Try Quests to earn cryptoEVM - 4. The “Flippening” Comparison
Methodology
In the first part of this dashboard, we will compare the performance and speed of the two Optimism and Arbitrum networks in the past 30 days.
we will compare total transactions and average total transactions per minute (TPM), succeeded transactions and failed transactions for both networks.
In the second part, we examine Optimism and Arbitrum transactions and users from different aspects.
In the third part, we examine the transaction fee in Optimism and Arbitrum.
Technical Info:
> Optimism Database Tables On Flipside > > * optimism.core.fact_transactions > * optimism.core.fact_event_logs > * optimism.core.fact_token_transfers
> Arbitrum Database Tables On Flipside > > * arbitrum.core.fact_transactions > * arbitrum.core.fact_event_logs > * arbitrum.core.fact_token_transfers
Metrics
> # Flippening Comparison of Optimism & Arbitrum
PART 1 - [Overview]
- Optimism - Total Transactions
- Arbitrum - Total Transactions
- Optimism - Total Average Transactions Per Minute
- Arbitrum - Total Average Transactions Per Minute
- Optimism - Total Succeeded Transactions
- Arbitrum - Total Succeeded Transactions
- Optimism - Average Successful Transactions per Minute
- Arbitrum - Average Successful Transactions Per Minute
- Optimism - % (Succeeded / Total) Transactions
- Arbitrum - % (Succeeded / Total) Transactions
- Optimism - Total Failed Transactions
- Arbitrum - Total Failed Transactions
- Optimism - Average Failed Transactions per Minute
- Arbitrum - Average Failed Transactions Per Minute
- Optimism - % (Failed / Total) Transactions
- Arbitrum - % (Failed / Total) Transactions
PART 2 - Transactions and Users [Optimism vs Arbitrum]
- Daily Transactions per Minute (TPM) for Optimisim
- Daily Transactions per Minute (TPM) for Arbitrum
- Total Number of Transactions on Optimism
- Total Number of Transactions on Arbitrum
- Daily Transactions Status - Optimism
- Daily Transactions Status - Arbitrum
- Overall Transactions Status - Optimism
- Overall Transactions Status - Arbitrum
- Daily New Wallets (Users) of Optimism
- Daily New Wallets (Users) of Arbitrum
- Total Number of Active Users on Optimism
- Total Number of Active Users on Arbitrum
PART 3 - Fee [Optimism vs Arbitrum]
- Total Paid Fee on Optimism
- Total Paid Fee on Arbitrum
- Average Paid Fee by Users on Optimism
- Average Paid Fee by Users on Arbitrum
- Daily Paid Fee on Optimism
- Daily Paid Fee on Arbitrum
- Daily Active Wallets and Paid Fee on Optimism
- Daily Active Wallets and Paid Fee on Arbitrum
Introduction
What Is Optimism?
Optimism is a Layer 2 scaling solution for Ethereum. It helps reduce the transaction fee and transaction time on the Ethereum blockchain.
Broadly speaking, Optimism helps solve Ethereum’s scalability dilemma. Scalability refers to the rate of transactions per second (TPS) on a blockchain network.
How Optimism Solves Scalability Issues on the Ethereum Network
It's understood that Ethereum is one of the most secure and decentralized blockchains in existence. To keep everything running smoothly, the network is built around three properties: Decentralization, security and scalability. However, because of the limitations due to the blockchain trilemma, Ethereum can only deploy two out of these three properties effectively.
To keep the network functional, the governing body behind Ethereum decided to sacrifice scalability for the sake of security and decentralization. As of this writing, Ethereum has reached its capacity to handle more than one million transactions per day. When this occurs, the Ethereum network cannot scale anymore and will become congested as a result.
Once the blockspace becomes scarce, users on the Ethereum network enter a bidding war in an attempt to get their transactions on the next block. As a result, the gas price rises, making it significantly less affordable for an average user to benefit from a transaction. Besides paying a high gas fee, users on the Ethereum network must also endure long wait times for their transactions to clear.
What Is Arbitrum?
Arbitrum is an Ethereum scaling solution designed to facilitate more transaction volume on the blockchain network at a lower cost. It uses the same tooling as Ethereum, so DApp developers can quickly, easily, and securely deploy apps on Ethereum using Arbitrum.
In short, for those wondering what is Arbitrum and what it’s used for, Arbitrum is meant to facilitate more transactions, prevent fraud and lower the cost of operating on the Ethereum blockchain network. This Ethereum scaling solution will make DApp development seamless, fast, and secure by providing developers with an Ethereum-based platform that limits data stored on-chain.
Source: bybit
Observation
Total transactions
- As we see, the number of total transactions in Optimism is much higher than in the Arbitrum network. It’s about 5.7% higher. Total transactions of Optimism in the past 30 days are about 15.62M txs and the average total txs per minute is about 360. These number for Arbitrum is 14.77M txs and 341 txs (avg txs per minute).
- This is despite the fact that the number of unique users who have transacted in Optimism is almost 2 times the number of users in Arbitrum.
