Method :

I Used optimism.core.fact_hourly_token_prices for extracting OP price data and optimism.velodrome.ez_swaps

from extracting OP swaps on Velodrome data and optimism.sushi.ez_swaps for extracting OP swaps on Sushiswap and optimism.core.fact_event_logs for extracting OP swaps on Uniswap .

In this analysis, I use the following metrics:

• The number of swaps vs OP price.
• The number of swappers vs OP price.
• The swaps volume vs OP price.
• Daily average swaps volume vs OP price.
• The number of stake actions vs OP price.
• The number of NFT sales and Volume of NFT sales vs OP price.

• Since July 13, with the increase in the number of swaps, the price of OP has taken a strong upward trend, and on August 4, the price of OP has reached $1.9. After that, with the decrease in the number of swaps, we also see a decrease in the OP price. It can be said that OP price is correlated with the number of swaps.
• The interesting thing is that OP price is not correlated with the number of swappers!

• OP price and swap volume have a strong correlation, and as we can see, since July 13, swap volume and OP price have been on a strong upward trend. On July 29, the volume of swaps has reached 49.2 $OP and on the same date the price of opi has reached 1.5 dollars. From August 4 onwards, with the decrease in the price of OP, the volume of swaps has also decreased sharply.

• The OP price is also correlated with the daily average volume of swaps, and as we can see, as the average volume of swaps increases, the price of OP also increases and vice versa.

• From May 31st to July 12th, the number of stake transactions is correlated with the OP price, but after this date, the OP price has had a strong upward trend, but the number of stake actions has not made a noticeable difference.

• The above two graphs show the number of sales of NFTs compared to the OP price and the volume of NFT sales compared to the OP price. This correlation was almost positive during the first weeks of release but after a while (especially during recent days) we can see there is not much correlation between OP price and NFT sales activity on Optimism.

Concolusion :

From the above analysis, we get the following results:

1. Since July 13, with the increase in the number of swaps, the price of OP has taken a strong upward trend, and on August 4, the price of OP has reached $1.9. After that, with the decrease in the number of swaps, we also see a decrease in the OP price. It can be said that OP price is correlated with the number of swaps.
2. The interesting thing is that OP price is not correlated with the number of swappers!
3. OP price and swap volume have a strong correlation, and as we can see, since July 13, swap volume and OP price have been on a strong upward trend. On July 29, the volume of swaps has reached 49.2 $OP and on the same date the price of opi has reached 1.5 dollars. From August 4 onwards, with the decrease in the price of OP, the volume of swaps has also decreased sharply.
4. The OP price is also correlated with the daily average volume of swaps, and as we can see, as the average volume of swaps increases, the price of OP also increases and vice versa.
5. From May 31st to July 12th, the number of stake transactions is correlated with the OP price, but after this date, the OP price has had a strong upward trend, but the number of stake actions has not made a noticeable difference.
6. This NFT sales volume and OP price correlation was almost positive during the first weeks of release but after a while (especially during recent days) we can see there is not much correlation between OP price and NFT sales activity on Optimism.