Optimism Token only exist on optimism chain

Recall that optimism is only exist on optimism network and not tradeable whereelse. So this analysis will be utilizing the optimism table from flipside.

But first where is all the volume happen for $OP token? Let’s look at coingecko data first

Majority of Volume happening on CEX and only velodrome and uniswap are DEX

Here let’s see the volume on DEX first

We will only analyze the pool with large volume from velodrom and uniswap .

Pool uniswap - usdc/op & weth/op

Pool Velodrome - usdc/op & weth/op

Uniswap leading but got eat up in the middle and now regain the volume

Velodrome eat up the volume in the middle of AUG and now uniswap is leading back the DEX volume.

Average Daily Dex volume ~ 15 - 30 million

We consider this to be too less to be able to fluctuate the price because we all knew the volume is all over CEX . Next we will pulling some coingecko API for better comparison

We are pulling Total volume from Coingecko and subtract the DEX volume to get CEX volume (roughly)

Above is the api link and also the google sheet for our plotting or graph.

Let’s see the daily comparison on volume over CEX and DEX

Daily CEX volume are all above ~ 200 million compared to DEX of only 20 million

Look at the arrow point out on both graph and we can notice the stronger correlation between CEX volume and $OP price

CEX volume spike and together OP price rise EXACTLY at the date

DEX volume spike but the OP price rise later meaning DEX volume has less effect compared to CEX volume in this example

Majority volume are over CEX with more than 90% volume

Next we will plot out the both the cex & dex volume together with OP price for best illustration

Conclusion

Swapper do affect the OP price but the bigger effect happened on CEX rather than DEX