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What Is Optimism???
Optimism is the scaling solution for Layer 2 Rollup on the Ethereum blockchain that enables quicker transactions with cheaper gas rates. Simply said, it enables the majority of transactions and jobs to be executed off-chain using an L2 protocol and allows the Ethereum Network to validate them on-chain.
- The Ethereum Network is constrained by the high gas charge and transaction delay that customers cannot tolerate.
- ORs operate independently of the Ethereum Network. The L2 scaling approach will boost speed and throughput while reducing latency relative to Ethereum.
- The Optimistic Virtual Machine (OVM) enables Ethereum-based Decentralized Applications (Dapps) to operate on ORs without the need for complicated code modification. This feature enables EVM compatibility with Optimism Rollups.
Optimism Highlights
- Higher performance: Lower transaction fees (50x-150x less expensive), lower latency, greater speed, high throughput, and faster ERC20 token transfers.
- Composability: In a blink of an eye, optimism can speak with the L1 blockchain.
- Scalability: With OVM, Ethereum Dapps may be migrated to Optimism with few adjustments.
- Security: The transactions are processed by Optimism and then sent to Ethereum. It inherits Ethereum's decentralized network of nodes, which provides a solid security guarantee.
Question:
Analyze Optimism during the month of July as markets were get turbulent, showing whatever metrics you care to unearth. You can choose any topic you’d like: How did the network perform? What about market performance? Were there significant inflows or outflows on bridges? Were there any notable patterns in user behavior?
Methodology 😄
- Duration: During the month of July - Analyze Optimism throughout the month of July, when markets were becoming volatile, to determine the network's speed and performance.
- Metrics:
- Transactions Per Minute (TPM)
- Successful Transactions Per Minute (STPM)
- Failed Transactions Per Minute (FTPM)
- Transaction Fail Rate (TFR)
- Transaction Sucess Rate (TSR)
- Comparison networks: Ethereum, Solana, Polygon, NEAR, and Flow.
- Analysis:
- We calculate and exhibit the distribution of Optimism's successful and failed transactions by program type.
- We calculate and demonstrate the distribution of Optimism's successful and failed transactions by project type.
- We compute and visualize average and daily TPM, STPM, FTPM, TFR, and TSR for the Optimism network in July 2022.
- During the month of July 2022, we compare Optimism's STPM and TFR with the other five comparator networks on a total and daily basis.
Analysis I:
The purpose of this section is to compute and display the distribution of both successful and unsuccessful Optimism transactions by program type. In addition, we visualize the success and failure rates for each type.
The pie chart seen above illustrates the distribution of successful transactions by type. At 41.7 percent, Dex type has the highest number of successful transactions. In contrast, NFT has the lowest rate of successful transactions at 7.94 percent.
The pie graphic illustrates the distribution of unsuccessful transactions by type. Dex has the largest proportion of unsuccessful transactions, at 86 percent. At 2.21 percent, NFT has the smallest number of failed transactions.
The chart above displays the success and failure rates for each type in July 2022.
- Layer2 has the greatest success rate, followed by Defi and NFT, in that order.
- Dex has the highest failure rate, followed by Dapp and Defi, in that order.
The above pie chart shows the distribution of successful transactions among projects. The Uniswap project has the highest proportion of successful transactions, at 44.1 percent. At 25.1%, the Hop protocol has the second-highest percentage of successful transactions. 12 percent of Sythetix's transactions are successful, followed closely by 11.2 percent of Optimism's transactions.
The pie chart demonstrates the distribution of failed transactions across projects. At 86.7 percent, the Uniswap project has the highest percentage of failed transactions. The Sythetix project has the second-highest percentage of unsuccessful transactions, at 5.69 percent. 3.63 percent of Hop's transactions fail, while 2.32 percent of Optimism's transactions fail as well.
The above graph illustrates the success and failure rates for each project in July 2022.
- Aave has the highest rate of success, followed by genesiskami and Hop protocol.
- The failure rate for Tiny dinos is the greatest, followed by Boxer and Bitbtc.
