What Is Optimism?

Optimism is a Layer 2 scaling solution for Ethereum. It helps reduce the transaction fee and transaction time on the Ethereum blockchain.

Broadly speaking, Optimism helps solve Ethereum’s scalability dilemma. Scalability refers to the rate of transactions per second (TPS) on a blockchain network.

Here are just a few of the benefits that Optimism crypto offers:

• Scalability: Optimism can achieve a 10–100x improvement in scalability, depending on the nature of the transaction.
• Reduced Fee: Optimism can greatly reduce the overall cost of the transaction. Its rolling technology (discussed in the next section) combines multiple transaction into a single transaction, which helps reduce the transaction cost.
• Security: As Optimism’s Layer 2 builds up on top of Ethereum, transactions are settled on the Ethereum Mainnet, allowing users to benefit from the security and decentralized environment of the Ethereum blockchain.
• Enhanced User Experience: New projects using Optimism Layer 2 scaling solutions benefit from lower fee, faster transactions — and better overall user experience.

Content

In this dashboard we will look at Optimism over July 2022 in terms of succeeded and failed transactions, new users, TPS, fees, bridges and etc.

Method

For this dashboard I have used optimism.core.fact_transactions , optimism.core.fact_blocks, ethereum.core.fact_event_logs , optimism.core.fact_event_logs and optimism.core.dim_labels tables to find above metrics.

==General Analysis==

• Number of daily transactions was increased in July and the highest number of transactions was on July 29, 2022 by 233.318K transactions.

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• 90.5% of transactions on Optimism was successful and 9.5% of them was failed.

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• Total number of succeeded transactions in July is 3.11M and failed transactions is 325.4K.

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• On July 27, 63.28K new users had interacted with Optimism.

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• Paid fee has increased on Optimism over July and on July 27 users paid 0.811 ETH for transaction fees.

==Performance==

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• We can see an uptrend in TPS, transactions per minute and blocks per minute over July.

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• Also we can see success rate of transactions has decreased over July.

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• Highest success rate of transactions in July was on July 9 by 96.25% and lowest success rate was on July 29 by 85.86%.

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• Spent fee in USD has increased over July

==Bridges==

Contracts

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• We can see an uptrend in number of bridges to Optimism and number of new users have bridged to Optimism over July.

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• USDC by 1205 bridges (64.6% of all bridges) is the most bridged

  asset to Optimism.

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• Also USDC has the highest bridge volume by 100.91M.

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• We can see an uptrend in bridge volume in USD over July.

• Hop protocol is the most used contract in July by 1.349M transactions (53.5% of 10 most used contracts).

Conclusion

• Number of daily transactions was increased in July and the highest number of transactions was on July 29, 2022 by 233.318K transactions.
• 90.5% of transactions on Optimism was successful and 9.5% of them was failed.
• Total number of succeeded transactions in July is 3.11M and failed transactions is 325.4K.
• On July 27, 63.28K new users had interacted with Optimism.
• Paid fee has increased on Optimism over July and on July 27 users paid 0.811 ETH for transaction fees.
• There is an uptrend in TPS, transactions per minute and blocks per minute over July.
• Success rate of transactions has decreased over July.
• Highest success rate of transactions in July was on July 9 by 96.25% and lowest success rate was on July 29 by 85.86%.
• Spent fee in USD has increased over July.
• There is an uptrend in number of bridges to Optimism and number of new users have bridged to Optimism over July.
• USDC by 1205 bridges (64.6% of all bridges) is the most bridged asset to Optimism.
• USDC has the highest bridge volume by 100.91M.
• There is an uptrend in bridge volume in USD over July.
• Hop protocol is the most used contract in July by 1.349M transactions (53.5% of 10 most used contracts).

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