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.

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    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.

    1- General information

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    3- Users’ activities

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    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.

    2- success rate of transactions

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    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 ).

    4- Users’ balance & tokens distribution

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    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.

    5- Blocks status

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    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.

    6- Popular Dapps

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    Observations

    • In both Optimism and Arbitrum networks, HOP is by far the most popular dapp among users.

    7- Swaps status

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    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

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    8- Inflows & outflows

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    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%.
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    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.