Distinct Wallets (Optimism Bridge)

    Q1. How many distinct wallets have deposited or withdrawn ETH to Optimism via the native bridge in the last 60 days? Visualize your findings.

    Introduction

    For this Bounty, I will investigate the Optimism Bridge, and look into how many distinct wallets have deposited or have withdrawn ETH to Optimism via the native bridge in the last few months. I will also look into how many transactions in and out have been made recently and look at the inflow and outflow amount of money on the bridge.

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    Number of transactions

    Firstly, let's look at the number of transactions in order to see if more users are coming in or leaving the Optimism network.

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    Firstly, we can see that the number of transactions coming in dominates the number of transactions going out by a large factor. This is good news to Optimism - seems like there are a lot of users transacting and incoming to the bridge. To see this even more clearly, let's visualise the same data by normalising it in order to see the percentage of each kind of transaction.

    The final graph of this part of the dashboard calculates the daily difference between how many transactions go in and go out of the bridge. Again, we can see a big increase in incoming transactions on several days - good news for Optimism!

    Disctinct wallets

    Now that we have seen how many transactions are made on a daily basis, let's look at how many distinct wallets make those transactions.

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    Here we can see that there is a big dominance over distinct wallets incoming the bridge compared to distinct wallets going out of the bridge. Again, in order to see this more clearly let's look at the normalised percentage chart next.

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    Distinct wallets incoming to the bridge dominate on the majority of the days. There are only a few spikes where more wallets are leaving - such as on January 14th 2022 when 65% of the daily distinct wallets were transacting out of the bridge.

    The third chart of this section lets us to clearly see the dominance of wallets entering the bridge rather than leaving it, again, this is good news for Optimism!

    Next, I will investigate the amount of USD entering and leaving the bridge.

    Amount of USD entering and leaving the bridge

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    The above graph shows that the majority of USD is entering the bridge - this confirms the earlier findings that users are mostly onboarding the network and hence the deposit sum to a lot more compared to the withdrawn amount. Let's look at the daily percentage of what amount of USD goes in and what amount of USD goes out.

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    There is a lot of noise here in the chart shown above, but we can still see that the red dominates the orange on most days - meaning that users are depositing money rather than withdrawing it from the bridge on most days. The difference chart below shows this information a bit more clearly.

    Finally, let's have a look at the demand ratio for the OP Bridge.

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    This graph pretty much summarises all of the findings of this dashboard. We can see the constant demand here for the bridge, meaning that there are a lot of new users onboarding the bridge as well as users who use the bridge frequently.

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    Bonus: Correlations

    As the final part of this dashboard, let's investigate how strong the correlation is between the distinct wallets coming IN/OUT and the amount of USD inflowing/outflowing from the bridge.

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    There is definitely some strong correlation here, we can see that incoming user deposit large sums to the bridge. The biggest spike here was on May 30th 2022 when almost $50M in total has been deposited to the bridge.

    Here there is not as much correlation as in the previous chart - probably because generally speaking there is not that many people leaving the bridge - which again, is good news for Optimism!

    Conclusion

    This dashboard has answered this Bounty's question by looking at the number of distinct wallets incoming and outgoing to and from the Optimism bridge. In order to show the full picture, I have also looked at the number of transactions going in and out, as well as the inflow and outflow amount of USD.

    As a bonus, I have also tried to find any strong and direct correlation between incoming distinct wallets and the inflow of USD as well as the outgoing distinct wallets and the outflow of USD. I hope you enjoyed reading this long analysis! :)

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