Introduction

Ethereum has grown to become the second-largest cryptocurrency by market capitalization, thanks in large part to its support for smart contracts-which underpins a growing ecosystem of decentralized applications (dapps) and decentralized financial platforms (DeFi). Optimism is one such scaling solution. \n \n Optimism is a layer 2 scaling solution that uses Optimistic Rollups to process a large number of transactions outside the Ethereum blockchain. The project claims it can trade smart contracts five to 500 times cheaper than Ethereum layer 1. It speeds up Ethereum transactions and reduces their costs by settling them on another blockchain using advanced data compression techniques.

Methodology

The intention of this dashboard is to analyze the difference of user behavior on L2 vs L1. Basically, we are gonna compare the Optimistic metrics against the Ethereum chain.

The main metrics to be analyzed are:

• Daily swaps
• Daily active users (DAU)
• Daily volume
• Daily fees
• Daily average fee

As well, we are gonna track the Ethereum/Optimism ratio differences over time. So, we are gonna see how x times is Ethereum larger than Optimism.

Finally, because of one of the main reasons why L2 chains have been created, we are gonna look at the metric fees.

As a results, we can see a big difference between the two platforms. As expected, the L1 Ethereum platform in general has generated more fees than L2 Optimism. But the most important characteristic is the average transaction fee, the same as the average fees paid per transaction. Again, the average fee per transaction on Ethereum is higher than in Optimism. Even the Ethereum average fees have been reduced during the past months, we can see how from the beginning until now the average is still so higher in comparison to Optimism.

Key insights

• It is clear that even the benefits of a L2, users are still using L1.
• There is a huge difference between both chains in terms of swaps.
• We can see that the Ethereum ratio against Optimism is decreasing over time. Since finals July, the ratio has been reducing from more than 200x to around 20x.
• We can see a heavy difference in DAU having Ethereum more active users than Optimism. But again, the difference ratio seems to have been decreasing over time passing from around 200x to as low as 24x, similar to the number of swaps.
• Regarding the volume, again a heavy difference is observed. However, over the past months, the Ethereum amount has been decreasing while in the case of Optimism seems to be increasing.
• If we take a look at the ratio, we can see how it has been dramatically reduced. Basically, the Ethereum/Optimism volume ratio passed from around 40k to lower than 1k.
• As expected, the L1 Ethereum platform in general has generated more fees than L2 Optimism.
• The average fee per transaction on Ethereum is higher than in Optimism. Even the Ethereum average fees have been reduced during the past months, we can see how from the beginning until now the average is still so higher in comparison to Optimism.

In this first section, we can see the differents in swaps, DAUs and volume. In terms of daily swaps, we can see a huge difference between both chains. It is clear that even the benefits of a L2, users are still using L1. While the number of swaps in Ethereum is still higher than 10k daily, the amount in Optimism doesn’t exceed 100. However, what about the ratio trend? In this case, we can see that the Ethereum ratio against Optimism is decreasing over time. Since finals July, the ratio has been reducing from more than 200x to around 20x.

Looking at the DAUs, again we can see a heavy difference in numbers having Ethereum more active users than Optimism. But again, the difference ratio seems to have been decreasing over time passing from around 200x to as low as 24x, similar to the number of swaps.

Finally, regarding the volume, again a heavy difference is observed. The difference in units is the key of this metric. While Ethereum have millions of USD in sales, Optimism has thousands. However, over the past months, the Ethereum amount has been decreasing while in the case of Optimism seems to be increasing. Then, if we take a look at the ratio, we can see how it has been dramatically reduced. Basically, the Ethereum/Optimism volume ratio passed from around 40k to lower than 1k!