Try Quests to earn cryptoOptimism User Behavor
Introduction
What Is Optimism?
Optimism is a Layer 2 scaling solution for Ethereum. It helps reduce the transaction fee and transaction time on the Ethereum blockchain.
Broadly speaking, Optimism helps solve Ethereum’s scalability dilemma. Scalability refers to the rate of transactions per second (TPS) on a blockchain network.
How Optimism Solves Scalability Issues on the Ethereum Network
It's understood that Ethereum is one of the most secure and decentralized blockchains in existence. To keep everything running smoothly, the network is built around three properties: Decentralization, security and scalability. However, because of the limitations due to the blockchain trilemma, Ethereum can only deploy two out of these three properties effectively.
To keep the network functional, the governing body behind Ethereum decided to sacrifice scalability for the sake of security and decentralization. As of this writing, Ethereum has reached its capacity to handle more than one million transactions per day. When this occurs, the Ethereum network cannot scale anymore and will become congested as a result.
Once the blockspace becomes scarce, users on the Ethereum network enter a bidding war in an attempt to get their transactions on the next block. As a result, the gas price rises, making it significantly less affordable for an average user to benefit from a transaction. Besides paying a high gas fee, users on the Ethereum network must also endure long wait times for their transactions to clear.
What Is Ethereum?
The term ‘Ether’ may not be familiar to you. However, there is a far bigger chance that the term ‘Ethereum’ is familiar. When you hear this term, you may think Ethereum refers to the cryptocurrency, the second biggest by market capitalization.
Although this is often branded as cryptocurrency by those even in the industry, it is technically incorrect. Ether (ETH) is actually the cryptocurrency, and Ethereum is the network it runs on.
How Does Ethereum Work? Ethereum is an open software platform created back in 2015. It is built on blockchain technology, which enables developers to build and deploy decentralized applications and smart contracts.
Thanks to this blockchain technology, the information shared on the platform (through a network of computers called nodes) cannot be manipulated or changed. Also, this technology effectively takes out the middleman in transactions made on the network. So, for example, housing contracts can be drawn up without housing agents, or money transfers can be made without banks.
Most recently, Visa has started accepting transactions of stablecoins on the Ethereum blockchain.
Source: bybit
Methodology
In this dashboard, using Ethereum and Optimism databases available on flipside chain database, we will analysis the status of the last 3 months swaps on Ethereum and Optimism based on the Uniswap platform.
Technical:
> Ethereum Tables: > > ethereum.core.fact_transactions > > ethereum.uniswapv3.ez_swaps > > ethereum.core.fact_hourly_token_prices > > Optimism Tables: > > optimism.core.fact_transactions > > optimism.core.fact_event_logs > > ethereum.core.fact_hourly_token_prices > > Ethereum Uniswap Contract Address: > > 0x7a250d5630b4cf539739df2c5dacb4c659f2488d > > Optimism Uniswap Contract Address: > > 0xe592427a0aece92de3edee1f18e0157c05861564 > > 0x68b3465833fb72a70ecdf485e0e4c7bd8665fc45 > > Date Filter: > > block_timestamp::date between '2022-07-26' and '2022-10-26'
Findings
In the charts of this section, we see the number and volume of swaps and the number of swappers on a daily basis. In the "Daily Total Number of Swap On Uniswap" chart, we can see that the highest number of swaps was on September 21. On September 21, 44.95 thousand swaps with a volume of $7.1 million have been processed by 16001 swappers on Ethereum Uniswap. And 24.93 thousand swaps with a volume of 75.5 thousand dollars have been processed by 5875 swappers on Optimism Uniswap.
In the "Daily Total Number of Swappers On Uniswap" chart, we can see that the highest number of swappers was on October 25. On October 25, 41.86 thousand swaps with a volume of $8.1 million have been processed by 17519 swappers on Ethereum Uniswap. And 17.73 thousand swaps with a volume of 69.88 thousand dollars have been processed by 6175 swappers on Optimism Uniswap.
