📝 Introduction

🟡 Layer 2 Solutions

Layer 2 is a term used for solutions created to help scale an application by processing transactions off of the Ethereum Mainnet (layer 1) while still maintaining the same security measures and decentralization as the mainnet. Layer 2 solutions increase throughput (transaction speed) and reduce gas fees.[1]

🔴 Optimism

Optimism is a layer 2 chain, meaning it functions on top of Ethereum mainnet (layer 1). Transactions take place on Optimism, but the data about transactions get posted to mainnet where they are validated. It’s like driving in a less crowded side street while benefiting from the security of a highway.

Optimism is the second-largest Ethereum layer 2 with a total of $1.41 B locked into its smart contracts, as of this writing, according to l2beat.

Optimism uses a technology called rollups, specifically Optimistic rollups.

They’re called rollups because they roll up (or bundle) the data about hundreds of transactions – non-fungible token (NFT) mints, token swaps … any transaction! – into a single transaction on Ethereum mainnet (layer 1). And they’re called Optimistic rollups because transactions are assumed to be valid until they are proven false, or in other words, innocent until proven guilty. [2]

📃 Purposes of dashboard

In this dashboard, the first destination of users who bridge their assets from the Ethereum network to Optimism in the past months is analyzed. In the first step, the volume and number of bridging from Ethereum to Optimism are evaluated. In this section, the following metrics are analyzed:

1️⃣ Volume of bridging

2️⃣ Number of bridging

3️⃣ Number of bridgers

4️⃣ Statistical data (Average, Median, Maximum & Minimum) about the volume and number of bridges and bridgers

5️⃣ Top 10 bridgers of ETH and other tokens based on criteria such as volume and number of bridging

6️⃣ Evaluating of activity of top bridgers of ETH and other tokens

7️⃣ Classification of Bridgers Based on Volume

8️⃣ Distribution of Number of Bridging between Bridgers

9️⃣ Correlation Between Tx Fee & Number of Bridging

🔟 Correlation Between Tx Fee & Volume of Bridging

In the next step, the 3 most popular first destinations for users that have just bridged from Ethereum to Optimism are identified for each of the last 6 months.

🧐 Observations

• The address ==0x997fd5f16c9717007244e15e1e47db5f37bd53c2== had the largest total volume of asset transfers from Ethereum to Optimism. This address has transferred about $61M USD to Optimism in 4 transfers. The highest volume bridged by this address was recorded on August.
• The average volume of bridged assets per transaction for address ==0x4b3f1048c55faa0c0873e249e541139360501f2a== is higher than other bridgers. The average volume bridged by this address is about 25M $USD.
• Among the addresses that had the largest volume of asset transfer to Optimism, the address ==0x428ab2ba90eba0a4be7af34c9ac451ab061ac010== has recorded the highest number of bridging with 225 transfers.

🧐 Observations

• In general, the highest number of transactions related to the transfer of assets from Ethereum to Optimism was recorded by the address ==0x428ab2ba90eba0a4be7af34c9ac451ab061ac010==.

  This address has bridged the largest volume of tokens to the Optimism chain in July.

🧐 Observations

• The address ==0xef7fb88f709ac6148c07d070bc71d252e8e13b92== transferred the largest amount of ETH to Optimism. This address transferred about $46M USD to the Optimism chain in one transaction.
• Among the top addresses that bridged the largest amount of ETH to the Optimism chain, the address ==0x360537542135943e8fc1562199aea6d0017f104b== recorded the highest number of transfers. This address has bridged about $35M USD ETH in 178 transfers.

🧐 Observations

• Among all the bridgers, the address 0x360537542135943e8fc1562199aea6d0017f104b recorded the highest number of transfers to the Optimism chain.

• In the last 6 months, projects labeled Layer2 have always been the first destination of the largest number of bridgers.
• In the past months, except for July, Dexs and projects related to NFTs were ranked second and third, respectively.
• In October, projects labeled Dapp (such as project galaxy and … ) have also been considered as the first destination of bridgers.

• Among the Layer2 projects, Hop protocol and Optimism have been more attention of bridgers than others.
• In October, with the launch of the Aptos blockchain main network and the airdrop distribution of this project, the attention of many users has been drawn to the Layer Zero project.
• On the other hand, in the last 6 months, Across Protocol has been the destination of many bridgers after Hop Protocol and Optimism.

• In the last 30 days, the number of users whose first destination after bridging was one of the DEXs has increased day by day.
• In the last 6 months, between different DEXs, Uniswap has been the destination of about 35k bridgers.
• After Uniswap, 1inch and Slingshot rank second and third in terms of attracting bridgers as first destination.

The most popular dapps among bridgers have changed between different projects in the past months. In the months of May and June, Celer network has been the most popular dapp as the first destination among bridgers. In the months of July and August, the first destination for users to bridge their assets to the Optimism chain was the Pooltogether project. But in September and October, Project Galaxy took the first place by attracting many Bridgers.

• Among the projects with nft label, Optimistic explorer project, Uniswap NFTs and Quix nft marketplace have been the destination of the largest number of bridgers.
• Layer2DAO is expanding the Ethereum L2 ecosystem and investing in L2 ecosystem projects. \n In May, this service was the first destination of Bridgers among projects labeled NFT.

