Overview 👀 ~ 4 min read

In this dashboard, I will answer this question from Flipside Crypto:

Analyze Optimism during the recent bear as markets were 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?

Introduction 💭

What is Optimism Ethereum?

Like other L2 solutions, the Optimism team saw an opportunity to be a new scaling solution for Ethereum without compromising security and decentralization as shown in the trilemma. Optimistic Ethereum is an EVM compatible rollup chain designed to be fast, simple, and secure, and allows users to interact with any Ethereum application at a fraction of the cost by using optimistic rollups.

You can think of optimistic rollups as a smart contract that bundles (or “rolls up”) transaction data and moves it off chain for faster processing. Optimistic rollups are distinct from zero knowledge (ZK) rollups, because they use a different method of verification: while ZK rollups rely on each batch of transactions to have their own ‘validity proof,’ optimistic rollups assume all transactions are valid. .[1]

What is Hop protocol?

Hop protocol operates effectively by leveraging Bonders, who, by providing liquidity, earn a fee. Technically, a user will send any amount of token to Bonders on the source chain, which is where the asset is being sent from. After that process, the Bonder will send the asset to the user’s counterpart on the destination chain.

Hop protocol plays a significant part in the transaction by ensuring that the Bonders have sent the tokens. No user will be happy if they send their token to Bonders, but they cannot reach the destination blockchain. Furthermore, the system employs a particular type of token called hTokens. These tokens also act as a technique to ensure that all transactions are accurately recorded. [2]

What is Granary Finance?

The Granary is a decentralized, user-driven borrowing and lending liquidity market inspired by AAVE. The Granary will be launching an own token called “GRAIN” in the future and has confirmed to do an airdrop to early users. Users who deposit or borrow on the platform may get an airdrop once they launch their token.

What is Pool Together?

PoolTogether is a crypto-powered lottery platform that gives users a chance to win a significant weekly prize. It allows users to buy lottery tickets in exchange for depositing their crypto into a prize pool.

What is Project Galaxy ?

Project Galaxy develops an open, decentralized credential data network with plug-and-play NFT modules, curated by developers. By contributing to Galaxy's Credential Data Network, curators are rewarded when credentials are used in Galaxy NFT infrastructure and Credential Oracle Engine.

What is Rubicon?

What is Rubicon? Rubicon is an order book protocol that enables peer-to-peer trading of ERC-20 tokens. It is built on Optimism, a low-cost and lightning-fast Ethereum layer 2 (L2) chain. Token Swaps, Market/Limit Orders, Liquidity Pools, and a Bridge are available on the Rubicon App.

Methodology 🧠

To solve this question .

I first checked the transactions based on their status in the last 3 months, then I noticed an increase in the number of transactions since September 20 Next, I checked the transactions based on the projects carried out in them and noticed an increase in the number of transactions since September 20 in some projects.

Hop protocol

WHEN b.contract_address = '0xe38faf9040c7f09958c638bbdb977083722c5156' THEN 'WETH'
WHEN b.contract_address = '0x56900d66d74cb14e3c86895789901c9135c95b16' THEN 'DAI'
WHEN b.contract_address = '0x25d8039bb044dc227f741a9e381ca4ceae2e6ae8' THEN 'USDC'
WHEN b.contract_address = '0x2057c8ecb70afd7bee667d76b4cd373a325b1a20' THEN 'USDT'
WHEN b.contract_address = '0xa492d3596e8391e376d4f5a5cba5c077b890b094' THEN 'WBTC'

Granary Finance

contract_address = '0x8fd4af47e4e63d1d2d45582c3286b4bd9bb95dfe' 
origin_function_signature = '0xe8eda9df' -- Deposit
origin_function_signature = '0x69328dec' -- withdraw

Pool Together

AND event_name = 'Transfer'
AND contract_address =  '0x7f5c764cbc14f9669b88837ca1490cca17c31607' -- USDC
AND event_inputs:to = '0x79bc8bd53244bc8a9c8c27509a2d573650a83373' -- PoolTogether Collector
AND origin_function_signature IN ('0xffaad6a5' , '0xd7a169eb') -- depositTo and depositToAndDelegate

AND  event_name = 'Transfer'
AND contract_address =  '0x7f5c764cbc14f9669b88837ca1490cca17c31607' -- USDC
AND event_inputs:from = '0x79bc8bd53244bc8a9c8c27509a2d573650a83373' -- PoolTogether Collector
AND origin_function_signature IN ('0x9470b0bd') -- withdrawFrom

