Introduction

Welcome to the L2 Chain Comparison Dashboard! As you may already know, a major event has recently occurred in the world of blockchain - Optimism and Arbitrum have officially surpassed Ethereum in combined transaction volume. This is a significant milestone and it's an exciting time to take a closer look at these two major L2 chains. On this dashboard, you'll find a variety of metrics that will allow you to compare and contrast Optimism and Arbitrum, including total and average transaction volume, average transaction size, active users, new users added and more. This information will provide valuable insights into the performance and usage of these L2 chains and help you understand the significance of this historic event.

Methodology

these are the steps in creating this dashbord:

Data Collection: We will query Flipside Crypto's database to gather data on the performance metrics of both Optimism and Arbitrum. This data will include metrics such as total and average transaction volume, average transaction size, active users, new users added, and any other relevant metrics.
Data Analysis: Once the data has been collected, we will perform various analyses to identify trends and patterns in the data. This will include calculating summary statistics such as means, medians, and standard deviations, as well as creating visualizations such as charts and graphs to help interpret the data.
Comparison of Optimism and Arbitrum: We will compare the performance of Optimism and Arbitrum to see how Optimism has gained ground on Arbitrum so quickly. We will use the data and visualizations to identify key factors that have contributed to Optimism's growth and how it compares to Arbitrum in terms of adoption and usage.

L2 vs ETH transactions

L2 Chain Activity Comparison

Analysis:

The graphs in this section show the transaction volume on Ethereum, Optimism, and Arbitrum from May 2022 to present. As seen from the graphs, since May 2022, Optimism and Arbitrum have gone from making up only 10% of the transactions on Ethereum to about 50%. This indicates a significant increase in the adoption and usage of these L2 chains. Starting in June 2022, both Optimism and Arbitrum have experienced massive growth in terms of transaction volume. However, it's worth noting that the growth rate of Optimism is higher than that of Arbitrum. Furthermore, since November 2022, Arbitrum has experienced a decline in activity while Optimism continues to see an increase in activity week over week. It is also worth noting that the volume of ETH transfers has consistently been greater on Arbitrum than on Optimism. This trend is likely due to a combination of factors, such as an increase in the number of decentralized applications (dApps) built on Optimism, as well as a growing awareness and understanding of the benefits of L2 scaling solutions among developers and users. Additionally, it could be that Optimism is providing more efficient and cost-effective solutions than Arbitron. Overall, these graphs provide a clear picture of the growing popularity and adoption of Optimism and Arbitrum and how they're becoming increasingly important players in the Ethereum ecosystem. The data suggest that Optimism is currently gaining more traction than Arbitrum in terms of transaction and users but Arbitrum has more volume in terms of ETH transfers, and both have a bright future ahead.

L2 Chain User Comparison

Analysis

The graphs in this section provide insight into the activity of new wallets created on Optimism and Arbitrum since May. According to the data, it appears that both chains have a relatively high percentage of new wallets that have been active for less than 5 days. This suggests that while there has been an increase in new wallet creation on both chains, there may not be a corresponding increase in consistent usage. Furthermore, the data shows that Optimism has a slightly greater percentage of very active users, with a higher percentage of wallets active for more than 30 days compared to Arbitrum. This indicates that Optimism may be more successful in retaining and engaging users. Additionally, since November there has been a decline in new Arbitrum wallets, while new users on Optimism have been steadily increasing. This trend suggests that Optimism may be more appealing to new users and has a greater potential for future growth.

Conclusion

In conclusion, the L2 Chain Comparison Dashboard provides valuable insights into the performance and usage of Optimism and Arbitrum. The data shows that both chains have surpassed Ethereum in combined transaction volume, indicating a significant increase in adoption and usage of these L2 chains. The data also shows that Optimism has a higher growth rate compared to Arbitrum and that since November 2022, there has been a decline in new Arbitrum wallets, while new users on Optimism have been steadily increasing. This suggests that Optimism may be more appealing to new users and has a greater potential for future growth. Additionally, the data indicates that while both chains have a relatively high percentage of new wallets that have been active for less than 5 days, Optimism has a slightly greater percentage of very active users, with a higher percentage of wallets active for more than 30 days. This suggests that Optimism may be more successful in retaining and engaging users. In summary, the data suggests that Optimism is currently gaining more traction than Arbitrum in terms of transaction volume and active users but Arbitrum has more volume in terms of ETH transfers, and both have a bright future ahead. It's important for both chains to focus on retaining and engaging new users in order to increase consistent usage and adoption.