Interesting observations from swap charts

• There were more than 3.94 million swaps on the Ethereum version of Sushiswap and only 13.46k swaps on the Optimism version of Sushiswap ( more than 292x took place on Ethereum)

• This comparison in the recent month is way different. 194k Swaps on Ethereum and 3690 on Optimism ( more than 72x on Ethereum). As you can see Optimism is catching up slowly

• Another comparison can be seen here. 27% of all Sushiswap Optimism swaps of the recent year have occurred in the recent month while this number is around 5% for Ethereum

• Although Sushi swaps on Ethereum are way more than Optimism, the Monthly momentum of swaps shows another fact. More and more swaps are taking place on optimism each month, The general trend for the number of swaps is up for the Sushiswap on Optimism while this trend is down for the Ethereum version of Sushiswap

Some insights:

• There are more than 34.8 million unique users on the Ethereum network while this number is only 1.82 million users on the Optimism

• Jun 1, 2022, was the day with the most active users on Sushiswap Optimism with 415 active users on the platform

Some insights:

• As you can see on the Ethereum version of Sushiswap the swap volume and average volume swapped both have decreased each month. Monthly swap volume on Ethereum has decreased close to 90% from +3.2 billion in May to around 391 million in October

• On the optimistic version of Sushiswap, we can't see an uptrend or downtrend in the swap volume or average volume swapped as the numbers are very low compared to the Ethereum

• The monthly volume for Optimism is under 1 million USD in recent months, the highest was 898k USD in Jun 2022

Optimism transactions fees are almost 95% cheaper than Ethereum

Questions

• How is user behavior different on Optimism compared to L1?

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  • Compare swaps and transactions on ETH mainnet vs Optimism for Sushiswap DEX, looking for things like daily swap volume, daily active users, and average volume swapped
  • What are the average fees for a swap on Optimism compared to ETH Mainnet?

Introduction

What is Optimism? The Optimism protocol is a Layer2 protocol that is intended to help Ethereum users speed up and pay less fees for transactions made on the Ethereum network. To achieve this, Optimism works based on a technology known as “Optimistic Rollups” (Source)

Methodology

• In this dashboard, Ethereum and Optimism have been compared in 4 Sections:

  • Sushi number of swaps on Ethereum and Optimism networks
  • Sushiswap active users on Ethereum and Optimism networks + all network activity comparison
  • Sushiswap daily swap volume and average volume swapped
  • Sushiswap fees on Ethereum and Optimism networks + all network activity comparison

• This dashboard uses the Ethereum and Optimism databases and the following tables to extract information:

  • ethereum.sushi.ez_swaps
  • optimism.sushi.ez_swaps
  • optimism.core.fact_transactions
  • ethereum.core.fact_transactions

• The time frame provided in this dashboard:

  • From May 2022 until today

Some insights:

• The cumulative Transaction Fee in the Ethereum network has been around 245 million USD for the past 3-month period. This has been only 1.87 million USD on the Optimism network

• Each swap on Sushiswap Optimism costs under 0.001 ETH gas fee while on Ethereum it has reached +0.08 ETH per swap on average on some days

• On Sushi Optimism, Daily Users rarely paid more than 1 ETH in total for all the swaps on a particular day and most days this number is well below 1 ETH total daily total fee. While on Sushi Ethereum we reached 1867 ETH gas paid on May 11; the highest record in the recent months

Conclusion

Optimism is cheap to use. More than 95% cheaper compared to Ethereum on most days for a single transfer or a swap on a DEX like Sushiswap. Although less than 2% of Sushi Swaps are happening on the Optimism network these days, the ratio is getting closer each month as the total swaps on Ethereum are decreasing and on Optimism swaps are increasing

Link to this dashboard on my Twitter