Swaps Analysis

🔭 Key points: ==Fig 1.

Fig 1 shows the active users who transact daily on two blockchains, Ethereum and Optimism, during the last 30 days.

The black line shows the ratio of the 7-day moving average of the number of Ethereum users to optimism.

• In the last month, the number of Ethereum users is between ==12 and 18 times== compared to Optimism.
• The highest number of active users on Optimism was on October 5 and equal to ==58.4K==.
• The total number of active users who have transacted on Optimism is equal to ==0.788M== and on Ethereum is equal to ==11.65M==.

🔭 Key points: ==Fig 2.

• The total number of transactions performed on Optimism in the past 30 days was ==5.99M== and on Ethereum was ==33.2M==.
• The ==red line== represents the 7-day moving average of the ratio of the number of Ethereum transactions to Optimism.
• As you can see, this ratio has increased during the last 30 days.
• In general, the number of transactions on both blockchains has a decreasing trend, and it seems that this decreasing trend was more on optimism.

🔭 Key points: ==Fig 3.

One of the most important features of Optimism is its low transaction fee.

• Over the past 30 days, the fee of transactions on the Ethereum blockchain has averaged between 19 to 23 times compared to Optimism.
• This means that a user has to pay 20 times higher to make a transaction on the Ethereum blockchain.
• The total amount of fees paid in the last 30 days on Optimism is ==601 $ETH== and on Ethereum is ==68.5K $ETH==.

Transactions Analysis

🔭 Key points: ==Fig 6.

Fig 6 shows the number of users who have done swaps on the Optimism and Ethereum blockchains.

The ==black line== represents the ratio of Ethereum users to the optimism.

• Over the past 30 days, the number of users who have swapped on Optimism has been increasing, and the ratio of Ethereum users to Optimism has decreased from ==91 to 30==.
• This downward trend indicates a significant growth of optimism users towards Ethereum.
• The total number of users who used Optimism for swaps was equal to 2020 wallets, and in Ethereum it was equal to ==85.2K wallets==.

🔭 Key points: ==Fig 7.

Fig 7 shows the number of swap transactions on the Ethereum and Optimism blockchains.

• The number of transactions on Ethereum has been on a downward trend in the last 30 days, ==from around 8K on September 26 to 6.6K on October 25.==
• But this trend in Optimism has been upward and has reached 183 from 89.
• The red line shows the 7-day moving average of the ratio of the number of swaps on Ethereum to optimism, which has had a completely downward trend and has ==reached 37 from its maximum value of 111== over the past 30 days.
• The total number of swap transactions on Optimism in the last 30 days was ==3,710== and on Ethereum was ==196K==.

🔭 Key points: ==Fig 8.

• During the last 30 days, the volume of swaps on Optimism has gone through an upward trend, so that the ratio of the volume of swaps in Ethereum to Optimism has ==reached 1481 from 7154 times (black line).==
• This decrease indicates the increase of users' luck to perform swap transactions to optimism.
• The total volume of swaps in the last 30 days was ==242K== on Optimism and ==503M== on Ethereum.

🔭 Key points: ==Fig 9.

Fig 9 shows the fee of swap transactions on the Ethereum and Optimism blockchains.

The ==black line== represents the ratio of average transaction cost for swaps on Ethereum to Optimism.

• The average swap fee on Ethereum is ==0.00563 $ETH== and on Optimism is ==0.000256 $ETH.==
• The fee of each swap in the last 30 days in Ethereum was ==22 times== the cost of a swap in Optimism.

As a result, users have to pay an average of 22 times more for each swap on Ethereum.

🔭 Key points: ==Fig 10.

The 10 pools with the highest average swap volume in the last 30 days on Ethereum are shown in Fig 10.

The ==black line== is the average daily swap volume.

• Noteworthy is the significant growth of the THE-USDC pool on October 20-22.

🔭 Key points: ==Fig 11.

The chart below shows the 10 pools with the highest average swap volume in the last 30 days on Optimism. The ==black line== shows the average daily swap volume.

• The average daily volume has had an upward trend, reaching ==253 $USD== ==from 96 USD.==
• The average daily volume of wETH-OP and wETH-USDC pools is significant.

🔭 Key points:

Fig 12.

• The largest volume of swaps in Ethereum is related to the USDC-wETH pool.
• The most important pair in the Ethereum blockchain is wETH.

Conclusion

• In general, it can be said that in the last 30 days, the number of users, the number of transactions, and the volume of swaps on the Ethereum blockchain have been much higher compared to Optimism, ==but== the ==ratio of these values is decreasing and Optimism blockchain has grown a lot.==
• The fee of transactions, especially swap transactions on Optimism, is ==22 times cheaper== than Ethereum, which is one of the essential reasons for the growth of users on the Optimism blockchain.
• The average daily volume of swaps in the last 30 days on Ethereum has gone through a constant trend, while this value has been on an upward trend on Optimism.

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Analysis

Introduction

Optimism is a layer 2 blockchain that operates on top of the Ethereum mainnet (layer 1). Transactions are done on Optimism then data is sent to the mainnet to be validated. It's like driving down a less busy side street while enjoying the safety of a highway.

Optimism uses a technology called rollups to scale and reduce transaction fees. ==In this technology, data related to hundreds of transactions is collected and then applied in a single transaction in the Ethereum main network.== As a result, the gas used for hundreds of transactions is reduced to the gas required for one transaction, divided among all the collected transactions.

Image source

Methodology

In this analysis, the behavior of users in two blockchains, Optimism and Ethereum, is compared. The meaning of user behavior is the number, volume, and type of transactions. Also, the number of swaps, volume, average swaps, etc., are analyzed on the Sushi Swap platform on both blockchains. We used the Flipside database, Optimism, and Ethereum schema to obtain the results. The following tables have also been used to access transaction data:

• fact_transactions
• sushi.ez_swaps

One of the most important charts that are analyzed in this dashboard is the growth of users on the discussed blockchains. The analyzed period includes the last 30 days.

Image source

🔭 Key points:

Fig 4 & 5.

Fig 4 shows the share of new users in daily transactions on Ethereum and Optimism.

• On October 9, the share of new users on Ethereum has grown significantly and they have ==done 44% of transactions==.
• The highest share of new users on Optimism was on October 3 and was equal to ==23.7%==.

The Fig 5 shows the growth of users compared to the previous day.

• Optimism's user growth has consistently been higher than Ethereum's over the past 60 days, reaching a high of ==0.298%== on October 6.

Note that the numbers in the chart below are average values, so a small number of wallets may have swapped a high volume, causing the pool to appear in the chart below.

🔭 Key points:

==Fig 13.==

• Optimism's largest volume of swaps also belongs to the wETH-USDC pool, which ranks first with a volume of ==196K== by a large margin.
• The noteworthy point in the optimism is the existence of the WTH-OP pool in the second place.
• Here too, the most important pair is related to wETH.