Introduction

As the global adoption of crypto grows and the number and types of chains increase, sharing data and tokens between different networks has been challenging. For this reason, some projects deal with this problem by creating bridges to facilitate the transfer of assets between networks. The Polygon Bridge is designed to create collaboration between the Polygon and Ethereum blockchains. As a result, users can easily transfer their tokens between two chains.

There are generally two bridges in Polygon, the Proof of Stake (PoS) bridge and the Plasma bridge. Both can transfer assets from Ethereum to Polygon (and vice versa), the only difference being their different security methods. The PoS bridge uses the Proof of Stake (PoS) consensus algorithm to secure its network and supports the transfer of Ether (ETH) and most ERC tokens. This is the recommended option for most users. Plasma Bridge is for developers who need more security. It uses the Ethereum Plasma scaling solution and supports the transfer of MATIC, ETH, ERC-20, and ERC-721 tokens.

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Methodology

In this analysis, we used the polygon.core.fact_transactions table data. First, we get the address of the wallets that have used Polygon bridge by using the following code.

tx_json:receipt:logs[12]:decoded:inputs:to as wallet

We also apply the following filter to specify the bridge.

where FROM_ADDRESS = '0x0000000000000000000000000000000000000000' and TO_ADDRESS = '0x0000000000000000000000000000000000000000'

Then we extract all the transactions related to that wallet from the polygon.core.fact_transactions table and sort the transactions based on their registration time, and then the first transaction of each wallet after transferring from Ethereum to Polygon using the following code we achieve.

ALL_TRX AS (
 SELECT *,
 RANK() OVER (PARTITION BY from_address ORDER BY BLOCK_TIMESTAMP ASC) as rank
 FROM polygon.core.fact_transactions FT INNER JOIN bridged_wallets B ON FT.FROM_ADDRESS = B.WALLET AND FT.BLOCK_TIMESTAMP > B.bridge_date 
where STATUS = 'SUCCESS' ), 
FIRST_DIESTINATION AS ( 
SELECT * 
FROM ALL_TRX 
WHERE rank = 1 AND TO_ADDRESS IS NOT NULL )

In the end, we specify the type of the transaction and its destination.

Analysis

In this Analysis we discuss the following results:

• Top Destinations Type Based on Number of Transactions
• Top 10 Destinations Project Name Based on Number of Transactions
• Top Destinations Project Name based on MATIC Transferred Volume
• MATIC Transferred Volume to DEXs
• Top 10 Destination Project Names Based on Transaction Fee Volume

The results are related to the data after June 6, 2022.

What kind of platform do users use first after using Polygon Bridge?

As it is clear from the graph, based on the number of transactions, users have used Layer 2 and the DEXs and DeFi platforms are ranked second and third respectively.

Based on the number of transactions that users have done after the bridge, the most popular destination has been the Hope protocol. Also, platforms such as QuickSwap, Metamask, and AAVE are placed in the next ranks respectively.

As you know, Hop is a layer two protocol.

Now let's rank users' destinations based on the MATIC equivalent value of the transfer. As it is clear from the graph, the largest volume was transferred to the Balancer platform with 66.4% of the transferred volume, 32.4% to QuickSwap, and 1.03% to Metamask.

As you know, Balancer and QuickSwap are a type of Dex, and the equivalent amount of MATIC transferred to the first destination of users was equal to 190.9 K MATIC.

As a result, it can be said that the users in their first destination after using the bridge have transferred 99% of the transfer volume to the DEXs.

In the end, we will discuss the share of each project in the volume of transaction fees paid by users at their first destination after using the bridge.

According to the graph on the right and the graphs above, the Hop protocol had allocated the largest number of transactions and on the other hand, it also allocated the largest amount of transaction fees. After that, AAVE is ranked second with 23.3% of transaction fee volume, QuickSwap is in third place with 16.7%, and Metamask is in fourth place with 15.6% of transaction fee volume. More than 80% of transaction fees were related to these 4 platforms.

Conclusion

• After bridging from Ethereum to Polygon, most of the users enter layer 2 platforms.
• The most famous layer 2 platform among users is the HOP protocol.
• The largest volume transferred is related to the Balancer platform.
• The equivalent of 190,000 MATIC has been entered into the Dexs in the first user transaction after the bridge.
• The highest transaction fee in the first transaction of users is related to the HOP protocol.

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