Introduction

What is Optimism?

Optimism is one of the layer 2 scaling solutions. It's powered by a technology called Optimistic rollups, which bundle large amounts of transaction data into digestible batches. Optimism is much cheaper to use than Ethereum, and it's increasingly becoming popular along with other layer 2s, such as Arbitrum.

What is the difference between L1s and L2s?

A layer 1 (L1) network blockchain that serves as the base layer to store information that can represent: - assets such as tokens; - smart contracts which can form dApps. Layer 2 refers to a secondary framework or protocol that is built on top of an existing blockchain system. The main goal of these protocols is to solve the transaction speed and scaling difficulties that are being faced by the major cryptocurrency networks.

Methodology

This dashboard will compain the user behavoir and the networck actiity of Ethereum and optimism to get and understand of how poualr Optimism is becoming and the user experience that the layer 2 is creating. In order to gather these insights we will collect the following metrics:

• Daily swaps/transactions on Ethereum and Optimism

• Daily active users on Ethereum and Optimism

• Daily average/total fees on Ethereum and Optimism

• Top Contracts by number of users

Active User Metrics

Observations

Currently the number of DEX swaps on optimis are about 10% - 20% the swaps on Ethereum. The number of active users on Optimism each day make up 2.5% - 5% of the swaps on Ethereum. It seems that Optimism is currently a very active chain and there is 4x the swaps per user than on Ethereum.

Transaction Gas fee Metrics

Observations

In the past 2 weeks that average fee on optimism was 1/100 - 1/500 the fee on ethereum. The average fees on optimism have been increasing while the fees on ethereum have been decreasing in the past 2 weeks. In terms of total fees Optimism has been going rapidly in the past few weeks from 1000 Gwei of fees in a day to 3,800 Gwei.

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Dapp usage metrics

Observations

Both Ethereum and Optimism Hop protocol have the most active users by far. On Ethereum Opensea, Metamask, and large erc20 tokens or the most used contracts. on optimism Uniswap, Synthetix, and aave have the most usage.

Conclusion

Currently optimism is becoming very popular amongst users who are trying to make a high frequency of defi transactions, this can be seen by the fact the Optimism user executes 4 times the number of transactions than Ethereum users do and the most popular dapps on Optimism are Defi related. The increase in users of optimism can be seen through three metrics: Active users, average fees, and total fees. In the past 2 weeks the active users on optimism has gone up 50% and the fees have gone up 400%.