Fast, Stable, and Scalable L2 Blockchain

Optimism is one of the layer 2 scaling solutions. It’s powered by a technology called Optimistic rollups, which bundle large amounts of transaction data into digestible batches. Optimism is much cheaper to use than Ethereum, and it’s increasingly becoming popular along with other layer 2s, such as Arbitrum. Optimism is governed by its eponymous token, or OP for short. A portion of the OP supply was airdropped to early Optimism users in late May 2022 in a turbulent launch. Developers behind Optimism said it would continue to airdrop more tokens.

What are we going to do?

In this analysis, I intend to analyze the transactions performed by users in the Optimism network using the OP token, separately for each event, project, contract, protocol, or any significant section. For this, it is necessary to use different parts of optimism tables. to check event transactions from optimism.core.fact_event_logs, to check users and the number of transactions from optimism.core.fact_transactions, to check transferred tokens from optimism.core.fact_token_transfers and finally to get the name of each contract or protocol from The optimism.core.dim_labels table is used.

Note: All the data of this analysis and the obtained results are related to the last 90 days.

Getting Started

The following charts show the distribution of transactions based on the origin of transactions. As it is known, more than 31% of all transactions were from defi. And more than 31% more from dex. The largest number of users (27%) were in layer 2 and more than 24% were related to dex. In the graphs of the number of transactions in the form of accumulation, we can also see that the growth of the number of transactions in defi and dex is more than the others. Also, the number of users in layer 2, dex and defi has increased steeply.

The charts below show the number of transactions and the number of unique users by project name. In the number of transactions, perpetual protocol and hop protocol had the largest share, so that more than 15% of transactions were done in perpetual protocol and more than 12% of transactions were done in hop protocol. The graph of the number of transactions in the form of accumulation also shows that the difference between these two protocols is very large compared to other protocols. Of course, from these two protocols, the number of accumulated transactions on October 30 is equal to that of the other protocols, but hop protocol has been able to perform more transactions in the last days. The chart of the number of users also show that in terms of the number of users, hop protocol is in the first place. After that, uniswap and optimism are the most popular in terms of number of users. The graph of the number of users in the form of accumulation also shows that the hop protocol is far ahead of the other protocols in terms of the number of users.

Here, the transactions are separated according to their event name. Token transfer accounts for more than 25% of all Optimism events. This means that more than 8 million transfer transactions have been done in the last 90 days.

Finally, the balance distribution of OP token and whales has been discussed. Among all users who keep OP tokens in their wallets, 41% (38144 users) keep less than 1 OP and 29.2% (27179 users) keep between 1 and 10 OP. That means more than 70% of all holders have less than 10OP in their wallet. Among the users who have held the most OP, wallets 0x2a82ae142b2e62cb7d10b55e323acb1cab663a26 and 0x2501c477d0a35545a387aa4a3eee4292a9a8b3f0 have held the largest amount of OP tokens with 1.24B OP and 1.21B OP respectively.

We start the analysis with the number of users and the number of transactions in the last 90 days. Overall, 16.9M transactions have been made by 461K users in the last 90 days. The number of new users added to the OPTIMISM community in these 90 days is approximately 279K, which is a significant number. In the daily graphs, we can see that the number of active users is increasing in recent days, and the graph of the number of new users is also advancing rapidly.

Conclusion

According to what has been shown so far, in the last 90 days, 297K new users have been added to the Optimism ecosystem and nearly 17M transactions have been made in the same 90 days. Most of the transactions originated from defi, dex, and layer 2, and ho protocol, perpetual protocol, and uniswap were the most popular protocols. It was also found that more than 70% of OP token holders have less than 10OP in their wallets.

Written by Mehdi Marjan

Contact With Me

Discord: meh.di

Twitter: @aghayemarjan

Email: m.meh71@gmail.com