Optimism + Axelar Bridge Analysis

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    1. The number of unique Ethereum addresses that have used both optimism and Axelar bridges, last updated on march 13th of 2023, are 7.75k as you can see in the first box of this section.
    2. Since January of 2022, the highest number of transactions of the same users in the networks and bridge was reached on November and October of 2022 which we witnessed over 300k transactions. As you can see in both more than half of the transactions took place in Optimism and the least number of transactions happened in Axelar bridges.
    3. On the left side column graph we have the unique addresses based on the destination chains and the number one destination is Ethereum (4880), after that we have Polygon and Avalanche in the second and third spot respectively.
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    1. Based on the information we gathered on March 13th of 2023, there are 2293 unique Optimism addresses that have used the Ethereum <> Osmosis bridge.
    2. The column graph in front of you indicates the monthly number of transactions that these unique addresses have made based on their platform.
    3. As you can see on February of 2023 we witnessed the peak of activity with over 100k transactions on Ethereum, Optimism and Osmosis <> Ethereum bridge.
    1. The unique addresses that we mentioned in the first section of this dashboard, Ethereum users that have used both Optimism and Axelar bridge, have also used the DEXs mentioned in the left side column graph.
    2. The most common DEX between the users was Uniswap and after that we had Velodrome, Sushi and Aave in the second third and last spot.
    3. The highest number of transactions in all of these DEXs by the users happened on October and November of 2022 which Velodrome had the biggest share in both months.
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    1. The unique addresses of Ethereum that have used both Optimism and Axelar bridges provided liquidity to these DEXs as you can see the most provided to DEX is Velodrome.
    2. Since Jun of 2022 Velodrome was provided with LP from these Unique addresses and before that only the other DEXs were being provided to still Velodrome takes the first spot.

    Question

    • How many unique Ethereum addresses have used both Optimism and 1 or more of the Axelar bridges?
    • How many have used both Optimism and the Ethereum <> Osmosis bridge specifically?
    • Of the group of addresses that have used both Optimism and 1 or more Axelar bridges, how many have used DEXs like Osmosis, Uniswap or Velodrome?
    • How many have provided liquidity (LP) to earn yield on these DEXs?

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    Conclusion:

    The information in this dashboard was mostly updated on Mar 13th of 2023 and the main purpose of it is to give and insight of how many Ethereum users have used both Optimism and Axelar bridges or how many Optimism users have used the Ethereum <> Osmosis bridge so I will be keeping the conclusion short due to the information being self explanatory for the most parts.

    In the first section as you can see the majority of transactions took place in Optimism and the main chain destination was Ethereum between the different destinations shown in the column graph of the first section where we talked about the Unique addresses of Ethereum.

    Taking a look at the Unique addresses of Optimism we see that the majority of transactions also happened in Ethereum.

    Looking at the final two sections we can see that Velodrome was started being used by these Unique addresses on Jun of 2022 moving forward and it became the main Dex that was being provided LP till the end of the graph surly users have changed their decision On Jun moving forward with purpose of gaining yield from this Dex.

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    What is Ethereum?

    Ethereum (ETH) is the second most popular cryptocurrency after Bitcoin. Founded by Vitalik Buterin and Gavin Wood in 2015, today Ethereum’s market capitalization represents approximately 20% of the $1.1 trillion global crypto market.

    There are some distinct differences between Ethereum and the original crypto. Unlike Bitcoin (BTC), Ethereum is intended to be much more than just a medium of exchange or a store of value. Instead, Ethereum is a decentralized computing network built on blockchain technology. read more:

    What is Optimism?

    Optimism is a layer 2 chain, meaning it functions on top of Ethereum mainnet (layer 1). Transactions take place on Optimism, but the data about transactions get posted to mainnet where they are validated. It’s like driving in a less crowded side street while benefiting from the security of a highway.

    Optimism is the second-largest Ethereum layer 2 with a total of $313 million locked into its smart contracts, as of this writing, according to Defi Llama. Arbitrum comes first with $1.32 billion.

    read more: https://www.coindesk.com/learn/what-is-optimism

    What is Axelar?

    Axelar is a generic cross-chain interoperability protocol, built using threshold signature cryptography (TSS) and a proof of stake network (PoS). It is able to verify a transaction on one chain, and trustlessly generate a signature to submit the transaction to another chain. All the while keeping track of finality and trust assumptions in each environment.

    Anyone will be able to build smart contract applications which utilise Axelar to send transaction packets to other blockchain networks. read more: mirror.xyz/0xcC7d530F4eac31fcbaC3c312613DB2ADb5a13Ce6/YHRBBWA3geO1VywA4T1vM-Z9t83M7IRr8E7Pj7aK_LQ

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    Method

    • In this dashboard, the tables (axelar.core.fact_msg_attributes and ethereum.core.fact_transactions and optimism.core.fact_transactions) are used to find the same users.
    • Tables (ethereum.uniswapv3 and ethereum.sushi and optimism.velodrome and ethereum.aave) are used to find users who have used dexes.
    • Tables (ethereum.uniswapv3.ez_lp_actions and ethereum.sushi.ez_lending and ethereum.sushi.ez_borrowing and optimism.velodrome.ez_lp_actions and ethereum.aave.ez_liquidations) have been used to find users who have performed LP actions.
    • The daily charts of this dashboard are from the beginning of 2022 until today.

    Part 1 :