Profile of arabianhorses in Optimism

Posts by arabianhorses

• Signaling intention to become a Badgeholder by arabianhorses - No Role
  Posted on: Sept. 13, 2023, 6:07 p.m.
  Content: Hey there I am here too, I am an Optimistic Nerd currently interesting with on-chain data analysis, I think; if you know me, you know that I can handle this responsibility, if you dont know me a post in here wont be enough to convince you contact information dc: arabianhorses twitter: oguzthestoic telegram: oguzthestoic
  Likes: 2 Replies: 0
  Likers: fractalvisions, artespraticas
  No replies yet.
• RetroPGF 3: Voting badge distribution by arabianhorses - No Role
  Posted on: Sept. 13, 2023, 6:05 p.m.
  Content: Hey there I am here too, I am an Optimistic Nerd currently interesting with on-chain data analysis, I think; if you know me, you know that I can handle this responsibility, if you dont know me a post in here wont be enough to convince you contact information dc: arabianhorses twitter: oguzthestoic telegram: oguzthestoic
  Likes: 2 Replies: 0
  Likers: cryptoreumd, fractalvisions
  No replies yet.
• Signaling intention to become a Badgeholder by arabianhorses - No Role
  Posted on: Sept. 13, 2023, 2:07 p.m.
  Content: Hey there I am here too, I am an Optimistic Nerd currently interesting with on-chain data analysis, I think; if you know me, you know that I can handle this responsibility, if you dont know me a post in here wont be enough to convince you contact information dc: arabianhorses twitter: oguzthestoic telegram: oguzthestoic
  Likes: 2 Replies: 0
  Likers: FractalVisions, artespraticas
  No replies yet.
• RetroPGF 3: Voting badge distribution by arabianhorses - No Role
  Posted on: Sept. 13, 2023, 2:05 p.m.
  Content: Hey there I am here too, I am an Optimistic Nerd currently interesting with on-chain data analysis, I think; if you know me, you know that I can handle this responsibility, if you dont know me a post in here wont be enough to convince you contact information dc: arabianhorses twitter: oguzthestoic telegram: oguzthestoic
  Likes: 2 Replies: 0
  Likers: CryptoReuMD, FractalVisions
  No replies yet.
• Bi-weekly OP Mainnet Onchain analysis (Second half of August) by arabianhorses - No Role
  Posted on: Sept. 8, 2023, 10:37 p.m.
  Content: But Ma’am this still means Optimism is making more ‘ETH’ from each transaction while lowering costs for users after Bedrock Upgrade, right? my key-point was the increase in the ratio ([L 2 Gas Used* L 2 Gas Price]/[L 1 Fee]);
  Likes: 2 Replies: 0
  Likers: jjlee710, chuxin_h
  No replies yet.
• Bi-weekly OP Mainnet Onchain analysis (Second half of August) by arabianhorses - No Role
  Posted on: Sept. 8, 2023, 6:37 p.m.
  Content: But Ma’am this still means Optimism is making more ‘ETH’ from each transaction while lowering costs for users after Bedrock Upgrade, right? my key-point was the increase in the ratio ([L 2 Gas Used* L 2 Gas Price]/[L 1 Fee]);
  Likes: 2 Replies: 0
  Likers: jjlee710, chuxin_h
  No replies yet.
• Bi-weekly OP Mainnet Onchain analysis (Second half of August) by arabianhorses - No Role
  Posted on: Sept. 7, 2023, 10:10 p.m.
  Content: ​This analysis was made for the numbaNERD program. I used DUNE, Arkham and Flipside for this analysis. All metrics except one of them come from the queries that I wrote myself. You can find links for the embedded version of the graphs just below them. I have excluded transactions associated with the contract address ‘ 0 x 4200000000000000000000000000000000000015 ’ from this analysis. This contract is internal and is used for configuring L 1 block values. In the second part of my bi-weekly analysis, I have implemented some refinements to enhance the clarity and relevance of our metrics. Instead of presenting daily data, we have transitioned to a bi-weekly format to facilitate more meaningful comparisons. To achieve this, I have partitioned each month into two distinct segments based on the ‘DAY’ component of the TIMESTAMP data. Specifically, if the ‘DAY’ value of the TIMESTAMP falls below 16 , it is considered the first part of that month. Below, we have the transaction data, and during the current period (second half of August), OP Mainnet has recorded 6 . 5 million transactions. This represents a decrease of 28 . 16 % when compared to the preceding term. 1600 × 818 48 . 5 KB Embedded version of the graph Now here is an other simple graph which is based on a simple query, but I find it surprising at least for my self. 1600 × 820 60 KB Embedded version of the graph In the graph provided, the orange bars represent l 1 FeesPaid, while the blue bars represent l 2 Gas. These metrics can be interpreted as execution fees paid to Optimism’s sequencer, which serves as a rational indicator of Optimism’s revenue. Notably, there is a significant spike in the ratio of l 2 Gas to l 1 FeesPaid, and this coincides with the date of the Bedrock upgrade on June 6 , 2023 , at 16 : 00 . The Bedrock upgrade was intended to enhance the cost-effectiveness of Optimism for users by optimizing transaction batches. However, the magnitude of this increase have come as a surprise to me (maybe I did something wrong ). I have checked the Roll-up economics dashboard by 0 xKofi, and I couldn’t discern any significant changes. 