What is Optimism?

Optimism is a layer 2 chain, meaning it functions on top of Ethereum mainnet (layer 1). Transactions take place on Optimism, but the data about transactions get posted to mainnet where they are validated. It’s like driving in a less crowded side street while benefiting from the security of a highway.

Optimism is the second-largest Ethereum layer 2 with a total of $313 million locked into its smart contracts, as of this writing, according to Defi Llama. Arbitrum comes first with $1.32 billion.

Synthetix, a derivatives liquidity protocol, is the largest protocol on Optimism, with a total value locked (TVL) of $125 million. Uniswap, a decentralized exchange (DEX), is the second most popular protocol on the chain. As of this writing, there are 35 protocols on Optimism with at least $1,000 locked into their smart contracts.

How does Optimism work?

Optimism uses a technology called rollups, specifically Optimistic rollups.

They’re called rollups because they roll up (or bundle) the data about hundreds of transactions – non-fungible token (NFT) mints, token swaps … any transaction! – into a single transaction on Ethereum mainnet (layer 1). When so many transactions are rolled up into a single transaction, the blockchain transaction, or "gas," fee required to pay comes down to only one transaction, conveniently distributed across everyone involved.

And they’re called Optimistic rollups because transactions are assumed to be valid until they are proven false, or in other words, innocent until proven guilty. There’s a time window during which potentially invalid transactions can be challenged by submitting a “fraud proof” and running the transactions’ computations with reference to available state data. Optimism reimburses the gas needed to run the computation of the fraud proof.

How do you use Optimism?

For users, Optimism feels pretty much the same as Ethereum mainnet. Your Optimism address is the same as your Ethereum mainnet address, which begins with 0x. Optimism’s blockchain explorer is identical to Etherscan, Ethereum mainnet’s blockchain explorer.

Optimism supports a bunch of decentralized finance (DeFi) wallets, including MetaMask, the most popular choice.

What is OP, Optimism’s token?

Optimism launched its OP token on May 31. A total of 231,000 addresses were eligible to claim 214 million OP tokens for free (known as an “airdrop”). That accounts for 5% of the total 4.29 billion supply, meaning 95% of the supply has yet to hit the market. You can track how many users claimed the first airdrop on this Dune Analytics dashboard.

[source]

Items Analyzed in this dashboard

The dashboard cointains 9 sections and each section was broke down to some metrics in order to better analysing the situations

Optimism Transactions
First Transactions
Transaction Failure
Staking/Unstaking
SWAPS
BRIDGE
Tracking Stablecoins on Arbitrum
Borrow/Repays
NFT

According to the graph presented, the number of Optimism network transactions as well as the number of users has had a significant drop in July, especially until the end of the first half of it.

To take a deeper look at the issue, we pay attention to the next chart, that is, cumulative total transactions by sectors. The diagram shows that it is planted from the Layer2 growth gradient and added to the Dex growth gradient. The rest have continued a relatively constant trend.

The next graph shows a significant decrease in the use of Layer in July compared to the end of the previous month.

Its share of the total number of transactions has increased from more than 50% at the end of the previous month to about 30% in July.

Regarding the total number of unique users, the conditions are exactly the same as the number of transactions, and for Layer 2, we see a decrease in this metric in both daily and cumulative charts.

Considering that the number of transactions is one of the important factors determining Fee, this metric also faced a significant decrease in the first half of July.

All the investigated cases have experienced a positive trend since the second half of July. It seems that the fear caused by the bear market has been slightly removed since the second half of July and users have returned to the network with a positive view.

