What is Optimism?

Optimism is a layer 2 chain, meaning it functions on top of Ethereum mainnet (layer 1). Transactions take place on Optimism, but the data about transactions get posted to mainnet where they are validated. It’s like driving in a less crowded side street while benefiting from the security of a highway.

Network Performance

In this dashboard, we can see the following metrics for July.

• Number of transactions per day/second/block.
• Avg transactions success rate per day/day of week/hour of day.
• Number of unique users/new users per day.
• The avg/max/min times (second) between blocks per day.
• Avg transactions fee per day/day of week/hour of day and total transactions fee per day.
• Number/volume of bridge transactions and number of unique bridgers per day.

These charts show the number of transactions.

• In the two first charts, we are witnessing an increase in the number of transactions. In both of them, at the end of July, we are above the average amount for this month, which indicates growth.
• The last chart shows only there is one transaction on each block of Optimism overall.
• We can see a spike in the Number of transactions on Jul 29th. I looked for the reason on social media, especially Twitter, and found it.

These charts show the transaction’s success rate.

• The first chart shows until July 16, the transaction success rate was higher than the average for this month, but after this date, it fell below the average line. The lowest transaction success rate corresponds to July 29 (86%), which is the same day that we saw the highest number of transactions in July on Optimism.
• The highest transaction success rate corresponds to Wednesday and 10 A.M.
• The lowest transaction success rate corresponds to Friday and 00 A.M.

These charts show the number of new wallets and unique wallets on Optimism.

• In both charts, until before July 26th, the number of users was under the average amount for this month, but after this date, increased suddenly. One of the reasons can be the PoolTogether announcement which promised a chance to win rewards for those who deposited OP on this platform. Other reasons can be optimism tweet and Inviting new users to this network and giving them an NFT as a gift.

This chart shows the time in seconds there are between two consecutive blocks on Optimism.

• The Block time is decreasing since the beginning of July which is a good sign for a network.

• For Optimism, on average block times are less than 1 second which is pretty quick comparing Polygon which is hovering between 2.3–2.6 seconds.

• The minimum block times are consistently around 0.

• The max block times in most cases are around 30 seconds with a peak up to 46 seconds.

These charts show the fee spent on Optimism.

• Total fees spent on Optimism are increasing. It is normal that as the number of transactions increases, the total amount of fees consumed each day also increases.
• In the part of the PoolTogether announcement, I saw one of the advantages for depositors on this platform is low Optimism transaction fees. So In the last days of July, the fees are decreasing.
• The transaction fee on Optimism is very low overall.
• The highest transaction fee per tx corresponds to Tuesday and 15 P.M.
• The lowest transaction fee per tx corresponds to Sunday and 00 A.M.

As you can see, on July 26th, PoolTogether announced about living on Optimism and promise some rewards. You can deposit your assets on this platform and have a chance to win big prizes based on its volume.

This announcement caused the number of transactions on the Optimism network to more than double in just three days (between 26th and 29th July).

Conclusion:

• The number of transactions On Optimism increased during the PoolTogether event.
• The transaction success rate decreased when the number of transactions increased. The highest transaction success rate corresponds to Wednesday and 10 A.M and the lowest transaction success rate corresponds to Friday and 00 A.M.
• The number of unique users and new users of Optimism experienced a sudden jump with the start of the PoolTogether event and the tweet of Optimism's announcement and guide new users and gift NFT to them.
• The Block time is decreasing since the beginning of July. For Optimism, on average block times are less than 1 second which is pretty quick. Also, the minimum block times are consistently around 0 and the maximum block times in most cases are around 30 seconds with a peak up to 46 seconds.
• Total fees spent on Optimism increase when the number of transactions increases. According to the PoolTogether announcement, there are some advantages for depositors on this platform like low Optimism transaction fees. Also, the highest transaction fee per tx corresponds to Tuesday and 15 P.M, and the lowest corresponds to Sunday and 00 A.M.
• The number of bridge transactions, their volume, and the number of bridgers increased at the end of July because are above the average values.

The charts of this part show the number of bridge transactions, their volume, and the number of unique bridgers by bridges (native and Hop) from the Ethereum network to Optimism July.

As you can see, all three metrics mean the number of transactions, their volume, and the number of bridgers increased at the end of July because are above the average values.

Bridge:

Fee:

Network metrics:

The chart above shows the daily bot rate on Optimism. As you can see this metric is almost constant during July because it is close to average value during this month.