Overview

In this dashboard, I will answer this question from Flipside Crypto:

• Where do people go when they bridge to Optimism from Ethereum?
• What are the 10 most popular first destinations for users that have just bridged from Ethereum?
• What has this been for each day in the past month?

Introduction

Introducing Optimistic Ethereum

Like other L2 solutions, the Optimism team saw an opportunity to be a new scaling solution for Ethereum without compromising security and decentralization as shown in the trilemma. Optimistic Ethereum is an EVM compatible rollup chain designed to be fast, simple, and secure, and allows users to interact with any Ethereum application at a fraction of the cost by using optimistic rollups.

You can think of optimistic rollups as a smart contract that bundles (or “rolls up”) transaction data and moves it off chain for faster processing. Optimistic rollups are distinct from zero knowledge (ZK) rollups, because they use a different method of verification: while ZK rollups rely on each batch of transactions to have their own ‘validity proof,’ optimistic rollups assume all transactions are valid. .[1]

About Hob protocol

Hop protocol operates effectively by leveraging Bonders, who, by providing liquidity, earn a fee. Technically, a user will send any amount of token to Bonders on the source chain, which is where the asset is being sent from. After that process, the Bonder will send the asset to the user’s counterpart on the destination chain.

Hop protocol plays a significant part in the transaction by ensuring that the Bonders have sent the tokens. No user will be happy if they send their token to Bonders, but they cannot reach the destination blockchain. Furthermore, the system employs a particular type of token called hTokens. These tokens also act as a technique to ensure that all transactions are accurately recorded. [2]

Method

To solve this question, I first needed some contracts For the transfers that were made through the Optimism native bridge, I considered the contract 0x99c9fc46f92e8a1c0dec1b1747d010903e884be1 and categorized the transactions into two categories: ethereum and non-ethereum. I found the addresses of all the users who bridged from Ethereum tables (ethereum.core.ez_eth_transfers and ethereum.core.ez_token_transfers). Then I considered their first transaction in the Optimism network, provided that the date of their transaction in the Optimism network is greater than the date of their transfer transaction in the Ethereum network. Then I used all the possible tables and based on the transaction ideas I had, I chose 3 of the most transaction destinations in each part. I did the same for Hob protocol and showed Ethereum and non-Ethereum transactions separately I used contract 0xb8901acb165ed027e32754e0ffe830802919727f for Ethereum transactions in Hob protocol. For non-Ethereum transactions in Hob protocol, I used the following contracts '0x3666f603cc164936c1b87e207f36beba4ac5f18a', -- usdc '0x3e4a3a4796d16c0cd582c382691998f7c06420b6', -- usdt '0x3d4cc8a61c7528fd86c55cfe061a78dcba48edd1', -- dai '0x22b1cbb8d98a01a3b71d034bb899775a76eb1cc2' -- matic

Please accept my apologies for my inappropriate accent and dialect.

In this section, we will check the users who have transferred ETH token to the Optimism network using the native bridge in the Ethereum network.

For a better understanding of the charts, the groups are numbered as follows: -

• Group number 1 shows the vote on the velodrome platform
• Group number 2 shows doing a swap on the velodrome platform
• Group number 3 shows the Stake on the velodrome platform
• Group number 4 shows the add a liquidity on the velodrome platform
• Group number 5 shows doing a swap on the Sushi platform
• Group number 6 shows the events, which are divided into 3 categories: transfer, swap and approval
• Group number 7 shows the delegate
• Group number 8 shows purchases from an NFT collection

section 1

observations

• The graphs show that the first destination of this group of users is mostly swap, and among the swap platforms, uniswap v3 includes a higher percentage of user transactions.
• The next activity is the swap again but this time on the velodrome platform and the WETH to USDC swap is more done
• A small number of add liquidity transactions are seen in Velodrome and swaps in Sushi
• The uniswap v3 positions nft-v1 event shows the add liquidity in uniswap v3, which includes 20% of transactions.
• The noteworthy point is that among these swap and add liquidity transactions, the first token is Ethereum

observations

• In the last 1 month, observations show that the number of transactions has slightly increased in the last 10 days, and the popular destinations for users of this category are swaps.
• On September 9, 2022, the number of transactions for users of this category was more than other days
• The number of users also reached the highest number in the last 1 month on August 31, 2022

section 2

Conclusion this section

1. The users of this category have their first destination is Swap, and among the Swap platforms, they first choose uniswap v3, then velodrome, then Sushi.
2. On September 9, 2022, the number of transactions for users of this category was more than other days
3. The number of users also reached the highest number in the last 1 month on August 31, 2022
4. among these swap and add liquidity transactions, the first token is Ethereum

observations

• In general, it can be concluded that users who transfer Ethereum to Optimism through the native bridge are more inclined to perform swaps after the transfer.
• Fewer transactions are recorded for other activities

In this section, we examine users who have transferred non-ETH tokens to the Optimism network using the native bridge on the Ethereum network.

