Try Quests to earn cryptoOpen Analytics Bounty: Optimism (August 7)
Methodology:
The target of this dashboard is to evaluate the recent situation on Optimism but in order to do se we need to establish comparison points and in many cases, we will do so by looking at previous months.
For Block Performace:
Average Block Time defines the time it takes to mine a block. It is calculated by observing the diference in time since one block is started and the next one is started.
Maximum and Minimum Block Times: Are the slowest and fastest expresion of the concept explained above
And Average transactions per block are how many transactions are stored/registered in each block.
For Transaction Performance:
TPS = transactions per second
Transaction Failiure Rate is what percentage of transactions fail out of all transactions.
Link to dashboard publication’s tweet:
Intoduction:
This dashboard is answering the August 7th Open Analytic question: Flipside Crypto has built pathways and provides the tooling for you to develop deep and thorough crypto analysis. Now, we want to see what you can do with them. Submit any dashboard you think is worthy of being shared with our partners, and with the world. We’ll select the best for payment and amplification through our social and content channels. (Please note that many dashboards submitted to this bounty will not be rewarded with payment — only the best of the best will do here.)
As you dive in and work through your analyses, we would love to see what insights you find and dashboards you develop. Feel free to submit your work via this bounty card for internal review. Elite tier work will be shared out on our social channels and to partners highlighting the analyst.
Be sure to use the Optimism tables, which can be found under the "Optimism " label in the Flipside app
Bounty Guidance
- Insight: In all cases, the goal should be to discover something interesting and share it with the world. Use this bounty to dive into explorations that you want the world to see, and to show off your capabilities to others.
- Content: The best dashboards submitted to this challenge will not be limited to just dashboards or written content, but will include a range of visualizations and written explanations that can provide context and more information for readers
- Trending Topics: Act fast and respond to hot topics, launches, or unexpected market developments within 12 hours of their announcement. reference the Twitter post or announcement that your analysis responds to.
- Social: Tweet your submission with crafted a thread that goes deeper into your analysis. Make sure to include the thread in your submission and feel free to highlight throughout your dashboard. Top threads will be reshared via Flipside Crypto's social and content channels.
Whats up with this dashboard?
The idea is to provide a general overview of Optimism.
This dashboard will cover a few diferent metrics regarding the Optimism chain, starting with block performace, loking at transactions and finishing with some basic Optimisim overview data. The first two categories will be compared to a related chain, in this case Polygon.
Conclusions:
The idea was to give a general overview of the Optimism blockchain. Polygon was used due to being a L2 vs a roll up of Ethereum and a good comparison point.
If you look at it from a block perspective Optimism is superior, but since it only includes 1 tx per block Polygon is actually much more efficient.
Diferences in transaction volumes are no surprise, this can also be visualized when we compare TPS, but the 100% success rate found on Optimism is a relevant metric.
Top tokens and acumualted fees are included to help see the big picutre of what can be found on Optimism. When lookin at fees with amount of thransactions we can see its pretty cheap, especially when compared to Ethereum.
Link to twitter publication:
Block Stats Comparison:
I decided to compare Optimisms block performance to Polygon’s due to their similarities and them being a Rollup and L2 of Ethereum.
At first glance Optimism seems to be superior in every aspect (being faster, with less maximim times an lower minimums and average than Polygon, both on average and across time. This nontheless gets discarded when we look at transactions per block, where Polygon stores roughlt between 60 and 90 tx per block, Optimism stores a single transaction pero block (possibly due to its roll up condition), therefore in order to have comparable numbers (in terms of transactions) between the two, Optimism’s times wold have to be multiplied 60 to 90 times. Making Polygon much more efficient.
(Both Polygon and Optimisms maximum times have recentley changed with the last refresh, Polygons was around 430 and Optimism quite lower than that.)
There a few observations that can be made while looking at this chart. Firstley total daily transaction comparison. Optimism has recently had daily transactions between 30k and 220k while Polygon has oscilated in between 945k and 3.8M.
The other big observation is the failiure rate, while Polygon’s failed tx rate is between 0.04% and 0.08% of total transactions, Optimism’s is a little bit higher, on most days.
The Optimism transaction fees in this chart are expressed in ETH. If we look at the total transaction charts above we can see the obvious similarity between amount of transactions and amount of acumulated fees, this of course makes sense, since fees are derived from amount of transactions (demand of validation). The main insight here is that, to the moment, there has never been more than 1 ETH acumulated in gas fees in a single day.
There are some days where fees were high like for example Aug 4th which was a day with a lot of transactions, but not as high as some previous days, yet it has the maximum acumulated fees of all days. 0.8 ETH, acumulated out of 142k transactions. Which contrasts a bit with June 29th where there were 218k transactions and 0.74 ETH was paid in gas. This shows us that, even if they are related, gas usage and amount of transactions do not have a 1 on 1 correlation.
Top transacted Tokens on Optimism
The top 3 itself is not much of a surprise with ETH, its native token OP and USDC. I was a bit surprised with the closeness between ETH and OP transactions.
Alsos by USDC heavy percentual dominance of total tx.
We can see how the TPS follows the general amount of transactions when comparing with the following charts. The important insight here is that Polygon?s TPS higher than Optimism’s, by a large margin.