Optimism Quick introduction

Optimism is a layer 2 chain like Arbitrum or Polygon to solve Ethereum’s cost and latency and increase the scalability

My goal for making this dashboard?

In this dashboard, I will calculate a few vital metrics that shows Optimism network performance during the month of July. I will use red color mainly for the highest peak of the month for each metric and I will sum all the amounts to show the total amount of each metrics to gain a better perspective when comparing to the daily amounts. In case it was helpful I will compare Optimism performance to other chains like Arbitrum, Polygon, or even Ethereum mainnet in the same period

Observations:

• The number of transactions in July has been in an uptrend since the start of the month. This uptrend saw a bigger momentum on July 27 when the number of daily transactions climbed from 120k to 215k with a more than 80% increase.

• The highest daily number of transactions has been recorded on July 29 when more than 271k transactions got submitted to the network to process. On the other side, we have July 9th when we had 54.3k daily transactions as the lowest daily number in July

• OP token price (the native token of Optimism) has increased more than 400% in July, if we compare the price of OP token and the number of transactions we notice a very similar trend in both of them. The higher the price of OP has gone the higher the number of transactions is on the Optimism network.

• In comparison with other networks, we have Ethereum and Polygon's daily number of transactions in July which shows Optimism transactions are way lower than Ethereum and Polygon. Also, I noticed a slice downtrend in the number of transactions on Ethereum in July while at the same time the number of transactions increased on Optimism, perhaps people rather doing more transactions on L2 these days?

• All Transactions on Optimism in July were around 3.44 million, Compare to 37.2 million transactions on Ethereum in the same period and 84.9 million transactions on Polygon. By these comparisons, we noticed Optimism has processed around 9.2% of the Ethereum total transactions and only 4% of the total Polygon transactions in July which is good considering Optimism is new but a long way from that being a major player in L1 and L2 space.

Observations:

• The number of users in July has been in an uptrend too. Until day 25 of the month, we saw daily users between 4k and under 10k. On day 26 we saw an increase to 13.783k daily users and on the next day (27 July) we saw a sharp increase in the daily users on Optimism to around 62.3k which was more than a 500% increase compared to the rest of the month. July 27 has marked the highest record of daily users on Optimism after that we saw a decrease in the daily users down to 19k on July 31
• If we Sum all the daily numbers we had 176k users on Optimism in July. At the same time, we had 253k Users on Arbitrum and 2.83 million users on Ethereum. Optimism is in good competition with Arbitrum but less than 7% of Ethereum numbers
• On the third chart, you can see Ethereum daily users are way higher in numbers compare to Optimism and Arbitrum in July but interestingly we have a crossover in Optimism and Arbitrum number of users on July 26. While the number of Arbitrum users is mostly higher than Optimism users but on July 26 the number of Optimism users crossed Arbitrum 

Observations:

• Same as other metrics in the number of swaps we saw an uptrend since the beginning of July. The sharp growth in the number of daily swaps took place on July 27, July 28, and July 29.
• The highest number of daily swaps belongs to July 29 when we saw a big number like 318.98k swaps on optimism. Comparing this number to 11.82k swaps on July 9 we can see a 27x growth in the number of swaps compared to the lowest day of the month
• In July we have a total of 1.545 million swaps on Optimism which is incredible cause we have 2.79 million swaps on Ethereum in the same period, pretty close if you ask me!
• July 2022 was a huge month for Optimism as we saw a huge uptrend in the number of daily swaps across the network which led us to July 22. On this day the number of swaps on Optimism has crossed the number of swaps on Ethereum. Optimism didn't stop there and created a huge gap between Optimism and Ethereum swaps. on July 29 more than 318k swaps happened on the network which was 3.75x of the number of swaps on Ethereum on the same day!

Observations:

• In the first section of this dashboard, I calculated 3.44 million transactions as the total Optimism transactions in July 2022. 3.11 million of those transactions are successful and 325k have failed. This gives us a 90.5% success rate as the total SR for July

• The optimism network processed 233.3k transactions on July 29, the highest record of the month! The highest number of failed transactions also has been on the same day around 38.4k failed transactions

• As you can see in the chart above the number of transactions both Successful and failed ones have increased as we get close to the end of July. As we discussed earlier all metrics for Optimism have increased in July hence the higher the number of transactions then the higher the number of failed transactions we have.

