Introduction

Hop Protocol is a way to connect different scaling solutions, facilitating a better user experience when moving assets.

Hop currently supports the transfer of funds ETH, USDC, MATIC, DAI, WBTC, and USDT from and to the networks Mainnet, Polygon, Optimism, Arbitrum, and xDai.

Other technical details on how this network works are available at hop docs.

By searching for the HOP PROTOCOL phrase in etherscan, all contract addresses related to hop protocol bridges are displayed.

Description of work

In this work, we want to analyze the Hop Protocol from different perspectives. include:

• unique users have bridged to L2s using Hop
• days in the past 6 months have seen the most volume bridged and were there any specific events that may have driven these spikes?
• assets have been bridged the most
• asset distribution of bridging through Hop.

1- Unique users have bridged to L2s using Hop

Note: by analyzing the bridges in etherscan and the transfer tables([ez_token_transfers] , [ez_eth_transfers]), we find that we need to filter transactions for which the ORIGIN_FUNCTION_SIGNATURE field is equal to 0xdeace8f5(Send to L2).

2 - Days in the past 6 months have seen the most volume bridged and were there any specific events that may have driven these spikes?

According to the chart above:

• The days when the volume of bridge to L2s reaches over 7 million dollars are considered high volumes, which includes 8 days: 13 Jan 2022, 20 Jan 2022, 19 Feb 2022, 13 Apr 2022, 14 Apr 2022, 12 May 2022, and 1 Jun 2022

• May events: Collaboration between Velodrome and Hop Protocol, Twitter
• Jun Events Hop Airdrop
• Also The fall in cryptocurrency prices also causes users to change many of their assets to stablecoins, which increases the volume of bridged to L2s.

3 - Assets have been bridged the most

According to the charts above:

• 1- ETH has the largest bridged volume in the last 6 months with 412 million dollars. (About 65% of the total volume bridged)

• 2- After ETH, stablecoins (USDC, DAI, and USDT, respectively) have the largest bridged volume. (About 35% of the total volume of bridges)

• 3- A very interesting point in this chart is the lower share of USDT than USDC, which can be due to the decrease in people's trust in this stablecoin. Tether has recently been questioned about the non-transparency of its collateral for the number of USDTs in circulation.

4 - Asset distribution of bridging through Hop.

• As mentioned in the previous question, ETH has the largest volume (in USD) among the bridged assets.
• The volume of USDC bridged (in USD) has also increased in the last month.-
• The amount of MATIC bridge (in USD) is so small that it can be ignored.