Project Galaxy

AND event_name = 'Transfer'
AND contract_address = '0xfa14e1157f35e1dad95dc3f822a9d18c40e360e2' --  Optimism quest SBT (Optimism galxe)
AND event_inputs:to = '0x1cbdde6d31409605b7c48650acabdf9948ef614c'

Rubicon

AND origin_to_address = '0x7af14adc8aea70f063c7ea3b2c1ad0d7a59c4bff' -- Rubicon: Rubicon Router
AND event_name = 'Transfer' 
AND origin_function_signature = '0xf10f1f58'

Chart & Analyze 🧪📊

🕵️‍♀️ observations

• At first, everything seems normal, but if we take a deeper look, we see that the number of transactions in Optimism has exceeded 200,000 transactions since September 20, and is more than before.
• Where does this increase in transactions come from? Let's see what the data gives us !
• In the last 3 months, less than 7% of transactions have failed

🕵️‍♀️ observations

• Transactions in the top 100 projects in the Optimism ecosystem may confuse us a bit, but if we examine the top 20 projects over time, what are the results like? Surveys show that since September 20, projects such as Hop protocol, Granary Finance, Pool Together, Rubicon, etc. have received more attention from Optimism users than before September 20.
• Now let's see what the data says about some of these projects whose transactions have increased

Hop protocol

🕵️‍♀️ observations

• In Hop protocol, observations show that most users are leaving Optimism and in the last 3 months, the amount of money that has been withdrawn is more than the amount that has been entered. On some days, like October 23, a large amount of money has entered Optimism by Hop protocol, but it shows the general trend of withdrawal
• In the last 3 months, nearly 70 million dollars have gone out and 60.4 million dollars have entered Optimism
• The number of entry and exit transactions on October 6, 7 and 8 had a jump, but the volume of these transactions was low.

Granary Finance 

🕵️‍♀️ observations

• In Granary Finance, observations show that both deposits and withdrawals and Borrow & Repay have been organized since September 20. The increase in the number of transactions is clearly visible.
• In terms of the volume of transactions, there is a disturbance before September 20, which does not have a particular trend, but after September 20, it seems that the volume of transactions is increasing.

Pool Together

🕵️‍♀️ observations

• In Pool Together Observations show that deposits and withdrawals have increased significantly since September 20, more than 8,000 transactions have been registered in one day.
• In terms of the volume of transactions, there is still confusion and it has not been resolved like the Granary Finance project on September 20.
• On October 23, the transaction value of this project was more than 10 million dollars, but this amount was done with a small number of transactions.

🕵️‍♀️ observations

• In Project Galaxy Observations show that the first mints and transactions have started since September 20. From this project, users have to perform a series of tasks to receive NFTs, and the tasks are, for example, transacting in another project. One of the reasons for the growth in the number of transactions from September 20 onwards could be this big project that has challenged the entire Optimism ecosystem.
• If you visit the link , all the Galaxy projects are there, and among them there are the ones we have reviewed so far.

Rubicon 

Project Galaxy 

🕵️‍♀️ observations

• On the Rubicon Observations show that, like previous projects, an increase in the number of swaps can be seen from September 20, but the main point is that this event is no longer strange to us, and Project Galaxy is the cause of this. But there is an interesting point that if you pay close attention, most of the swaps done, whether in terms of the number of transactions or the dollar volume of the transaction, constitute the majority of stable coins. This can be the second reason for us that users receive only one transaction for NFT from Project Galaxy.

• They have made it simple, but again, I did not rely on this scenario and read the terms of receipt, which are as follows:

  • Swapped tokens (>$20) • Provided liquidity in a pool (>$20)

• tokens do not emphasize the tokens to be swapped

Conclusion 🎉

1. In the last 3 months, less than 7% of transactions have failed .
2. From September 20 onwards, there was an almost 3-fold jump in the number of transactions on the Optimism network, which was due to the launch of Project Galaxy on Optimism, where users receive free NFTs by performing various tasks on some projects.
3. In the bear market, this increase in the number of transactions was due to Project Galaxy
4. Even in swap platforms like Rubicon, for most users, only performing tasks was important, and most users did swaps that cost little, such as swapping between two stablecoins.

Appendix 🤝

The solution of this question and the queries are completely used from the filipside database

The construction of the dashboard was also used from the site

app.flipsidecrypto.com/velocity, which belongs to flipside

Contact data 👋

-> the writer :sajjadsmoke -> discord : Sajjadiii#5567

Thanks for reading !