2- NEW COMMERS

Its always said that, If the transactions of a network is the blood of that main net, the new commers are new blood, so its very important for a platform to attract new users constantly.the following graphs show :

· Daily / weekly new user count on Optimism

· user retention

· time difference between first and second transactions

· first transactions situation compared to other transactions on Optimism

· sectors by popularity in first transaction

· 10 popular platforms to interact in first transactions

Looking at the charts, in the July 2022 which users witnessed the bear market, number of new addresses made in optimism dropped significantly compared to previous weeks, but, since mid July, it again started to grow.
53% of users did their second transactions after their first ant actually, they have came back to the network to continue the journey!
67% of second transactions was made in the same day of first transaction and 16.5% were done in the first week. so, it can be said that, most of secod transactions was made in the first week difference from first transaction.
In average,20 to 30 % of every day transactions are related to first transactions and this is very good

3- STAKING

In this section , we will analyze :

· daily number of stakers / unstakers

· Daily Rewards value USD claimed by stakers & #claimers

Looking at the results :

Number of stakers has been higher than unstakers in the past two month which is a very good sign for Optimism as well.

4-Transaction Failure

Health of a platform’s transaction is one of the very important aspects of its technical fundamentals. So I decided to include a summary of Failed transaction and broke it down to sectors to get to know it better.

the metrics presented in this section are :

daily transaction status / total transaction status
transaction failure share by sectors
total failed transactions by sectors
daily failure rate by sectors
Optimism top 10 fee payers on failed txs

Daily transaction failure rate has been up to 10% in the past two months.
9% of total transactions made in Optimism in the last two month was failed and around 91 % was successful
in most of the days, the most of failed transactions are related to Dex sector, while on some days like June 27 - 30, Layer2 was responsible for most of the failed transactions
82% of failed transactions in total are related to dex sector!
you can also find the top 10 addresses which have paid the most of the fees for the failed transactions

5-SWAPS

Importance of swap sector in a platform is very high. its one of very critical branches of a project’s financial part.

in this section, I will show you the :

Daily swappers and swaps
10 most popular tokens to swap out
Daily number of swap_outs by 10 most popular tokens
10 most popular tokens to swap in
Daily number of swaps by token_in
platforms by Number of swaps

The trend of dily swaps and swappers count is relatively upward in Optimism. from latest June, the upward trend started and is continuing as well. the number of swappers on its peak was 8.1k on July 29 and the number of swaps in its peak was 136k on that date.
total of 3M swaps made by 80k unique swappers in the past two months
USDC was the most important token to ==swap out== with over 43.6% of swaps and OP was the second with 24.4%
in terms of ==swap in==, USDC was the most popular with 32% of swaps made, and ETHis the second one by 26.5%
sushiswap router and uniswap v3 router was two most popular platforms to use for swapping

6- Tracking Stablecoins on Optimism (USDC,USDT and OTHERS)

Considering that the stablecoins of any network are of great importance, I felt it necessary to conduct a review about the stablecoins in to the Arbitrum network and present the results in this section.

Method

case
  		when contract_address = '0x94b008aa00579c1307b0ef2c499ad98a8ce58e58' then 'USDT'
  		when contract_address = '0x7f5c764cbc14f9669b88837ca1490cca17c31607' then 'USDC'
  		else 'Others'

where
	contract_address in (
  	'0x2e3d870790dc77a83dd1d18184acc7439a53f475',--frax
  	'0x7f5c764cbc14f9669b88837ca1490cca17c31607',--usdc
  	'0x94b008aa00579c1307b0ef2c499ad98a8ce58e58',--usdt
  	'0xc22885e06cd8507c5c74a948c59af853aed1ea5c',--usdd
  	'0xda10009cbd5d07dd0cecc66161fc93d7c9000da1'--dai
    )

Items provided :

Daily number of transfers by Stablecoins
Total transfers by stablecoins
Daily Total Volumes Of Stablecoins on Optimism
Market Share Volumes Of Stablecoins On Optimism
Cumulative total volume by stablecoins
Daily total uers by stablecoin
total users by stablecoins
Cumulative total users by stablecoin
5 Top Protocols By Total Share Volumes USDC
cumulative usdc and usdt volume by top 5 platforms

