Methodology

1. Find the Optimism’s active user that made at least one transaction in the last 2 months
2. Analyze the user wallets’ ETH distribution
3. Get the most user-common transaction
4. Obtain the most popular protocols
5. Find out the user’s most common section
6. Analyze the user transaction activity vs. OP price
7. Estimated the Optimism group of user locations

Introduction

Optimism is a Layer 2 scaling solution for Ethereum that can support all of Ethereum’s Dapps. Instead of running all computation and data on the Ethereum network, Optimism puts all transaction data on-chain and runs computation off-chain, increasing Ethereum’s transactions per second and decreasing transaction fees. Tests have shown a 143x decrease in transaction fees on Synthetix Exchange and up to a 100x decrease on Uniswap. Since transaction data still stays on the Ethereum network, this scaling solution does not sacrifice Ethereum’s decentralization or security for scalability. - (ZEROCAP)

In this study, we will examine Optimism's User Behavior (particularly beginning on June 15, 2022) from a variety of perspectives, including user overview, most common transactions, protocols, sections, transactions per user, user activity compared to OP price, and predicted user location.

The chart displays the daily active addresses (made at least one transaction since 15th June 2022).

There are a total of 317k active addresses on Optimism. Interestingly, there are 2 peaks of the new active addresses, the first one is on 27 June with 38.4k new addresses, and another peak is on 27 July with 34.4k.

What happened on 27 July - afaik, there are two big events that occurred on the 27 July

1. According to Quixotic’s tweet on July 27, Quixotic has joined Optimism's new onboarding flow which is a step-by-step introduction to a new user, which allows new users to mint 1 of 5 NFTs from Quixotic’s Optimistic Explorer collection.
2. TrueFi Free NFT Drop: TrueFi is dropping a free Optimism NFT in celebration of our launch on Optimism Network, with the support of Project Galaxy

The graphics show the Optimism users’ average ETH received per address since 15 June 2022, as well as the wallets distribution.

Intriguingly, almost 50 percent of the Optimism’s active addresses received less than 0.01 ETH, 24.6 percent received less than 0.1 ETH, and 20.3 percent received less than 1 ETH.

However, there are 336 addresses, or around 0.13 percent of the active addresses have received more than 100 ETH since 15 June 2022.

Perspective (1): User Behavior Overview

Perspective (2): Common Transactions

The graphs indicate the overall activity type of each address. Transferring has the most number of users (298k), followed by Deposit and Swapping, while Staking/Unstaking has the lowest (17k).

The graphs show the top 10 protocols that communicated with Optimism users. Hop Protocol has the most addresses interacted with (47.8%), followed by Optimism - 22.3%, Uniswap - 15.8%, and Synthetix - 6.77%,.

The graphs show the section types that interacted with Optimism users. Layer2 has the most addresses interacted with (63.8%), followed by dex - 18%, defi - 9.1%, and dApp has the least at 0.8 percent.

Perspective (3): User’s Transaction Count

Perspective (4): User’s Estimated Location

Lastly, in this section we will find the estimated Optimism users’ location.

Inspired by Pinehearst#1947’s dashboard for finding the Solana estimated user location by timezone study, using the same method, I’ve revamped the query to find the Optimism estimated user’s location.

The left chart shows that the majority of Optimism users since 15 June are most likely to be in the Lisbon/London timezone, followed by the eastern part UTC+7 (Bangkok, Hanoi, Jakarta, Novosibirsk), and then the western part (Canada, US).

Conclusion

• Since June 15th, 2022, there have been 317k active addresses on Optimism.
• The 27th of July was a critical day for Optimism user activity.
• Since June 15th, about half of the Optimism's active addresses have received less than 0.01 ETH, whereas 336 addresses, or approximately 0.13 percent, have received more than 100 ETH (Whales).
• Transferring is the most popular, followed by Deposit and Swapping, while Staking/Unstaking is the least popular.
• Hop Protocol receives the most interactions, followed by Optimism, Uniswap, and Synthetix.
• In terms of sections, Layer2 contains more than 63 percent of the addresses interacted with.
• Optimism users are quite active on a regular basis, with around 50k - 100k transactions per day, or an average of 15.6 transactions per user.
• Since June 15, the bulk of Optimism users are most likely to be in the Lisbon/London timezone, followed by the eastern part (Asia), and finally the western part (Canada, US).
• We may conclude that, even during a bear market, the Optimism chain appears to have a high level of user participation and activity.

• Dashboard by h4wk#6690
• Twitter:
• Data from flipsidecrypto

Since June 15th, 2022, the graph depicts the daily transaction count on Optimism as well as the average transaction per user.

We may deduce that they are highly active on a daily basis, with approximately 50k - 100k transactions each day, or approximately 15.6 transactions per user on average.

Furthermore, the highest surges in transaction count happened on July 27th, which could be attributed to Quixotic's tweet and TrueFI, as described in the previous section.

The graphic on the right compares daily unique user interactions to the OP price.

Every day, there are around 7k - 10k user interactions.

The most noticeable changes occurred on July 27th, when the number of users surpassed 60k, and the OP price climbed from $0.7 to $1.9 the next week, both of which could be attributable to the events outlined above.