decentralized exchange (DEX) in which users can exchange between different virtual currencies. SushiSwap is actually a software running that seeks to incentivize a network of users to operate a platform where users can buy and sell crypto assets.

    The Method

    • We will create a comparison between swaps and transactions on ETH mainnet vs Optimism, looking for things like daily swap volume, daily active users, and average volume swapped (for sushiswap). We will also find id L2 is actually far cheaper and by how much. We will also look at what are the average fees for a swap on Optimism compared to ETH Mainnet.
    • This dashboard examines the behavior of swapping users on Optimism, and contrasts it with swappers' behavior on mainnet Ethereum. It concludes with looking at fees on the two blockchains side by side, which can be one of the main drivers of user behavior and can help explain some of its trends.
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    In the graphs above, we can see the amount of fee paid in these two chains :

    • Since the launch of the Optimizm network, with more traffic, the average fee paid has also increased slightly.

    • The fees on Optimism & Ethereum mainnet have a difference of more than 10000 times! That implies fees on Optimism are 10000 times cheaper.

    • From July until today,The average paid fees in Ethereum mainnet is 0.0056 ETH and in Optimism is almost 192µ ETH.

    Distribiution of swaps size on sushiswap - since july

    Top 5 swapped from/to assets based on number of swaps/volume of swaps on sushiswap - since july

    Optimism

    Ethereum

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    Conclusion

    • In this dashboard, we compared SushiSwap on Ethereum and Optimism chains.
    • The main purpose of this dashboard is to conclude whether Optimism as a Layer 2 has succeeded in solving the Ethereum network's high fee problem or not.
    • As you can see, the number of swaps, the number of swappers, the volume of swaps in Ethereum is much more than optimism.
    • Since the launch of the Optimizm network, with more traffic, the average fee paid has also increased slightly.
    • The fees on Optimism & Ethereum mainnet have a difference of more than 10000 times! That implies fees on Optimism are 10000 times cheaper.
    • The low fee in Optimism has a direct effect on the size of swaps, so that in Optimism, 50% of swaps are less than $10, and in Ethereum, most swaps are between $1,000 and $10,000.
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    In this part, we see the number of swaps on SushiSwap on these two chains. As you can see, the number of Ethereum mainnet swaps is much more than the number of Optimism swaps.

    From the beginning of July, the number of swaps in Ethereum mainnet is 6619 and in Optimism is 164

    Number of swaps / volume of swaps / Amount of FEEs paid / active users on sushiswap - since july

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    Optimism

    Ethereum

    VS

    In this part, we see the distribition of swap size in SushiSwap in these two chains.

    • Sushiswap on optimism :

    • Almost 50% of swaps are related to swaps with a size of less than $10.

    • The number of transactions with a size of less than $10 has increased significantly in recent months

    • Sushiswap on ethereum mainnet:

    • About %38 of the swaps have a size between $1000 and $10000 and only 4.5% of swaps have a size of less than $10 .

    • You can clearly see the effect of the fee on the swaps size.

      In Ethereum mainnet , it is not economical to do swaps with a size of less than $10 , and users use cex or layer2 to do these swaps.

    The number of swappers, like the number of swaps, is much higher in Ethereum mainnet.

    The number of swappers is also much more like the number of swaps in Ethereum mainnet. From July to today, Ethereum mainnet has about 187k swappers and Optimism has about 4.5k swappers.

    In terms of USD volume of swaps, Ethereum mainnet has a much higher volume. Although the volume of Optimism swaps has been increasing in the last few months, the overall volume is much smaller compared to Ethereum mainnet.