1384 × 782 45 KB I also examined Kofi’s query; however, Kofi’s query is based on a special table, not a raw data table, so I couldn’t proceed further from there. I conducted some checks on Optimistic Etherscan as well but did not find any errors related to my graph or query. I remain skeptical about the situation, even with my simplified query. SELECT CASE WHEN DAY(ot.block_time) < 16 THEN CONCAT(CAST(MONTH(ot.block_time) AS VARCHAR),'First Half of ', mn.nameOfMonth) ELSE CONCAT(CAST(MONTH(ot.block_time) AS VARCHAR), 'Last Half of ', mn.nameOfMonth) END AS "Time Frame" , COUNT(DISTINCT(hash)) AS numberOfTransactions , SUM( (gas_price * gas_used)/POW( 10 , 18 )) AS l 2 GaseInETH , SUM( (l 1 _fee)/POW( 10 , 18 )) AS l 1 FeeInETH FROM optimism.transactions ot LEFT JOIN month_names mn ON MONTH(ot.block_time) = mn.numberOfMonth WHERE ot.block_time > CAST(' 2023 – 01 – 01 00 : 00 ' AS TIMESTAMP) AND ot.block_time < CAST(' 2023 – 09 – 01 00 : 00 ' AS TIMESTAMP) AND ot.to != 0 x 4200000000000000000000000000000000000015 GROUP BY 1 If this insight holds true, it implies that Bedrock is an even more bullish than I initially thinked. Nevertheless, let’s not dwell on this point and continue with our analysis. Now, we will examine the number of new users, categorized by L 1 account age at the time of their first Optimism transaction, using the same format as the graphs presented above. 1600 × 824 111 KB In the last part of August, a total of 259 , 626 new addresses were deployed on Optimism. Our graph categorizes these addresses based on their L 1 account ages at the time of their first transaction on Optimism. Of these new addresses: 184 , 814 addresses had not been deployed on L 1 . 74 , 812 addresses were younger than 1 month. It’s worth noting that these younger addresses likely belong to users who transferred their funds from centralized exchanges (CEXs) to L 1 and subsequently deposited them into Optimism. This trend can be seen as a positive sign for Optimism, as it indicates that people are leveraging Ethereum’s security while mitigating the high gas fees associated with L 1 transactions. (They are moving onchain with out high fees through OP Mainnet)This observation opens up opportunities for further analysis, particularly in conducting cross-chain assessments to understand the source of the initial funds for these addresses. Are they originating from other Optimism accounts? Exploring this aspect could provide a clearer view of the overall ecosystem. Now we will investigate these new addresses activity for trying figure out ‘Why they are on Optimism?’ For this purpose we will take these new deployed addresses’s first transactions and group them by project. 1600 × 828 104 KB Merkly and Holograph taking my focus. Merkley is an NFT bridge and Holograph is a digital asset composability protocol that enables asset issuers to mint Holographic assets, which are fungible and non-fungible tokens that exist natively on multiple blockchains. It is again seeing NFT related projects taking new users to Optimism surprising for me maybe I am so out of NFT ecosystem. Continuing from where we left off, as previously mentioned, during the last half of August, there were a total of 6 . 5 million transactions on the OP Mainnet. Out of these transactions, approximately half, or 3 . 268 million, were routed through 54 different contracts. To gauge the popularity of these applications, I created a pie chart. This chart will provide a visual representation of the distribution of transactions categorized by these contracts. 1044 × 798 82 . 3 KB 1600 × 1096 249 KB It’s noteworthy that we’ve observed two new names on our list of popular contracts, namely “holographer” and “Multicall 3 .” Both of these contracts appear to be linked to cross-chain activities, which is indeed a bullish sign in my opinion. This suggests that as the SuperChain umbrella continues to expand, we can anticipate a growing number of transactions being routed through contracts of this nature. It will be intriguing to monitor how these cross-chain activities and associated contracts evolve in the coming days. GOVERNACE Continuing our analysis on the governance side, slight increase in the votableSupply, which represents the delegated OP amount. Investigating the unlocks of OP tokens and understanding how investors and core contributors utilize their OPs can provide valuable insights. 1600 × 814 66 . 2 KB However, it appears that there is a shortage of comprehensive resources on this topic. Transparency in this process is crucial for the community’s understanding of governance activities and can enhance trust within the ecosystem. It might be beneficial to advocate for increased transparency in OP unlocks and governance-related actions to provide stakeholders with a clearer view of how these decisions are being made and executed. This can contribute to a more informed and engaged community. 1600 × 820 270 KB This query not belong to me It’s worth noting that there’s a new delegate on the top delegates list, “wintermutegovernance.eth.” I’ve also executed another query to identify the delegates who have delegated their voting power to Wintermute. It appears that the address “ 0 xD 96 e 8 f 4 DfF 58733 c 0121 b 2 E 6 D 0 B 0 FF 0361 c 761 cE” has delegated its voting power to Wintermute. Remarkably, this address is currently holding over 1 . 3 million OP tokens. 