October 24, 2023
Web3
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0xScope

Optimism: A 0xScope Overview

0xScope has recently launched support for Optimism, one of the most prominent Layer-2 blockchains built on top of the Ethereum mainnet. Launched on mainnet in December 2021, Optimism's distinct characteristic is its use of Optimistic rollups to process multiple transactions on Layer-2 into one transaction on the Layer-1 Ethereum network, therefore lowering gas fees and facilitating faster transaction speeds for the Layer-2 network's users, while also taking advantage of Ethereum's security.

Compared to zero-knowledge (ZK) rollups, which use zero-knowledge proofs to validate transactions without knowing too much about the transactions’ specifics, Optimistic rollups assume that Layer-2 transactions are valid until proven otherwise. According to its proponents, Optimistic rollups can lead to higher scalability and easier implementation compared to ZK-rollups. Perhaps due to these advantages, at least 50 projects have opted to build on Optimism or include this network in their inter-blockchain approach, according to Scopescan data.

In this article, the 0xScope team provides an overview of key statistics and important trends related to the Optimism ecosystem.

Optimism Project Data

Out of the 50 projects listed under the Optimism network, Hop Protocol has the highest number of daily active users and entities. Hop Protocol allows users to send cryptocurrencies like $ETH, $MATIC, and $USDT between the Ethereum mainnet and Layer-2 networks such as Optimism. It is a cross-chain project that is also integrated into Ethereum, Arbitrum, Polygon, Gnosis, Base, and Arbitrum Nova networks. One notable feature of Hop Protocol is its inherent system of preventing suspicious addresses that farm airdrops using a two-pronged approach: identifying addresses that are likely to exploit the project's airdrops and then incentivizing users to hunt other airdrop farmers who are not dedicated to the project's growth.

Meanwhile, the Optimism project with the highest TVL is Synthetix, with $153.178M locked in the blockchain. Synthetix is a derivatives liquidity protocol that deals with synthetic assets. Synthetix started on Ethereum in August 2019 before launching support for Optimism in July 2021. The project is one of the DeFi beneficiaries of the shift in crypto capital away from centralized exchanges, recording a 250% surge in 24-hour volume in September.

Source

Optimism Project TVL Data

As of October 20, Optimism recorded $688.19M in TVLs, making it the sixth-biggest blockchain in terms of TVL, behind only Arbitrum ($1.903B, fourth-biggest) among Layer-2 blockchains and ahead of Base ($316.26M, ninth-biggest). For context, Optimism launched on mainnet later than Arbitrum (September 2021) and earlier than Base (August 2023).

Source: DefiLlama. Legend: Arbitrum is green, Optimism is blue, and Base is pink.

Optimism is a main player in the emerging, competitive Layer-2 field, with 43 protocols having more than $1M in TVL, compared to Arbitrum's 97 and Base's 31.

Of the 50 protocols hosted on Optimism, 27 are decentralized exchanges (DEXes), 15 are lending platforms, 10 are bridges, and four are collateralized debt position (CDP) projects.

The top DEX on Optimism is Velodrome, with $125.924M in TVL on the blockchain. Meanwhile, the top lending platform is Aave V3, with $73.135M in TVL.

Source: DefiLlama

Top Optimism Whales

Among addresses that have bridged $ETH into the Optimism network, Binance's hot wallet is the biggest $ETH holder. The top five addresses on this list collectively hold 68.21% of the total $ETH bridged to Optimism.

Source

Meanwhile, Optimism's team holds at least 51% of the total Optimism ($OP) token supply. The contract address 0x2a82, identified in Optimism's documents as the mainnet address that controls the platform's mint manager, holds 30.08% of all $OP tokens, while the Optimism Foundation holds 21.10%. Address 0x790b is the largest $OP holder among non-Optimism-affiliated addresses, with 5.09% of the total supply. Overall, whales (addresses that own at least 0.01% of the total $OP supply) hold 29.41% of all $OP tokens.

Source

Optimism Blockchain Activity Data

The top gas spender (0x1d19) and consumer (0x0870) on the Optimism blockchain have shown constant transfers of different small amounts of digital identity token Worldcoin ($WLD) and stablecoin USD Coin on Avalanche ($USDC.E) tokens, among others. In July 2023, Worldcoin used Optimism to launch its airdrop for users who had their eyes scanned by its devices. As a result, Worldcoin drives a lot of transactions on Optimism.

Source

Optimism's daily active user count (around 62,700 active addresses in the last 30 days) is close to Base's figures (79,200) and below Arbitrum's (124,400). The proximity of these user numbers for the Layer-2 rivals further highlights the competition between them. Among Layer-1 blockchains, Ethereum (315,00) and Polygon (343,000) are at a similar level, while BNB Smart Chain (965,000) is the blockchain with the highest daily active user count.

Over the past six months, the peak daily transaction count for Optimism was 901,500 on July 27. However, daily transaction counts breached the 500,000 mark only 39 times out of a possible 180. On a daily basis, Optimism earned as much as 168.09 $ETH in transaction fees on August 15, but only reached the 100 $ETH mark 20 times over the past six months.

Source: Dune Analytics

Conclusion

With 0xScope's launch of support for Optimism, users can uncover more insights and trends on the activities on this blockchain. For this report, we used Scopescan tools such as Project Explorer, Wallet Explorer, Live Statistics, Whale Watch, and more. We encourage the Web3 community to unearth more findings about Optimism projects and activities using 0xScope and Scopescan. You can also share your thoughts on this topic through our links below.

0xScope is adding support for more blockchains in the future. Stay tuned for updates.

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