Open Analyitics Bounty: Arbitrum
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Introduction
In this dashboard, we will be comparing new users on Arbitrum over the past 7 days to platform like Optimism and Avalanche. To begin, we will examine the total and daily number of new users on each platform, as well as the number of transactions executed by new users by day. Next, we will look at the distribution of ETH balance for the new wallets. Finally, we will calculate the percentage of new Arbitrum users who had previously used Optimism and Avalanche.
Definition of new users
New wallets/users will be identified as wallets that made their initial transaction over the past 7 days. To begin, I identify all of the unique wallets that have transacted before the past 7 days. Then I identify the remaining unique wallets who made their first transaction over the past 7 days as new wallets.
- The graphs above shows the daily number of new users on each platform, as well as the number of transactions executed by new users by day.
- As can be seen, Arbitrum and Avalanche have had a relatively comparable number of new users, with each averaging 5k to 10k new users every day.
- Optimism has seen lowest number of new users on most days during the last 7 days, averaging less than 3k.
- However, the number of new users on Optimism have surged on July 25th and have exceeded Arbitrum and Avalanche on July 27th with 6.81k new users.
- Besides that, the number of transactions chart follows the same pattern as the new users chart with Arbitrum and Avalanche having more transactions executed by new users on most days and Optimism outperforming Arbitrum and Avalanche on July 27th
- The distribution charts above shows the distribution of ETH balance for the new wallets on Arbritrum, Optimism and Avalanche.
- According to the above distribution charts, the distribution of ETH balance for new users on all three platforms was fairly identical.
- Over 70% of new users on all three platforms have an ETH balance of less than 0.1 ETH.
- Next, approximately 14.2% to 16.9% of the new users have an ETH balance of 0.1 ETH to 0.5 ETH.
- Less than 5% of the new users over the past 7 days have an ETH balance of more than 1 ETH.
- The graphs on the left shows the percentage of new Arbitrum users who had previously used Optimism and Avalanche.
- When comparing new Arbitrum users who have previously used Optimism or Avalanche, it is clear that Optimism has been utilised by more new Arbitrum users than Avalanche.
- The percentage of new Arbitrum users who have previously used Optimism accounts for 5.78%, whereas new users who have previously used Avalanche only accounts for 0.47%.
Conclusion
- On most days, the number of new users and transactions executed by new users on Optimism has been lower than Arbitrum and Avalanche.
- The total number of new users on Arbitrum and Avalanche over the past 7 days is approximately twice the number of Optimism.
- Majority of the new users on all three platforms have an ETH balance of less than 0.1 ETH and only fewer than 5% of new users have more than 1 ETH.
- More new Arbitrum users have used optimism than Avalanche.
- The figures above shows the total number of new users on each platform over the past 7 days.
- Among the three platforms, Avalanche saw the most number of new users over the past 7 days with a total of 44586 users
- Arbitrum came in close second and Optimism placed third with 44558 new users for Arbitrum and only 22127 new users for Optimism.
- The total number of new users on Optimism is half lesser than Arbitrum and Avalanche.
- The graphs above shows the normalised chart for number of new users on each platform, as well as the normalised chart for number of transactions executed by new users by day.
- We can see that the dominance of Arbitrum and Avelanche’s new users, as well as transactions executed by new users has been diminishing over the last 7 days.
- On the other hand, the proportion of Optimism has been averaging below 15% on most days and began to skyrocket since July 26th. It has accoutnt for a total of 69.67% among the three platforms during July 27th.
- Similar to the number of new user transactions, with Optimism accounting for 60.23% of all transactions executed by new users on July 27th.