The above results indicate that the average number of transactions per minute (TPM), successful transactions per minute (STPM), and failed transactions per minute (FTPM) are 77, 69.7, and 7.29, respectively. In addition, the average success rate of transactions and the average failure rate of transactions for July 2022 are 90.5% and 9.47%, respectively.
The line graph illustrates the number of transactions per minute (TPM), successful transactions per minute (STPM), and failed transactions per minute (FTPM) on the Optimism network in July 2022. As seen in the graph, TPM, FTPM, and STPM are rising progressively over time, reaching a maximum on July 29, 2022. Here, we saw that STPS is much more than FTPM, indicating that the network seems to run well under usual conditions.
The line chart shows the daily successful transactions per minute (STPM) and the daily transaction failed rate on the Optimism network during the month of July 2022. We can see that both STPM and transaction fail rate are in an uptrend. Therefore, the result indicates that STPM and transaction fail rate move in the same direction and indicates that the increase in the successful transactions per minute (STPM) of the Optimism network impacts the increase in the transaction fail rate as well.
During the month of July 2022, the line chart depicts the daily failed transactions per minute (FTPM) and the daily transaction success rate on the Optimism network. As seen on the graph, the FTPM tendency is growing with time, implying that by the end of July 2022, the Optimism network was experiencing a high number of failed transactions per minute. Furthermore, the transaction success rate is continuously declining, showing that optimism seems to perform poorly by the end of July 2022.
The scatter graphs above show the TPM value, transaction success rate, and transaction fail rate, with the x- and y- axes representing the hour and day of the week, respectively. Each week, the TPM has reached a high level of activity in the morning of Friday, while the TPM on Monday seems to be low. Similarly, we discovered that during the high TPM on Friday, the Optimism network has a low transaction success rate, as well as a high transaction fail rate. According to the findings, optimism seems to perform poorly when exposed to high TPM.
The bar graph depicts the number of successful transactions per minute for each chain in July 2022. Compared to other networks, Optimism has the lowest STPM throughout all weeks, although its STMP has increased over time. Meanwhile, Solana has the highest STPM with an increasing tendency over time.
The bar chart above shows the transaction fail rates for each chain in July 2022. In comparison to other networks, Optimism has the lowest transaction fail rate throughout all weeks, and its transaction fail rate has dropped with time. Nevertheless, Solana has the greatest transaction fail rate, although it is reducing with time.
The line chart illustrates the daily STPM in each chain for the month of July. We can observe that Optimism has the smallest STPM when compared to other chains, although the trend of STPM seems to be increasing with time. Furthermore, we can observe that Solana has the greatest STPM, and the trendline seems to be extremely steady over time. This result demonstrates that Optimisim has a poorer speed performance than other networks.
The line graph demonstrates the daily transaction fail rate in each chain throughout the month of July. The Optimism network has a greater transaction fail rate than Polygon, Flow, and Ethereum, but lower than Near and Solana. Furthermore, the transaction fail rate of Optimism is gradually increasing with time. This finding demonstrates that Optimism seems to handle unsuccessful transactions more effectively than Solana and Near.
> # Summary
This investigation examined Optimism during the tumultuous month of July, when markets were getting volatile, to assess the network's speed and performance, which are summarized below:
- We determined that Layer2 had the highest rate of success, whereas Dex has the highest rate of failure.
- The Aave project has the highest rate of success, while the Tiny dinos project has the worst rate of failure.
- We've observed that the average number of transactions per minute (TPM), successful transactions per minute (STPM), and unsuccessful transactions per minute (FTPM) are 77, 69.7, and 7.29, respectively.
- Additionally, the average success rate and average failure rate for transactions in July 2022 are 90.5% and 9.47%, respectively.
- Each week, the TPM reaches its highest level of activity on Friday morning, while it seems to be at its lowest level on Monday morning. Furthermore, we noticed that at Friday's peak TPM, the Optimism network had a low transaction success rate and a significant transaction failure rate.
- When compared to other networks, Optimism has the lowest STPM throughout all weeks, however, its STMP has grown with time.
- Additionally, we discovered that Optimism has the lowest transaction fail rate across all weeks and that its failure rate has decreased with time.