Optimism Introduction

As a layer 2 chain, Optimism builds on top of the Ethereum Mainnet (layer 1). Optimism was developed to overcome challenges, such the gas fees that have been continuously affecting the scalibility of the Ethereum ecosystem. With Optimism, all transaction data is stored on-chain while processing is carried out off-chain, boosting the number of transactions processed per second and lowering transaction fees on the Ethereum network. Assets must be bridged in order to use L1 assets on Optimism. Users can accomplish this by locking assets such as ETH or other ERC-20 tokens on L1, and receiving equal assets to utilise on L2.

This Dashboard enables viewers to examine the details of the Bridge Activity, Top Destination and Activity after users have bridged their assets to Optimism**.** Please select the Days_Prior in the Parameters column to apply all visualisation.

Approach

1. Table Used: ethereum.core.ez_token_transfers, ethereum.core.ez_eth_transfers, ethereum.core.dim_labels
2. In order to bridge assets from Ethereum Mainnet to Optimism, assets will be sent to 0x99c9fc46f92e8a1c0dec1b1747d010903e884be1. Therefore, we will utilise ethereum.core.ez_eth_transfers and ethereum.core.ez_token_transfers to identify assets that have been bridged from Ethereum to Optimism.
3. Default Days_Prior = Over the past 90 days

Topics

1. Ethereum → Optimism Bridge Activity
2. Top Destinations after bridging to Optimism
3. Top Actions after bridging to Optimism
4. Conclusion

Ethereum → Optimism Bridge Activity

Top Destinations after bridging to Optimism

• The metrics above depicts the details of Ethereum → Optimism Bridge analysis over the past 90 days.
• Since the first week of August, the volume bridged to Optimism declined dramatically and have less than 50 million USD bridged on majority of the days.
• Nonetheless, the number of Ethereum → Optimism bridge transactions and users have increased significantly from the second week of October.
• USDC has been the most bridged asset to Optimism with a total of 461.85 million USD bridged over the last 3 months.
• However, in terms of number and transactions and wallets, ETH is the most bridged asset.
• This is reasonable as Optimism is a layer 2 that builds on the Ethereum Chain and ETH is the native token of Ethereum.

Top Actions after bridging to Optimism

• The metrics above depicts the details of the top destinations after users have bridged to Optimism over the past 90 days.
• As can be seen, Hop Protocol is the top first destination for users on Optimism by averaging around 30% of the daily market share among the top 5.
• Moreover, Hop Protocol is the first destination by a total of 10.76k unique wallets over the past 90 days.
• Uniswap V3 and Synthetix came in second and third with 8,600 wallets for Uniswap V3 and 4.97k unique wallets for Synthetix.

Conclusion

1. Ethereum → Optimism Bridge Activity:

   • The most bridged asset from Ethereum → Optimism has been ETH and USDC.

   • This makes sense because ETH is Ethereum's native token and Optimism is a layer 2 that builds on the Ethereum Chain.

   • Additionally, from the second week of October, there had been a considerable increase in the number of users and transactions on the Ethereum → Optimism bridge.

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2. Top Destinations after bridging to Optimism:

   • Hop Protocol has a daily market share of over 30%, making it the top initial destination for users on Optimism.

   • Over the last 90 days, a total of 10.76k unique wallets have made Hop Protocol as their first destination.

   • With 8,600 wallets for Uniswap V3 and 4,97k unique wallets for Synthetix, respectively, they placed in second and third.

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3. Top Actions after bridging to Optimism:

   • Transfer, Deposit and Swap are the only three actions that have interacted by more than 10k unique wallets over the past 90 days.
   • ReserveUsedAsCollateralEnabled is the least interacted among the top 10 actions with only 5.1k wallets.

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• The metrics above depicts the details of the top actions after users have bridged to Optimism over the past 90 days.
• We can see that Transfer is the most popular action. Transfer accounts for roughly 25% of the daily proportion and interacted by 14.92k unique wallets.
• This is followed by Deposit and Swap, with each having more than 10k unique wallets.
• The remaining actions have been interacted by less than 10k wallets over the past 90 days.
• ReserveUsedAsCollateralEnabled is the least interacted among the top 10 actions with only 5.1k wallets.