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“Algorand is fast, low cost, decentralized, carbon negative, and has advanced smart contract capabilities. Algorand can process thousands of transactions per second with instant finality and with transaction fees of fractions of a penny. Other blockchains can be much more expensive,” says Kristin Boggiano, Member of Blockchain and Crypto Assets Council (BACC) and Co-Founder and President of CrossTower, a global crypto trading platform.

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Speaking of fees, Optimism gas fees are 10x cheaper than on Ethereum because of its bundling work. In fact, the network boasts it has saved users more than $1B in ETH gas fees since it launched two years ago.

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People always use Algorand as one of the top Ethereum killer saying the fees is much cheaper and low cost as a fellow layer 1 solution and also mentioned that Optimism is much cheap solution compare with Ethereum as the layer 2 solution. Is Algorand cheaper than Optimism or the other way round? Let’s deep dive on this analysis.

Introduction

In this analysis, we are going to compare the fees collected in both platform, cross-compare the daily fees collected since 2022, identify the wallets that contributed to the fees and trace any noticeable trend or patterns in Algorand and Optimism.

Introduction

• The overall fees collected on transaction since January 2022 for Algorand and Optmism
• Overall tranasctions and fees on daily volume.
• What wallets have conducted the most transactions and spent the most on fees?
• How much have users on Algorand spent on transactions in total?

As of now, the total fees collected since January 2022 in both platform is 12.22m from Optmism Vs the 526k from Algorand.

• On the daily chart, we can clearly see that the transactions in Algorand is much higher than Optimism which is around 1-5 millions per day since 2022 and the transactions in Optimism only spike around May which reaching 100-200k range. There are time when the transaction volume can spike up to 446k in a day from 1st June 2022.
• On the daily fees collected, we can see the fees collected in Optimism is much less than Algorand. The fees collected is fluctuating around less than a thousand in Optimism and can spike up to 4000-7000 range on 11 March 2022 which is 7.4k and 31st May 2022 at 4.3k. The fees is quite less aside than the 2 spike.
• For Algorand, the fees is quite high at the early of the year which reaching 6k at 7th Jan 2022 and it has been declining to less than 2000 range after May 2022.

Conclusion

Clearly this show Algorand is much cheaper and faster than Optimism in term of the transactions and fees. Imagine only collected thousands of fees with millions of transaction. Optimism is also quite good in term of these stats, but not as close as Algorand.

Top payer stats in Optimism

• The charts basically show us that 0x2539ffc9ded82926a5aaee065e800c7d1de02454is the top contributors to the fees in Optimism which payed 230k of fees standing at the top from the overall percentage volume. The percentage is about 11.5%, follow by 0x7107142636c85c549690b1aca12bdb8052d26ae6who pay nearly 216k at the second (10.8%) and 0xa6c37c771d81ceb7dda952cc5625e06444067e2fwho pay 203k standing at the third (10.2%).
• The graph at the right show the ranking in ascending order.

Top payer stats in Algorand

• The charts basically show us that ZW3ISEHZUHPO7OZGMKLKIIMKVICOUDRCERI454I3DB2BH52HGLSO67W754is the top contributors to the fees in Algorand which payed 155k of fees standing at the top from the overall percentage volume. The percentage is about 44.3%, follow by JDQ7EW3VY2ZHK4DKUHMNP35XLFPRJBND6M7SZ7W5RCFDNYAA47OC5IS62I who pay 96k at the second (27.5%) and C7RYOGEWDT7HZM3HKPSMU7QGWTRWR3EPOQTJ2OHXGYLARD3X62DNWELS34who pay 56k standing at the third (15.9%).
• The graph at the right show the ranking in ascending order.