Question:

What does the average Optimism user's portfolio look like and how has that changed over time?

What % of a user's activity (in OP terms) is staked, unstaked, in liquidity pools/farms, in NFTs? How has this trend changed over time?

Overview of analysis:

This analysis is done to underestimate the portfolio of Optimism users from various points. This analysis divided into the following parts:

• How users obtain $OP token? CEX, DEX or airdrop
• Users activity by $OP token
• Popular destination of $OP token: sectors and projects
• Swap analysis for $OP token
• NFT purchase b $OP

Methodology

The data provided by Flipside community has been utilized to handle this investigation.

• The ways of Obtainin $OP token

  • From CEXs
  • From DEXs and by swaps
  • From $OP token airdrop

• Users activity has been determined by:

when event_name ilike 'stake%' then 'Stake' when event_name ilike 'unstake%' then 'UnStake'

when event_name in('AddLiquidity','LiquidityAdded') then 'Add liquidity'

when event_name in ('RemoveLiquidityOne','LiquidityRemoved','RemoveLiquidity') then 'Remove liquidity'

when event_name in ('DelegateVotesChanged','DelegateChanged') then 'Delegated'

when tx_hash in (select tx_hash from optimism.core.ez_nft_sales) then 'NFTs'

• Other applications of $OP token

  from optimism.core.fact_token_transfers x join optimism.core.dim_labels y on x.ORIGIN_TO_ADDRESS=y.address

• NFT and swaps made by $OP token

  • NFTs→ from optimism.core.ez_nft_sales

Part 2: Users activity of $OP token

Findings:

• First of all we see how Optimism users obtain $OP token in the previous part. Now lets talk about the application o $OP token among users.
• The Delegation has the highest share among users of $OP token by over 77%.
• On May 30, the highest application of $OP token happened with delegation.
• The NFTs are the second activity done by $OP users. Also, as can be seen, the October 3rd has the highest application of $OP token for purchasing NFTs on Optimism.
• The cumulative analysis reveals the breakpoints for each activity as can be seen.

Part 3: Popular destinations by $OP token

Findings:

• The main sectors that $OP token has highest application among them are DEX, DeFi programs and NFT respectively.

• The over time analysis shown the domination of DEX sector among Optimism users.

• The cumulative analysis demonstrated the highest speed of grown belong to DEX sector and Optimism users mostly used DEXs to swap their $OP token.

• The Uniswap and Rubicon are the most popular destination for $OP token of users.

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Part 4: Swap application of $OP token

Part 5: NFT purchase by $OP token

Findings:

• From the previous part, it can be seen that the DEXs has highest application among Optimism users by $OP token.

• Now lets see how people swapped their assets to $OP or from $OP.

• The most popular assets for swapping $OP and swap to $OP are USDC, WETH and VELO token respectively.

• The highest count of users swapped $OP token happened on the first week of October, 2022.

• The domination of USDC on swaps of Optimism users by $OP token is considerably high.

• From the volume point of view, the last week of July and the first week of August have the highest volume of swapping for $OP token.

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Findings:

Now lets look at the NFT purchase by $OP token.

• During June, the highest application of $OP token for NFT purchase happened October and the highest count of unique Optimism users bought NFTs by $OP token occurred on June 6 to 13, 2022.
• The OptiPunk is the most popular NFT collection bought by $OP token from volume of sale point of view.
• The highest average sale price by $OP token occurred on September 12 to 19 with over 40 $OP tokens.
• Mirror collection has been attracted the highest count of Optimism users for buying NFTs with $OP token with 303 unique purchasers so far.

Useful links:

• $OP token applications
• Delegation by $OP token
• Optimism explorer

Author:

Credited by MZG

Discord handle: m.zamani#0361

Twitter handle: @GargariZamani

Part 1: How users obtain $OP tokens?

Findings:

Three popular ways of obtaining $OP token have been investigated in this part:

• As can be seen most of users obtain $OP token by transferring from CEXs and the Airdrop stands in the second place.
• On May 30 2022, the highest volume of receiving $OP token happened and the Airdrop responsible for that.
• From the transferring from CEXs, the Binance has been dominated the CEXs and has the 71% of $OP tokens transfer.
• Among DEXs and obtaining $OP by swap, the Rubicon has lead the process with highest transfer volume among other platforms.

Conclusion:

• Most of the users obtain $OP token from CEXs and airdrop of $OP token.
• These users delegated their obtained $OP tokens and this action is the most popular one.
• Swapping $OP token to other tokens are popular among users too.