Optimistic Bears (Redux)
Introduction
Optimism is a fast, stable, and scalable L2 blockchain built by Ethereum developers, for Ethereum developers. Built as a minimal extension to existing Ethereum software, Optimism's EVM-equivalent architecture scales your Ethereum apps without surprises.
A bear market is described as a downward trend in crypto prices in a particular sector or a general decline in broad market indexes in financial markets. The bearish trend is defined by widespread investor pessimism about the likelihood of dropping market prices.
Question
Analyze Optimism during the recent bear as markets were turbulent, showing whatever metrics you care to unearth.
You can choose any topic you’d like: How did the network perform? What about market performance? Were there significant inflows or outflows on bridges? Were there any notable patterns in user behavior?


Method
To start, I've used the optimism.core.fact_transactions
table to have a overall review on Optimism chain and shows some metrics suchs as TPS, New Users, Fee Paid and etc.. On the second part of analyse I used the optimism.core.ez_nft_sales
table to compared the NFT activity on Optimism over time by showing number of buyers, sellers and 7-Day moving average sale price.
Moving to next section, I have investigated on inflow and outflow of bridges on Optimism using optimism.core.fact_event_logs
tables. I have used three contracts on this part which are0xc30141b657f4216252dc59af2e7cdb9d8792e1b0
and 0x99c9fc46f92e8a1c0dec1b1747d010903e884be1
which are Registry Socket contract and Optimism standard bridge. For the last part We will take a look into DEX and swap activity on Optimism chain. I've used optimism.core.fact_transactions
and joined with optimism.core.dim_labels
table with LABEL_TYPE ='dex’
to filter out the DEX activity then
I used optimism.velodrome.ez_swaps
table to show swap activity on Velodrome finance, One the most popular platfrom on Optimism.
Overall Review on Optimism Chain
NFT Activity on Optimism Chain
Overall activity on Optimism chain started to growth since third weeks of September 2022.
Correlation between above metrics is notable, Except new users almost all metrics on above has been increased as you can see on daily basis graphs.
Newcommers to Optimism also had sharp increase on Oct but this wave couldn't last that much as other growth in further weeks.
NFT activities also has been grown during the same period but volume on all metrics is lower than overall stats such as transactions number, users, paid fee amout and etc...
Another difference between NFT activities and overall stats on Optimism is the date of growth started.On Sep 21th volume on all metrics like number of buyers , sellers and NFT sales had a huge and sharp increase and started to growth. Interesting that 7-Day moving average sale price begun to growth from Sep 11th and ended on Sep 21th exact date all metrics started to increase.
Real growth of this trend belongs to Oct 15th where average sale price increase from 0.05 ETH to 0.49 ETH on Oct 22th.
Bridge Activity on Optimism Chain
Let's dive into bridge activity on Optimism and see this condition during the recent months. Unlike growth of overall and NFT activities there isn't any significant sign of increase on number users and transactions on bridges between Sep to Oct but daily graph of ETH amount that bridged to Optimism shows massive volume of inflow on Sep 19th where 38.7K ETH deposited to Optimism chain. Another notable event that can be seen on daily number of users and transaction graphs occurred on Nov 1th where volume of outflow users and transactions has a huge and sharp increase.
DEX & Swap Activity on Optimism Chain
Conclusion
Over the past 2-3 months and during the recent bear market Optimism network has been grown in almost every parts we analysed. Overall stats such as transaction number, users volume of TPS or even ETH paid as fee growth on Optimism. There were a sharp increase on number of newcommers to Optimism chain as well. NFT activities also has been grown during the same period but volume on all metrics is lower compared to overall stats. Interesting that 7-Day moving average sale price of NFTs begun to growth from Sep 11th and ended on Sep 21th exact date all metrics started to increase. Real growth of this trend belongs to Oct 15th where average sale price started increase from 0.05 ETH to 0.49 ETH. Unlike growth of overall stats and NFT activities there isn't any significant sign of increase on number users and transactions on bridging to Optimism. Despite constant and steady number of users and transactions on bridging to Optimism, ETH amount that bridged to Optimism had a massive volume of inflow on Sep 19th where 38.7K ETH deposited to Optimism chain. Investigate on DEXs and swap activity on Optimism chain over the past months indicates increase on both users and transactions that interacted with Optimism DEXs. Both number of users and transactions related to DEXs started to growth since Sep 21th which proves correlation with NFT and bridge activities as well. Despite all sign of increase and growth on every part of Optimism network we analysed, Swap activity on Velodrome finance had opposite behaviour and decreased over time. Parameters such has volume of swap in/out, fees paid to LPs, number of swappers and swaps started to decrease since mid August and continued untill second week of Oct. Positive correlation between these parameters on Velodrome finance was notable and interesting as well. Seems like despite the total growth on Optimism network during the recent bear market, Velodrome couldn't use this opportunity to growth it's stats.
Investigate on DEXs and swap activity on Optimism over the past months indicates increase on both users and transactions that interacted with Optimism DEXs. Both number of users and transactions related to DEXs started to growth since Sep 21th which proves correlation with NFT and bridge activities as well. Despite all sign of increase and growth on every part of Optimism network we analysed so far, Swap activity on Velodrome finance has opposite behaviour and went down on all metrics you can see on graphs. Parameters such has volume of swap in/out, fees paid to LPs, number of swappers and swaps started to decrease since mid August and continued untill second week of Oct. Correlation between these parameters on Velodrome finance is notable and interesting. Seems like despite the total growth on Optimism network during the recent bear market Velodrome couldn't use this opportunity to growth it's stats as well.