Open Analytics Bounty: Optimism (Oct 11) (Markoo)

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Overview

As Ethereum’s users grow day by day, certain capacity constraints have arisen. Due to this, “scaling solutions” have become necessary in order to reduce network costs. The primary goal of scalability is to increase transaction speed (fiercer finality), as well as transaction throughput (the number of transactions per second) without compromising security and decentralization. As a result, Ethereum’s layer 1 blockchain is oversubscribed and transactions are slow. Maintaining the health of the Ethereum network requires improving the network capacity in terms of speed and throughput. The Ethereum blockchain (ETH), the largest blockchain for smart contracts, has scaling issues. Thus, Ethereum becomes more expensive and slower as the number of users increases.

Since Ethereum’s scalability problems have emerged, a number of alternatives have emerged. They are also known as “Ethereum killers.”. Examples include Avalanche and Fantom. For Ethereum, layer 2 chains offer scalability in addition to the mainnet.

What is Optimism? How does it works ?

There are several scaling solutions for layer 2. One of them is optimism. Optimistic rollups use a technology that bundles large amounts of data into digestible chunks for easy consumption. Along with other layer 2s, such as Arbitrum, optimism is much cheaper to use than Ethereum.

Ethereum mainnet layer 2 is enhanced with an optimism chain. Whose data is published on mainnet for verification but transactions are conducted on optimism.

Optimism uses a technique called rollups, more specifically optimistic rollups.A rollup is simply a compilation of the data from several transactions into a single transaction on Ethereum mainnet (layer 1). They can be used for non-fungible token (NFT) mints, token swaps, etc.

When so many transactions are rolled up into a single transaction, the blockchain transaction, or gas fee required to pay comes down to only one transaction, conveniently distributed across everyone involved.

This technology is known as a rollup, and it relies on the principle that it is valid until it is proven false. Potentially invalid transactions can be challenged by providing a “fraud proof” and running the computations of the transactions with reference to state data during a certain time period. As a result of optimism, gas is reimbursed for running the fraud proof calculation.

Active users are the next metric that we would like to present to you. Wallets that performed a transaction within a given hour are considered active users. Similar to the transactions chart above.

Also, in the chart and graph below, we can see the transactions on optimism, how many transactions were approved and how many transactions encountered errors.

Bridge to Optimism :

Here is the table below showing the amount of tokens transferred to the Optimism Network, which reached its highest volume at the end of July, and on July 29, nearly 17 million dollars were transferred to the Optimism Network through various bridges.

                                                                                            In the chart below, we see the success rate of transactions on Optimism

The charts below show the percentage of success and error in July, and according to the charts, the closer we get to the end of July, the more these parameters increase.

Conclusion :

Since the middle of July, the market has faced many fluctuations, and at the end of the month, these fluctuations have caused the growth of several hundred percent of different currencies and also increased the liquidity on different networks, the optimistic network has been one of the best networks and the token That OP experienced a growth of 400%. Also, most of the tokens of the Optimism network have experienced growths of several hundred percent, including Lyra and Velo.

Also, TVL of Optimism Network reached 2.17 billion dollars and surpassed another successful L2 network, Arbitrum.

NFT Data :

There most daily NFT trade is 2100 on Optimism.
There maximum daily trading volume of NFT is 25.2k.
The NFT value chart shows that it is trading higher every day until it peaks at 25.2k on June 24th and then declines.
The total number of trades made on NFTs of Optimism Network reaches its peak on July 27. On this day, 2100 NFTs were traded.