USECASE:

How is user behavior different on Optimism compared to Ethereum?

Specifically, create a comparison between swaps and transactions on ETH mainnet vs Optimism, looking for things like daily swap volume, daily active users, and average volume swapped on sushiswap.

Optimism is far cheaper, but by how much? What are the average fees for a swap on Optimism compared to ETH Mainnet?

Twitter:

What is Layer1?

Layer 1 is the main blockchain network in charge of on-chain transactions, while Layer 2 is the connected network in charge of off-chain transactions.

A layer-1 network is another name for a base blockchain. BNB Smart Chain (BNB), Ethereum ETH), Bitcoin (BTC), and Solana are all layer-1 protocols.

We refer to them as layer-1 because these are the main networks within their ecosystem.

In contrast to layer-1, we have off-chains and other layer-2 solutions that are built on top of the main chains.

What is Layer 2?

Layer 2 (L2) is a collective term to describe a specific set of Ethereum scaling solutions. A layer 2 is a separate blockchain that extends Ethereum and inherits the security guarantees of Ethereum.

Layer 2 refers to a secondary framework or protocol that is built on top of an existing blockchain system. The main goal of these protocols is to solve the transaction speed and scaling difficulties that are being faced by the major cryptocurrency networks.

Examples of layer 2 projects include ‘rollups’ on Ethereum and the Lightning Network on top of Bitcoin.

Ethereum also functions as a data availability layer for layer 2s. Layer 2 projects will post their transaction data onto Ethereum, relying on Ethereum for data availability. This data can be used to get the state of the layer 2, or to dispute transactions on layer 2.

Now, we will look deep into the user behaviour on Optimism vs Ethereum.

Analysis I → Swap behavior of Optimism and Ethereum

Now we will be looking into the Swap Metrics of Optimism & Ethereum on Sushiswap

Analysis II → Transactions of Optimism and Ethereum

Analysis III → Swap Volume of Optimism and Ethereum

• The total number of swaps in Ethereum was 8.85M.
• The total number of swaps in Optimism was 12.8K.
• So, now we clearly know that more swaps happened in Ethereum compared to Optimism.
• More number of swaps happened on June 1st with 1K swaps in Optimism.
• More number of swaps happened on May 12th with 19.5K swaps in Ethereum.

Analysis IV → Comparison of Daily Active Users on Sushiswap of Optimism and Ethereum

Analysis V → Comparison of Average Swap Fee on Sushiswap of Optimism and Ethereum

• The total transactions in Ethereum was 1.7B transactions.
• The total transactions in Optimism was 28M transactions.
• So, now we clearly know that more transactions happened in Ethereum compared to Optimism.
• More number of transactions happened on June 1st with 447K transactions in Optimism.
• More number of transactions happened on July 26th with 108K transactions in Ethereum.

• Total Volume-in in Optimism swap is 33.7K.

• Total Volume-out in Optimism swap is 33.6K.

• Total Volume-in in Ethereum swap is 9.42M.

• Total Volume-out in Ethereum swap is 9.42M.

• The Swap-In and Swap-Out volumes of Ethereum is much higher than the swap volumes of Optimism.

We have comapred the Metrics of Optimism & Ethereum on Sushiswap,

• The total number of swaps in Ethereum was 8.85M.
• The total number of swaps in Optimism was 12.8K.
• So, now we clearly know that more swaps happened in Ethereum compared to Optimism.
• The total transactions in Ethereum was 1.7B transactions.
• The total transactions in Optimism was 28M transactions.
• So, now we clearly know that more transactions happened in Ethereum compared to Optimism.
• The swap-in and swap-out volumes of Ethereum is much higher than the swap volumes of Optimism.
• Same like other metrics daily active users count is also high in Sushiswap - Ethereum and Optimism.
• And the average swap fee on Optimism sushiswap was 0.4 USD, and the average swap fee on Ethereum sushiswap was 12.55 USD