1600 × 777 117 KB ArkhamVisualizer It does seem that the address “ 0 xD 96 e 8 f 4 DfF 58733 c 0121 b 2 E 6 D 0 B 0 FF 0361 c 761 cE” belongs to Wintermute itself, although the exact source of these tokens remains unclear. Further investigation may be necessary to determine how they acquired these tokens. Regarding Quix’s voting power, it’s essential to address any outstanding votable supply held by Quix, especially considering that Quix has been inactive for several months. I am sharing the addresses of those still holding votable supply on Quix. If you know one of these address owners try to let them know about the case. 1600 × 789 103 KB Full List We might need a massaging system for this kind of cases :slight_smile: DeFi Now we will see TVL and erc 20 volume for having some idea about DeFi ecosystem on OP mainnet. TVL decrased 33 M USD on OP Mainnet during the last half of August, on the graph below we are seeing daily change. 1600 × 831 95 . 2 KB https://dune.com/embeds/ 2945345 / 4883786 1600 × 819 124 KB There is nothing out of expectations, you may compare it with first half of August by visiting this post. Now we are opening NFT case, I am so curious about it. Lets dive in and check NFT related numbers. NFT 1600 × 821 103 KB Embedded version of the graph According to my analysis NFT deployement platforms working like worker ants. 810 K+ NFT has been minted. Holograph is leading this race, then Galxe, Niftykit and Omnix are coming, as a reminder I used DUNE’s contract mapping and based on project name not based on contract name, so some of these labels including more then one contract. And erc- 1155 format NFTs included our analysis you may visit the link and see embeded version of the graph. And here is the pulse of NFT mints on Optimism. 1600 × 820 93 KB Now we know that, NFT mint side is realy active on OP Mainnet, consider this 6 . 5 M total number of transactions and 812 K NFT mints, more then % 10 of all transactions was NFT minting. Now lets check NFT economy, I did not want to use nft.trades table instead because there could be some new NFT marketplaces that doesnt included that table yet. However when I tried join erc 20 and erc 721 transfers table on their hashes it is showing LP NFT’s as trade, so I used nft.trades table and unfortunely we dont have almost anything to talk about NFT trades. 1600 × 825 140 KB It looks like people are minting NFTs for fun or as badges. That was all for this analysis I hope you enjoy it. I will continue this analysis in the governance forum but instead of bi-weekly I will make it monthly.
  Likes: 6 Replies: 2
  Likers: fractalvisions, chuxin_h, abracadabra, jjlee710, cpoetter, brichis
  Replies:

  • chuxin_h: arabianhorses: Notably, there is a significant spike in the ratio of l2Gas to l1FeesPaid, and this coincides with the date of the Bedrock upgrade on June 6, 2023, at 16:00. The Bedrock upgrade was intended to enhance the cost-effectiveness of Optimism for users by optimizing transaction batches. However, the magnitude of this increase have come as a surprise to me (maybe I did something wrong ). On this part, the total gas fee paid by a user is calculated as L1 Fee + L2 Gas Used * L2 Gas Price And you can see the fee contributor breakdown below, where L2 execution fee has component of a Base Fee and Priority Fee, which is where you see the increase in your L2Gas bar chart. You can read more about Base Fee and Priority Fee here. Source: Dune Overall, users have been paying less gas fee per transaction post Bedrock (average saving 54% per tx), with users paying lower L1 Gas Fees, and an overall lower gas fee per transaction Source: [Dune]
  • OPUser: Finally an on-chain report going in depth and covering all aspect of Optimism. arabianhorses: It does seem that the address “0xD96e8f4DfF58733c0121b2E6D0B0FF0361c761cE” belongs to Wintermute itself, although the exact source of these tokens remains unclear This is a welcome analysis, not to dox anyone onchain but I would motivate such investigation to make sure $OP granted from DAO is not being used by anyone for their personal gain. arabianhorses: There is nothing out of expectations, was your expectation that TVL will go down ? Do you know why Beefy has such a high transaction count ? Looking forward to read the next iteration and please include Base impact on Optimism
• Bi-weekly OP Mainnet Onchain analysis (Second half of August) by arabianhorses - No Role
  Posted on: Sept. 7, 2023, 6:10 p.m.
  Content: ​This analysis was made for the numbaNERD program. I used DUNE, Arkham and Flipside for this analysis. All metrics except one of them come from the queries that I wrote myself. You can find links for the embedded version of the graphs just below them. I have excluded transactions associated with the contract address ‘ 0 x 4200000000000000000000000000000000000015 ’ from this analysis. This contract is internal and is used for configuring L 1 block values. In the second part of my bi-weekly analysis, I have implemented some refinements to enhance the clarity and relevance of our metrics. Instead of presenting daily data, we have transitioned to a bi-weekly format to facilitate more meaningful comparisons. To achieve this, I have partitioned each month into two distinct segments based on the ‘DAY’ component of the TIMESTAMP data. Specifically, if the ‘DAY’ value of the TIMESTAMP falls below 16 , it is considered the first part of that month. Below, we have the transaction data, and during the current period (second half of August), OP Mainnet has recorded 6 . 5 million transactions. This represents a decrease of 28 . 