Try Quests to earn cryptoUser Behavior (redux)
What we will cover in this dashboard?🌊
How is user behavior different on Optimism compared to L1?
Specifically, create a comparison between swaps and transactions on ETH mainnet vs Optimism, looking for things like daily swap volume, daily active users, and average volume swapped (use a single DEX for your comparison, either Uniswap or Sushiswap).
L2 is far cheaper, but by how much? What are the average fees for a swap on Optimism compared to ETH Mainnet?
Introduction🚩
What is Optimism?
Optimism is a fast, stable, and scalable L2 blockchain built by Ethereum developers, for Ethereum developers. Built as a minimal extension to existing Ethereum software, Optimism's EVM-equivalent architecture scales your Ethereum apps without surprises.
What Is Ethereum?
Ethereum is a decentralized blockchain platform that establishes a peer-to-peer network that securely executes and verifies application code, called smart contracts. Smart contracts allow participants to transact with each other without a trusted central authority.
What is Sushiswap?
SushiSwap is a software running on Ethereum that seeks to incentivize a network of users to operate a platform where users can buy and sell crypto assets.
More Info
What is Swapping?
Swap allows users to easily exchange one cryptocurrency for another without leaving their Blockchain.com Wallet. With Swap, you can exchange crypto in your Private Key Wallet or your Trading Account. Swapping from your Private Key Wallet provides you with the benefits of non-custodial, on-chain trade settlement.
More Info
Method⚡
I extracted date from ==Ethereum.core== and ==Ethereum.sushi== for ==Ethereum Mainnet== and ==Optimism.core== and ==Optimism.sushi== for ==Optimism== both provided by Flipsidecrypto. I used fact_transactions and ez_swaps tables to gather the swap data for both chains on Sushiswap. I only considered Successful transactions with status = 'SUCCESS' and analyzed the whole data since June 2022. ==(2022-06-01)==
All the swap data that i analyzed belongs to ==Sushiswap.==
In the charts above, i showed both ethereum and optimism daily swap volume in USD in a bar chart and in the 3 area charts, i showed the cumulative version of daily charts.
Ethereum have had a huge spike on June 13th with over 250 Million Dollars. After that in 3 days, it returned the whole way it had gone. As we see Ethereum recorded 4.76B swap volume in USD while Optimism recorded less than 2M. Ethereum is so much bigger than Optimism and when we compare this 2 chains, we barely can see Optimism on charts.
In the first line chart above, we see the daily average volume of both chains on sushiswap and in the second, we see the average swap fee of both chains on Sushiswap.
Ethereum average volume got a downward trend after mid June and dropped slowly after its spike on June 13th. Ethereum recorded an average volume of 3620 in the last 5 months while Optimism recorded only 52.
Ethereum mainnet experienced so much more swap fee than Optimism. As we know, layer 2 chains like Optimism has beaten layer 1 chains like ethereum on fees on multiple type of transactions. They have so much less fee than layer 1s and users deciding to use them instead of high fee chains like Ethereum.
Conclusion💡
- Ethereum recorded a total of 1.2M swaps on sushiswap and this number is so much bigger than Optimism number of swaps on sushiswap (12.96K)
- Ethereum number of swaps saw huge spikes on June 13th and Sep 17th
- In overall, swap stats for ethereum were bearish in the past 5 months but they didnt changed that much for Optimism in this amount of time
- Layer 2 chains have less fee than layer 1 chains and this reason made people to migrate from layer 1 to layer 2
- Comparing Ethereum to Optimism is like comparing an elephant to an ant, Ethereum stats are so much bigger than Optimism because it launched like 5 years ago and more users know but Optimism has launched recently in the first half of 2022 and users starting to get more familiar with these layer 2 chains specially Optimism
- Over 212K swappers recorded over 1.2M number of swaps and 4.76B swap volume in USD in past 5 months since June on Ethereum in Sushiswap
- 4870 swappers recorded almost 13K number of swaps and 1.73M swap volume in USD in past 5 months since June on Optimism in Sushiswap
- Ethereum swappers paid 0.007 fee per swap while Optimism swappers paid 0.0003 fee per swap
In the charts above i showed both Ethereum and Optimism daily swaps on Sushiswap since June.
It is obvoius that Ethereum has so much more swaps than Optimism because its has launched earlier than Optimism and literally it is the most popular Blockchain around the world.
Ethereum number of swaps on Sushiswap experienced a huge spike on Sep 17th with 14.5K number of swaps and rised almost 50%, then after that day it started to fall and until this day (Oct 25th) it has decreased like 50%.
Ethereum recorded over 1.2M number of swaps since June while Optimism recorded only 12.96K.
These two blockchains have a difference of about one million in number of swaps in past 5 months.
In the charts above i showed both Ethereum and Optimism daily swappers on Sushiswap since June.
As i said earlier in number of swaps section, Ethereum is so larger than Optimism on every stats including swaps. A total of 212K swappers on Ethereum recorded over 1.2M number of swaps since June and
A total of 4870 swappers on Optimism recorded almost 13K number of swaps since June both on Sushiswap. Ethereum had over 200K more swappers than Optimism in past 5 months.