Flash Bounty: An Odyessy of Congestion

    Arbitrum

    contracts used in this dashboard:

    '0x13ab946c6a9645edff2a33880e0fc37f67122170' : 'Yield Protocol'

    '0x9e6ef7f75ad88d4edb4c9925c94b769c5b0d6281' :'Galaxy NFT Claim'

    '0x1619de6b6b20ed217a58d00f37b9d47c7663feca' : 'Celer Network: cBridge'

    '0xcf4d2994088a8cde52fb584fe29608b63ec063b2' : Connext

    '0xaBBc5F99639c9B6bCb58544ddf04EFA6802F4064' : GMX Router

    '0x1aDDD80E6039594eE970E5872D247bf0414C8903' : GMX StakedGlpTracker

    '0x199070DDfd1CFb69173aa2F7e20906F26B363004': GMX GmxVester

    '0xA75287d2f8b217273E7FCD7E86eF07D33972042E' : GMX GlpVester

    '0x4e971a87900b931fF39d1Aad67697F49835400b6' : GMX FeeGlpTracker

    '0xd2D1162512F927a7e282Ef43a362659E4F2a728F' : GMX FeeGmxTracker

    '0x4d268a7d4C16ceB5a606c173Bd974984343fea13' : GMX BonusGmxTracker

    '0x908C4D94D34924765f1eDc22A1DD098397c59dD4' : GMX StakedGmxTracker

    '0x0e0e3d2c5c292161999474247956ef542cabf8dd' : USDC bridged token

    '0x3749c4f034022c39ecaffaba182555d4508caccc' : ETH bridged token

    '0x3e4a3a4796d16c0cd582c382691998f7c06420b6' : WBTC bridged token

    ‘0x72209fe68386b37a40d6bca04f78356fd342491f' : USDT bridged token

    '0x7ac115536fe3a185100b2c4de4cb328bf3a58ba6') : DAI bridged toke

    Data Analysis

    The chart below shows the number of transactions on the Arbitrum Layer 2 network.

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    The Odyssey Arbitrum campaign started on June 21st. The chart above shows the number of transactions since June 22.

    It is clear that the number of transactions gradually increased during the first week of the Odyssey campaign.

    On the other hand, the second week of the Odyssey campaign started on June 28 and users had to use the GMX and Yield platforms. This caused the increase in the number of transactions on June 29 to be much higher than other days. But on June 29, the Arbitrum team tweeted that it intended to pause the Odyssey campaign until the Nitro upgrade. >>

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    >>The tweet of Arbitrum team caused that the number of transactions on June 30 dropped dramatically. The number of transactions on June 30 was less than the number of daily transactions in the first week of the Odyssey campaign.(125k TXs)

    One of the reasons the campaign was temporarily paused was the high fee per transaction, which contradicted the philosophy of creating layer2 networks like Arbitrum.

    The next chart shows the comparison between the average fee per transaction on the Ethereum mainnet and the Arbitrum Layer 2 network.

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    According to the "Average tx fee comparison" chart, during the Odyssey campaign, the average fee of each transaction in the Arbitrum network was always higher than the fee of the Ethereum mainnet. Basically, this incident was in conflict with the philosophy of creating layer 2 networks. So the Arbitrum team decided to pause the Odyssey campaign until the Nitro upgrade.

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    Question

    Analyze network congestion on Arbitrum and connect it to the recent Odyssey marketing event.

    What percentage of transactions were the result of the Odyssey?

    Did just yield and gmx get flooded with transactions?

    Or did other non-airdrop-farming protocols see increased volume from the odyssey too?

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    Now we want to look at the number of transactions on the GMX and Yield Protocol platforms and some of the platforms that participated in the Odyssey campaign.

    • GMX - Yield Protocol: Platforms of the second week.
    • Hop Protocol - Celer Network - Connext: Platforms of the second week. In the first week, there were many platforms for bridging assets from L1 to L2 network of Arbitrum, among which we chose these three platforms.
    • Galaxy: Users who participated in the first week of the Arbitrum campaign claimed their NFTs from the Galaxy platform at the end of the first week.

    The chart on the left shows that the number of transactions on these platforms has increased dramatically since the start of the second week of the Odyssey campaign. On June 29, 23.5k transactions were recorded on GMX , 11.3k transactions on Yield Protocol, 34.6k transactions on Hop Protocol, 535 transactions on Celer bridge and just 55 transactions on Connext.

    On the other hand, the chart shows that after completing the tasks of the first week of Odyssey, users started to claim NFTs of the first week. Because of this, the number of transactions related to 'Galaxy NFT Claim' has clearly increased since June 28th. So that the number of transactions on this day reached about 42k transactions.

    To check the effect of the Odyssey campaign on the number of transactions on the Arbitrum network, just compare the transactions of the first week of the Hop protocol with the transactions of July 1st. It is quite clear that after stopping this campaign in the second week, the number of transactions related to this protocol has decreased significantly. This is true for all other platforms as well.

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    To answer the question, What percentage of total transactions on Arbitrum were the result of the Odyssey, we defined the term tx ratio as follows:

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    The chart on the left shows that the tx ratio gradually increased until the middle of the first week, then decreased slightly until the end of the week. Again, with the start of the second week of the Odyssey campaign, the tx ratio increased, and finally, this ratio decreased with the announcement of the stopping of the campaign.

    This chart shows that on June 29th, about 50% of the transactions on Arbitrum were related to Odyssey . It should be noted that we only considered a number of platforms related to the Odyssey campaign in this dashboard. Therefore, the actual tx ratio is much higher.

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    Question & Answer

    Q(1). What percentage of transactions were the result of the Odyssey?

    A(1). more than 20% in the beginning days of the Odyssey campaign and more than 50% in the days leading to the second week

    Q(2). Did just yield and gmx get flooded with transactions?

    A(2). In addition to the high number of transactions on these two platforms, other platforms also recorded many transactions.

    Q(3). did other non-airdrop-farming protocols see increased volume from the odyssey too?

    A(3). Yes. For example, a platform like Galaxy accounted for about 20% of Arbitrum network transactions. Users used it to claim their NFTs.