16 % when compared to the preceding term. 1600 × 818 48 . 5 KB Embedded version of the graph Now here is an other simple graph which is based on a simple query, but I find it surprising at least for my self. 1600 × 820 60 KB Embedded version of the graph In the graph provided, the orange bars represent l 1 FeesPaid, while the blue bars represent l 2 Gas. These metrics can be interpreted as execution fees paid to Optimism’s sequencer, which serves as a rational indicator of Optimism’s revenue. Notably, there is a significant spike in the ratio of l 2 Gas to l 1 FeesPaid, and this coincides with the date of the Bedrock upgrade on June 6 , 2023 , at 16 : 00 . The Bedrock upgrade was intended to enhance the cost-effectiveness of Optimism for users by optimizing transaction batches. However, the magnitude of this increase have come as a surprise to me (maybe I did something wrong ). I have checked the Roll-up economics dashboard by 0 xKofi, and I couldn’t discern any significant changes. 1384 × 782 45 KB I also examined Kofi’s query; however, Kofi’s query is based on a special table, not a raw data table, so I couldn’t proceed further from there. I conducted some checks on Optimistic Etherscan as well but did not find any errors related to my graph or query. I remain skeptical about the situation, even with my simplified query. SELECT CASE WHEN DAY(ot.block_time) < 16 THEN CONCAT(CAST(MONTH(ot.block_time) AS VARCHAR),'First Half of ', mn.nameOfMonth) ELSE CONCAT(CAST(MONTH(ot.block_time) AS VARCHAR), 'Last Half of ', mn.nameOfMonth) END AS "Time Frame" , COUNT(DISTINCT(hash)) AS numberOfTransactions , SUM( (gas_price * gas_used)/POW( 10 , 18 )) AS l 2 GaseInETH , SUM( (l 1 _fee)/POW( 10 , 18 )) AS l 1 FeeInETH FROM optimism.transactions ot LEFT JOIN month_names mn ON MONTH(ot.block_time) = mn.numberOfMonth WHERE ot.block_time > CAST(' 2023 – 01 – 01 00 : 00 ' AS TIMESTAMP) AND ot.block_time < CAST(' 2023 – 09 – 01 00 : 00 ' AS TIMESTAMP) AND ot.to != 0 x 4200000000000000000000000000000000000015 GROUP BY 1 If this insight holds true, it implies that Bedrock is an even more bullish than I initially thinked. Nevertheless, let’s not dwell on this point and continue with our analysis. Now, we will examine the number of new users, categorized by L 1 account age at the time of their first Optimism transaction, using the same format as the graphs presented above. 1600 × 824 111 KB In the last part of August, a total of 259 , 626 new addresses were deployed on Optimism. Our graph categorizes these addresses based on their L 1 account ages at the time of their first transaction on Optimism. Of these new addresses: 184 , 814 addresses had not been deployed on L 1 . 74 , 812 addresses were younger than 1 month. It’s worth noting that these younger addresses likely belong to users who transferred their funds from centralized exchanges (CEXs) to L 1 and subsequently deposited them into Optimism. This trend can be seen as a positive sign for Optimism, as it indicates that people are leveraging Ethereum’s security while mitigating the high gas fees associated with L 1 transactions. (They are moving onchain with out high fees through OP Mainnet)This observation opens up opportunities for further analysis, particularly in conducting cross-chain assessments to understand the source of the initial funds for these addresses. Are they originating from other Optimism accounts? Exploring this aspect could provide a clearer view of the overall ecosystem. Now we will investigate these new addresses activity for trying figure out ‘Why they are on Optimism?’ For this purpose we will take these new deployed addresses’s first transactions and group them by project. 1600 × 828 104 KB Merkly and Holograph taking my focus. Merkley is an NFT bridge and Holograph is a digital asset composability protocol that enables asset issuers to mint Holographic assets, which are fungible and non-fungible tokens that exist natively on multiple blockchains. It is again seeing NFT related projects taking new users to Optimism surprising for me maybe I am so out of NFT ecosystem. Continuing from where we left off, as previously mentioned, during the last half of August, there were a total of 6 . 5 million transactions on the OP Mainnet. Out of these transactions, approximately half, or 3 . 268 million, were routed through 54 different contracts. To gauge the popularity of these applications, I created a pie chart. This chart will provide a visual representation of the distribution of transactions categorized by these contracts. 1044 × 798 82 . 3 KB 1600 × 1096 249 KB It’s noteworthy that we’ve observed two new names on our list of popular contracts, namely “holographer” and “Multicall 3 .” Both of these contracts appear to be linked to cross-chain activities, which is indeed a bullish sign in my opinion. This suggests that as the SuperChain umbrella continues to expand, we can anticipate a growing number of transactions being routed through contracts of this nature. It will be intriguing to monitor how these cross-chain activities and associated contracts evolve in the coming days. GOVERNACE Continuing our analysis on the governance side, slight increase in the votableSupply, which represents the delegated OP amount. Investigating the unlocks of OP tokens and understanding how investors and core contributors utilize their OPs can provide valuable insights. 1600 × 814 66 . 