Introduction

Optimism is a fast, stable, and scalable L2 blockchain built by Ethereum developers, for Ethereum developers. Built as a minimal extension to existing Ethereum software, Optimism's EVM-equivalent architecture scales your Ethereum apps without surprises. Optimism is a scaling solution for Ethereum that can support all of Ethereum's Dapps. Instead of running all computation and data on the Ethereum network, Optimism puts all transaction data on-chain and runs computation off-chain, increasing Ethereum's transactions per second and decreasing transaction fees.

Optimism (OP) is the native token of Optimism, OP has a total supply of 4.294 billion. The OP token gives holders participation rights in The Optimism Collective, a two-tier governance system composed of Token House and Citizens’ House.

Optimism is designed so that users can send arbitrary messages between smart contracts on Optimism and Ethereum. This makes it possible to transfer assets, including ERC20 tokens, between the two networks. The exact mechanism by which this communication occurs differs depending on the direction in which messages are being sent. Optimism uses this functionality in the Standard bridge to allow users to deposit assets (ERC20s and ETH) from Ethereum to Optimism and on also allow withdrawals of the same from Optimism back to Ethereum. Learn more at:

You can perform Optimism bridge transactions at: https://app.optimism.io/bridge

Methodology

In this dashboard, we are going to analyze Optimism bridge activity and compare it with 2 other major custom ETH => OP bridges (Hop Protocol and Across Bridge). Moreover, we are going to extract top bridgers, top bridgers destinations and top emitted events by bridgers after they bridge to the Optimism.

Hop Protocol is a mechanism for transferring tokens over a shared layer 1 network quickly and without trust. It provides customers with a two-pronged token bridge for Ethereum's layer 2 network. The solution aims to facilitate the rapid movement of a token between layer 2 and a scaling solution's governance token

Across is an optimistic insured bridge that relies on a decentralized group of relayers to fulfill user deposit requests from EVM to EVM networks. Relayer funds are insured by liquidity providers in a single pool on Ethereum and refunds are processed via the UMA Optimistic Oracle.

The contract address for Optimism standard bridge is 0x99c9fc46f92e8a1c0dec1b1747d010903e884be1.

For Across, we use the spoke pool v2 contract 0x4D9079Bb4165aeb4084c526a32695dCfd2F77381. Moreover I have excluded relayer address '0x428ab2ba90eba0a4be7af34c9ac451ab061ac010' and the unknown address '0xf7bac63fc7ceacf0589f25454ecf5c2ce904997c' which also has a different logic causing the decoding to output wrong values.

For Hop Protocol, we should use ('0xb8901acb165ed027e32754e0ffe830802919727f') , ('0x3666f603cc164936c1b87e207f36beba4ac5f18a'), ('0x3e4a3a4796d16c0cd582c382691998f7c06420b6'), ('0x3d4cc8a61c7528fd86c55cfe061a78dcba48edd1'), ('0x22b1cbb8d98a01a3b71d034bb899775a76eb1cc2') contract addresses.

For both of the above bridges, we should filter destination chain ID to “10” to only show results for bridges to Optimism.

Also, we should query both the ethereum.core.ez_token_transfers and ethereum.core.ez_eth_transfers tables for ERC20 and ETH transfers.

According to the above charts, the total number and volume of bridges and also number of bridgers via Standard bridge is more than both Across and Hop. total bridges via standard bridge is 226k made by 184k unique wallets and with total volume of 2.24B USD.

Moreover, the average and median and maximum volume of the standard bridge are more than other 2.

Also we can see most number of bridges on all 3 platforms is done with $100 $1000 volume. The second rank in all 3 bridges belong to the bridges with $10 - $100 volume and 3rd rank belongs to the bridges with $1000 - $10000 volume.

What Does Bridging Mean ?

Blockchains can be likened to dreamy, super-advanced islands, each completely isolated in the ocean, but none of these islands are connected to each other. The fact that the islands do not have the ability and power to communicate with each other does not mean that there is no such desire at all. Each of these islands are very luxurious and full of attractive facilities that every traveler would like to use, but these attractive and luxurious facilities are definitely different in each island and maybe someone wants to benefit from the capabilities of another island, while which is sure that he can return to his island in any case. Blockchains used to be like islands separated from each other, but with the help of Bridge they were able to communicate!

