Arbitrum Bridges
In This Analysis, You will read about the First Week of Arbitrum Odyssey. I chose Hop and Across the bridge to compare each other during Arbitrum Odessey. The Across bridge uses a method to transfer multiple bridges in the same transaction. So to compare better, I analyzed unique users instead of transactions.
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Odyssey week started from June 21st until June 27th. I analyzed only Transfers From Layer 1 (mainnet) to Layer 2 (Arbitrum).
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- Let's see what happened on these two bridges.
Hop Protocol, which allows users to bridge assets across Ethereum Layer 2 (L2) solutions as well as sidechains like Polygon, is launching a decentralized autonomous organization (DAO) to govern the protocol. And of course, there's a $HOP token, which will carry governance rights.
Based on Across bridge About US:
tl;dr Across Protocol differs from other bridges in the way that we’re able to perform near-instantaneous transfers. When you bridge assets from L2 to L1 on optimistic rollups, you can expect a 7 day wait — not ideal, we know. When you use Across, you can expect to receive your funds in 1–2 minutes due to the speed of the relayers and our process of relayers giving funds to the user upfront, with the liquidity providers waiting through the challenge period and the relayers taking on 2 hours worth of liveness.
Arbitrum is a type of technology known as an optimistic rollup. It allows Ethereum smart contracts to scale by passing messages between smart contracts on the Ethereum main chain and those on the Arbitrum second layer chain.
Arbitrum Odyssey is a multi-week initiative for exploring the Arbitrum ecosystem with exclusive NFTs as rewards. Of course, no Arbitrum airdrop is promised. But it would make sense: all participants would be using Arbitrum and could later be easily identified through holding NFTs.
The below chart shows the total amount of ETH that bridged from Layer 1 to Layer 2 During the Arbitrum Odyssey week.
- The total daily ETH amounts in Hop were higher than the Across.
- The highest amount of ETH transferred on the last day on Hop with 4.7K ETH.
- The highest amount of ETH on Across transferred on the third day of Odyssey with 1K ETH. On that day, The total amount of ETH on Hop was lower than compared to other days.
- Hop protocol: Hop has a contract address for ETH bridge which is 0xb8901acb165ed027e32754e0ffe830802919727f. I eliminate Bonder transactions from my result. Following the above address, I used the ETH transfer table to calculate all requested questions.
- Across Bridge: I have found that Across bridge has an address to handle transfers between across to Arbitrum which is 0xb88690461ddbab6f04dfad7df66b7725942feb9c. I used Arbitrum ETH transfer tables and set the origin to address equal Across address. Then I used these filters : ORIGIN_TO_ADDRESS <> ETH_TO_ADDRESS and eth_to_address <> lower('0x82af49447d8a07e3bd95bd0d56f35241523fbab1') and eth_to_address <> '0x0000000000000000000000000000000000000064' and eth_from_address <> '0x82af49447d8a07e3bd95bd0d56f35241523fbab1'
The below chart shows the total number of unique users that used the bridge to transfer their ETH from Layer 1 to Layer 2 during the Odyssey week.
- Most users selected Hop to transfer their ETH.
- From Day 1, the total number of unique users increased on Hop but didn't change too much on Across.
- On the last day, The highest number of users used Across and Hop.
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- About 28K on Hope and nearly 5K on Across.
Let's examine the cumulative chart.
- The total Cumulative unique users on Hop is about 100K wallets.
- The total Cumulative unique users on Across is about 20K wallets.
- Hop bridge users were 5x higher than Across.
- As you can see day by day, the total unique users growth on Hop.
- 83.1% of users chose Hop and 16.9% chose Across bridge.
- The total number of users that used Hop to transfer their ETH from Layer 1 (mainnet) to Layer 2 (Arbitrum) is about 100K.
- The total number of users that used Across to transfer their ETH from Layer 1 (mainnet) to Layer 2 (Arbitrum) is about 20K.
Let's examine the volume of ETH in USD that transferred from Layer 1 to Layer 1.
- The trends are like the previous chart.
- On the last day of Odyssey week, Nearly 5.7M dollars were transferred.
- The highest volume of ETH transferred on Across was on June 23 when 1.2M dollars were transferred.
- The cumulative chart shows how Hop protocol increased its difference with Across day by day.
- Of the total transfer of ETH in these two bridges, 85.5% transferred via Hop which was 18K ETH, and 14.5% transferred via Across which was 3150 ETH.
- About 18.5K ETH was transferred Via Hop protocol during the Arbitrum Odyssey's first week.
- About 3.1K ETH was transferred Via Across bridge during the Arbitrum Odyssey's first week.
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Arbitrum announced they will give the second NFT to users that used a bridge with the highest volume. The Rumors spread quickly and everyone was talking about Hop which has the highest Volume. So Those users whose transaction fees were important to them, Prefer to choose Hop to bridge their ETH. But for some users, The fees were not important to them, They used multiple bridges.
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At the end of the first week, Hop protocol had the highest amount and unique users with a huge difference with second place.
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We can Call Hope protocol a first-week winner among the other Platforms.
Written by Hess
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discord_id: hess#0890
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