2 KB However, it appears that there is a shortage of comprehensive resources on this topic. Transparency in this process is crucial for the community’s understanding of governance activities and can enhance trust within the ecosystem. It might be beneficial to advocate for increased transparency in OP unlocks and governance-related actions to provide stakeholders with a clearer view of how these decisions are being made and executed. This can contribute to a more informed and engaged community. 1600 × 820 270 KB This query not belong to me It’s worth noting that there’s a new delegate on the top delegates list, “wintermutegovernance.eth.” I’ve also executed another query to identify the delegates who have delegated their voting power to Wintermute. It appears that the address “ 0 xD 96 e 8 f 4 DfF 58733 c 0121 b 2 E 6 D 0 B 0 FF 0361 c 761 cE” has delegated its voting power to Wintermute. Remarkably, this address is currently holding over 1 . 3 million OP tokens. 1600 × 777 117 KB ArkhamVisualizer It does seem that the address “ 0 xD 96 e 8 f 4 DfF 58733 c 0121 b 2 E 6 D 0 B 0 FF 0361 c 761 cE” belongs to Wintermute itself, although the exact source of these tokens remains unclear. Further investigation may be necessary to determine how they acquired these tokens. Regarding Quix’s voting power, it’s essential to address any outstanding votable supply held by Quix, especially considering that Quix has been inactive for several months. I am sharing the addresses of those still holding votable supply on Quix. If you know one of these address owners try to let them know about the case. 1600 × 789 103 KB Full List We might need a massaging system for this kind of cases :slight_smile: DeFi Now we will see TVL and erc 20 volume for having some idea about DeFi ecosystem on OP mainnet. TVL decrased 33 M USD on OP Mainnet during the last half of August, on the graph below we are seeing daily change. 1600 × 831 95 . 2 KB https://dune.com/embeds/ 2945345 / 4883786 1600 × 819 124 KB There is nothing out of expectations, you may compare it with first half of August by visiting this post. Now we are opening NFT case, I am so curious about it. Lets dive in and check NFT related numbers. NFT 1600 × 821 103 KB Embedded version of the graph According to my analysis NFT deployement platforms working like worker ants. 810 K+ NFT has been minted. Holograph is leading this race, then Galxe, Niftykit and Omnix are coming, as a reminder I used DUNE’s contract mapping and based on project name not based on contract name, so some of these labels including more then one contract. And erc- 1155 format NFTs included our analysis you may visit the link and see embeded version of the graph. And here is the pulse of NFT mints on Optimism. 1600 × 820 93 KB Now we know that, NFT mint side is realy active on OP Mainnet, consider this 6 . 5 M total number of transactions and 812 K NFT mints, more then % 10 of all transactions was NFT minting. Now lets check NFT economy, I did not want to use nft.trades table instead because there could be some new NFT marketplaces that doesnt included that table yet. However when I tried join erc 20 and erc 721 transfers table on their hashes it is showing LP NFT’s as trade, so I used nft.trades table and unfortunely we dont have almost anything to talk about NFT trades. 1600 × 825 140 KB It looks like people are minting NFTs for fun or as badges. That was all for this analysis I hope you enjoy it. I will continue this analysis in the governance forum but instead of bi-weekly I will make it monthly.
  Likes: 6 Replies: 2
  Likers: FractalVisions, chuxin_h, abracadabra, jjlee710, cpoetter, brichis
  Replies:

  • chuxin_h: arabianhorses: Notably, there is a significant spike in the ratio of l2Gas to l1FeesPaid, and this coincides with the date of the Bedrock upgrade on June 6, 2023, at 16:00. The Bedrock upgrade was intended to enhance the cost-effectiveness of Optimism for users by optimizing transaction batches. However, the magnitude of this increase have come as a surprise to me (maybe I did something wrong ). On this part, the total gas fee paid by a user is calculated as L1 Fee + L2 Gas Used * L2 Gas Price And you can see the fee contributor breakdown below, where L2 execution fee has component of a Base Fee and Priority Fee, which is where you see the increase in your L2Gas bar chart. You can read more about Base Fee and Priority Fee here. Source: Dune Overall, users have been paying less gas fee per transaction post Bedrock (average saving 54% per tx), with users paying lower L1 Gas Fees, and an overall lower gas fee per transaction Source: [Dune]
  • OPUser: Finally an on-chain report going in depth and covering all aspect of Optimism. arabianhorses: It does seem that the address “0xD96e8f4DfF58733c0121b2E6D0B0FF0361c761cE” belongs to Wintermute itself, although the exact source of these tokens remains unclear This is a welcome analysis, not to dox anyone onchain but I would motivate such investigation to make sure $OP granted from DAO is not being used by anyone for their personal gain. arabianhorses: There is nothing out of expectations, was your expectation that TVL will go down ? Do you know why Beefy has such a high transaction count ? Looking forward to read the next iteration and please include Base impact on Optimism
• Bi-weekly OP Mainnet Onchain analysis (First half of August) by arabianhorses - No Role
  Posted on: Aug. 22, 2023, 8:19 p.m.
