Description of work

In this work, we want to analyze Optimism in July, when the markets were get turbulent.

Optimism status analysis metrics include the following:

1. Market performance

   • 1 - 1 Optimism native token(OP) price.

   • 2 - 1 Op token transactions volume.

   • 3 - 1 NFT sales volume.

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2. Network performance

   • 1 - 2 Total number of transactions and transactions success rate
   • 2 - 2 Network Transactions Per Minute(TPM).
   • 3 - 2 Network average block time.

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3. Inflow and outflow on bridges

   • 1 - 3 Inflow volume on bridges.

   • 2 - 3 Outflow volume on bridges.

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4. Conclusion

Methodology

• In the market performance section, the data related to the [optimism.core.fact_hourly_token_prices] (to calculate the price of Op) and [optimism.core.fact_token_transfers] (to calculate Op token transactions volume) and [optimism.core.ez_nft_sales] (to calculate NFT sales volume) are used for calculations.

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• In the Market performance section, the data related to the [optimism.core.fact_transactions] (to calculate 1-2 and 2-2) and [optimism.core.fact_blocks] (to calculate Network average block time) are used for calculations.

  • The details of how to calculate TPM are fully explained in my previous work, Polygon Block Performance.

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• In the Inflow and outflow on bridges section, the data related to the [optimism.core.fact_event_logs] and [optimism.core.fact_transactions] used for calculations.+

  • When a token is sent from L1 to Optimism (inflow), that token is locked in the smart contract related to Optimism on L1. Then the same value is minted on Optimism.
  • When a token is sent from Optimism to L1(outflow), first, that token is burned on Optimism. Then the same value is released from the contract related to Optimism on L1.

Note: In the [optimism.core.ez_nft_sales] table, only data about the sales of NFTs in Quixotic is available.

1 - Market performance

1 - 1 Optimism native token(OP) price

Observations

• Op's highest and lowest daily prices were recorded on July 13($0.45) and 30($1.75), respectively.

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• From the beginning of July to the middle of July, the price of Op wasn't changed much. Since July 15, the upward trend of its price has started.

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• The Op price chart until July 15 has no significant correlation with the price of Bitcoin. But from July 15 onwards, its price is correlated with the price of Bitcoin.

2 - 1 Op token transactions volume

Observations

• Op’s Total volume of transactions was 0.987B in July 2022.

• Op's highest and lowest volume of transactions were recorded on July 3($2.181M) and 30($190.368M), respectively.

• As Op price increases, its transaction volume increases.

3 - 1 NFT sales volume

Observations

• The total volume of NFT sales in July 2022 was $146.3K.

• The highest volume of NFT sales was recorded on July 4($12.569K), 5($12.519K), and 29($10.66K), respectively.

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• On July 2, 2022, no NFT sales have been recorded.

2 - Network performance

1 - 2 Total number of transactions and transactions successful rate

Observations

• The total number of transactions in July 2022 was 3.27M.

• The highest number of transactions was recorded on July 29(233.318K), 28(209.522K), and 27(197.661K), respectively.

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• As Op price increases, the total number of transactions on Optimism increases.

Observations

• The transaction success rate was 90.5% in July 2022.

• The highest number of failed transactions was recorded on July 29(30.406K), 28(30.42K), and 30(21.962K), respectively.

• As the number of transactions increases, the number of failed transactions increases.

2 - 2 Network Transactions Per Minute(TPM)

Observations

• Optimism average TPM was 77 in July 2022.

• The highest network TPM was recorded on July 29(189), 28(167), and 27(150), respectively.

• As Op price increases, network TPM increases.

3 - 2 Network average block time

Observations

• The average block time in July 2022 is 0.952 seconds.

• By comparing the daily block time chart with the daily TPM chart and the number of daily transactions, we find that the average block time has an almost inverse relationship with the number of transactions and TPM.

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• An increase in the number of transactions and TPM causes more blocks to be generated and the average block time to decrease, and vice versa.

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3 - Inflow and outflow on bridges

1 - 3 Inflow volume on bridges

Observations

• The total volume of transfers from L1s to Optimism(inflow) in July 2022 was $196M

  • 59.3% of this volume is related to USDC, 20.6% is associated with SNX, and 4.87% is related to DAI.

• The highest volume of transfers from L1s to Optimism was recorded on July 28($25.69M), 29($18.58M), and 30($14.84M), respectively.

2 - 3 Outflow volume on bridges

Observations

• The total volume of transfers from Optimism to L1s(outflow) in July 2022 was $161.8M

  • 46.3% of this volume is related to sUSD, 29.3% is associated with USDC, and 10.4% is related to sETH.

• The highest volume of transfers from Optimism to L1s was recorded on July 22($29.94M), 26($11.81M), and 10($11.01M), respectively.

4 - Conclusion

In this work, we have analyzed the performance of the Optimism network in July 2022 from different perspectives.

• From the beginning of July to the middle of July, the price of Op wasn't changed much. Since July 15, the upward trend of its price has started. This upward price trend increases the following criteria:

  • Op token daily transactions volume.

  • The number of daily transactions.

  • Network Transactions Per Minute - decreases daily average block time

  • NFT sales volume.

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• The transaction success rate was 90.5% in July 2022.

• The total volume of transfers from L1s to Optimism (inflow) in July 2022 was $196M.

  • 59.3% of this volume is related to USDC, 20.6% is associated with SNX, and 4.87% is related to DAI.

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• The total volume of transfers from Optimism to L1s(outflow) in July 2022 was $161.8M

  • 46.3% of this volume is related to sUSD, 29.3% is associated with USDC, and 10.4% is related to sETH.