• In the past 6 months, except for August, the Synthetix project has always been the first destination of Bridgers among the projects labeled Defi.
• After Synthetix, Aave platform and Pika protocol are ranked second and third, respectively.

✍🏻 Methodology

• In this dashboard, the assets that have been transferred from Ethereum to Optimism through Optimism's native bridge and Hop Protocol bridge are considered. The following contracts were used to extract this data:

  • to_address='0x99c9fc46f92e8a1c0dec1b1747d010903e884be1' → Optimism: Gateway
  • to_address='0x3666f603cc164936c1b87e207f36beba4ac5f18a' → HOP: USDC
  • to_address='0xb98454270065a31d71bf635f6f7ee6a518dfb849' → HOP: WBTC
  • to_address='0xb8901acb165ed027e32754e0ffe830802919727f' → HOP: ETH
  • to_address='0x3d4cc8a61c7528fd86c55cfe061a78dcba48edd1' → HOP: DAI
  • to_address='0x3e4a3a4796d16c0cd582c382691998f7c06420b6' → HOP: USDT
  • to_address='0x22b1cbb8d98a01a3b71d034bb899775a76eb1cc2' → HOP: MATIC

• In this dashboard, the following tables are used to extract data:

  • ethereum.core.ez_token_transfers → This table is used to identify users who have bridged their tokens from the Ethereum network to the Optimism chain.
  • ethereum.core.ez_eth_transfers → This table is used to identify users who have bridged their ETHs to the Optimism chain.
  • optimism.core.fact_event_logs → This table has been used to find the data related to the first destination of users after bridging to Optimism.
  • optimism.core.dim_labels → This table is used to find the label related to the first destination of the bridgers.
  • ethereum.core.fact_transactions → This table has been used to calculate the correlation value between Ethereum network transaction fees and the volume and number of bridges.

• Time frame considered in this dashboard: from the last 6 months until now → block_timestamp::date>=current_date-180 and block_timestamp::date<>current_date

🧐 Observations

• Since the last 6 months, about 198k unique users have had a total of 264k successful bridges from the Ethereum network to the Optimism chain. The total amount of assets transferred to Optimism is approximately 2.01B USD.
• On average, about 1,362 users transfer their assets from the Ethereum network every day to Optimism.
• The average number of bridges in the last 6 months was about 1,467 transactions per day. On the other hand, on average users have transferred about 11.14M $USD to the Optimism chain every day.
• In half of the days, more than 642 transactions related to the transfer of assets to the Optimism network have been recorded.
• The amount of assets transferred to the Optimism chain is more than 6.3M $USD in half of the days.
• The largest volume of tokens transferred to the Optimism network was recorded in the first week of August.
• At the end of July, the number of transfers of assets to the layer2 has increased significantly.
• The highest number of transactions related to the transfer of assets from Ethereum to Optimism → 🥇ETH,🥈USDC, 🥉MATIC
• The largest volume of assets transferred to Optimism → 🥇USDC, 🥈ETH, 🥉USDT

• Most bridgers have transferred between 10 and 100 USD to the Optimism chain. (38% of bridgers)

• 254 unique addresses have also bridged over 1M $USD to the Optimism chain.

• About 158.5k bridgers have registered only one bridge.

Correlation(Tx Fee, Bridging Count)=0.121

Correlation(Tx Fee, Bridging Volume)= -0.065

In the next part, the correlation between Ethereum network transaction fees and the number (and volume) of bridges to the Optimism chain is examined.

• The correlation coefficient between two variables ==Tx fee== and ==Number of bridging== is ==very weak== and ==positive==.
• The correlation coefficient between two variables ==Tx fee== and ==volume of bridgin==g is ==very weak== and ==negative==.

Therefore, the results show that transaction fees do not affect the decision of bridgers to transfer assets from Ethereum to Optimism.

An overview of the state of the bridging from Ethereum to Optimism

Bridger Destinations Analysis

💡 Conclusion

In this dashboard, the first destination of users after bridging their assets from Ethereum to Optimism was analyzed. Some of the most important results obtained:

✅ The largest number of users have bridged ETH to the Optimism chain among different currencies.

✅ USDC had the largest transfer volume from Ethereum to the Optimism chain.

✅ Among the various projects, the projects labeled Layer2 have been the destination of the largest number of bridgers.

✅ Among the Layer2 projects, Hop protocol and Optimism have been the most popular destinations for bridgers.

✅ After Layer2 projects, Dex has been the destination of the largest number of bridgers.

✅ Among the different Dex, Uniswap has attracted the largest number of Bridgers.

✅ Project Galaxy is the most popular platform among Dapps.

✅ Among projects labeled NFT, the Optimistic explorer project and the Quix marketplace and Uniswap NFTs have been the first destination of the largest number of bridgers.

✅ In Defi, the Synthetix platform is ranked first.

Analyst: Emanoel

***Twitter: ***

Discord: Eman#9698

Special thanks to the Flipsidecrypto 🧡