[Optimism] User Behavior (redux)

    How is user behavior different on Optimism compared to L1? Specifically, create a comparison between swaps and transactions on ETH mainnet vs Optimism, looking for things like daily swap volume, daily active users, and average volume swapped (use a single DEX for your comparison, either Uniswap or Sushiswap). L2 is far cheaper, but by how much? What are the average fees for a swap on Optimism compared to ETH Mainnet?

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    These charts show the normal and cumulative daily variation of the transactions failure rate as well the average transactions failure rate for ETH and Optimism.

    • Daily variation of the transactions failure rate for ETH shows a rather constant trend with some fluctuations.
    • Daily variation of the transactions failure rate for Optimism also shows a rather constant trend
    • The average transaction failure rate of ETH: 3.14
    • The average transaction failure rate Optimism: 6.8

    Acknowledgment and supplementary Information

    • I would like to show my sincere gratitude to the authors of the following dashboards that helped me very much indeed to do my own analysis: *
    • Author: NSA2000
    • Twitter of the Author: @NSA2000C
    • Discord of the Author: NSA2000#5651
    • Data from FlipsideCrypto
    • Link of this dashboard’s tweet:

    Summary

    • This analysis has been conducted a comparison between Ethereum (ETH) and Optimism as well as their activity on Sushiswap in terms of transactions, transaction fees, users, distribution of users according to the number of swaps, and the volume of swaps.
    • Daily variation of the number of transactions for ETH shows a rather constant trend with some fluctuations.
    • Daily variation of the number of transactions for Optimism shows a significantly increasing trend since 11 Nov 2021. The max number of transactions has been recorded on 1 Jun 2022 (about 447K).
    • The total number of ETH transactions: 1.02B
    • The total number of Optimism transactions: 28.6M
    • Daily variation of the number of active users for ETH shows a rather constant trend with some fluctuations.
    • Daily variation of the number of active users for Optimism shows a rather increasing trend since 21 Apr 2022. The max number of active users has been recorded on 1 Jun 2022 (about 106K).
    • The total number of ETH active users: 150.76M
    • The total number of Optimism active users: 777K
    • Daily variation of the number of new users for ETH shows a rather fluctuating trend with some peaks such as Jan and May 2018, Mar 2020, Jul and Oct 2022.
    • Daily variation of the number of new users for Optimism shows a rather increasing trend since Apr 2022. The max number of active users has been recorded on Jun 2022 (about 36K). This trend is significantly decreasing since Aug 2022.
    • The total number of ETH new users: about 150M
    • The total number of Optimism new users: about 800K
    • Daily variation of the transaction fees for ETH shows a rather fluctuating trend.
    • Daily variation of the transaction fees for Optimism shows a rather decreasing trend since Nov 2021. The maximum amount of transactions fee is recorded on 12 May 2022 which can be considered as an exception.
    • The total number of ETH transaction fees: 6.25M
    • The total number of Optimism transaction fees: 7.5K
    • The total amount of the daily average number of transactions for ETH: 1.13M
    • The total amount of daily average number of users for ETH: 361K
    • The total amount of the daily average transactions fee for ETH: 6.9K
    • The total amount of the daily average number of transactions for Optimism: 84.4K
    • The total amount of daily average number of users for Optimism: 9.8K
    • The total amount of the daily average transactions fee for Optimism: 21.4
    • Daily variation of the transactions failure rate for ETH shows a rather constant trend with some fluctuations.
    • Daily variation of the transactions failure rate for Optimism also shows a rather constant trend
    • The average transaction failure rate of ETH: 3.14
    • The average transaction failure rate Optimism: 6.8
    • As far as the most popular ETH users according to the total transaction fees paid is concerned, 0x46340b20830761efd32832a74d7169b29feb9758 (the Crypto.com exchange) has the upper hand (26k, 15.1%).