The diagrams are numbered as in the previous section

observations

• Users of this category are the same as the first category of swap and transfer event in uniswap v3, their first destination and more transactions are recorded in these two destinations and they include almost more than 50% of transactions.
• The velodrome swap still exists and is a popular user pool for WETH/USDC swaps

observations

• In this category, the number of user transactions has increased in the last days of August 2022. In other words, the number of swaps has increased
• On August 31, 2022, they reached their highest number in the last 1 month
• The number of users has also increased on September 9, 2022, and on this day there is the highest number of users in the last 1 month

observations

• The number of swap transactions in this category of users is much more than the previous category and users of this category have shown more interest in swap and transfer.

  \

• The number of transactions of other activities is still low

Conclusion this section

1. The users of this category have their first destination is Swap, and among the Swap platforms, they first choose uniswap v3, then velodrome, then Sushi.
2. On August 31, 2022, they reached their highest number in the last 1 month
3. The number of users has also increased on September 9, 2022, and on this day there is the highest number of users in the last 1 month
4. The velodrome swap still exists and is a popular user pool for WETH/USDC swaps

section 3

In this section, we will review users who have transferred ETH tokens to the Optimism network using the Hob protocol bridge on the Ethereum network.

The diagrams are numbered as in the first part

observations

• Checking the transactions of destinations of users who have used Hob protocol in the last 1 month is a bit more exciting
• Statistics show that nearly 78% of transactions are swaps in the velodrome, which is related to the WETH/USDC pool.
• Uniswap v3 platform is rarely seen in this category

observations

• Observations show that the number of swaps in the velodrome has increased significantly since August 25

• This increase continued until September 13 and reached its peak on August 31

> After my research, I came to the conclusion that: > > There were two big pieces of news for the Velodrome, the first good and the second bad, both of which had a huge impact as you can see in the following charts.

> There is an incentive event that distributes 75K OP every week to all users who lock at least 10K VELO, it really had a big impact and attracted many users to the platform.

> At 07:50 UTC on August 4, the Velodrome team noticed unusual activity in one of their team wallets. This wallet seems to have been compromised, resulting in the loss of $350k in operating funds and greatly affecting user behavior as you can see affecting all charts and data. Is.

observations

• Due to what happened to the velodrome, the users of this category have been affected and the statistics show that the number of their swaps has increased in the velodrome.
• Most of the destinations of this group of users are directed to the velodrome platform

Conclusion this section

1. Statistics show that nearly 78% of transactions are swaps in the velodrome, which is related to the WETH/USDC pool.
2. number of swaps in the velodrome has increased significantly since August 25
3. This increase continued until September 13 and reached its peak on August 31
4. At 07:50 UTC on August 4, the Velodrome team noticed unusual activity in one of their team wallets. The wallet appears to have been compromised, resulting in the loss of $350,000 in operating funds and greatly affecting user behavior in the category.

section 4

In this section, we will review users who have transferred tokens other than ETH to the Optimism network using the Hob protocol bridge on the Ethereum network.

The diagrams are numbered as in the first part

observations

• Swap and transfer in uniswap v3 includes nearly 55% of transactions in this category
• The uniswap v3 positions nft-v1 event shows the add liquidity in uniswap v3, which includes 15.5% of transactions.
• It seems that other destinations include only 30% of transactions

observations

• The transactions within the uniswap v3 platform are more in this category and users choose this destination first
• The number of transactions in the last 1 month on September 7, 2022 is more than other days
• The number of users is also seen more on this day than on other days

observations

• The 3 destinations with the highest number of transactions go back to the uniswap v3 platform.
• Swap activities in the velodrome also hold the next 3 positions.

Conclusion this section

1. The 3 destinations with the highest number of transactions go back to the uniswap v3 platform.
2. Swap and transfer in uniswap v3 includes nearly 55% of transactions in this category
3. The number of transactions in the last 1 month on September 7, 2022 is more than other days
4. The number of users is also seen more on this day than on other days

Summary

1. In the last 1 month, the most popular destinations with the most transactions were swap and add liquidity in uniswap v3 and velodrome.
2. The number of transactions in the category of those who transferred their non-Ethereum tokens through the native bridge is much more than the other 3 categories.
3. The most popular pool for swaps at the velodrome is the WETH/USDC pool
4. What happened to the velodrome affected users who transferred their Ethereum through the Hob protocol
5. The transfer of tokens other than Ethereum through the Hob protocol has the lowest number of transactions and transactions among the rest of the categories.

In this dashboard you will read:

1. What have users done after transferring their Ethereum to Optimism by native bridge?
2. What have users done after transferring their non-Ethereum tokens to Optimism by native bridge?
3. What have users done after transferring their Ethereum to Optimism by Hob protocol ?
4. What have users done after transferring their non-Ethereum tokens to Optimism by Hob protocol?

some notes:

1. All the written explanations are based on the last 1 month
2. If the time period is changed, the descriptions may no longer fit the charts
3. In this dashboard, only the number of users and their transactions have been checked, and the volume of transactions or …etc have not been checked

Appendix

The solution of this question and the queries are completely used from the filipside database

The construction of the dashboard was also used from the site

app.flipsidecrypto.com/velocity, which belongs to flipside

Contact data

-> the writer : sajjadsmoke -> discord : smokeyPINE#5567

Thanks for reading !