Key Findings

1. According to all of the above metrics, the number of transactions and transaction per second on Optimism peaked on the 29th of July.
2. Despite there has been a decline in activity during the end of June, it appears that there has been a recovery back to prior levels, which is a healthy development.
3. On the 5th of August, all activities across Optimism took a massive hit due to the hack, generating less than 10% of the numbers one day before.
4. Although the hack, Optimism's activities started to recover in less than a week. This suggests that Optimism’s users are totally devoted and confident in the project.
5. Additionally, the average ETH transaction amount has seen increasing from August. Indicating that users with larger wallet balances or institution are utilising Optimism.
6. In conclusion, despite the fact that Optimism has suffered a major decrease following the hack, and since then it has been recovering. Therefore, it is reasonable to say that Optimism has been rather "healthy" during this bear market.

Overview

Many users have been prompted to sell their risky assets in order to reduce their losses and wait it out as a result of the present bear market in the whole financial sector.

The following categories on the ‘health’ of Optimism will be analysed in this report:

1. Transactions on Optimism
2. Optimism transaction success rate
3. Most transacted assets on Optimism

1. We can observe that the transaction per second, fees collected, number of transactions and users of Optimism have seen incredible growth in the month of July.
2. Number of transactions and transaction per second peaked on the 29th of July at 271,724 transactions and 3.14 TPS.
3. After the peak, the transaction per second of Optimism have dropped sharply.
4. Nevertheless, there was a hack on one of Optimism’s Velodrome wallet, resulting in a plummet during the 5th of August.
5. However, activities on Optimism started to recover in less than a week showing great signs of restoration following the hack.

1. Transaction success rate of Optimism has been fairly consistent over time and has remained above 80% on a daily basis.
2. Nonetheless, the success rate saw a minor dip on the 20th of June from 90.31% to 84.18% on the 21th of June.
3. It immediately rebounded above prior levels and has maintained a daily success rate of about 88% to 97%.
4. The total success rate of Optimism transactions is 91%, whereas 9% of transactions have failed.
5. As of 17th of August, Optimism’s average transactions success rate is 91.7%, which is extremely remarkable given there has been no major fluctuations.

1. USDC is the most transacted asset on Optimism, with close to 1,800,000 total transactions.
2. Because USDC is a stablecoin, it makes perfect sense that users would swap their risky assets to it during a bear market to minimise their losses.
3. We can observe that there was a sharp decline in the amount and number of ETH transactions, from 86,362 transactions and $37 million dollars on June 27 to just 9,624 transactions and $13 million dollars the next day.
4. The number of ETH transactions on Optimism have stayed below 30,000 after the dramatic drop.
5. On the other side, the ETH volume has been recovering after reaching a low on the 3rd of July with only $8 million dollars in ETH transacted.
6. On the 4th of August, the ETH transfer volume reached an all time high with $526.37 million dollars ETH transacted.
7. Additionally, the average ETH transaction amount has seen increasing from August and peaked on the 4th of August with 32,000 USD. Indicating that users with larger wallet balances or institution are utilising Optimism.

Transactions on Optimism analysis

Transactions success rate

Most transacted assets on Optimism