    • As far as the most popular ETH users according to the total number of transactions is concerned, 0xea674fdde714fd979de3edf0f56aa9716b898ec8 (EtherMine) has the upper hand in this matter (19.7M, 25.8%). It is worth mentioning that EtherMine is the largest mining pool on ETH.
    • As far as the most popular Optimism users according to the total number of transactions is concerned 0x7107142636c85c549690b1aca12bdb8052d26ae6 has the upper hand in this matter (505K, 19.3%).
    • As far as the most popular Optimism users according to the total transaction fees paid is concerned 0x2539ffc9ded82926a5aaee065e800c7d1de02454 has the upper hand in this matter (193.16, 20.1%).
    • Daily variation of the number of swap transactions for ETH shows a rather fluctuating trend
    • Daily variation of the number of transactions for Optimism shows a significantly constant trend.
    • The total number of ETH swap transactions: 8.9M
    • The total number of Optimism swap transactions: 13.7K
    • Daily variation of the number of swap users for ETH shows a rather fluctuating trend
    • Daily variation of the number of transactions for Optimism shows a significantly constant trend.
    • Daily variation of swap volume for ETH shows a rather fluctuating trend
    • Daily variation of the swap volume for Optimism shows a rather fluctuating trend
    • the total number of swap transactions for ETH: 8.9M
    • the total number of swap users for ETH: 1.01M
    • the total amount of the swap volume for ETH: 175.38B
    • the total amount of the transaction fees for ETH: 224.5K ETH and 570.05 USD
    • the total number of swap transactions for Optimism: 13.68
    • the total number of swap users for Optimism: 5.2K
    • the total amount of the swap volume for Optimism: 1.79M
    • the total amount of the transaction fees for Optimism: 13.64 ETH and 29.1K USD
    • As far as the most popular ETH swap users according to the total number of swap transactions and the total swap volume on Sushiswap is concerned 0x000002cba8dfb0a86a47a415592835e17fac080a (WinterMute) has the upper hand in this matter (91K, 21.9% transactions and 3.65B, 32.6% volume). It is worth mentioning that WinterMute is a leading global crypto market maker which is partnering with the world's best crypto exchanges and projects to provide liquidity.
    • As far as the most popular Optimism swap users according to the total number of swap transactions on Sushiswap is concerned,0x45633cf115fadaeee689ca561af87fa717b47b3b has the upper hand in this matter (1439, 28.7%).
    • As far as the most popular Optimism swap users according to the total swap volume on Sushiswap is concerned, 0xfedd6c84c14e4fc36154dc863e72fd068d73b250 has the upper hand in this matter (266.82M, 29.8%).
    • The total number of pools on Sushiswap for ETH: 1994
    • The total number of tokens on Sushiswap for ETH: 1729
    • The total number of pairs on Sushiswap for ETH: 1966
    • The total number of pools on Sushiswap for Optimism: 38
    • The total number of tokens on Sushiswap for Optimism: 17
    • The total number of pairs on Sushiswap for Optimism: 22
    • The top 3 popular Sushiswap pools on ETH in terms of the number of swap transactions and users as well as the swap volume are as follows:
      • USDC-WETH SLP
      • WETH-USDT SLP
      • DAI-WETH SLP
    • The top 3 popular Sushiswap pools on Optimism in terms of the number of swap transactions and users as well as the swap volume are as follows:
      • WETH-OP
      • WETH-USDC
      • WETH-DAI
    • To draw a conclusion, It can be said that although the total volume of Optimism in different terms of users and transactions is not comparable with ETH, Optimism mostly showed growing trends that can in-turn shows the high potential of Optimism in the future. Moreover, decreasing trend for Optimisim transactions fees is can be consider as another merrit of this blockchain.

    These pie charts show the most popular Sushiswap pools on Optimism according to number of swap transactions and users as well as the swap volume.

    • The top 3 popular Sushiswap pools in terms of the number of swap transactions and users as well as the swap volume are as follows:
      • WETH-OP
      • WETH-USDC
      • WETH-DAI

    These pie charts show the most popular Sushiswap pools on ETH according to number of swap transactions and users as well as the swap volume.