  Content: This analysis was made for the numbaNERD program. I used DUNE and Flipside for this analysis. All metrics come from the queries that I wrote myself. You can find links for the embedded version of the graphs just below them. I have excluded transactions associated with the contract address ‘ 0 x 4200000000000000000000000000000000000015 ’ from this analysis. This contract is internal and is used for configuring L 1 block values. During the first half of August, the Optimism Mainnet processed a total of 9 , 048 , 924 transactions. Out of these transactions, half, or 4 , 524 , 462 , passed through 64 different contracts. The network accumulated a total of 994 ETH in transaction fees during this period. Additionally, the daily average transactions per second (TPS) fluctuated within the range of 5 . 02 to 10 . 85 . image 1570 × 1018 48 KB 1556 × 1002 40 . 8 KB Link for the dynamic versions of these graphs 1 To estimate the popularity of applications, I intend to present a pie chart. This chart will display the distribution of transactions categorized by contracts. 1614 × 984 132 KB 1634 × 1060 84 . 2 KB From both the table and the graph, it becomes evident that Worldcoin and Layer Zero are the leading contenders in this competition. Surprisingly(at least for me), Beefy Finance’s USDC contract follows closely behind, a fact that caught my attention. Worldcoin, launched on July 24 th, has generated significant excitement within the crypto community. This heightened interest can be attributed to the project’s unique nature and the notable figure spearheading it, Sam Altman, CEO of OpenAI. As for Layer Zero, there appears to be a distinct presence of airdrop hunters on Twitter, which could potentially contribute to increased usage and engagement with the Layer Zero platform. 1214 × 1218 200 KB This analysis has primarily been focused on the number of transactions, which provides valuable insights. However, to gain a more comprehensive understanding of the capital flow, it is imperative that we track asset movements. To address this, we will introduce another pie graph, distinct from the previous one, as it will not be based on transaction counts. As I mentioned earlier, this graph will illustrate the transferred value associated with each contract. It’s important to note that this graph exclusively covers ERC 20 transfers. This approach, which accounts for the use of ETH in DeFi as wrappedETH, is expected to yield more accurate and meaningful results in assessing capital movement within the ecosystem. 1600 × 821 123 KB Embedded version of the graph Having assessed popular contracts, protocols, and the direction of capital flow, we can now draw some key observations. The embedded graphs can be accessed by clicking on the link below the respective screenshot. Notably, Uniswap and Overnight+ emerge as the frontrunners in terms of ERC 20 volume, followed by Arrakis Finance and Velodrome, with burn events representing a significant portion of this activity. This trend poses challenges for Total Value Locked (TVL) metrics, as assets being sent to the 0 x 000000 address are essentially withdrawn from the ecosystem. As you may be aware, when assets are withdrawn from the Optimism Mainnet, they are burned (sent to 0 x 00000 ), and an equivalent amount of assets is released from the Optimism L 1 Escrow contract (Link). To gain a better understanding of the changes in Total Value Locked (TVL) on the Optimism network, it’s essential to examine bridge activity. However, before delving into this analysis, it’s important to note the existence of third-party bridges. When users utilize a third-party bridge for withdrawals or deposits, they typically bridge their assets before conducting any transactions. Subsequently, when transactions are executed through these third-party decentralized applications (dApps), they often operate using their own reserved bridged assets. Essentially, these third-party bridges facilitate larger asset transfers from the official bridge, enhancing the user experience by offering immediate transfers, cross-chain withdrawals, and deposits, among other advantages. This context is crucial to understand because when we analyze official bridge statistics, we are effectively examining the combined data from all bridges and monitoring the movement of TVL as a whole. During the first half of the month, approximately $ 56 . 5 million USD worth of assets were deposited onto the Optimism network, while $ 41 . 2 million USD were withdrawn. This results in a net positive flow of $ 15 million USD into the Optimism ecosystem. In the subsequent analysis, we will visualize the change in TVL by plotting the difference between deposits and withdrawals on a line graph for a clearer depiction of this movement. 1600 × 799 84 . 2 KB Embedded version of the graph I would like to emphasize a pivotal metric that holds significant importance to me – the change in votable OP (Optimism token) supply. This metric is of particular significance due to the predominant role that governance currently plays in the utilization of the OP token. Hence, tracking the fluctuations in votable OP supply during the first half of August is a paramount aspect of my analysis. 1600 × 811 45 . 2 KB Embedded version of the graph We have observed a minor decrease in the votable OP (Optimism token) supply. It is my belief that investigating this metric over a 15 -day period may not provide a comprehensive understanding, given the dynamics at play. I had initially anticipated more significant increases in this metric, considering the distribution of OPs through mechanisms such as the RPGF (Rewards Program for Governance Founders) over time. However, it is noteworthy that the metric has remained relatively stable. For a broader and more detailed view of this metric, I recommend referring to this dashboard. Up to this point, we have examined fundamental metrics. Now, I would like to introduce some specialized metrics tailored to our analysis. Specifically, we aim to gain insights into the behavior of new users and determine which decentralized applications (dApps) are responsible for bringing new users to the Optimism Mainnet. To achieve this objective, we will identify addresses that made their initial deposits onto the Optimism Mainnet during the first half of August. Subsequently, we will trace the destinations and purposes of these assets, shedding light on where and how they are being utilized within the ecosystem. Our investigation will provide valuable insights into the adoption patterns of new users, helping us identify the dApps that are effectively attracting and retaining them. Let’s proceed with this analysis. 