User Behavior (redux)

    How is user behavior different on Optimism compared to L1?

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    OVERVIEW

    This dashboard consists of the comparison of various analysis between Ethereum Mainnet(L1) and Optimism(L2).

    After the analysis, we will try to analyze the user behavior.

    We will examine the key points, such as:

    • Swaps(Daily swap volume, average volume swapped)
    • Transactions(Daily amount of transactions)
    • Users(Daily Active Users)
    • Gas Fees(Average fees for a swap)

    TERMINOLOGY

    Ethereum: is a decentralized blockchain network powered by the Ether token that enables users to make transactions

    Optimism: is a fast, stable, and scalable L2 blockchain built by Ethereum developers, for Ethereum developers

    METHODOLOGY

    → Before the beginning, we must consider that only one DEX is allowed. In this analysis, graphs are created by usage of Sushiswap platform.

    → With the help of ETHEREUM.SUSHI.EZ_SWAPS and OPTIMISM.SUSHI.EZ_SWAPS tables, the information of daily volume and daily amount of transactions has organized.

    → Because of the large amount of data, the transactions that have created after the beginning of Jan, 2022 have taken.

    → Same tables are used for finding the daily active users as well.

    ETHEREUM.CORE.FACT_TRANSACTIONS and OPTIMISM.CORE.FACT_TRANSACTIONS are used for daily transactios and gas fees.

    KEY POINTS (Daily Volume and Amount of Swap Transactions)

    → For your information, the volume values are calculated as their USD values for daily volume. Transactions are calculated by their amount for daily.

    → Optimism is launched as open mainnet in December 2021, but we have only the transactions after May 12, 2022 in Sushiswap.

    → The huge differences are on the table:

    > The biggest drop of volume for the Ethereum is 6.62 Million USD(Oct 9, 2022), the biggest rise for the Optimism is 526K Million USD(June 1, 2022).

    > Volume and amount of transactions are slightly decreasing for Ethereum, Optimism has regular progression without the big drops.

    > The lowest amount of transactions on Ethereum is 3756(Jun 5, 2022) and highest amount of transactions on Optimism is 1772(June 1, 2022)

    KEY POINTS (Daily Active Users)

    → As we realized at the graphs before, the gaps between Ethereum and Optimism are huge.

    → In addition, the table of Optimism includes the information of users after May 12, 2022 in Sushiswap.

    → Some of the notes we can take:

    > >The lowest amount of daily users is 3394(Oct 9, 2022) in Ethereum, the highest amount of daily users is 1013(June 1, 2022) in Optimism.
    > > >The highest amount of daily users is 21.9K in Ethereum.
    > > >The amount of users are rapidly changing in Ethereum, but a decreasing trend is visible.
    > > >An increasing trend can be noticeable after July 26, 2022 in Optimism.

    KEY POINTS (Amounts of Volumes and Average Values - Swaps)

    → Total amount of swap transactions’ volume for Ethereum is 175 Billion USD. The average volume per day is 223 Million USD.

    → Total amount of swap transactions’ volume for Optimism is 1.78 Million USD. The average volume per day is 10.6K USD.

    → Some of the notes we can take:

    > > The difference of volumes are huge, Optimism is not nearly close to Ethereum yet.

    KEY POINTS (Daily Amount of Transactions)

    → We can see a regular continous trend in Ethereum, but Optimism has a very noticeable increasing trend.

    → Optimism's first big rising point is May 11, 2022.

    → Some of the notes we can take:

    > >The lowest amount of transactions is 872K (June 26, 2022) in Ethereum, the biggest amount of transactions is 446K (June 1, 2022) in Optimism. > > >The most amount of transactions is 1.64 Million(July 26, 2022) for Ethereum.
    > > >The biggest drop for Optimism happened in July 9, 2022 with the amount of 52K.

    KEY POINTS (Gas Fees)

    → The analysis consist of the last 30 days of swap transactions.

    → The average amount of gas fees for a swap transaction is given at the graph above by daily basis(in USD):

    > We can say that Optimism gas fees are x16 times cheaper than Ethereum gas fees for Swaps. > > The gas fees are reached its top limit on Oct 10, 2022. > > Cheapest gas fees were $0.15 for Optimism and $3.26 for Ethereum on Oct 2, 2022. > > The most expensive gas fees were $ 0.8 for Optimism and $14.8 for Ethereum on Oct 10, 2022. > > The average fees for a swap transaction is approximately $0.5 for Optimism and $8 for Ethereum.

    CONCLUSION

    • Date of June 1, 2022 is very important for Optimism for all the indicators. Optimism reached its top values(most amount of transaction, highest amount of daily active users, the biggest volume).
    • When we look at the amounts, the Ethereum network has more volume.
    • If we look at the trends of growing, Optimism has higher potential to grow rather than Ethereum.
    • Ethereum’s gas fees are approximately x16 times expensive than Optimism’s gas fees.
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    KEY POINTS (Swap Pairs)

    → Examining the pools of swap pairs is essential for an analysis. The top 5 swap pair pools are given at the graphs above.

    USDC/WETH pair has the biggest amount of swaps and biggest volume in Ethereum and biggest amount of swaps in Optimism.

    OP/WETH makes up the largest part of volume for swap pairs in Optimism.

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