Open Analytics Bounty: Optimism (November 12)-FTX’ insolvency
In this article, we will discuss the status of different parameters of Optimism and Arbitrum before and after FTX’ insolvency.
2022-11-16
Introduction
Optimism and Arbitrum, two of the largest layer-two (L2) solutions that utilize Optimistic rollup technology to scale the Ethereum network. I will do a full comparison in this article [1].
Arbitrum vs. Optimism
While Arbitrum and Optimism are both classified as Optimistic rollups, they do have a few fundamental differences.
For one, they utilize a different dispute-resolution process to validate transactions. Optimism uses single-round fraud proofs executed on layer-1, whereas Artibrum uses muli-round fraud proofs executed off-chain. Arbitrum’s multi-round fraud proofing is the more advanced of the two, with it being cheaper and more efficient than single-round proofing.
Also, while Optimism and Arbitrum are both EVM compatible, Optimism uses Ethereum’s EVM, whereas Arbitrum runs its own Arbitrum Virtual Machine (AVM). This results in Optimism having only a Solidity compiler, while Arbitrum supports all EVM compiled languages (Vyper, Yul, etc). [2]
An overview of this article
In this article, we will make a detailed comparison between Optimism & Arbitrum bridges before and after FTX’s insolvency in 8 chapters. These 8 chapters are:
1- General information
2- Success rate of transactions
3- Users’ activities
4- Users’ balance & tokens distribution
5- Blocks status
6- Popular Dapps
7- Swaps status
8-Inflows & outflows
Methodology
All the data required for this analysis have been extracted from Optimism, Arbitrum, and Ethereum tables.
-
To extract transaction data
“arbitrum.core.fact_transactions
“ and “optimism.core.fact_transactions
“ tables will be used. -
To extract users’ data
“arbitrum.core.fact_transactions
“ and “optimism.core.fact_transactions
“ tables will be used. -
To extract token balance data “
ethereum.core.ez_current_balances
“ table will be used. -
To extract Blocks data “
optimism.core.fact_blocks
“ and “arbitrum.core.fact_blocks
“ tables will be used. -
To extract swap data “
arbitrum.core.fact_event_logs
“ and “optimism.core.fact_event_logs
“ tables will be used. -
In order to better understand the results, all charts are plotted in two time periods before and after the FTX’ insolvency i.e. '2022-11-06'.
-
All these data are extracted from Flipsidecrypto tables.
Observations
- Most of the time, the number of Arbitrum transactions is more than Optimism transactions by a large margin.
- The average transaction fee (USD) on the Optimism network is higher than that of the Arbitrum network.
- After the bankruptcy of the FTX exchange, the average used gas on the Arbitrum network has been higher than Optimism.
- After the bankruptcy of the FTX exchange, the number of daily transactions on the Arbitrum has been more than Optimism.
- In general, the TPS of the Arbitrum network was better than the Optimism network in all days.
Observations
- Arbitrum has more active users than Optimism on almost all days.
- More than 74% of Optimism users have never had a transaction with the Arbitrum network and only 25% of them have been active in the Arbitrum network.
- The number of active users on the Arbitrumnetwork (more than 1 million users) is more than twice the number of active users on the Optimism network (500 thousand ).
Observations
- In the Arbitrum network, WETH is the most traded asset and in Optimism, USDC is the popular asset.
- The number of users with small assets (less than 0.1 Ethereum) in the Arbitrum network is more than that of Optimism.
- The number of whales (more than 1 Eth) in the Optimism network is more than that of the Arbitrum network.
- The number of users who have between 0.1 and 0.5 Eth in Arbitrum network is more than that of Optimism network.
Observations
- After the bankruptcy of FTX exchange, the average block size of Arbitrum is more than Optimism.
- After the bankruptcy of FTX exchange, the total block size of Arbitrum is more than Optimism.
- After the bankruptcy of FTX exchange, the block size reached its highest level on November 9 and then decreased.
- After the bankruptcy of FTX exchange, the time difference between two blocks in Arbitrum is more than optimism.
- After the bankruptcy of FTX exchange, the average number of transactions per block in Arbitrum is more than optimism.
Observations
- In both Optimism and Arbitrum networks, HOP is by far the most popular dapp among users.
Observations
- After the bankruptcy of FTX, the number of swap transactions on the Arbitrum network has been more than that of the Optimism network.
- After the bankruptcy of FTX, the number of swappers on the Arbitrum network has been more than that of the Optimism network.
Conclusion
-
Most of the time, the number of Arbitrum transactions is more than Optimism transactions by a large margin.
-
After the bankruptcy of the FTX, the average used gas on the Arbitrum network has been higher than Optimism.
-
After the bankruptcy of the FTX, the number of daily transactions on the Arbitrum has been more than Optimism.
-
In general, the TPS of the Arbitrum network was better than the Optimism network in all days.
-
The success rate of transactions in the Arbitrum network is higher than the Optimism network.
-
In the Optimism network, 93% of transactions are successful, and in the Arbitrum network, 97%.
-
Arbitrum has more active users than Optimism on almost all days.
-
More than 74% of Optimism users have never had a transaction with the Arbitrum network and only 25% of them have been active in the Arbitrum network.
-
The number of active users on the Arbitrumnetwork (more than 1 million users) is more than twice the number of active users on the Optimism network (500 thousand ).
-
In the Arbitrum network, WETH is the most traded asset and in Optimism, USDC is the popular asset.
-
The number of users with small assets (less than 0.1 Ethereum) in the Arbitrum network is more than that of Optimism.
-
The number of whales (more than 1 Eth) in the Optimism network is more than that of the Arbitrum network.
-
The number of users who have between 0.1 and 0.5 Eth in Arbitrum network is more than that of Optimism network.
-
After the bankruptcy of FTX, the average block size of Arbitrum is more than Optimism.
-
After the bankruptcy of FTX, the total block size of Arbitrum is more than Optimism.
-
After the bankruptcy of FTX, the block size reached its highest level on November 9 and then decreased.
-
After the bankruptcy of FTX, the time difference between two blocks in Arbitrum is more than optimism.
-
After the bankruptcy of FTX, the average number of transactions per block in Arbitrum is more than optimism.
-
In both Optimism and Arbitrum networks, HOP is by far the most popular dapp among users.
-
After the bankruptcy of FTX, the number of swap transactions on the Arbitrum network has been more than that of the Optimism network.
-
After the bankruptcy of FTX, the number of swappers on the Arbitrum network has been more than that of the Optimism network.
-
After the bankruptcy of FTX, the amount of inflows to the Arbitrum network has increased compared to the Optimism network.
-
After the bankruptcy of FTX, the amount of outflows from the Arbitrum network has been higher than that of the Optimism network.
-
The amount of Eth transferred within the Arbitrum network is much higher than the Optimism network.
Contact information of the author
Discord: sami-1990#2840
Tweeter: Samiiiiii12122
Observations
- The success rate of transactions in the Arbitrum network is higher than the Optimism network.
- In the Optimism network, 93% of transactions are successful, and in the Arbitrum network, 97%.
Observations
- After the bankruptcy of FTX, the amount of inflows to the Arbitrum network has increased compared to the Optimism network.
- After the bankruptcy of FTX, the amount of outflows from the Arbitrum network has been higher than that of the Optimism network.
- The amount of Eth transferred within the Arbitrum network is much higher than the Optimism network.
- The largest inflow to the Arbitrum network was on November 11 and the largest outflow was on November 9.
- The largest inflow to Optimism network was on November 14th and the highest outflow from it was on November 12th.