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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.
Source: bybit
Methodology
In this dashboard, we analyze the protocols, action types, and protocol types in terms of the number of transactions and users, using the Optimism database, which is available on the Flipside.
Technical:
> Optimism Tables: > > optimism.core.fact_event_logs > > optimism.core.dim_labels > > Main Columns: > > LABEL_TYPE ==> Protocol Type > LABEL_SUBTYPE ==> Action Type > PROJECT_NAME ==> Protocol
Findings
In the pie charts of this section, we will have a general look at the number of transactions and users of protocol types and action types and protocols. The largest number of transactions from ==protocol types== are related to Dex. More than 1.5 million transactions have been made by 270,338 users for Dex. The largest number of users of protocol types are related to bridges (layer 2). 282,072 users have made 730,617 bridge transactions.
The largest number of transactions from ==action types== are related to "General Contract". More than 1.2 million transactions have been made by 182,389 users for "General Contract". The largest number of users of action types are related to "Token_Contract". 313,652 users have made 771,429 bridge transactions.
The largest number of transactions from ==Protocols== are related to "Optimism". More than 870k transactions have been made by 427,238 users for "Optimism". The largest number of users of action types are related to "Optimism".
Findings
In the charts of this section, we can see the number of transactions and users of all types of protocols and all types of actions and protocols cumulatively from April to November 2022 on a daily and monthly basis.
Total number of protocol types transactions from April to November 2022; 90.6 million transactions. 17.9 million users have used the protocol types. The total number of Action Type transactions from April to November 2022; 47.3 million transactions. 12.4 million users have used Action Types. Total number of protocol transactions from April to November 2022; 5.1 million transactions. 1.8 million users have used the protocols.
Findings
In the charts of this section, we analysis the protocol types in terms of the number of transactions and users in different charts.
The largest number of transactions from protocol types are related to Dex. More than 1.5 million transactions have been made by 270,338 users for Dex. The largest number of users of protocol types are related to bridges (layer 2).
The highest number of protocol types is used on June 1, 2022 On this date, 146,689 transactions have been processed by 84,933 users for bridges (Layer 2). Also, 25762 transactions have been processed by 19896 users for dex. The highest number of protocol types transactions is in the month of August. More than 390 thousand transactions have been processed in August. The highest number of users are in June and for bridges (layer 2).
Findings
In the charts of this section, we can see the number of transactions and users cumulatively for the protocol types on a daily and monthly basis.
In the charts, we can see that the highest number of transactions and users are for dex and bridges (layer 2). From April to November 2020: A total of 1.55 million transactions have been processed by 342,517 users for Dex. A total of 730,617 transactions have been processed by 377,841 users for bridges (layer 2). A total of 88,098 transactions have been processed by 27,908 users for NFTs.
A total of 144,672 transactions have been processed by 59,134 users for Defi.
In the charts, we can see that in October, the number of transactions and users has increased compared to other months, which can be the reason for the relative calm of the market.
Findings
In the charts of this section, we analysis the action types in terms of the number of transactions and users in different charts. The largest number of transactions from action types are related to "General Contract". More than 1.2 million transactions have been made by 182,389 users for "General Contract". The largest number of users of action types are related to "Token Contract". The highest number of action types is used on June 1, 2022 On this date, 146,689 transactions have been processed by 84,933 users for "Token Contract". Also, 25762 transactions have been processed by 19896 users for "Swap Contract". The highest number of action types transactions is in the month of August. More than 330 thousand transactions have been processed in August. The highest number of users are in June and for "Token Contract".
Findings
In the charts of this section, we can see the number of transactions and users cumulatively for the action types on a daily and monthly basis.
In the charts, we can see that the highest number of transactions and users are for "General Contract" and "Token Contract". From April to November 2020: A total of 1.2 million transactions have been processed by 235,192 users for "General Contract". A total of 771,429 transactions have been processed by 410,626 users for "Token Contract". A total of 433,602 transactions have been processed by 146,389 users for "Swap Contract".
A total of 150,514 transactions have been processed by 150,333 users for "Airdrop Contract".
In the charts, we can see that in October, the number of transactions and users has increased compared to other months, which can be the reason for the relative calm of the market.
Findings
In the charts of this section, we analysis the protocols in terms of the number of transactions and users in different charts. The largest number of transactions from protocols are related to "Optimism". More than 8.7k transactions have been made by 427,238 users for "Optimism". The largest number of users of protocols are related to "Optimism". The highest number of protocols is used on June 1, 2022 On this date, 954 transactions have been processed by 950 users for "Zipswap". Also, 48 transactions have been processed by 40 users for "Velodrome Finance". The highest number of protocols transactions is in the month of June. More than 600 thousand transactions have been processed in June. The highest number of users are in June and for "Uniswap".
Findings
In the charts of this section, we can see the number of transactions and users cumulatively for the protocols on a daily and monthly basis.
In the charts, we can see that the highest number of transactions and users are for Velodrome and Optimism. From April to November 2020: A total of 874,762 transactions have been processed by 522,700 users for Optimism. A total of 807,964 transactions have been processed by 43,662 users for Velodrome. A total of 509,326 transactions have been processed by 166,399 users for Uniswap.
A total of 92,125 transactions have been processed by 46,293 users for 1inch.
In the charts, we can see that in October, the number of transactions and users has increased compared to other months, which can be the reason for the relative calm of the market.
Conclusion
In this dashboard, we analyze the protocols, action types, and protocol types in terms of the number of transactions and users, using the Optimism database.
We observed that decks and bridges from protocol types the most used, and token contracts and swap contracts from action types the most used. Optimism Bridge, Velodrome and Uniswap protocols have the highest number of transactions and users in Optimism.
> The largest number of transactions from protocol types are related to Dex. More than 1.5 million transactions have been made by 270,338 users for Dex. The largest number of users of protocol types are related to bridges (layer 2). 282,072 users have made 730,617 bridge transactions. > > The largest number of transactions from action types are related to "General Contract". More than 1.2 million transactions have been made by 182,389 users for "General Contract". The largest number of users of action types are related to "Token_Contract". 313,652 users have made 771,429 bridge transactions. > > The largest number of transactions from Protocols are related to "Optimism". More than 870k transactions have been made by 427,238 users for "Optimism". The largest number of users of action types are related to "Optimism". > > A total of 874,762 transactions have been processed by 522,700 users for Optimism. > > A total of 807,964 transactions have been processed by 43,662 users for Velodrome. > > A total of 509,326 transactions have been processed by 166,399 users for Uniswap.