What is Optimism?

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.

What is Synthetics?

Synthetix is a new financial primitive enabling the creation of synthetic assets, offering unique derivatives and exposure to real-world assets on the blockchain.

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Methodology

In this dashboard we are looking to see how active the Synthetix protocol is on Optimism and what the protocol is mostly being used for. The data in this dashbard will come from the optimism.core Tables from Flipside’s database ad starts on June 15th 2022. In this dashboard we will look at Syntheticx use by contract, Syntheticx futures activity, Synthetics synth to synth swap activity, and fee claiming activity. These are not all the uses of synthetix, but they are some of the most popular.

Observations

• Each day there has been between 500 and 1,000 futures interactions on Synthetix each day. These interactions have created between 20K and 800K in fees for Synthetix Each day.
• There is small group of very active traders using futures on Syntetic on average these traders have made 30 trades and have paid $6,602 in fees to the protocol.
• Over 75% of the futures volume is made of ETH futures.

Observations

• Since Mid-June there has been about 1,000 Optimism Synthetix users with some days of huge user spikes.
• About half of the Synthetix Optimism activity is using the sUSD token in different ways.
• in the past 2 month there has been ~25K wallets interacting with Synthetix on Optimism 428K times.
• There has been large fluctuation in Daily Synthetic interacts in the past 2 months.

Observations

• In the past 2 moth there has been $36.5 Million worth of synth to synth swaps using Synthetics.
• Over 80% of all syth to syth swaps using Synthetics are swapping to sUSD or sETH.
• Each day Synthetix collects between $100 and $25K fees from users doing synth to synth swaps.

Observations

• In the past two months there has been 5960 users claiming 5.73 million in fees from Synthetix on Optimism.
• Each day there is between 150 and 1,500 users claiming fees on Sythetix fer a total between 3K and 850K daily with spikes weekly.

Conclusion

Since Mid-June there has been about 1,000 Optimism Synthetix users with some days of huge user spikes. About half of the Synthetix Optimism activity is using the sUSD token in different ways. Each day there has been between 500 and 1,000 futures interactions on Synthetix each day. These interactions have created between 20K and 800K in fees for Synthetix Each day. There is small group of very active traders using futures on Synthetix on average these traders have made 30 trades and have paid $6,602 in fees to the protocol. In the past 2 moth there has been $36.5 Million worth of synth to synth swaps using Synthetics. Over 80% of all synth to synth swaps using Synthetics are swapping to sUSD or sETH. Overall Synthetix has had thousands of consistent users on Optimism generating the protocol tens to hundreds of thousands in fees daily.