To solve such a problem, bridging and bridging solutions were proposed. A word that literally means bridge; A bridge that connects different islands and allows for fast transfer between any blockchain and transfer of different digital currencies through it.

Based on the left charts, in an average day, the number of bridges and bridgers and also volume of bridges via Optimism’s standard bridge is way more than Hop and Across protocols.

We can see there is almost 472 bridge transactions by 445 unique wallets with 4.68M USD volume by standard bridge in a day.

According to the above charts, in the first months, the number of bridge transactions and also bridgers via Optimism’s Standard bridge was more than Hop protocol and across but during recent months, we can see quite increasing activity of Hop protocol to the extent that im some days , the share of Hop bridges is more than Standard. least activity in all days belong to the Across protocol.

Moreover, we can see the average volume of bridges via Hop protocl during first months was more than other 2 bridges but after a while and during recent month, the average volume of bridges via Standard bridge is more than other protocols as well as number of bridges and bridgers.

Totally, there a very light decreasing trend in number and volume of bridges and bridgers on all 3 protocols over time but the average volume of bridges (mainmly because of Standard bridge) is increasing over time.

According to the above charts, ETH is by far the most popular asset in Stanrdard bridge to get bridged by bridgers. this asset had the most volume of bridges till March 2022 but after this month, we can see increasing shar of USDC in bridges to the extent that this asset (USDC) has currently the most volume of bridges among all other assets.

The growth rate of USDC and ETH volume is more than all and these 2 assets are in a close competition with together. But the growth rate and total number of ETH bridges is by far way more than all other assets.

Based on the above charts, in the first months, USDC was the most popular asset on Hop protocol to get bridged but after a while and after Novermber 2021, we can see ETH is by far the most popular asset in both terms of volume and bridges count over time. again during recent months, we can see an increasing share of USDC in bridge volume but still ETH has more total bridge volume than all other assets.

As mentioned above, ETH is the most popular asset on Standard bridge in terms of number of bridges but in terms of volume, USDC currently has a little more volume than ETH and is on the first rank in this terms.

As mentioned above, ETH is by far the most popular asset to get bridged via Hop protocol in both terms of number and volume of bridges.

As mentioned above and was obvious, ETH is the most popular asset on Across bridge and USDC is on the second rank.

According to the above left chart, an average bridger on Hop protocol is more active than Standard and Across bridger since he/she has performed more average bridge transactions. The interesting thing is that the activity of Standard bridgers is even less than Across bridge. But in terms of volume, the average bridged volume by a bridger on Standard bridge is more than other 2 protocols.

On the middle chart, we can see most number of bridgers on all 3 protocols have only performed 1 single bridge transaction. users with 2-5 bridges are on the second rank in all 3 protocols (share of users with one single bridge on Hop bridge is less than other protocols which shows the high activity of HOP bridges compared to the other protocols.)

On the right chart, we can see the most number of bridgers on all 3 platforms have totally bridged $100 - $1000 volume. bridgers with total $10 - $100 bridge volume are on the second rank here.

We can see the share of high bridge volumes (more than $10000) on Hop protocol is more than other 2 platforms.

the user address 0x428ab2ba90eba0a4be7af34c9ac451ab061ac010 is the most active bridger in standard bridge (and also all bridges) with total 278 bridge transactions.

While, the user address 0x997fd5f16c9717007244e15e1e47db5f37bd53c2 has performed most volume of bridges in standard bridge (and also all bridges) with total 73.731M volume.

the user address 0x19cd713c3ea67285a8bbc378fda9769106597392 is the most active bridger in Hop bridge with total 116 bridge transactions.

While, the user address 0x360537542135943e8fc1562199aea6d0017f104b has performed most volume of bridges in Hop bridge with total 18.45M volume.

the user address 0x9ef1e5eea13131065d64e53a0595ea487746324a is the most active bridger in Across bridge with total 73 bridge transactions.

While, the user address 0xf6aaada76ea7f044ffa028565b028740dce5389f has performed most volume of bridges in Across bridge with total 2.73M volume.

