Date: 2022-10-27

This analysis is focused on users behavior on Optimism compared to L1 on Sushiswap DEX.

All data is from the beginning of 2022 until now.

Quick introduction

What Is layer-2?

Layer 2 refers to a set of off-chain solutions (separate blockchains) built on top of layer 1s that reduce bottlenecks with scaling and data. Think of it like a restaurant kitchen – if every order had to be made by a single person from beginning to end before the order was confirmed and delivered, it would be a very slow process that could only fulfill a few orders an hour. But layer 2s are like prep stations – there’s a station for cleaning and cutting food, a station for cooking, a station that assembles the dishes – that is able to focus and do each task much more efficiently. When the time is right, a final person can match each assembled dish to the order and confirm it before it is sent to the final destination (the customer). \n

What Is Optimism?

Optimism is a mental attitude characterized by hope and confidence in success and a positive future. Optimists are those who expect good things to happen, where pessimists instead predict unfavorable outcomes. Optimistic attitudes are linked to a number of benefits, including better coping skills, lower stress levels, better physical health, and higher persistence when pursuing goals.1

Optimists tend to view hardships as learning experiences or temporary setbacks. Even the most miserable day holds the promise for them that "tomorrow will probably be better."

If you always see the brighter side of things, you may feel that you experience more positive events in your life than others, find yourself less stressed, and even enjoy greater health benefits.

What Is SushiSwap?

SushiSwap is a decentralized exchange (DEX) equipped with its own custom automated market maker (AMM) smart contracts. Created by Chef Nomi, SushiSwap runs on the Ethereum blockchain.

Decentralized exchanges offer a space for peer-to-peer transactions of cryptocurrencies to take place securely without the need for an intermediary, and being equipped with its own AMM means that a pricing algorithm is used to price assets instead of using an order book like traditional exchanges.

SushiSwap is a community-run DeFi project that aims to better align incentives for network participants through revenue-sharing and community-driven network effects.

Methods

In this dashboard, I first made an overview between Optimism and Ethereum and calculated user activities and transaction volumes. I also displayed the changes of 2 blockchains on a daily basis.

Next, I investigated the activities of users in Sushiswap:sushi: on Optimism and compared it with Sushiswap on ETH Mainnet, which is an L1. I chose complete metrics for the comparison, which you will see in the following dashboard, and I displayed all the trends over time on a :calendar:daily/weekly/monthly chart.

📝 Note that in this dashboard, all volumes and fees are in USD.

Also, for a proper comparison between the 2 blockchains, the date of activities from the beginning of 2022 to now is considered. DATE_TRUNC('DAY', block_timestamp) >= '2022-01-01' and finally, I should mention that only successful transactions are calculated. (status = 'SUCCESS')

↘️ The following code is used to calculate the price of Ethereum in :heavy_dollar_sign:USD:

select
    date_trunc('day', hour) as date,
    avg (price) as price
from
    ethereum.core.fact_hourly_token_prices
where
    symbol = 'WETH'
group by
    1

🔢 Tables used in this dashboard:

> :one: optimism.core.fact_transactions > > :two: ethereum.core.fact_transactions > > :three: ethereum.sushi.ez_swaps > > :four: optimism.sushi.ez_swaps > > :five: ethereum.core.fact_hourly_token_prices

:red_circle::black_circle:Overview of the 2 Optimism and Ethereum blockchains

Conclusion

• By analyzing the data and charts of this dashboard, I concluded that since the beginning of 2022, about 325M transactions have been made in Ethereum by 36M users but on the other hand, in Optimism 27M transactions were made by 775K unique users. Also the average fee on Optimism in 2022 is only $0.46 but on Ethereum it is around $12.
• By examining various metrics, we found that the trend in Optimism has been increasing with a slight slope since July, but it is decreasing in Ethereum, and this means that Optimism fans are gradually They are increasing now. Also Optimism's share in fees is much lower than that of Ethereum, and the noteworthy point is the reduction of the average fees of Ethereum, which has decreased several times compared to the beginning of the year but the average fee on Optimism is much lower than Ethereum blockchain.
• Also, by examining the activities of Sushiswap in both Optimism and Ethereum blockchains, we came to the conclusion that Optimism 1% was the destination of users on Sushiswap compared to Ethereum in 2022 and the average swap volume on Sushiswap on Optimism is $50, but on Ethereum it is around $9K.
• in general, the number of swap transactions in Sushiswap on Optimism is increasing. It is especially noticeable in recent weeks, and the number of users on Sushiswap who swaps on Optimism is increasing. Especially in recent weeks and the end of May, the increase is higher.
• We also saw that the total fees in Sushiswap on Optimism have increased in the last few months, but in Ethereum it is decreasing with a slight slope, although the total fees of the swaps Sushiswap on Optimism is much lower than Ethereum and is not comparable.
• And finally, I saw that in Ethereum, average fee in Sushiswap has reached 6$ from numbers above 50$. Also, in Optimism, it has reached half of $1, i.e. $0.5. Of course, even lower numbers have been experienced in Optimism.

