What Is Optimism?

Optimism is a layer 2 chain that operates on top of the Ethereum mainnet (layer 1). Transactions take happen on Optimism, but transaction data is uploaded to mainnet and verified. It's like driving along a less congested side street while enjoying the safety of a motorway. According to Defi Llama, Optimism is the second-largest Ethereum layer 2 with a total of $313 million locked inside its smart contracts at the time of writing. Arbitrum is the leader with $1.32 billion. Synthetix, a derivatives liquidity protocol, has the highest total value locked (TVL) on Optimism, at $125 million. The second most popular protocol on the chain is Uniswap, which is a decentralized exchange (DEX). There are 35 protocols on Optimism with at least $1,000 locked inside their smart contracts as of this writing.

Question

• What does the average Optimism user's portfolio look like and how has that changed over time?
• What % of a user's activity (in OP terms) is staked, unstaked, in liquidity pools/farms, in NFTs? How has this trend changed over time?

Methodology

• Our first goal is to look at the optimism protocols that users are interacting with on a weekly and overall basis.
• Next, we attempt to find out how users are utilizing the network in terms of staking, unstaking, in liquidity pools and farms, and in NFTs (in $OP terms).

Analysis I:

This section is to look at the optimism protocols that users are interacting with on a weekly and overall basis.

The charts above show the top 10 protocols with the most interactions in Optimism based on the number of total and weekly users. The user interacts with Hop protocol the most, 24 percent of participants. Optimism has the second-highest percentage of users, with 18.5%, followed by Uniswap with 15.3%. Pooltogether has the lowest user interaction rate among the top 10 projects, at 3.84 percent. Moreover, while evaluating the number of users over time, we can see an increase tendency in the number of users, with the Hop protocol user interaction pattern dominating.

The graphs above show the top 10 protocols with the most interactions in Optimism based on the total and weekly number of transactions. 34.5 percent of all transactions are conducted over the Perpetual protocol by Optimism users. The Hop protocol has the second-highest proportion of transactions, with 14.7%, behind Uniswap's 12.0%. Rubicon's transaction rate of 2.58 percent is the lowest among the top ten projects. In addition, an evaluation of the number of transactions over time reveals an upward trend in the number of transactions, with the vast majority of transactions occurring on the Perpetual protocol.

The charts above show the top 10 protocols with the most interactions in Optimism based on total and weekly $OP volume. Optimism is the platform with which 27.1% of users who own $OP tokens interact the most. Gnosis safe has the second-highest proportion of $OP volume interactions, with 27.1%, followed by Rubicon, with 17%. Among the top 10 projects, the volume of $OP interaction rate for Tarot financing is the lowest at 0.257 percent. In addition, while analyzing the volume of $OP over time, we see an unstable trend in the quantity of $OP that has been interacted with, with the bulk of $OP volume exhibiting a pattern on Optimism.

Analysis II:

This part is to explore how users are utilizing the network in terms of staking, unstaking, in liquidity pools and farms, and in NFTs (in $OP terms).

The above graphs depict the distribution of Optimism's users by different interacted activities on a weekly and total basis. According to the pie graphic, 28.4% of Optimism's users interact with Other activity the most. Optimism's users interact with Swap activity at a rate of 20.3 percent, followed by Bridging activity at 18.5 percent. 14.1 percent of Optimism's users have engaged in NFT-related activities. Consequently, the bulk of Optimism's users interact in Other and Swap activities inside the Optimism ecosystem. When examining the number of Optimism's users over time, we saw a rising trend, with Other and Swap activities being the majority of Optimism's users.

The graphs above represent the weekly and overall distribution of Optimism's transactions by various interacted activities. 39.4% of Optimism's transactions interact with Other activity the most, according to the pie chart. 33.4 percent of Optimism's transactions interact with Swap activity, followed by 15.4 percent of Leveraged Position activity. 6,41% of Optimism's transactions have been involved in NFT-related activities. As a result, the majority of Optimism transactions include Other and Swap activity inside the Optimism ecosystem. We observed an increasing tendency in the quantity of Optimism's transactions over time, with Other and Swap activities being the majority of Optimism's transactions.

Summary

• We discovered that Optimism users have interacted with Hop protocol the most.
• We discovered that Optimism transactions have interacted with Perpetual protocol the most.
• We observed that Optimism has interacted with the majority of $OP volume.
• Interestingly, the majority of Optimism's users, transactions, and $OP volume interact with Other and Swap actions within the Optimism ecosystem.

The graphs above depict the weekly and global total distribution of Optimism's $OP volume throughout its system of interacting activities. According to the pie chart, 68.1% of $OP volume is utilized to interact most often with Other activity. 31.8 percent of $OP volume is utilized to interact with Swap activity. As a consequence, the preponderance of $OP volume is used to carry out Other and Swap activities within the Optimism ecosystem. We found an upward trend in the $OP volume over time, with Other and Swap activities accounting for the most dominant of $OP volume.