Introduction

• In this analysis, You will read about OP token and swap activities. We want to know that is there any relation between OP price and its swap activities.
• Op is a Native token of Optimism. Optimism launched its token on July 2022.
• I went through some Popular DEXs and analyzed these parameters:
• Swaps From OP Token Vs. OP price
• Swaps to OP token Vs. OP price
• Swaps from and to OP token per Platform
• Top Platforms based on volume and transactions
• Top token swapped from and to OP token

Analyzed by Hess - Reading Time Almost 10 min.

Swaps From OP Token

• First, Let’s take a look at the total number of swaps from the OP token. When OP price didn’t change too much ( Between June and July), The swap activities didn’t change too. After July 18, The Op price increased from 0.4 US dollars to 0.7$. Following that, the total number of swaps increased from 1K daily swaps to 6K daily swaps. The highest number of swaps happened when the OP price increased to 1.5 US dollars. In the last 100 Days, 23.3K unique users swapped their OP in 317K swaps. When OP price dropped, The total number of swaps dropped too.

Method

• The method of finding DEXs on Optimism was a little challenging because we don’t have an exact Swap table for Optimism ( We only have a Sushiswap Dex table ). So I needed to find from existing tables and actually create a custom table.
• So, I used optimism.core.fact_event_logs and extracted all tx hashes that include Swap in their event name. I used the DIM contract table with the DEX label filter.
• I couldn't find All Dexs from the DIM label. So I found some famous DEXs and added them to my DIM table list. I tried some other DEXs like 1inch but couldn’t find any data in Flipside tables.
• After that, I needed to find From and to tokens and amounts. I tried the Fact event logs table again and set origin from address equal event_inputs: from and select my finding tx in the first place. The result shows all from activities. Again I used the Fact event label and set origin from address equal event_inputs:to. Now we have To activities too. The last thing I needed was Token’s name. This part was easy. I joined my finding to DIM label and extract token names. I created a custom table for Optimism DEXs and started to analyze my result.
• At the end, I joined my findings to Token Hourly prices for swap volume and joined the Sushiswap DEX table to my findings.

Swaps To OP Token

• We already examined swaps from OP token. Now it’s time to examine the swap activities to OP token. On this side, swap activities were like the swaps from the OP token. The total number of swaps increased when the OP price increased. Also, The total number of swaps decreased then the OP price dropped.

Compare Swaps to and from OP Token

• The interesting finding is that when the OP price increased in late July and the beginning of August, The total Swappers From OP tokens were much higher than swappers to OP tokens. It means users prefer to sell Their OP at the highest price. But Over time, The swappers become similar to each other. The other interesting finding is that the Total number of swaps from and to OP tokens was similar to each other. However, About 5% of swaps from OP was higher than swaps to OP.

Swaps From and To OP per Platform

• If you wonder where users swapped their OP most, You can see the below charts. As you can see, the most volumes went through Velodrome from and to OP token.

Swaps from and To OP per Token

• I filtered the daily charts to show only tokens whose daily swap volume was above 20K US dollars. I can say surely that most users swapped to and from USDC and WETH. The volume of USDC had a huge difference with the second place which is WETH.

A Summary of the Most Important Findings

• Charts show when OP price increased and reached its ATH, The total number of swaps, Swappers and Volume increased. During those days, The highest volume of OP swapped to another token.
• On the Other side of swaps, I mean swaps to OP token, The total number of swaps and volume increased when OP price increased. The only difference with the swap from OP token is that number of swappers to OP token didn’t change when the OP price increased.
• On Op ATH days, The swap volume reached above 10M US dollars.
• Most users swapped from and to OP tokens on the Velodrome Platform.
• Also, Most users swapped their OP from and to USDC and WETH.

All Data of charts are from the last 100 days.

Full Analysis

• Swappers had a little difference with the number of swaps. When the Op price dropped, On some days, The total number of swappers increased. But overall, The total number of swappers increased when OP price increased. Almost following the OP price pattern.

• When the Number of swaps and swappers increases, We expect the volume to increase too. Exactly when the total number of swaps and swappers increased, The swap volume and OP amounts increased. Both followed the OP price pattern.

As you can see even the average swap volume from the OP token followed exactly the OP price. When OP price increased, The average increased too and vice versa. The average swap volume was 850 US dollars.

• Swappers acted a little different. The total number of swappers didn’t follow OP price. When The OP price increased, The unique daily swappers didn’t change. They only have more swaps. Also, In the last month, When OP price dropped, The total number of swappers increased. Overall, 16K swappers made 301K swap transactions.

• Like Swaps from OP token, The swap volume to OP token increased when OP price increased. The highest Swap Volume to OP happened when OP price was around 1.6 US dollars. After that, When OP price dropped, The swap volume decreased too. Overall, Users swapped 258M OP which worth 265M US dollars from other token to OP.

• The average swap volume to OP token is 852 US dollars. Like swaps from OP, The average swap volume to OP token followed the OP price.

• It is true that swap volume in USD from and To OP token was similar to each other but More volume swapped from OP token in comparison to swaps to OP token.

Conclusion

• We always see three types of users in the Crypto World. Their Activity about one popular token is the same. Holders, Buyers and Sellers.

  We can ignore OP holders right now and focus on Buyers and sellers. When token price increases significantly from its recent price, Some users see the best opportunity to sell their Tokens. Also, on the other side, there are some users that see the opportunity to buy that token and get some profit. In this case, I can conclude users that sold their OP token made more Profits in comparison to users that bought OP token at that price.

THANK YOU FOR READING!

ALL CODES AND CONTENTS WERE WRITTEN BY HESS.

:bird: Twitter: @hessaminanloo

:t-rex: Discord: hess#0890

:calendar: Analyze Date: 2022/OCT/05