Question

• Q5. Where do people go when they bridge to Polygon from Ethereum?
• What are the 10 most popular first destinations for Polygon addresses that have just bridged from Ethereum?

Introduction

• Polygon is a second layer of the Ethereum network created in order to make easier the blockchain network, allowing speedy transactions and work as a low-cost ecosystem. Matic is the cryptocurrency of Polygon, which enables governance, pays fees and can be staked.
• Users bridge because they need to move their tokens/nfts between blockchain networks, in the case for the polygon network, there are 2 bridges between the Ethereum (ETH) and Polygon (MATIC), there are the:
  • Official Matic Bridge, the proof of stake (PoS) Bridge.
  • Plasma Bridge.
• The PoS bridge is the most popular and faster (deposit-withdrawal), the plasma bridge brings higher security at the cost of long intervals for (deposit-withdrawal).
• Looking the activity (events) of users after a bridge is the focus of this dashboard.

How a deposit from bridge works - Methodology

• , here are the plasma deposit transactions, where is possible to see that all the deposit from bridges to the polygon networks, are from:

  0x0000000000000000000000000000000000000000 this address is like the “origin/root” where most projects use to burn (reduce) tokens, or mint (increase) tokens, so when a bridge (from ethereum to polygon) happens in the ethereum network the token is burned and then in the polygon network the token is minted and then deposited to the user.

• Using Flipside Data Banks tables:

  • polygon.core.fact_event_logs: To look for the tx_hash in a event case of a deposit from a bridge, using the 0x0…0 address and event_name = transfer.
  • polygon.core.fact_token_transfers: To look for the different address related to an event from bridge, because in the same tx_hash can be more than 1 wallet receiving a deposit from a bridge.

Using the address obtained in the event table, we can see the activity after a bridge, but this bring a problem, the next event after a bridge may be a bridge again, and i’ll get the following "Wrong” charts:

Most of the activity after a bridge is another bridge (hop protocol), this is because the events table has a lot of events related to the bridge in the tx_hash

When i say “wrong” is because this isn’t entirely a wrong chart, we can still salvage some useful info about bridging into polygon from ethereum:

• ETH is the token most bridged daily to polygon mainnet, then is USDC, USDT, MATIC and DAI.

Now let’s look at the first activity of users without the bridge addresses - The correct charts

New Polygon tables in Flipside provides information from June 6 2022 onwards.

The stronger addresses with daily first activity after a bridge are, metamask and quickswap

• Lending pool from aave protocol, presents the big spike in June 13, the stronger of all the addresses, but after that it drops.

This is a daily activity from the top 10 addresses with most “first activity after a swap” during the period of time from June 6 to July 31

Analysis

• From the top 10 addresses there are lendingpool and aave: pool v3 which both are from the aave project, making over 12% of presence as the first activity after a bridge, metamask swaps are the most popular, but the second place quickswap doesn’t fall behind, both with over a 30% of presence, then opensea market is the 4th place (in projects), with over a 8% of activity.

  • Sushiswap isn’t the popular swap option for users, but sill is present as the 5th place project, the same for uniswap as the 8th place, the rest of activity are from nft games (sunflower, sandbox and cryptounicorns) all these projects only represents less than 13% of the presence as first activity after a bridge.

  Most of the users (~70%) choose a DEX such as metamask (~32%), quickswap (~31%), sushiswap (~4%), uniswap (~2%) as their first activity after a bridge

  Some users (~12%) choose a DeFi specifically AAVE to interact with lendingpool (~9%) or pool v3 (~3%)

  (~10%) Of the users interact with DApps such as CryptoUnicorns (~1%) and OpenSea (~8%)

  (~8%) and the last of users are interacting with The Sandbox game “token” with (~2%) and Sunflower land “nft” (~3%)

Summary

• After a Bridge:

  • More than 1/2 of people go to do a SWAP, in DEX Apps

  • Less than 1/8 of people go to a DeFi (AAVE)

  • The Majority of the rest goes to OpenSea

• Top 5 popular Addresses to interact after a bridge:

  • 1.- Metamask swap router (DEX)

  • 2.- Quickswap (DEX)

  • 3.- AAVE lending pool (DeFi)

  • 4.- Opensea (Daap)

  • 5.- Sushiswap (DEX)

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