PoS Bridger Growth

PoS Bridge User Growth

Pos Bridge traffic were in uptrend, peaking on Feb 2022 at 168.8 K unique bridgers. It has since been in downtrend as low as 28 K unique address for the month of July only about 17% of the total peaked monthly volume. The number of new users bridging using PoS has also shown plateauing pattern . This indicates there are less users bringing asset onto Polygon, in addition, to the less and less new potential users bringing asset onto Polygon. Overall, it is indicating unhealthy growth pattern.

Which “Platform Type” most users goes to right after bridging?

Majority of Bridgers goes to DEXs or DeFis to spend their bridged assets. About less than 1% of total users spent right away on NFTs. Only 9 address Bridges onto Polygon then withdraws their asset to CEXs

Top 10 Destinations

The most popular destinations is Quickswap, followed by Sushiswap, making DEXs the most popular destination after bridging. The third place is AAVE, which is a borrowing-lending platform.

Most Popular Asset Brought onto Polygon via PoS Bridge

ETH is the most popular asset bridged onto Polygon from Ethereum, with the highest number of unique recipient at almost ~650K unique address.

The runner ups consists of stablecoins; USDC, USDT, and DAI. The 2nd highest non-stablecoin asset is wBTC.

Top Bridged Assets Swap Directions

The most popular swap direction by bridgers is WETH to USDC. at 53K unique bridgers. WETH Matic returns 31.6k.

The Top 5 swap directions consists of swapping asset from WETH and USDC.

Introduction

This analytics is done to study the destination of users after bridging asset onto Polygon from Ethereum.

This study focus on activities bridged via PoS bridge . PoS bridge works by staking asset on Ethereum side to a “custody” address, then mint the equivalent tokens on Polygon side.

When bridging from Polygon to Ethereum, said asset is burnt on Polygon side, before sending said asset to your wallet on Ethereum.

Top 5 DeFi Destination on Polygon

The chart shows the first DeFi destination right after bridging. Sushiswap Lending pool is the most popular followed by AAVE lending pool.

Conclusion

From this analytics, it is found that:

• Most bridgers first destination to spend their asset is DEXs and DeFis.
• Quickswap and Sushiswap are the top DEX destination and AAVE and Sushiswap are the top DeFi destination
• Most popular asset brought onto Polygon is WETH
• Top 5 Swap directions are from swapping from WETH and USDC
• Most popular swap direction is swapping from WETH to USDC
• Sushiswap lending pool is the most popular DeFi destination
• The PoS bridger Monthly Traffic has been falling from its peak in Feb 2022.
• The growth of new PoS bridge User has plateaued suggesting negative Growth for Polygon in terms of PoS bridging traffic