Thanks for reading!

This analysis was created on 2022–10–27 for a bounty at Flipside Crypto by Hesam to answer the following questions: #Optimism - How is user behavior different on Optimism compared to L1? Specifically, 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 (use a single DEX for your comparison, either Uniswap or Sushiswap). L2 is far cheaper, but by how much? What are the average fees for a swap on Optimism compared to ETH Mainnet?

BONUS: Post your dashboard on Twitter and tag @flipsidecrypto and any relevant accounts!

All data used are from Flipside Crypto.

Twitter:

:chart: Analyze

As you can see above, since the beginning of 2022, about 325M transactions have been made in Ethereum by 36M users. But on the other hand, in Optimism 27M transactions were made by 775K unique users.

Also, in the donut charts, you can see and compare the ratio of the number of users, the number of transactions and the fees paid in both blockchains. :heavy_check_mark:

The average fee on Optimism in 2022 is only $0.46 but on Ethereum it was around $12!

Daily Average Fee ($USD)

Daily Total Fees ($USD)

Daily #Transactions

Daily #Users

:chart: Analyze

According to the charts above, which show the number of transactions and the number of active users on a daily basis, the trend in Optimism has been increasing with a slight slope since ==July==, but it is decreasing in Ethereum, and this means that Optimism fans are gradually They are increasing now.

:chart: Analyze

The above charts are the total fees and average daily fees in 2 blockchains. Indeed, Optimism's share in fees is much lower than that of Ethereum, and the noteworthy point is the reduction of the average fees of Ethereum, which has decreased several times compared to the beginning of the year.

The average fee on Optimism is much lower than Ethereum blockchain. :heavy_check_mark:

🔴:black_circle::sushi: Sushiswap== Statistics (Optimism vs. ETH mainnet)

• Number of swaps
• Number of swappers
• Total Swap Volume ($USD)
• Average Fee Volume ($USD)

:chart: Analyze

From this part of the dashboard onwards, we want to check the behavior of Sushiswap users in both blockchains. As it is known, Optimism 1% was the destination of users on Sushiswap compared to Ethereum in 2022.

According to the bar chart, the average swap volume on Sushiswap on Optimism is $50, but on Ethereum it is around $9K.

:bar_chart:🍣 ==Daily & Weekly== Sushiswap Statistics

:sushi: Daily #Swaps

:sushi: Weekly #Swaps

:chart: Analyze

According to the daily, weekly and monthly charts of the number of swaps in both blockchains, the number of swap transactions in Sushiswap on Optimism is increasing. It is especially noticeable in recent weeks.

:sushi: Daily Total Swap Volume ($USD)

:sushi: Daily Average Swap Volume ($USD)

:chart: Analyze

According to the daily, weekly and monthly charts of the number of swappers in both blockchains, the number of users on Sushiswap who swaps on Optimism is increasing. Especially in recent weeks and the end of May, the increase is higher.

:sushi: Daily #Swappers

:sushi: Weekly #Swappers

:chart: Analyze

Unlike the previous 2 metrics, the volume of swaps has not yet increased significantly in Optimism, and of course the total volume of swaps in both blockchains is decreasing, which you can see in the monthly chart.

:sushi: Weekly Total Swap Volume ($USD)

:sushi: Weekly Average Swap Volume ($USD)

:chart: Analyze

And finally, you can see the changes in the average swap volume over time. Here, Optimism has also reached 4% of the swap volume in Ethereum in some weeks, and this is a good sign for Optimism.

:sushi: Monthly #Swaps

:sushi: Monthly #Swappers

:sushi: Monthly Total Swap Volume ($USD)

:sushi: Monthly Average Swap Volume ($USD)

🍣 Sushiswap (==Fees==) - In USD$

📊🍣:heavy_dollar_sign: Sushiswap Fees - In USD$ (Daily/Weekly/Monthly)

:sushi: Daily Average Fees ($USD)

:sushi: Weekly Average Fee ($USD)

:sushi: Monthly Average Fee ($USD)

:sushi: Daily Total Fees ($USD)

:sushi: Weekly Total Fees ($USD)

:sushi: Monthly Total Fees ($USD)

:chart: Analyze

In the last part of this dashboard, you can see and compare the average fee in Sushiswap on both blockchains.

As we can see, in Ethereum, this average has reached 6$ from numbers above 50$! Also, in Optimism, it has reached half of $1, i.e. $0.5. Of course, even lower numbers have been experienced in Optimism, which is clear in the daily and weekly charts.

:chart: Analyze

Good! According to the daily, weekly and monthly charts of the total fees in both blockchains, the total fees in Sushiswap on Optimism have increased in the last few months, but in Ethereum it is decreasing with a slight slope, although the total fees of the swaps Sushiswap on Optimism is much lower than Ethereum and is not comparable at all!