Succeeded transactions
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The number of transactions on Optimism was about 15.01 million transactions, which was equal to 14.12 million transactions for Arbitrum in the same period.
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The average number of successful transactions for Optimism is 346 transactions per minute and for Arbitrum, it is 325 successful transactions per minute.
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The percentage of successful transactions to total transactions in Optimism is 96.2%, while this number is 95.6% for Arbitrum. What we expected was that it would be higher for layer 2 because the cost per transaction is much lower.
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Failed transactions
- But in the failed transactions section, the total number of these transactions for Optimism was equal to 601k transactions, and for Arbitrum equal to 0.654M transactions.
- The average number of failed transactions per minute for Optimism was 14 and for Arbitrum, it was 19 failed transactions per minute.
- The part that determines which performance was better is the percentage of failed transactions to the total number of transactions, in which Optimism is equal to 3.8% and Arbitrum is equal to 4.4%. So it means that the performance of Optimism has been better.
Observation
In this charts, we see the number of transactions processed per minute. On August 11, 1711 transactions were processed per minute. One of the main reasons for the growth in the number of transactions in Optimism can be the increase in the price of Ethereum in the market.
For the Arbitrum network, this value is 397 transactions per minute for August 11. On November 9, the time of the FTX collapse, 1356 transactions per minute have been processed for the Optimism network, compared to 1837 transactions per minute for the Arbitrum network on the same date. The highest number of processed transactions per minute for the Arbitrum network is 4282 transactions while this amount is 1954 transactions for Optimism network.
Observation
The total number of active users in the Optimism network is 1.61 million users, while the Arbitrum network has 2.04 million users. It means that the active users of the Arbitrum network are 26.7% more than the Optimism network.
The highest number of new users who have used the Optimism network is 51056 users on June 1, 2022.
The highest number of new users who have used the Arbitrum network is 22570 users on June 27, 2022.
Observation
In the charts on the right, we see the number of successful and failed transactions on a daily basis from November 2021 to January 2023 for the Optimism and Arbitrum networks. The highest number of successful transactions processed in the Optimism network is on January 12, 2023 and was 760,310. The highest number of successful transactions processed in the Arbitrom network was on November 9, 2022 and was 831,294.
The highest number of failed transactions in the Optimism network was on January 14, 2023, with 48,026 transactions. The highest number of failed transactions in the Arbitrum network was on November 8, 2022, with a total of 50,023 transactions.
Observation
The total fee paid in the Optimsam network is equal to 11.87k ETH, while it is 7.49k ETH in the Arbitrum network. The average fee paid per user in the Optimism network is 0.00735 ETH, while it is 0.00366 ETH in the Arbitrum network. So, as a result, fee in Arbitrum network is less than Optimism, so the number of users in Arbitrum network is more than Optimism.
In the charts on the left, we can see the amount of fees paid in two networks, Optimism and Arbitrum, on a daily basis.
Observation
In the charts on the left, we can see the number of active users and the total fees paid for transactions on a daily basis in the Optimism and Arbitrum networks. The highest number of active users in the Optimism network was on December 21, 2022. On this date, 111,224 users have made transactions, the total paid fee of which is 53.3 ETH. The highest number of active users in the Arbitrum network was on December 15, 2022. On this date, 77,250 users have made transactions, the total paid fee of which is 27.3 ETH.
Conclusion
In this dashboard, we compared the Optimism and Arbitrum networks from different aspects and found that the Arbitrom network has been more successful in attracting new users than Optimism, and the main reason for this can be the lower fees compared to Optimism. Some of the parameters we checked in this dashboard:
> Total Number of Transactions on Optimism: 69.9M > > Total Number of Transactions on Arbitrum: 88.3M > > Total Number of Active Users on Optimism: 1.615M > > Total Number of Active Users on Arbitrum: 2.048M > > Total Paid Fee on Optimism: 11.87k ETH > > Total Paid Fee on Arbitrum: 7.49k ETH > > Average Paid Fee by Users on Optimism: 0.00735 ETH > > Average Paid Fee by Users on Arbitrum: 0.00366 ETH > > Status of the last 30 days: > > Optimism - Total Transactions: 15.63M > > Arbitrum - Total Transactions: 14.8M > > Optimism - Total Average Transactions Per Minute: 359 > > Arbitrum - Total Average Transactions Per Minute: 340 > > Optimism - Total Succeeded Transactions: 15.03M > > Arbitrum - Total Succeeded Transactions: 14.15M > > Optimism - Average Successful Transactions per Minute: 345 > > Arbitrum - Average Successful Transactions Per Minute: 325 > > Optimism - % (Succeeded / Total) Transactions: 96.1 > > Arbitrum - % (Succeeded / Total) Transactions: 95.6 > > Optimism - Total Failed Transactions: 602k > > Arbitrum - Total Failed Transactions: 0.655M > > Optimism - Average Failed Transactions per Minute: 14 > > Arbitrum - Average Failed Transactions Per Minute: 19 > > Optimism - % (Failed / Total) Transactions: 3.9 > > Arbitrum - % (Failed / Total) Transactions: 4.4