1600 × 804 104 KB Embedded version of the graph In the pie graph presented, we observe the number of transactions initiated by new users, defined as addresses making their first transaction in the first half of August. The findings from this analysis have revealed several noteworthy observations. Firstly, there were no significant surprises among the data, except for the presence of “Optimist NFT” and “Niftykit.” Prior to this analysis, my assumption was that only RPGF # 2 voters were eligible to mint Optimist NFTs. However, upon examining this graph, I conducted further research and discovered that individuals who have completed Know Your Customer (KYC) procedures with a Coinbase wallet are also able to mint Optimist NFTs. For those unfamiliar with Optimist NFTs, further information can be found here. Secondly, the data has raised questions about the NFT ecosystem on Optimism, which appears to be less active compared to previous periods. The absence of high-profile NFT projects that were prevalent earlier this year or last year was unexpected(IMO Optimism NFT ecosystem were :skull_and_crossbones: ). This observation suggests that some users may be deploying NFTs for recreational purposes. In the upcoming analysis, I plan to delve into the topic of the top (LSD) tokens. However, I will reserve further investigation of the NFT case for the following week. Embedded version of the graph I have conducted an analysis to identify the top three LSD tokens by balance on the Optimism Mainnet. During this analysis, a significant spike in the cbETH balance on August 10 , 2023 , caught my attention. The balance of cbETH on the Optimism Mainnet surged from 90 to 2 , 021 during this period. This notable increase in cbETH balance on the Optimism Mainnet is likely attributed to a corresponding healthy rise in LSD token balances on the network. In my assessment, the rationale behind this surge is that individuals are interested in utilizing their LSD tokens within decentralized finance protocols. Due to the cost efficiency of the Optimism Mainnet compared to the Ethereum Mainnet in terms of gas fees, users seem to prefer Optimism for their asset interactions. To gain a more comprehensive perspective on this phenomenon, it is essential to investigate the holders of these tokens. If externally owned accounts (EOAs) are the primary holders, this might challenge my initial hypothesis. However, if smart contracts are predominantly holding these tokens, it would substantiate my hypothesis that users are migrating their assets to the Optimism Mainnet for enhanced utility within DeFi protocols. Further analysis will provide clarity on this matter. 1600 × 812 127 KB Embedded version of the graph The graph presented above illustrates the balances held by cbETH token holders, and a notable observation is that approximately 96 . 3 % of all cbETH on the Optimism Mainnet is held by Kyber Swaps contracts. This concentration of rETH within Kyber Swaps contracts is a remarkable finding, and it raises questions regarding the underlying reasons for this concentration. One possible explanation could be the attractive yield offered by Kyber Swaps contracts. Specifically, they are providing a 0 . 93 % Annual Percentage Rate (APR) for the ETH-cbETH vault. When compared to the APR of cbETH itself, this rate appears to be quite competitive. This could potentially incentivize users to deposit their rETH into Kyber Swaps contracts, leading to the significant concentration we observe. 972 × 686 64 . 4 KB Lastly I would like the show holders list for three LSD tokens together. 1600 × 813 117 KB Embedded version of the graph It looks like we have healthy growing on LSD ecosystem on OP Mainnet. I hope you liked my analysis and gain some insight, all kind of feedbacks are welcome you can reach me out via discord I use same nickname in there too.
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  Likers: chain_l, chuxin_h, esam001, nicoproducto, raho, maintainer.eth
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• Bi-weekly OP Mainnet Onchain analysis (First half of August) by arabianhorses - No Role
  Posted on: Aug. 22, 2023, 4:19 p.m.
  Content: This analysis was made for the numbaNERD program. I used DUNE and Flipside for this analysis. All metrics come from the queries that I wrote myself. You can find links for the embedded version of the graphs just below them. I have excluded transactions associated with the contract address ‘ 0 x 4200000000000000000000000000000000000015 ’ from this analysis. This contract is internal and is used for configuring L 1 block values. During the first half of August, the Optimism Mainnet processed a total of 9 , 048 , 924 transactions. Out of these transactions, half, or 4 , 524 , 462 , passed through 64 different contracts. The network accumulated a total of 994 ETH in transaction fees during this period. Additionally, the daily average transactions per second (TPS) fluctuated within the range of 5 . 02 to 10 . 85 . image 1570 × 1018 48 KB 1556 × 1002 40 . 8 KB Link for the dynamic versions of these graphs 1 To estimate the popularity of applications, I intend to present a pie chart. This chart will display the distribution of transactions categorized by contracts. 1614 × 984 132 KB 1634 × 1060 84 . 2 KB From both the table and the graph, it becomes evident that Worldcoin and Layer Zero are the leading contenders in this competition. Surprisingly(at least for me), Beefy Finance’s USDC contract follows closely behind, a fact that caught my attention. Worldcoin, launched on July 24 th, has generated significant excitement within the crypto community. This heightened interest can be attributed to the project’s unique nature and the notable figure spearheading it, Sam Altman, CEO of OpenAI. As for Layer Zero, there appears to be a distinct presence of airdrop hunters on Twitter, which could potentially contribute to increased usage and engagement with the Layer Zero platform. 1214 × 1218 200 KB This analysis has primarily been focused on the number of transactions, which provides valuable insights. However, to gain a more comprehensive understanding of the capital flow, it is imperative that we track asset movements. To address this, we will introduce another pie graph, distinct from the previous one, as it will not be based on transaction counts. As I mentioned earlier, this graph will illustrate the transferred value associated with each contract. It’s important to note that this graph exclusively covers ERC 20 transfers. This approach, which accounts for the use of ETH in DeFi as wrappedETH, is expected to yield more accurate and meaningful results in assessing capital movement within the ecosystem. 1600 × 821 123 KB Embedded version of the graph Having assessed popular contracts, protocols, and the direction of capital flow, we can now draw some key observations. The embedded graphs can be accessed by clicking on the link below the respective screenshot. Notably, Uniswap and Overnight+ emerge as the frontrunners in terms of ERC 20 volume, followed by Arrakis Finance and Velodrome, with burn events representing a significant portion of this activity. This trend poses challenges for Total Value Locked (TVL) metrics, as assets being sent to the 0 x 000000 address are essentially withdrawn from the ecosystem. As you may be aware, when assets are withdrawn from the Optimism Mainnet, they are burned (sent to 0 x 00000 ), and an equivalent amount of assets is released from the Optimism L 1 Escrow contract (Link). To gain a better understanding of the changes in Total Value Locked (TVL) on the Optimism network, it’s essential to examine bridge activity. However, before delving into this analysis, it’s important to note the existence of third-party bridges. When users utilize a third-party bridge for withdrawals or deposits, they typically bridge their assets before conducting any transactions. Subsequently, when transactions are executed through these third-party decentralized applications (dApps), they often operate using their own reserved bridged assets. Essentially, these third-party bridges facilitate larger asset transfers from the official bridge, enhancing the user experience by offering immediate transfers, cross-chain withdrawals, and deposits, among other advantages. This context is crucial to understand because when we analyze official bridge statistics, we are effectively examining the combined data from all bridges and monitoring the movement of TVL as a whole. During the first half of the month, approximately $ 56 . 