Bridger Destinations
Introduction
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In This Analysis, You will Read about the First destination of users who bridged from Ethereum to Optimism. We want to know What the first action Bridge users did on Optimism after the bridge from Ethereum. I analyzed These parameters:
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Monthly Bridge from Ethereum to Optimism
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First Interacted in projects on Optimism.
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First Interacted in based on Project Type on Optimism.
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First Interacted in Based on Events.
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First Swapped token from and to
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First Interacted in NFTs.
Analyzed By Hess - Reading Time Almost 12 Min.
Method
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The first thing I did was find users who bridge their assets from Ethereum to Optimism. I chose Optimism Native Bridge and Hop Protocol.
Optimism Native address:
0x99c9fc46f92e8a1c0dec1b1747d010903e884be1
Hop Protocol addresses:
('0xb8901acb165ed027e32754e0ffe830802919727f') , ('0x3666f603cc164936c1b87e207f36beba4ac5f18a'), ('0x3e4a3a4796d16c0cd582c382691998f7c06420b6'), ('0x3d4cc8a61c7528fd86c55cfe061a78dcba48edd1'), ('0x22b1cbb8d98a01a3b71d034bb899775a76eb1cc2').
With chain ID 10, I filtered only bridges from Ethereum to Optimism.
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I used ETH transfer and EZ token transfer to find all bridges from Ethereum to Optimism. Now I have Bridges Users.
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After that with the Min function, I extracted the first bridge and first transactions of Users on Optimism.
Min(block_timestamp) as date, user_address
I used the Optimism fact table and dim label table to find platforms and event names. To complete my analysis I used the swaps Veldrome platform to find the first tokens that users swapped from and to.
First interacted with Projects
:1st_place_medal: In the last 30 days, the Hop protocol was the first project that the bridge interacted with. It seems after the bridge from Ethereum, Users have used Hop to make another bridge.
:2nd_place_medal: The second project was Uniswap. Users have used Uniswap to swap or add liquidity.
:3rd_place_medal: The third one is AAVE. AAVE is more popular these days. A defi platform where users can borrow and Lend assets.
- On September 7, The share of Stargate Finance increased to 16%. It seems users that bridge from Ethereum wanted to Farm on Stargate on that date.
- There are more projects but these were important ones.
Events
- 26% of total activities were ‘Transfer‘. As you see earlier, The layer2 and Hop protocol had the highest interaction among Bridge users. So it’s normal that the transfer events had the highest interaction.
- We can ignore the Approval event because it’s not important.
- Depositing the assets was the first thing that bridge users did on Optimism. Nearly 17% of transactions were ‘Deposit‘.
- After all events, we can mention Swap activities. 12% of users that transferred their assets from Ethereum to Optimism, swapped their assets.
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A summary of Most Important Findings
- In The last 30 days, More than 4290 Unique users transfers their assets from Ethereum to Optimism.
- These users moved more than 200M US dollars in 6200 transactions.
- The highest number of transfers was on August 16 but the highest volume was transferred on August 23.
- The Top 3 platforms that users interacted with were Hop Protocol, Uniswap and AAVE. These are the first platforms that users are interested in after the bridge from Ethereum to Optimism.
- Layer2, Dex and Defi are the Top 3 project type that users did their first transaction after the bridge.
- If we ignore the Approval event, Transfers, Deposits and swaps are the top 3 popular actions when users bridge their assets to Optimism.
- Top swap From USDC, WETH, OP ( Based on Velodrome)
- Top Swap To USDC, WETH, OP ( Based on Velodrome)
- Top NFT: Mirror Collection
Full Analysis:
Bridge From Ethereum To Optimism
- In the last 30 days, The average number of users that used Hop Protocol or Native Optimism bridge was 150-180 Users daily.
- The average daily number of transactions was 180-200 tx in the last 30 days.
- Nearly 227M US dollars bridged from Ethereum to Optimism. Only one day more than 40M US dollars bridged to Optimism.
Conclusion
- Before OPtimism Airdrop, The highest number of users transferred their Assets to Optimism for becoming Eligible for OP airdrop. If we ignore the users that like the Optimism chain, There are too many WEB3 projects that offer users multiple tasks to earn Money or XP.
- Sometimes users need funds on the Optimism Chain. So they need to transfer their assets from other chains. For example, the below picture shows Layer3 Task that users needed to Add liquidity on Stargate. So users that didn’t have funds on Optimism needed to transfer from other chains to Optimism. As you can see on September 7, The first platform that they interacted with was Stargate.
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> # THANK YOU FOR READING!
ALL CODES AND CONTENTS WERE WRITTEN BY HESS.
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Twitter: hessaminanloo - Discord: hess#0890
Analyze Date: 2022/SEP/15