Try Quests to earn cryptoOptimistic Bears - User Behavior (redux)
Analyze Optimism during the month of July as markets were get turbulent, showing whatever metrics you care to unearth.
Methodology
- Find the Optimism’s active user that made at least one transaction in the last 2 months
- Analyze the user wallets’ ETH distribution
- Get the most user-common transaction
- Obtain the most popular protocols
- Find out the user’s most common section
- Analyze the user transaction activity vs. OP price
- Estimated the Optimism group of user locations
We will only utilize data since July 1, 2022 to estimate the bear market optimistically.
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 July 1, 2022) from a variety of perspectives, including user overview, most common transactions, protocols, sections, transactions per user, user activity compared to OP price, bridger activities, and predicted user location.
The chart displays the daily active addresses (made at least one transaction since 1st July 2022).
There are a total of 514k active addresses on Optimism. Interestingly, there is one peak of the new active addresses on 27 July with 43k new addresses.
What happened on 27 July - afaik, there are two big events that occurred on the 27 July
- 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.
- 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 July 1st, 2022, as well as the wallet distribution. The average ETH received by each address is about 3.27 ETH.
Intriguingly, 55 percent of Optimism’s active addresses received less than 0.01 ETH, 21.9 percent received less than 0.1 ETH, and 16.2 percent received less than 1 ETH.
However, there are 978 addresses, or around 0.2 percent of the active addresses have received more than 100 ETH since 1 July 2022.
The graphs indicate the overall activity type of each address. Transferring has the most number of users (488k) or 30 percent, followed by Deposit and Swapping, while Staking/Unstaking has the lowest (88k) or 5.5 percent.
The graphs show the top 10 protocols that communicated with Optimism users. Hop Protocol has the most addresses interacted with (22%), followed by Optimism - 15.9%, Uniswap - 14.7%, and Project Galaxy - 12.2%,.
The graphs show the section types that interacted with Optimism users. Layer2 has the most addresses interacted with (28.5%), followed by nft - 23.4%, dex - 20.3%, and cex has the least at 1.75 percent.
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.
July 2022: The left chart shows that the majority of Optimism users during July are most likely to be in the Bangkok, and Lisbon/London timezone, followed by the western part (Canada, US).
October 2022: During October, the bulk of Optimism users are most likely to be in the Lisbon/London timezone, followed by the eastern part of UTC+7 (Bangkok, Hanoi, Jakarta, Novosibirsk), as was the case in July. When compared to July, the western section has been considerably stable.
We can report that in October, the number of users in the Lisbon and Bangkok timezones increased.
Conclusion
- There have been over 510k active addresses on Optimism since July 2022.
- The 27th of July was a watershed moment for Optimism user activity.
- Approximately half of the active addresses on Optimism have received less than 0.01 ETH, while 900 addresses, or approximately 0.13 percent, have received more than 100 ETH (Whales).
- Transferring is the most common, followed by Deposit and Swapping, and Staking/Unstaking is the least common.
- Optimism, Uniswap, and Synthetix receive the most interactions, followed by Hop Protocol.
- Layer2 contains more than 28.5 percent of the addresses interacted with in terms of sections.
- Since July, Optimism users have been highly active, with roughly 100k - 200k transactions per day, or an average of 33 transactions per person.
- The majority of Optimism users are most likely to be in the Lisbon/London timezone, next the eastern part (Asia), and finally the western part (Canada, US).
- When compared to July, overall bridging volume increased in October.
- Uniswap or Hop Protocol were most likely the first protocols after bridge from Ethereum, with Optimism coming in third in both July and October.
- We can conclude that the Optimism chain looks to have a strong level of user participation and activity even during a bear market.
- Dashboard by h4wk#6690
- Twitter:
- Data from flipsidecrypto
Since July 1st, 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 100k - 200k transactions each day, or approximately 33.8 transactions per user on average.
Furthermore, the highest surge in transaction count happened on September 21st with more than 300k transaction count on that day.
The graphic on the right compares daily unique user interactions to the OP price.
Every day, there are around 10k user interactions, especially before September, and then after that, the user interactions have been increasing to approximately 20k users per day.
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.
During July 2022
During October 2022
During July 2022
During October 2022
The graphs show the top ten first destinations in the seven days following their bridge from the Ethereum Mainnet.
July 2022: Hop Protocol is the most popular destination that they first visit after bridging from Ethereum to Optimism (23.7% of the top ten destinations), followed by Uniswap (21.6%), Optimism (11.3%), and 28.9% do nothing (not doing any protocol related transactions in the destination in the 7 days periods).
October 2022: Uniswap is the most popular initial destination they visit after crossing from Ethereum to Optimism (29.1% of the top ten), followed by Hop Protocol (19.2%), Optimism (7.4%), and 29.1% do nothing (not doing any protocol related transactions in the destination in the 7 days periods).
Overall, we can say that the initial protocol after bridging from Ethereum was most likely Uniswap or Hop Protocol, with Optimism coming in third. Interestingly, July and October have nearly identical protocol activity.
During July 2022
During October 2022
The charts depict the daily USD volume on Optimism Native Bridge in terms of bridged from and to Ethereum.
July 2022: In July, around $26.7 million was transferred from Ethereum to Optimism, and $7.67 million was sent in the opposite direction. The volume crossed from Ethereum has many peaks over time, with the largest being more than $4.7m on July 29th, 2022. In comparison to the bridged-to-Ethereum traffic, the bridge-to-Ethereum volume remains quite low throughout the period.
October 2022: Around $33 million had been bridging from Ethereum to Optimism in October, and $16.7 million in vice versa. The bridged from Ethereum volume has multiple peaks during the time, with the biggest being more than $4.8m on 18th October 2022. In comparison to the bridged to Ethereum, the bridge to Ethereum volume is quite modest throughout the period.
We can say that overall bridging activity increased in October when compared to July.