    • The top 3 popular Sushiswap pools in terms of the number of swap transactions and users as well as the swap volume are as follows:
      • USDC-WETH SLP
      • WETH-USDT SLP
      • DAI-WETH SLP

    This bar chart shows the total number of pools, tokens and pairs on Sushiswap:

    • The total number of pools on Sushiswap for ETH: 1994
    • The total number of tokens on Sushiswap for ETH: 1729
    • The total number of pairs on Sushiswap for ETH: 1966
    • The total number of pools on Sushiswap for Optimism: 38
    • The total number of tokens on Sushiswap for Optimism: 17
    • The total number of pairs on Sushiswap for Optimism: 22

    This pie chart shows the most popular Optimism swap users according to the total swap volume on Sushiswap.

    • 0xfedd6c84c14e4fc36154dc863e72fd068d73b250 has the upper hand in this matter (266.82M, 29.8%).

    These bar charts show the total number of swap transactions and users, as well as the total amount of the swap volume and transaction fees for ETH and Optimism:

    • the total number of swap transactions for ETH: 8.9M
    • the total number of swap users for ETH: 1.01M
    • the total amount of the swap volume for ETH: 175.38B
    • the total amount of the transaction fees for ETH: 224.5K ETH and 570.05 USD
    • the total number of swap transactions for Optimism: 13.68
    • the total number of swap users for Optimism: 5.2K
    • the total amount of the swap volume for Optimism: 1.79M
    • the total amount of the transaction fees for Optimism: 13.64 ETH and 29.1K USD

    These charts show the normal and cumulative daily variation of the transaction fees as well the total transaction fees for ETH and Optimism.

    • Daily variation of the transaction fees for ETH shows a rather fluctuating trend.
    • Daily variation of the transaction fees for Optimism shows a rather decreasing trend since Nov 2021. The maximum amount of transactions fee is recorded on 12 May 2022 which can be considered as an exception.
    • The total number of ETH transaction fees: 6.25M
    • The total number of Optimism transaction fees: 7.5K

    This bar chart shows the total amount of the daily average number of transactions and users as well as transactions fee for ETH and Optimism:

    • The total amount of the daily average number of transactions for ETH: 1.13M
    • The total amount of daily average number of users for ETH: 361K
    • The total amount of the daily average transactions fee for ETH: 6.9K
    • The total amount of the daily average number of transactions for Optimism: 84.4K
    • The total amount of daily average number of users for Optimism: 9.8K
    • The total amount of the daily average transactions fee for Optimism: 21.4
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    These charts show the normal and cumulative daily variation of the number of transactions as well the total number of transactions for ETH and Optimism.

    • Daily variation of the number of transactions for ETH shows a rather constant trend with some fluctuations.
    • Daily variation of the number of transactions for Optimism shows a significantly increasing trend since 11 Nov 2021. The max number of transactions has been recorded on 1 Jun 2022 (about 447K).
    • The total number of ETH transactions: 1.02B
    • The total number of Optimism transactions: 28.6M

    These charts show the normal and cumulative daily variation of the number of active users as well the total number of active users for ETH and Optimism.

    • Daily variation of the number of active users for ETH shows a rather constant trend with some fluctuations.
    • Daily variation of the number of active users for Optimism shows a rather increasing trend since 21 Apr 2022. The max number of active users has been recorded on 1 Jun 2022 (about 106K).
    • The total number of ETH active users: 150.76M
    • The total number of Optimism active users: 777K

    These charts show the total and daily variation of the number of new users for ETH and Optimism since May 2022.

    • Daily variation of the number of new users for ETH shows a rather fluctuating trend with some peaks such as Jan and May 2018, Mar 2020, Jul and Oct 2022.
    • Daily variation of the number of new users for Optimism shows a rather increasing trend since Apr 2022. The max number of active users has been recorded on Jun 2022 (about 36K). This trend is significantly decreasing since Aug 2022.
    • The total number of ETH new users: about 150M
    • The total number of Optimism new users: about 800K
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    This pie chart shows the most popular ETH users according to the total transaction fees paid.

    • 0x46340b20830761efd32832a74d7169b29feb9758 (the Crypto.com exchange) has the upper hand in this matter (26k, 15.1%).

    This pie chart shows the most popular ETH users according to the total number of transactions.

    • 0xea674fdde714fd979de3edf0f56aa9716b898ec8 (EtherMine) has the upper hand in this matter (19.7M, 25.8%). It is worth mentioning that EtherMine is the largest mining pool on ETH.