5 million USD worth of assets were deposited onto the Optimism network, while $ 41 . 2 million USD were withdrawn. This results in a net positive flow of $ 15 million USD into the Optimism ecosystem. In the subsequent analysis, we will visualize the change in TVL by plotting the difference between deposits and withdrawals on a line graph for a clearer depiction of this movement. 1600 × 799 84 . 2 KB Embedded version of the graph I would like to emphasize a pivotal metric that holds significant importance to me – the change in votable OP (Optimism token) supply. This metric is of particular significance due to the predominant role that governance currently plays in the utilization of the OP token. Hence, tracking the fluctuations in votable OP supply during the first half of August is a paramount aspect of my analysis. 1600 × 811 45 . 2 KB Embedded version of the graph We have observed a minor decrease in the votable OP (Optimism token) supply. It is my belief that investigating this metric over a 15 -day period may not provide a comprehensive understanding, given the dynamics at play. I had initially anticipated more significant increases in this metric, considering the distribution of OPs through mechanisms such as the RPGF (Rewards Program for Governance Founders) over time. However, it is noteworthy that the metric has remained relatively stable. For a broader and more detailed view of this metric, I recommend referring to this dashboard. Up to this point, we have examined fundamental metrics. Now, I would like to introduce some specialized metrics tailored to our analysis. Specifically, we aim to gain insights into the behavior of new users and determine which decentralized applications (dApps) are responsible for bringing new users to the Optimism Mainnet. To achieve this objective, we will identify addresses that made their initial deposits onto the Optimism Mainnet during the first half of August. Subsequently, we will trace the destinations and purposes of these assets, shedding light on where and how they are being utilized within the ecosystem. Our investigation will provide valuable insights into the adoption patterns of new users, helping us identify the dApps that are effectively attracting and retaining them. Let’s proceed with this analysis. 1600 × 804 104 KB Embedded version of the graph In the pie graph presented, we observe the number of transactions initiated by new users, defined as addresses making their first transaction in the first half of August. The findings from this analysis have revealed several noteworthy observations. Firstly, there were no significant surprises among the data, except for the presence of “Optimist NFT” and “Niftykit.” Prior to this analysis, my assumption was that only RPGF # 2 voters were eligible to mint Optimist NFTs. However, upon examining this graph, I conducted further research and discovered that individuals who have completed Know Your Customer (KYC) procedures with a Coinbase wallet are also able to mint Optimist NFTs. For those unfamiliar with Optimist NFTs, further information can be found here. Secondly, the data has raised questions about the NFT ecosystem on Optimism, which appears to be less active compared to previous periods. The absence of high-profile NFT projects that were prevalent earlier this year or last year was unexpected(IMO Optimism NFT ecosystem were :skull_and_crossbones: ). This observation suggests that some users may be deploying NFTs for recreational purposes. In the upcoming analysis, I plan to delve into the topic of the top (LSD) tokens. However, I will reserve further investigation of the NFT case for the following week. Embedded version of the graph I have conducted an analysis to identify the top three LSD tokens by balance on the Optimism Mainnet. During this analysis, a significant spike in the cbETH balance on August 10 , 2023 , caught my attention. The balance of cbETH on the Optimism Mainnet surged from 90 to 2 , 021 during this period. This notable increase in cbETH balance on the Optimism Mainnet is likely attributed to a corresponding healthy rise in LSD token balances on the network. In my assessment, the rationale behind this surge is that individuals are interested in utilizing their LSD tokens within decentralized finance protocols. Due to the cost efficiency of the Optimism Mainnet compared to the Ethereum Mainnet in terms of gas fees, users seem to prefer Optimism for their asset interactions. To gain a more comprehensive perspective on this phenomenon, it is essential to investigate the holders of these tokens. If externally owned accounts (EOAs) are the primary holders, this might challenge my initial hypothesis. However, if smart contracts are predominantly holding these tokens, it would substantiate my hypothesis that users are migrating their assets to the Optimism Mainnet for enhanced utility within DeFi protocols. Further analysis will provide clarity on this matter. 1600 × 812 127 KB Embedded version of the graph The graph presented above illustrates the balances held by cbETH token holders, and a notable observation is that approximately 96 . 3 % of all cbETH on the Optimism Mainnet is held by Kyber Swaps contracts. This concentration of rETH within Kyber Swaps contracts is a remarkable finding, and it raises questions regarding the underlying reasons for this concentration. One possible explanation could be the attractive yield offered by Kyber Swaps contracts. Specifically, they are providing a 0 . 93 % Annual Percentage Rate (APR) for the ETH-cbETH vault. When compared to the APR of cbETH itself, this rate appears to be quite competitive. This could potentially incentivize users to deposit their rETH into Kyber Swaps contracts, leading to the significant concentration we observe. 972 × 686 64 . 4 KB Lastly I would like the show holders list for three LSD tokens together. 1600 × 813 117 KB Embedded version of the graph It looks like we have healthy growing on LSD ecosystem on OP Mainnet. I hope you liked my analysis and gain some insight, all kind of feedbacks are welcome you can reach me out via discord I use same nickname in there too.
  Likes: 6 Replies: 0
  Likers: Chain_L, chuxin_h, esam001, NicoProducto, raho, maintainer.eth
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