User Behavior (redux)
Introduction
Ethereum's peer-to-peer network securely executes and verifies smart contracts. Smart contracts enable peer-to-peer transactions. Transaction data is immutable, verifiable, and securely disseminated over the network, providing participants full ownership and visibility. Ether accounts send and receive transactions. To process transactions on Ethereum's network, senders must sign and spend Ether.
Optimism scales Layer 2 for all Ethereum decentralized applications. Ethereum developed optimism (Dapps). Optimism cuts transaction costs and increases Ethereum's transaction volume per second. Computations are done off-chain instead of on the Ethereum network to achieve this.
To facilitate the buying and selling of Ethereum-based ERC20 tokens, the Uniswap Protocol was developed as an open-source project. It gets rid of middlemen and other methods of extracting rent that aren't strictly necessary, paving the way for transparent, easily available, and productive monetary transactions. The protocol was made to withstand censorship and cannot be updated.
SushiSwap is Ethereum software that incentivizes users to establish a crypto asset trading platform. Like Uniswap and Balancer, SushiSwap uses liquidity pools to do this. Users lock assets inside smart contracts, and traders buy and sell cryptocurrencies from those pools, swapping tokens. SushiSwap, one of many decentralized finance (DeFi) services, lets users trade bitcoins without a central operator.
Method
In the current Dashboard, I tried to compare Ethereum vs Optimism in terms of following parameters:
1- Transactions and Active Users Count
2- Activity on Unihiswap (you can change it to Sushiswap by header tape)
I’m going to focus on some factors such as transaction fees, the number of transactions, the volume of swaps, generated fee volume, in total and over-time visuals.
The used tables are include: optimism.core.fact_transactions, ethereum.core.fact_transactions, ethereum.uniswapv3.ez_swaps, optimism.sushi.ez_swaps, ethereum.sushi.ez_swaps and ethereum.core.fact_hourly_token_prices.
The fee column on both Optimism and Ethereum tables are in ETH currency. for a better understanding and more complete results, I have calculated it in USD value of fees.
Although it may be illogical to compare these two platforms (because ETH is much larger, older, and more complete than Optimism, which is a beginner chain), we will do so nevertheless in order to better understand user behavior on both blockchains and the average value of numerous parameters.
The past 6 months was selected to calculating metrics.
✍🏻 Conclusion
- According to the data, even though Ethereum has higher transaction costs, more transactions have been conducted every hour using Ethereum over the past 9 days. Ether has about ten times as many transactions as Optimism.
- Cumulative active users over the previous six months show that Ethereum has 13 million users, while Optimism has only 633 thousand. Therefore, most new users are using Ethereum. Therefore, users with fewer than 15 transactions account for the vast majority of activity on these two ledgers. Optimism users, on average, perform more swaps than Ethereum Swap users, as shown by our comparison of the two networks' user bases.
- The average transaction costs in ETH for Optimism have been steadier than those of Ethereum. Not much at all. We may also state that the average transaction fees on the Ethereum blockchain have fluctuated substantially due to the volatility of the crypto market.
- Optimism's switching fees are around one hundred times lower than Ethereum DEX's, which can be explained by the lower volume of trades on the Ethereum network.
- Although there is a sizable gap between Ethereum and Optimism average switching fees, the two cryptocurrencies do not significantly differ in terms of the volume of DEX swaps. By analyzing the ratio of DEX swaps performed by users on each blockchain, an optimistic tendency may be seen.
- The cheaper spent fees on Optimism allows DEX users to perform several swaps in a single day, whereas Ethereum users are limited by hefty gas expenses.
About:
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Author: HaM☰d
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Discord: 0xHaM☰d#8391
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Twitter: @arjmandi_hamed
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Email: h_arjmandi2012@yahoo.com
How is user behavior different on Optimism compared to L1?
The Aims of Dashboard:
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?
Hey there 👋!
Firstly, I appreciate you sticking with it until the conclusion.
I'm Hamed, a civil engineering Ph.D.
student interested in data analysis.
I've made many similar dashboards and visualizations since I started at Flipside in January.
Please take a look at my various contact details and let me know what you think.
![db_img](https://uploads.flipsidecrypto.com/product/images/NadgmDXXPXV6.jpeg)
:telescope: Findings:
The accompanying statistics make it quite clear that Ethereum's total number of transactions, users, and transaction fees much exceeds Optimism's projections (as excepted).
The average transaction cost on Ethereum is 0.0013 ETH, or 5.77 USD, whereas on Optimism it is only 0.000015 ETH, or 0.27 USD. Even compared to Ethereum, the Median fee on Optimism is significantly cheaper. All things considered, Optimism's transaction fees are roughly 20 times lower than Ethereum's. Additional feature upgrades will also lead to lower transaction fees on Ethereum.
:telescope: Findings:
When we look at the PIE charts right, we can deduce that there are behavioral differences between Ethereum and Optimism users. These graphs show that more than 90% of Optimism users trade less than 10 transactions compared to 47% of Ethereum users. However, let us look more closely at a specific group of users to see if there are any distinctions between them and the others. Let's look at what people are doing to get a better picture of how they're using distributed exchanges on Ethereum and Optimism.
As shown in the chart right, there is a considerable variation in the behavior of DEX users on both networks. The average Optimism user makes many times more swaps than an Ethereum user. We can now compare the number of swaps that occurred on Ethereum and Optimism on one random day in 2022, May 9th: 7 swaps on Ethereum and 28 swaps on Optimism. There is a fourfold difference between the two. The cheaper spent fees on Optimism are a major driving force behind this. This allows DEX users to perform several swaps in a single day, whereas Ethereum users are limited by hefty gas expenses.
:telescope: Findings:
In the charts right can be observed that the number of swap transactions by Optimism users increased over time, also the same trend on and count of unique swappers are considerable.
The volume of generated fees on Ethereum decreased over time, but in comparision to Optimism is still too high.
However, as excepted total number of transactions and user count on Ethereum is considerably more than Optimism that is normal as of all of us knew.
The volume of generated fee dropped from $56K in late of May to $363 per week in early of Jul, but raised again to $14.5K in the next weeks.
The growth of swaps transactions on Ethereum are too sharpen than Optimism as same as growth of swap transactions fee.
The following PIE charts show the share of swap transactions count and unique user count of Uniswap V3 on the two networks.
As of these, and as mentioned in the above transactions performance by Ethereum users on Uniswap is more than 5x greater than Optimism users.
The chart below show the Volume swaps transactions on Uniswap by the network users.
In contrast to number of swaps transactions and user count, the volume on swaps on Optimism is too higher than Ethereum, so that in last week in August the average swaps volume in USD peaked at $2.9K on Optimism against to only $600 on Ethereum.
Also, over the past 6 month nearly $117B swapped on Optimism while only $2.56B swapped on Ethereum.
:telescope: Findings:
We will examine the adoption of both blockchains in order to assess a blockchain’s adoption, and what metric is better than transactions state? The above chart shows the failed rate (first chart), share of total transactions per month (second charts) of transactions performed per month on Ethereum and Optimism and normalized share of active users per month. Since Ethereum offers support for a wide range of applications and amazing decentralization, it is no surprise that it has the highest number of transactions.
As can be seen, totally failed rate of transaction on Optimism is over 8 but in Ethereum is less than 5.
Generated fess, transaction count and active user on Ethereum is too more than Optimism, as excepted.
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