What is Optimism?

Optimism is one of the leading Layer 2 projects working to scale Ethereum. It uses Optimistic Rollups to bundle transactions together and send them back to Ethereum mainnet for confirmation. Rollups like Optimism offer users substantial gas savings compared to transacting on mainnet.

What is a bear Market?

The Securities and Exchange Control Commission defines a bear market as a period of at least two months when a broad market – measured by an index such as the S&P 500 – falls by 20 percent or more. When it rises by 20 percent or more over two months or more, it is a bull market.

Methods

We are looking to see how Optimism performed during the month of July when the market were turbulent to gain an understanding of how the network was performing we will collect the following metrics:

• blockchain TPS
• Transaction success rate
• daily users
• gas fees
• defi activity
• nft activity

Sections:

1. Optimism Chain Activity
2. Optimism Defi Activity
3. Top Dex Swap Activity
4. Optimism NFT Activity** \n **

Optimism Chain Activity

Observations

• In the month of July, the transaction failure rate was increasing, this could be due to the transactions per day growing 3x - 4x during the month.
• The daily active users on Optimism have grown from around 7.5K daily to 19.3K daily during the month of July.
• The daily amount of gas spent on gas fees on optimism has grown from 0.2ETH - 0.45ETH in the month of July.

Optimism Defi Activity

Observations

• Since the start of July, there have been between 5K and 25K users interaction with Defi Apps on Optimism per day.
• In total there have been 21.1K users interacting with defi protocols on Optimism since July 1st, 2022.
• The three most popular Defi apps on Optimism in terms of users are Synthetix, Aave, and Thales.

Optimism NFT Activity

Observations

• The number of NFT sales on Optimism has been on the decline during the month of July. In this time period, the number of sales dropped from 200 per day to about 100.
• Each day the total NFT sales volume of Optimism fluctuates between 0.4 and 23 ETH.
• The top 2 NFT Collections on the platform make up over 70% of the sales of top collections on Optimism.
• Over 85% of all the NFT sales on Optimism sell for below 0.1 ETH
• least than 0.4% of NFTs sell for over 1 ETH on Optimism
• Although NFT with a price over 1 ETH make up a very small percentage of sales they make up about 2.8% of Volume on Optimism

Conclusion

• Optimism Chain Activity
  • In the month of July, the transaction failure rate was increasing, this could be due to the transactions per day growing 3x - 4x during the month.
  • The daily active users on Optimism have grown from around 7.5K daily to 19.3K daily during the month of July.
  • The daily amount of gas spent on gas fees on optimism has grown from 0.2ETH - 0.45ETH in the month of July.
• Optimism Defi Activity
  • Since the start of July, there has been between 5K and 25K user interaction with Defi Apps on Optimism per day.
  • In total there have been 21.1K users interacting with defi protocols on Optimism since July 1st 2022.
  • The three most popular Defi apps on Optimism in terms of users are Synthetix, Aave, and Thales.
• Top Dex Swap Activity
  • The number of active users on Sushiswap has been declining since the beginning of July while the number of users on Velodrome has been increasing
  • Since June 1st 2022 there have been about 20x the number of users on Velodrome than Sushiswap
  • Most days the volume on Velodrome has been in the 7 or 8 digits whereas on sushuiswap the volume has been in the 5 or 6 digits
• Optimism NFT Activity
  • The number of NFT sales on Optimism has been on the decline during the month of July. In this time period, the number of sales dropped from 200 per day to about 100.
  • Each day the total NFT sales volume of Optimism fluctuates between 0.4 and 23 ETH.
  • The top 2 NFT Collections on the platform make up over 70% of the sales of top collections on Optimism.
  • Over 85% of all the NFT sales on Optimism sell for below 0.1 ETH
  • least than 0.4% of NFTs sell for over 1 ETH on Optimism
  • Although NFT with a price over 1 ETH make up a very small percentage of sales they make up about 2.8% of Volume on Optimism

Top Dex Swap Activity

Observations

• The number of active users on Sushiswap has been declining since the beginning of July while the number of users on Velodrome has been increasing
• Since June 1st, 2022 there has been about 20x the number of users on Velodrome than Sushiswap
• Most days the volume on Velodrome has been in the 7 or 8 digits whereas on sushuiswap the volume has been in the 5 or 6 digits