• You can see the Success rate of transactions in July has decreased from 96% in the first days of July down to 85% at the end of the month. This confirms our earlier observation that the higher the number of transactions then the higher the failed ones and the lower the success rate as the network reaches its limits to process transactions

• These observations tell us the fact that the lower the number of transactions in the network the higher the efficiency and success rate is.

• As the number of transactions went high during July, the TPS number went up too.

• The lowest TPS for Optimism has been recorded on July 9 which was 0.62, This is the same day that we had the lowest number of transactions

• The highest TPS for Optimism has been recorded on July 29 which was 3.14, This is the same day that we had the highest number of transactions

• The highest the number of transactions > The higher the TPS is

Observations:

• Same as other metrics, the Swaps on Optimism version of Uniswap V3 has been in an uptrend in July. This metric reach its highest number of 22.27k daily swaps on July 29

• Although I'm comparing only version 3 of Uniswap it's fascinating to see that number of swaps on the Optimism version of Uniswap v3 has crossed the Ethereum version of Uniswap multiple times since July 15. 

  Since July 27 we have seen a sharp increase in optimism swaps and made a huge gap between Optimism and the Ethereum version of Uniswap v3 which shows how popular optimism has become in July

• The other parameter is the number of Users in Uniswap v3 in both networks. The optimistic version of Uniswap has crossed Ethereum Uniswap v3 two times over July. First on July 14 where 2732 Optimism users interacted with Uniswap v3 ( Compared to 2502 on Ethereum) and next on July 28. In the total overview, we have seen 5 days in July in which Optimism version of Uniswap had more users compared to Ethereum

Observations:

• Total ETH deposited via the official Optimism bridge in July is around 19k ETH and the Total withdrawn ETH via this bridge in the same period is 4610 ETH. we have seen more than 4x in deposit amounts compared to the withdrawn amount
• Looking at the bar chart we notice red bars are bigger in the second half of this period. More ETH has been deposited into Optimism via the official bridge in weeks 3 and 4 of July. we have a peak on July 16 with more than 2640 ETH deposited in one day and we had another new peak of 2821 ETH on July 29
• On the lowest days, we had 71.19 ETH deposited to Optimism via this bridge ( on July 12)
• The black color shows the ETH withdrawn amount from the official bridge back to Ethereum main net. As you see in the last week of July we have seen the most ETH withdrawals. The highest daily ETH withdrawn from the main bridge occurred on July 29 when 792.61 ETH has been withdrawn from the Optimism network
• Although it seems we have more ETH deposited to Optimism compared to ETH withdrawn from Optimism, the bar chart shows that on some days amount withdrawn is bigger than the amount deposited but in a overall view deposits are the main direction of this bridge.

Observations:

• Like all the other metrics we examined in this dashboard, Daily NFT trades on Optimism has been increased sharply in the last week of July. On July 27 the peak of the month has reached.

• Calculating the ETH amount of NFT sales shows us that on July 2 we have seen a significant amount of ETH in the results of NFT sales volume. Interestingly the number of NFT trades was at the lowest on July 2 ( black chart). this shows that this huge amount of ETH was not a result of many participants or a natural growth in the market

• Ignoring July 2 we can see a slice decrease in sales volume from July 4 until the middle of the month and since then we have seen an increase in the sales volume (The same as daily NFT trades)

• If we sum all ETH amounts in the results of NFT sales on Optimism we have 308.6 ETH as the total sales volume which is pretty low as optimism NFT sector is not very popular yet

Important notes

• Optimism price went up more than 400% in July. In the impact of this event, all performance metrics of Optimism boomed in July, especially in weeks 3 and 4 of the month
• As we saw an increment in the number of TXs, the number of swaps, and the number of users at the same time we saw the number of failed transactions went up too and the success rate decreased. This may be concerning as we saw in this dashboard Optimism has way room to grow to catch other networks like Polygon and Ethereum and although fees are cheap but the network must be able to handle this traffic too