In terms of Daily number of transfers, USDC has has the highest daily transfer count against all other stablecoins and USDT stands in the second rank. the transfer count for USDC in a daily basis has been 20 to 30k txs per day, but on the June 28th, it raised to 98k txs.
77.6% of total transfers was related to USDC in the past two months and 15% others and 7.5% for USDT.
In terms of total transfer volume, again, USDC is ranked first with 75.7% of total volume transferred or 9.01 B USD.Others are ranked second as well with 1.93B USD or 16.2% of all volume in the past two months.USDT ranked third with 965M.
Looking at the daily volume chart, Aug.4th was the most important day with the highest volume recorded to all 3 types , 1.2B for USDC, 511M for OTHERS and 6.7 M for others
In terms of total users, again, USDC is ranked first with 66.7% of total users or 241k .Others ranked second with 18% (66K) and USDT is ranked third as well with 102k or 21% of all volume in the past two months
aave pool was the most popular platform which stablecoin users interacted in the pas two months

7- BRIDGE

Items provided in this section

· daily Bridged ETH value to Optimism using Hop protocol + users count

· total Bridged ETH value to Optimism using Hop protocol + users count

Looking at the results :

· 9.19 K ETH was bridged to the Optimism by total of 3550 users from Ethereum in the last two month which the related value is 13.61M

· On the Aug 4th, the volume bridged and users was at the highest rate of the past two months.

. starting July and I think because of bear market, this amounts dropped dramatically. Amount bridged at its highest day was 902k done by 110 users, but , in July , daily bridger users was 80 to 200 interacting with about 20-100k usd.

8- Borrow / Repay

In the last part, we will take a brief look at the borrow and repay section in Optimism and check the number of users as well as transactions on a daily and general basis.

Looking at the results, 10.92 Borrow transactions was recorded against 3.7k Repays in the past two months.

Number of daily borrows as well as borrowers, has been more than repays and repayers. on June 27, the max count of repays occurred by 827 total repay transactions done by 827 unique users

9- NFT

Undoubtedly, the NFT market of each network, is one of the main signs of how that network is doing. In this section , we will look at NFT sector of the Arbitrum project and some of its top NFT collections.

Items provided in this dashboard are :

Daily / total / Cumulative NFT trading factors on Arbitrum - #( Sales/sellers/buyers/tokens)
Daily total NFT #sales and sale volume - USD
Daily MAX price / AVG price / MIN price
top 10 NFT collections in terms of sale count
top 10 NFT collections in terms of sale volume
Daily Sales volume USD by NFT collections
cumulative sales volume USD by NFT collections

\

RESULTS

the trend of NFT trading on Optimism was relatively down ward in the past two months which was bearish market in most of the days indeed.
total 5.77k unique sellers, have interacted with 7.1k unique buyers for 273K USD. average sale price in USD was 13.91 and the highest sale was 3250
maximum daily sale volume recorded on June 23 and 24 th with 25 and 18.9K usd.
In terms of sale count, Mirror,Genesiskami and Dope wars were the most popular nft collections
In terms of sale sales volume, Optipunk with 37% of total volume (91k USD)and Apetimism Club with 28.6% of sale volume or 69K USD were the most popular nft collections

1- Transactions

In this part, the transactions on Optimism platform have been Analyzed and broken down by sectors and status.

Items provided in this section are :

Optimism daily total / cumulative transactions and total unique users

Txs per user per week

share of daily/total transactions - per sector

Daily / total user count per sector

Daily / total ETH value per sector

looking at the results
the sector which is responsible for the majority of transactions is DEX , representing over 38.4% of total transactions occurred on Optimism sinse June 15 2022.interacting with Layer2 also was the Optimism users’ second popular transaction type , representing over 37% of total transactions
looking at the cumulative chart, the two mentioned sectors are pioneers by far, and defi sector ,is standing in the third place in transaction growth
Daily ETH value sent to each sectors shows a little different results than the transactions do, which defi sector is the first one in this metric and layer2 and nft are the following sectors by 51%,21% and 18% of volume respectively.

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