Findings
In the charts of this section, we see the status of swap transactions on Uniswap in the Ethereum and Optimism networks on a daily basis. In the "Daily Total Fee of Swap Transactions On Uniswap (USD)" chart , we can see the total number of swap transactions on a daily basis, the highest number of daily transactions was on September 13. As of September 13, the total fee of swap transactions are $714,736 on Ethereum Uniswap. And the total fee of swap transactions are $1479 on Optimism Uniswap. The main reason for the increase in the number of transactions can be the Ethereum Merge event on September 15. In the "Daily Average Fee of Swap Transactions On Uniswap (USD)" chart, we can see the daily average of swap transactions. The average fee paid on September 13 for Ethereum Uniswap have been $16.1 and for Optimism Uniswap it was $0.18. In the pie chart, we can see the total fee paid for Uniswap in the Ethereum and Optimism networks. 99.5% of paid fees are related to Ethereum Uniswap and only 0.4% of paid fees are related to Optimism Uniswap.
Findings
In the pie charts of this section, we can see the share of Uniswap in Ethereum and Optimism networks. In the "Share of Total Number of Swap On Uniswap" chart, we can see that 76.4% of the number of swap transactions are related to Ethereum Uniswap and 23.6% are related to Optimism Uniswap. In the "Share of Total Number of Swappers On Uniswap" chart, we can see that 81.7% of swappers have chosen Ethereum Uniswap and 18.3% have chosen Optimism Uniswap. In the "Share of Swap Volume On Uniswap (ETH)" chart, we can see that 99% of the volume of swap transactions is related to Ethereum Uniswap and only 0.9% of the volume of swap transactions is related to Optimism Uniswap.
Conclusion
In this dashboard, we analyzed the status of swaps in the Ethereum and Optimism networks based on the Uniswap platform in last 3 months. We saw that 76.4% of Uniswap platform swaps are in Ethereum network and only 23.6% of swaps are in Optimism network. 81.7% of Uniswap users have chosen Ethereum for swap and only 18.3% of Uniswap users have chosen Optimism. 99% of the volume of swap transactions of the Uniswap platform is related to the Ethereum network, and only 0.9% of the volume of Uniswap swap transactions is in the Optimism network. We also saw that the number of swappers decreased after the Ethereum Merge on September 15. while before Ethereum Merge, the situation of swap in Uniswap was better. The main reason for this could be the transaction fees, which users expected to transaction fee decreased after the Ethereum Merge, but it has not decreased significantly yet.
Some of the items we reviewed in this dashboard:
> Total Number of Swap On Optimism Uniswap: 0.99M > > Total Number of Swap On Ethereum Uniswap: 3.21M > > Total Number of Swapper On Optimism Uniswap: 111.6k > > Total Number of Swapper On Ethereum Uniswap: 497k > > Total Volume of Swap - Optimism Uniswap (ETH): 3480 ETH > > Total Volume of Swap - Ethereum Uniswap (ETH): 356k ETH > > Total Volume of Swap - Optimism Uniswap (USD): $5.43M > > Total Volume of Swap - Ethereum Uniswap (USD): $552M > > Total Fees of Transactions - Optimism Uniswap (ETH): 88.6 ETH > > Total Fees of Transactions - Ethereum Uniswap (ETH): 18k ETH > > Total Fees of Transactions - Optimism Uniswap (USD): $131.6k > > Total Fees of Transactions - Ethereum Uniswap (USD): $27.4M > > Average Fee of Transactions - Optimism Uniswap (ETH): 0.0000894 ETH > > Average Fee of Transactions - Ethereum Uniswap (ETH): 0.00561 ETH > > Average Fee of Transactions - Optimism Uniswap (USD): $0.1328 > > Average Fee of Transactions - Ethereum Uniswap (USD): $8.54