Optimism Bridges

    Analyze Optimism Bridges

    Introduction

    optimism network is a layer2 solution that is created to solve the scalability problems of the Ethereum network. The Optimism Network uses optimistic solutions (Optimistic Roll-up) to increase scalability. In this solution, optimism network by collecting and executing transactions on its network and sending them in a compact manner and in the form of a transaction to the Ethereum network, causes the scalability, speed of transactions and their Fee to be significantly reduced.

    There are many bridges where users that are interested in Optimism can transfer their assets between this network and Ethereum. One of the first ways can be using the Native Optimism bridge, which is the simplest method, but if the user wants he can use customized bridges such as hop or cbridge, which have various attractive features, and They have their own uniqueness

    Method

    • contract and summary on how I collected the data:
    1. optimism bridge contracts:

    0x99c9fc46f92e8a1c0dec1b1747d010903e884be1 & 0x52ec2f3d7c5977a8e558c8d9c6000b615098e8fc

    1. hop contracts: Link
    2. cbridgev2 contract: Link

    I used all the above contracts and with help of events_log, ez_token_transfers and ez_eth_transfers tables I created a query that tracks all the bridge transactions of the three-platform between Ethereum and Optimism networks. || query: Link

    • some necessary definition base on provided data:

    we have two routed here :

    a. bridge from Ethereum to optimism (origin chain = Ethereum)

    b. bridge from optimism to ethereum (origin chain = optimism)

    Volume/bridge events number/unique bridgers: First, we checked all the stats in both routes together as one for all three platforms, then base on the route I break It down

    average bridge amount: base on route I checked the average bridged amount

    top 5 tokens : for each route I checked the top 5 tokens base on bridge amount for the three platforms

    weekly Volume per symbol: I checked weekly Volume for each symbol bridged in the three platforms for both routes

    what users do first: Here, we considered the first transaction of users after the bridge, and categorized them based on the event they performed.

    where users go first: Here, we considered the first transaction of post-Bridge users, and categorized them based on the type of contract they interacted with.

    I used all the available data on flipside

    all prices and amounts number are in USD

    our insight will be base on weekly Timeframe.

    1. Volume

    Observations

    When we look at the aggregate volume of the two routes, we see that the volume that passed through the native bridge is much higher than the other two platforms, making up 78.7% of the total with an amount of 3.06 USD, which is a very large number. In the next rank there is hop with 16.5% and 635M USD and the last rank is cbridge with 3.83% and 147M USD volume. In the weekly volume statistics, we can see that the volume of native bridge is much higher than the other two platforms in all weeks. An interesting thing that can be seen is the very high volume recorded by Native Bridge in the week of August 1 with an amount of 481M USD, which is a very large number. It can be clearly seen in the cumulative chart that the upward slope of the volume has been well-preserved in all three platforms and this is a good sign for all three platforms in this part.

    When we categorize the volume statistics based on the bridge route, we find out some significant points, one is that the volume of the bridge to Optimism is higher than the other route on all platforms except hop. And the second noteworthy point is that in the weekly statistics, in some weeks hop has been able to surpass native bridge in terms of bridge volume to ethereum.

    6. the first transaction after bridge

    Observations

    In bridge transactions, there are always tokens that are most liked by users

    Here and on the path of the bridge to Optimism, the most popular tokens for native bridge users are USDC and ETH, both of which have a volume of over 850M USD. In hop and cbridge, these two tokens are the most popular also, although the volume of the bridge in these two is less than that of native bridge.

    In the way of bridge to Ethereum, the most popular tokens for hop and native bridge are still USDC and ETH, but for crbidge, instead of ETH, it is Lyra, which is in second place.

    Observations

    The first transaction that users perform after Bridge to Optimism mostly is a transfer, which ranks first with 480K transactions, in the next rank we see swap, which ranks next with 109K transactions. This can also be seen in the case of users who bridge to Ethereum, so that the transfer is in the first place with 59K thousand.

    Users may interact with different contracts in their first transaction, which in the case of users who bridge to Optimism, this contract is usually in the layer 2 or DEX categories. As for the users who bridge to Ethereum, these two have the most transactions

    Observations

    A few points can be seen here:

    1. The average bridge amount to Ethereum in Native Bridge is strangely high, as if it is only used to transfer large assets.

    2. Usually, in many weeks, the average bridge amount to Optimism in all three platforms is close to each other, although in the last few weeks, the average value of the bridge in Native Bridge has been slightly different and higher.

    Conclusion

    • hat the volume that passed through the native bridge is much higher than the other two platforms, making up 78.7% of the total
    • very high volume recorded by Native Bridge in the week of August 1 with an amount of 481M USD
    • volume of the bridge to Optimism is higher than the other route on all platforms except hop.
    • Native Bridge has the largest number of the transactions with 74.4% of the bridge transactions also has the highest number of unique bridgers
    • hop has an advantage in bridge to ethereum section
    • The average bridge amount to Ethereum in Native Bridge is strangely high
    • USDC and ETH are most loved tokens for bridgers
    • the users mostly transferring their tokens after bridge
    • in most first transaction they had after the bridge the first contract that they interacted with is from DEX or layer2 categories

    Thanks For, your Time

    Twitter: Abbas_ra21

    date; 2022-10-24

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    Observations

    As with the volume in the statistics of the number of bridge transcations, Native Bridge has the largest number and approximately 74.4% of the bridge transactions are specific to this platform, while hop ranks next with 22.8%. In the weekly statistics, we see the better performance of Native Bridge.

    The number of bridge transcations to Optimism in all platforms except hop is more than the other direction And another interesting point is the difference in the number of bridge transactions of these two routes in the native bridge, which is very, very high.

    other thing that the number of bridge transactions to ethereum in hop is completely higher than other two platforms,both in total statistics and in weekly statistics.

    Observations

    Here too, the same conditions of the number of transactions prevail, so that in the number of bridgers in two paths, the most statistics are related to the native bridge, and hop is in the next rank.

    The number of bridgers to optimism for all platforms is higher except hop.

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    2. bridge events number

    3. unique bridgers number

    4. Average bridge amount

    5. Volume per tokens