Try Quests to earn cryptoOPtimitic or Pessimistic?
Introduction
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In This Analysis, You will read about the whole Optimism Ecosystem.
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Optimism keyword meaning hopefulness and confidence about the future or the success of something. We want to know will Optimism be Optimism or Pessimistic!
What is Optimism? -
Optimism is a fast, stable, and scalable L2 blockchain built by Ethereum developers, for Ethereum developers.
Analyzed by Hess - Reading Time Almost 12 Min.
Full Analysis
New Users
- After the Optimism airdrop, The total number of new users on Optimism dropped. But it is normal and happened for each chain or project. But what is clear is that Optimism attracted more users over time. Especially in the last two months. However, Optimism rivals like Polygon and Arbitrum attracted more new users to their chains. Until April 2022, The transaction share of Optimism was only 1-2% in comparison to Polygon. But after April, The share of Optimism transactions increased significantly. In comparison to the two other chains, In one week, The share of Optimism reach 32%. It was a record for Optimism since January 2022.
Transactions and Users
- We already examined the new users on three popular chains. Let’s find out about users and transactions on Optimism, Polygon, and Arbitrum. If we ignore Polygon, Until the second week of August, The share of Optimism was higher than Arbitrum. But after the Second week of August, The share of Arbitrum increased significantly and became almost 2x that Optimism. Do not forget that Optimism has tokens but Arbitrum doesn’t.
- As you can see, The total number of new users on Optimism is 707K since January 2022. In comparison to Polygon with 14.7M and Arbitrum with 1M new users, You may say Optimism loses its competition but I may say the Crypto world has much potential and 707K new users it is not a small number. Optimism rivals attracted more new users but Optimism still is on its way and growing day by day.
CEXs inflow and Outflow
- Until May 2022, There weren’t any CEXs that support the Optimism chain. Right now there are more CEXs that support Optimism and still fewer CEXs support Arbitrum. Following that, between the last week of May and the second week of August, 32% of transfers were CEX to Optimism. In those days, Polygon had 55-60% of the shares. When the OP token launched, There were more transfers from Optimism to CEXs for a short time in comparison to Polygon and Arbitrum. Arbitrum still has a small share of transfers. In this parameter, Optimism was better than Arbitrum and even Polygon if we consider their creation time.
Top Platforms on Optimism
It’s time to examine the growth of the top project on Optimism. As you can see, Week by week, The total number of unique users on top projects on Optimism increased. Hop Protocol, Project galaxy, Pika and Velodrome projects had the highest growth. Nearly 403K Unique wallets have used the Hop protocol. Optimism with 294K wallets in second place. When you see the total number of unique wallets on top projects and the total number of weekly users of these projects, You can understand that users were active on these platforms. It means users had multiple transactions in different weeks.
Swap on Optimism
Like any other chain, Swap activity is one of the most popular activities for chain users. On Optimism, When their native token launched, The total number of transactions and swap volume increased. 105K unique wallets, made 2M Swaps with 4B US dollars volume. Numbers for a chain that was created in less than a year are huge. Optimism users swapped 370M US dollars only in one week. The chart shows the growth of Optimism and you can see it easily. It is true the average swap volume decreased but at the beginning of the year, There were fewer platforms that supported Optimism. When the number of platforms increased, The total number of swaps increased and the average swap volume decreased.
NFT sales on Optimism
- I analyzed NFTs on Optimism in different ways for multiple days. What I can say is that, Unlike other chains, NFTs on Optimism is growing so fast. From 50-60 buyers and sellers per week in March, The total number of buyers and sellers reached more than 10K in one week. NFTs on Optimism is one of the parameters that help the Optimism chain to grow.
- This data belongs to the QUIX marketplace. Since January 2022, 5M sales volume on Quix. More than 40% of this volume happened in the last month.
Conclusion
- So far, We took a quick glance at the different parts of Optimism. In my opinion, I can say that I AM OPTIMISTIC ABOUT OPTIMISM, or in the Crypto world, I can say that I AM BULLISH ON optimism. I accept that Polygon and Arbitrum are doing better than Optimism in some parameters, But numbers are huge for Optimism. So many users had been involved in Optimism chains. Optimism is new to the Crypto world and their native chain, Ethereum, Has so many plans for Optimism and Arbitrum.
