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What is Optimism?
Optimism is a layer 2 chain, meaning it functions on top of Ethereum mainnet (layer 1). Transactions take place on Optimism, but the data about transactions get posted to mainnet where they are validated. It’s like driving in a less crowded side street while benefiting from the security of a highway. Optimism is the second-largest Ethereum layer 2 with a total of $313 million locked into its smart contracts, as of this writing, according to Defi Llama. Arbitrum comes first with $1.32 billion. Synthetix, a derivatives liquidity protocol, is the largest protocol on Optimism, with a total value locked (TVL) of $125 million. Uniswap, a decentralized exchange (DEX), is the second most popular protocol on the chain. As of this writing, there are 35 protocols on Optimism with at least $1,000 locked into their smart contracts.
How does Optimism work? Optimism uses a technology called rollups, specifically Optimistic rollups. They’re called rollups because they roll up (or bundle) the data about hundreds of transactions – non-fungible token (NFT) mints, token swaps … any transaction! – into a single transaction on Ethereum mainnet (layer 1). When so many transactions are rolled up into a single transaction, the blockchain transaction, or "gas," fee required to pay comes down to only one transaction, conveniently distributed across everyone involved. And they’re called Optimistic rollups because transactions are assumed to be valid until they are proven false, or in other words, innocent until proven guilty. There’s a time window during which potentially invalid transactions can be challenged by submitting a “fraud proof” and running the transactions’ computations with reference to available state data. Optimism reimburses the gas needed to run the computation of the fraud proof. (Here’s a more technically detailed explanation of the process.)
In the left chart, we see the transactions processed on Optimism in July on a daily basis.
At the beginning of July, the number of transactions was low on optimism. But since July 17, we see the upward trend of transactions. The reason can be the attraction of new partners by Optimism, which caused a 300% growth in the price of the Optimism token.
The highest number of transactions on July 29 was on optimism.
In the right chart, we see the status of transactions processed on Optimism in July.
The highest number of successful transactions was on July 29 and equal to 233,318 transactions.
The highest number of failed transactions was on July 29, equal to 30,406 transactions.
In the chart, we see the transactions processed on Optimism based on the types of transactions in July on a daily basis.
The highest number of transactions was for transferring.
37.9% of Transactions are related to Transfer [156,731 transactions]
12.2% of Transactions are related to Swap [50,316 transactions]
11.5% of Transactions are related to Deposit [47,399 transactions]
7.13% of Transactions are related to Withdraw [29,472 transactions]
In the chart, we see the number of active users on Optimism in July on a daily basis.
On July 25, the number of active users on Optimizm network was 8805 users. Since July 26, we have seen a huge increase in users on the Optimizim network. The number of users reaches 14,581 on July 26. On July 27th we see a sharply increase active users on optimism network. The number of users has increased from 14,581 to more than 63,000. The main reason can be the attraction of new partners and the news about surpassing the optimism relative to other competitors in the second layer.
In the above charts, we see the number of new users in June and July. From the beginning of July to July 26, the number of new users was less than in June. On July 27, we see a sharp increase in the number of new users of the Optimism network. More than 41,000 new users joined the Optimism network on July 27. As we alredy said, attracting new partners and surpassing competitors caused users to flock to the Optimism network. And it caused the Optimism token to increase in price by more than 300%.
The above diagrams show us interesting information about the price of Optimism token and transaction fee in the Optimism network in July.
From July 10 to July 24, we see a normal upward trend in transactions. With the sharp increase in transactions on July 27, we will see a doubling of the transaction cost in the Optimism network. Although the transaction cost in Optimism is very low compared to the Ethereum network. And one of the main reasons for the rapid growth of the Optimism network is the very low cost of transactions.
The chart show the top protocols that communicated with Optimism users.
More than 42 thousand users have used the HOP protocol in July.
More than 34 thousand users have used the Optimism in July.
26 thousand users have used Uniswap in July.
12.5 thousand users have used synthetix in July.
4488 users have used Velodrome in July.
4660 users have used aave in July.
in this dashboard we use optimism database tables available on flipside for answering the following questions:
- Optimism Performance - Transaction per Minute - July 2022
- Average Number of Success Transactions - Optimism - July 2022
- Average Number of Failed Transactions - Optimism - July 2022
- Daily Optimism Transaction - July 2022
- Optimism Transactions Status [Success vs. Failed] - July 2022
- Optimism Transactions Type Status - July 2022
- Daily Active Users on Optimism - July 2022
- Daily Optimism Total Number of New Users [June vs July 2022]
- Optimism Total Number of New Users [June vs July 2022]
- Daily Optimism Fee - July 2022
- ETH vs OP Price - July 2022
- Daily Transactions vs Average Fee
- Number of inflows and outflows Transactions - Optimism Bridge - July 2022
- Number of inflows and outflows Users - Optimism Bridge - July 2022
In the chart, we can see the number of inflow and outflow transactions in the month of July on the Optimism network on a daily basis.
On July 29, the highest number of inflow transactions was on the Optimism network. [451 inflow transactions]
On July 30 = 549 outflow transactions.
On July 16 = 160 inflow transactions and 460 outflow transactions.
On July 29 = 451 inflow transactions and 453 outflow transactions.
Conclusion
Optimism Network Status on July 2022:
- Transaction per Hour = 4540 transactions
- Transaction per Minute = 75.6 transactions
- Total Number of Transactions = 3.44M transactions
- Average Number of Success Transactions = 83k
- Average Number of Failed Transactions = 5360
- The highest number of transactions on July 29 was on optimism.
- The highest number of successful transactions was on July 29 and equal to 233,318 transactions.
- The highest number of failed transactions was on July 29, equal to 30,406 transactions.
- 37.9% of Transactions are related to Transfer [156,731 transactions]
- 12.2% of Transactions are related to Swap [50,316 transactions]
- 11.5% of Transactions are related to Deposit [47,399 transactions]
- 7.13% of Transactions are related to Withdraw [29,472 transactions]
- On July 27th we see a sharply increase active users on optimism network.
- The number of users has increased from 14,581 to more than 63,000.
- On July 27, we see a sharp increase in the number of new users of the Optimism network.
- More than 41,000 new users joined the Optimism network on July 27.
- On July 29, the highest number of inflow transactions was on the Optimism network. [451 inflow transactions]
- On July 30 = 549 outflow transactions.
- More than 42 thousand users have used the HOP protocol in July.
- More than 34 thousand users have used the Optimism in July.
- 26 thousand users have used Uniswap in July.