    This pie chart shows the most popular Optimism users according to the total number of transactions.

    • 0x7107142636c85c549690b1aca12bdb8052d26ae6 has the upper hand in this matter (505K, 19.3%).

    This pie chart shows the most popular Optimism users according to the total transaction fees paid.

    • 0x2539ffc9ded82926a5aaee065e800c7d1de02454 has the upper hand in this matter (193.16, 20.1%).
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    These charts show the normal and cumulative daily variation of the number of swap transactions for ETH and Optimism.

    • Daily variation of the number of swap transactions for ETH shows a rather fluctuating trend
    • Daily variation of the number of transactions for Optimism shows a significantly constant trend.
    • The total number of ETH swap transactions: 8.9M
    • The total number of Optimism swap transactions: 13.7K

    These charts show the normal and cumulative daily variation of the swap volume for ETH and Optimism.

    • Daily variation of swap volume for ETH shows a rather fluctuating trend
    • Daily variation of the swap volume for Optimism shows a rather fluctuating trend
    • The total amount of ETH swap swap volume: 175.38B
    • The total amount of Optimism swap volume: 1.79M

    These charts show the daily variation of the number of swap users for ETH and Optimism.

    • Daily variation of the number of swap users for ETH shows a rather fluctuating trend
    • Daily variation of the number of transactions for Optimism shows a significantly constant trend.
    • The total number of ETH swap users: 1.01M
    • The total number of Optimism swap transactions: 5.2K
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    This pie chart shows the most popular ETH swap users according to the total number of swap transactions on Sushiswap.

    • 0x000002cba8dfb0a86a47a415592835e17fac080a (WinterMute) has the upper hand in this matter (91K, 21.9%). It is worth mentioning that WinterMute is a leading global crypto market maker which is partnering with the world's best crypto exchanges and projects to provide liquidity.

    This pie chart shows the most popular ETH swap users according to the total swap volume on Sushiswap.

    • 0x000002cba8dfb0a86a47a415592835e17fac080a (WinterMute) has the upper hand in this matter (3.65B, 32.6%). It is worth mentioning that WinterMute is a leading global crypto market maker which is partnering with the world's best crypto exchanges and projects to provide liquidity.

    This pie chart shows the most popular Optimism swap users according to the total number of swap transactions on Sushiswap.

    • 0x45633cf115fadaeee689ca561af87fa717b47b3b has the upper hand in this matter (1439, 28.7%).
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    Introduction

    Ethereum is a decentralized blockchain network powered by the Ether token that enables users to make transactions, earn interest on their holdings through staking, use and store nonfungible tokens (NFTs), trade cryptocurrencies, play games, use social media and so much more. Many consider Ethereum to be the internet’s next step. If centralized platforms like Apple’s App Store represent Web 2.0, a decentralized, user-powered network like Ethereum is Web 3.0. This “next-generation web” supports decentralized applications (DApps), decentralized finance (DeFi) and decentralized exchanges (DEXs), for instance. []

    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. []

    Sushi is a well-supported token that works across multiple blockchain networks. It’s used as the primary currency of the SushiSwap decentralized exchange (DEX), a peer-to-peer exchange in which transactions occur directly between crypto traders. At the time of this writing, SushiSwap is the 142nd-largest cryptocurrency by market capitalization, according to the aggregator of cryptocurrency market data CoinMarketCap Of the maximum 250 million token supply, 242 million have been created. Like other cryptocurrencies, it has seen a wild fluctuation in prices, with a peak of more than $20 per coin and recent values dropping to under $2 each. []

    Methodology

    The data in this dashboard is obtained from the following tables:

    • ethereum.core.fact_hourly_token_prices
    • optimism.core.fact_transactions
    • ethereum.core.fact_transactions
    • optimism.sushi.ez_swaps
    • Ethereum.sushi.ez_swaps

    Aim of this dashboard:

    We are going to conduct a comparison between Ethereum (ETH) and Optimism as well as their activity on Sushiswap in terms of transactions, transaction fees, users, distribution of users according to the number of swaps, and the volume of swaps.

    Results and discussion