According to the left charts, Transfer is by far the most emitted event by bridgers after bridging. without considering Approval event, we can see Deposit and Swap are the 2nd and 3rd most popular emitted events

Also in terms of First transaction after bridge, we can see Transfer is the most popular event.

in terms of users count and without considering approval event, we can see Swap is the second most popular emitted event and Deposit is on the 3rd rank.

According to the above charts, In almost all months and weeks, Transfer event is the most emitted event by newly bridgers. also we can see in almost all months and weeks, Approval, Deposit and Swap events are on the next ranks.

Based on the left charts, we can see Uniswap is the most popular destination of bridgers after bridging to Optimism.

Moreover in terms of users count, we can see OP token and Optimism airdrop are the most popular contracts for bridgers to interact with them after bridging their asset to Optimism.

Mostly, we can see swap protocols such as Velodrome, 1inch and Uniswap on the list of most popular destinations for Optimism bridgers.

Moreover, we can see destinations such as Hop protocol, DAI token, ETH and USD token on the list especially in users count's chart.

According to the left charts, OP token is the most popular FIRST destination (contract address) for bridgers to interact with it after briding to Optimism.

We can see Uniswap is also one of the most popular destination (and the most popular in terms of users count) among all other destinations of bridgers to Optimism.

And on the above charts, we can see top 10 destination of each week and month by newly bridgers to Optimism over time. As we see, destinations such as Uniswap, OP token and Hop Protocol tokens are among the most popular bridgers destinations.

Based on the above pie-charts, DeFi is the most popular destination of bridgers based on the number of transactions after bridging to Optimism. but in terms of users count, we can see most number of bridgers have interacted with Layer2 programs after bridging their asset to Optimism. The second most popular destinations belong to the DEXs (decentralized exchanges such as Uniswap, 1inch exchange, Velodrome and …) in terms of user count. but in terms of transactions count, Layer2 destinations are on the second rank and DEXs are on the 3rd rank.

And on these over-time charts, we can see the leading of DEXs, DeFi and Layer2 destination in almost all days over time.

There is a close competition between these 3 destinations but the number of transactions on DeFI destinations is slightly more.

Bridges Overall Stats

Assets

Standard Bridge

HOP Bridge

Across Bridge

Bridgers Stats

Destinations and Emitted Events

For this part, I have analyzed emitted events and destination of bridges in 2 ways, one is the normal regular way and another is calculated by the FIRST transaction made by the bridger after bridging.

Similar to the other protocols, ETH is also the most popular asset on Across to get bridged via users. USD is on the second rank here too. the excellence of ETH on Across is way more than its excellence on Hop and standard bridges.

Summary and Conclusion

• According to the above analysis, the activity and volume of bridges via Optimism’s standard bridge is more than the other 2 compared protocols (Hop and Across).
• The average volume of bridges via these bridges is increasing over time but the number and total volume of bridges are slightly decreasing.
• Hop Protocol has the most active bridgers but the bridge volume of Standard Bridgers is more than the other 2 protocols.
• The number of transactions and also bridgers via the Hop protocol is increasing significantly over time to the extent that this protocol has overtaken the Standard bridge in some days but it still has lower volume than the Standard bridge.
• The average volume of bridges via the Hop protocol during the first days was more than the other 2 protocols but after a while, the Standard bridge totally overtook it.
• ETH and USDC are by far the most popular asset for bridgers in all protocols to get bridged to Optimism. USDC currently has the most volume of bridges in Standard bridge but ETH is on the first rank in terms of the number of bridges and bridgers and also has the most volume of bridges on Hop and Across bridges.
• The user address 0x428ab2ba90eba0a4be7af34c9ac451ab061ac010 is the most active bridger with total 278 bridge transactions.
• The user address 0x997fd5f16c9717007244e15e1e47db5f37bd53c2 has performed most volume of bridges with total 73.731M volume.
• Transfer, Swap and Deposit are the most 3 popular emitted events by newly bridgers to Optimism.
• Destinations such as Uniswap, OP token, and Hop Protocol tokens are among the most popular destination of bridgers after bridging to the Optimism.
• DeFi is the most popular destination of bridgers based on the number of transactions after bridging to Optimism. but in terms of users count, most number of bridgers have interacted with Layer2 programs after bridging their asset to Optimism.

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