Try Quests to earn NEARThe Impact of Rainbow bridge on Near
đź“‘Background
NEAR is a decentralized application platform that is secure enough to manage high-value assets like money or identity and performant enough to make them useful for everyday people, putting the power of the Open Web in their hands.
What is the Rainbow Bridge?
The ETH ↔ NEAR Rainbow Bridge opens the gates for assets to flow freely between NEAR and Ethereum blockchains while enabling users to bridge any ERC-20 token they wish.
đź“ŤIn this dashboard, we will
- introduce the rainbow bridge
- calculate the number of bridge transactions and amounts from Ethereum to Near
- calculate the number of active bridgers
- find the popular stablecoins that bridged
- analyze the first action post bridging interactions by contract/group of contracts
🧩Sources that I used:
Findings and recommendations
The results showed that the number of users who used Rainbow to bridge from the Ethereum network to NEAR is 3860. Also, the number of transactions of these users is 9.19 thousand in total, and the amount of money bridged by these users in this number of transactions is 0.7 in total. Billion dollars. Also, the results showed that the number of transactions per user has increased over time, which indicates that Rainbow bridge has gained more popularity over time. On April 1, 2022, we had the highest number of active users and transactions, and in the days after this date, the number of users and transactions decreased, which can be the reason for the market collapse in the days after April 1. But the largest amount of bridged money of different symbols is on May 7, 2022. And the most popular symbol overall for the bridge was USDT, USDC. Further, the results showed that in the months of April and May 2022, we had the largest bridged volume, which was significantly higher than the monthly average in the entire period. Finally, we showed that the first action of most users after bridging from the Ethereum network to NEAR in Rainbow was to participate in Defi projects.
==Conclusion==: This project can contribute to the development of the NEAR network because the results showed that the number of users and the number of transactions that bridged from the Ethereum network to NEAR have increased over time, and people can participate in Defi projects based on the NEAR network. Easily transfer your money to the NEAR network through this bridge.
According to the bar chart (Daily changes: USD volume by symbol), you can see that on May 7, 2022, we had the largest bridged dollar volume, and the USDT symbol had the largest share on this day (77.6M). You can see the bridged volume of other symbols on different days in the chart.
In the donut chart, you can see the top 10 symbols that have been bridged more than any other symbol.
The blue bar graph shows the monthly changes in the total bridged volume of all symbols based on USD. The black line shows the monthly average USD bridged in the Rainbow bridge from the Ethereum network to NEAR in the entire period. In the months of April and May 2022, a significant increase in the bridged volume can be seen.
In the chart on the right, you can see the changes around the mean. As you can see, there was an increase compared to the average only in the months of April, May, June, and July.
This chart shows the TVL of tokens bridged in Rainbow from the Ethereum network to NEAR in the months of 2022. As you can see in the picture, the AURORA token has the highest amount of TVL in all months. (dominant color in each month).
Also, the black line in this chart shows the TVL median volume trend of all these tokens in the specified interval. In general, from the beginning of 2022 until May, there has been an upward trend, but after May, there has been a slight decrease, and from June onwards, there has been a steady trend. **Note: the monthly volume is the median volume.
First action post bridging interactions by contract/group of contracts
In this section we’re looking at the top contracts, some grouped, others not, that users interacted within their first transaction post bridging into the Near ecosystem from Ethereum via the Rainbow Bridge.
As you can see in these charts, among labeled contracts, Defi is the most popular one.
According to the available data, the number of bridge transactions from the Ethereum network to NEAR in Rainbow bridge is 9.19 thousand transactions. The number of unique users who performed these transactions is 3860 users.
The amount of bridged volume from the Ethereum network to NEAR in Rainbow bridge is approximately 0.7 billion dollars.
On average, 76.2K $ were bridged per transaction, and on average, each person made 2.38 transactions. Also, on average, each person has bridged 181K $.
In the charts above, you can see the changes in transactions and the number of active users on a daily and monthly basis. Also, in these charts, you can see the average transactions per user on a daily and monthly basis. Both graphs show that the average number of transactions per user has increased over time (red line), indicating the popularity of Rainbow Bridge. Also, these charts show that on April 1, 2022, the number of transactions and the number of active users reached their highest number in the available data. But we can see that in the days after April 1, the number of transactions and active users is going down, which is the reason for the fall of the market and BTC and ETH.