- If you don’t know anything about Crypto and blockchains, When you see charts for Optimism, You can easily see the growth in different parts of Optimism. You will hear more about Optimism and Arbitrum in the future.
- However, We can not be 100% sure that Optimism will be successful. IN the Crypto world, You can not be 100% sure about everything. You may hear about Luna and UST. In one day, Everything has changed.
Method
- I divided my analysis into multiple categories. First, I used the transactions table and compared Optimsim users and transactions with another Layer2 chain like Polygon and Arbitrum.
- Also, I calculated the fees in USD for each chain and compared the chains together. I extracted Matic and ETH prices from Ethereum hourly price, Then Joined my findings and calculated the fee in USD.
- From Cross chain tables, I extracted CEXs hot wallets and with the token transfer table, I examined the Inflow and outflow of chains.
- For this analysis, I needed some exclusive analysis of the Optimism chain. So, by using a fact tables and transactions, I went through Optimism and analyzed swap activity, NFT sales, Top platforms on Optimism, and more.
Op Vs. ETH prices
- One of the important parameters for each chain is its Native token. In my opinion, From the Native token of a chain, We can find how successful a chain is. Right now Arbitrum doesn’t have any tokens. So I compared the Optimism native token with ETH and MATIC. After a huge drop after OP token airdrop, the OP token recovered its prices better than any other token. We are in a Bear market But the Op token could increase its price up to 150%. Even during the ETH drops, The OP price increased. In comparison to Matic ( Native token of Polygon ), I can say both of them moved in the correct path and were successful.
- The share of Polygon from transactions is nearly 94%. In Comparision to Polygon, Both Arbitrum and Optimism have less share. Do not forget that Polygon was created in 2017 But Optimism and Arbitrum were created last year. Since January 2022, About 23M transactions recorded on Optimism and 32M on Arbitrum. These numbers are huge enough to call both Arbitrum and Optimism successful.
- The average success rate on Optimism decreased since January 2022. From 97% reached 89-90%. Arbitrum had a better act because its success rate increased over time. Polygon had a lower success rate, in comparison to Optimism and Arbitrum but like Arbitrum, Their success rate increased in the last 3 months. Right now, The average success rate on the Polygon blockchain is 91-93%. Higher than Optimism and lower than Arbitrum.
- The average number of transactions per user on each chain had so many ups and down. The average number of transactions per user on Polygon dropped badly in the last month. Arbitrum increased and Optimism kept its average. But Overall, Polygon users had more transactions and following that, Optimism is in second place. The huge growth of Arbitrum users in the last month flipped its place with Polygon and Optimism.
Until late March, the Polygon chain had more weekly fees. But after that, Optimism took its place and become the first place. Overall, Polygon had more fees but In the next three months, I think Optimism will become first place. These numbers are good for chains but lower fees will attract more users to a chain. Right now, Arbitrum has the lowest fees in comparison to Optimism and Polygon.
It seems when Some CEXs supported the Optimism chain, More users transferred their assets to the Optimism chain. The total number of users was even higher than Polygon. The total number of users that transferred their assets from CEX to Optimism was higher than the users that transferred from Optimism to CEXs. Due to the Support Arbitrum, There were fewer users that transferred their assets from CEX to chain and chain to CEX on Arbitrum.
- Since January 2022, All CEXs supported the Polygon chain. If we ignore the first 20 weeks of 2022, Optimism has the highest number of unique users that transferred their assets from CEX to the chain. However, The total number of transactions on Polygon was much higher than on Optimism. There are a few CEXs that support Arbitrum. In my opinion, This is one of the parameters that Optimism was better than the other chains.
- Hop Protocol with more than 10M transactions had 47% of transaction shares. Optimism with 3.5M transactions and 16% of transaction shares is in second place. In third place is Synthetix with 1.9M transactions and 9% of transaction shares. When you see Optimism projects from a different point of view, You would see numerous popular projects on this chain like AAVE, Project galaxy, Hop and … .
- There are many platforms that support Optimism right now. But I can see a popular platform and one exclusive for Optimism. We all know Uniswap. Many users swapped their assets on Uniswap but higher than Uniswap is Velodrome. The velodrome is one the top platforms on Optimism that is only available for the Optimism chain. More than Uniswap, users swapped their assets on Velodrome. I can say Velodrome is one the most popular platforms on Optimism.
ALL CODES AND CONTENTS WERE WRITTEN BY HESS.