Introduction

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Hey There anon! Are you looking for some deep analysis on Polygon bridgooors? you have come to the right place!

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Polygon proved to be one of the most useable scalability solutions for Ethereum in the past year. The adoption is high both among the protocols and most importantly DeFi users. Each and every day, more people are using polygon as a layer to store their assets and interact with smart contracts. As this adoption is growing, it makes sense to take a look at the On-Chain behavior of those who bridge their funds from Ethereum to Polygon, right?

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And this is what we are going to do in this analysis. Thanks for staying and reading this my friend.

What are you going to see in this dashboard?

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I take those who had bridged ETH from Ethereum layer 1 to Polygon using Hop Exchange and Polygon native bridge as the sample for this analysis.

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Then, after showing some basic statistics on count and volume on both bridges, I will track their On-Chain actions on the same day the bridge transaction was executed.

I believe this is a valid criterion for assessing behavior since it’s not limited too much (i.e, one transaction after bridge). The problem with tight metrics is that one approval or transfer transaction can rule out more important actions that are critical for our purpose.

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I will track their actions on both Ethereum & Polygon to be more informative but focus more on Polygon as it is our initial and main goal.

Now, enough with the preamble. Let’s get to actual data.

Basic Statistics

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Polygon native bridge may not be as famous as other bridges like Hop among regular DeFi users, but as its statistics indicate there is some heavy usage especially among more veteran crypto users, and also more whales.

Take a look at my In-Depth investigation on Hop VS other L2 bridges for more information.

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Some insights on Bridge comparison:

• Even on its highest day in terms of the number of bridgooors, Hop had almost 4x lower users than Polygon bridge.
• Also on its highest volume day, it had almost 5X lower volumes compared to the same day volume of the polygon bridge.
• The highest ETH bridge on Polygon bridge is almost 65X more than the highest ETH bridge on Hop Exchange.

Jeez, We got it, dude!

Did you notice I chose purple for Polygon and pink for Hop? Anyway…

since Hop data for Polygon started from ‘2022-05-02’ I chose to limit native bridge to this period to make a more fair comparison.

Now, in next three charts, you’ll see what users have done on Ethereum Mainnet after bridging through Hop & Native Bridge.

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Some Insights:

• We have a noticeable number of users who use Hop bridge to polygon on the same day. ETH is the most popular asset to bridge.
• If I’m not mistaken, the Socket Registry and LIFI contract are for two other bridge aggregators that use Hop as a route to Polygon. This may suggest that the incentive here could be some airdrop activity.
• Uniswap is the most popular DEX for trading among these users. They also favor Metamask's built-in feature.
• This pattern is also evident among native bridgoors, where they also bridge ETH again, favor UniSwap and Metamask, and have considerable NFT activity.

Now the real deal:

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==What will users do on polygon when bridging from Ethereum?==

==What are their popular actions and contracts to interact with?==

care to know? Hop on!

There are many event_name or actions labeled for each transaction. For example, when you swap on uniswap, the transaction isn’t actually showing ‘Swap’ as the label; Rather it shows the transfer of tokens to and from uniswap contract, Swap transaction, and maybe some more actions. So to make this more tangible, I picked some of the labels that aside from high level of interaction, have familiar and basic names.

Insights:

• Swapping is the most popular action to take after bridging both from Hop and native bridge.
• QuickSwap and UniSwap are the most popular platforms to trade on Polygon
• Repay, FlashlLoan and Borrow actions are dominantly of Aave
• Liquidity actions like adding and withdrawing also mostly belongs to UniSwap

To Showcase the most Popular contracts, I decided to go with both the number of distinct users and the number of transactions, and here are some interesting insights:

1. Number of distinct users:

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• Wrapped Ether is the most transferred asset either directly or through other actions; But it is interesting that the ratio of the number of transfers to the number of approvals is 0.19 in Hop users, while it’s 0.53 among native bridge users. Can this suggest that native bridge users are more active and using on a more regular basis?
• Hottest contract for Hop Bridgoors? >> Hop Bridge Again!
• Hottest contract for Native Bridgooors? >> QuickSwap Router!
• Metamask Router and 0x Exchange are also more popular among native bridgoors.

2. Number of transactions:

• The difference between the aforementioned ratios are even more significant when looking at the number of transactions.
• QuickSwap claimed back its first place for Hop Bridgoors.
• This time metamask took the first step from quickswap for native bridgoors.

Takeaways

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• There are differences between Hop Exchange and Native bridgoors but similarities are more remarkable.
• Swapping and Bridging are the most popular actions and respectively the contracts that provide these actions are the most popular, like Uniswap, QuickSwap, Hop bridges, Metamask, etc.
• NFT interactions are not of the most popular actions nor the NFT platforms.
• Aave as a platform sits on a pretty desirable place. Both on Ethereum and Polygon, Aave is pretty popular.