Bridger Destinations
Introduction
- In This Analysis, You will read about the User’s Activities after bridging to Polygon From Ethereum. We want to know What are the 10 most popular first destinations for Polygon addresses that have just bridged from Ethereum?
What is the bridge?
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A blockchain bridge is a protocol connecting two blockchains to enable interactions between them. If you own bitcoin but want to participate in DeFi activity on the Ethereum network, a blockchain bridge allows you to do that without selling your bitcoin.
What is Polygon?
Polygon is a “layer two” or “sidechain” scaling solution that runs alongside the Ethereum blockchain — allowing for speedy transactions and low fees.
\n Analyzed By Hess - Reading Time Almost 10 Min.
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Method
The first thing I did was look for Bridged from Ethereum to Polygon. I found there are Plasma and Pos bridges on Polygon. I checked some transactions of Plasma bridge and Understood from address and to address were equal to 0x0000000000000000000000000000000000000000. I used this method in the Fact event log table and set event_inputs:from to Ethereum null address. Each event_inputs:to is a user address that used a bridge from Ethereum to Polygon. I used the Min function to get the first bridge of users. Again I joined my finding users to Fact event log again and set the bridge date lower the first transaction date after bridging. Now I have users transactions after bridge. At the end i Joined my finding to DIM label table to extract platform name and type.
Top Protocol Type That Users interacted with After Bridge ( by Total Number of Users)
- We already know the Top address and top events that users interacted with after the bridge to Polygon. Now it’s time to see which type of platform users used. Layer 2 (Bridge) has 60-65% of users. The next one is DEXs. 10-11% of users have used Dexs. Dapp, NFT, and Defi protocol have a similar share. Hop caused a huge growth in Polygon.
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Daily Event Name
- The top event that users interacted with every day is Transfer Activity. Almost in every chain, Transfer is the top activity that users do.
- The next thing that users interacted with was Swap. They swapped their token after bridge to Polygon.
- I can see PermanentURI increased recently.
The growth of Hop protocol was significant. It was far from the second top activity. 60-70% users used Hop after bridge to Polygon. In some days balance and aave had higher users but in some days the sandbox and aavagotchi took their places.
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Top 10 Address
- We already know that hop has the highest interaction. In total, 62.3% of users have used the Hop protocol. Users can add liquidity, stake, and bridge their assets on Hop.
- 27K users used Hop but the second place with 3.4K was Metamask. With these numbers, I can conclude that the reason users bridge to Polygon is the Hop protocol.
- There are some other protocols like Opensea (To buy NFT), Balancer (Stake and Swap), Aave (Deposit and borrow), and … that users interact with after bridge to Polygon.
Conclusion
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I analyzed three main parameters:
- Event
- The highest interaction with events was Transfer activities.
- Platform ( address)
- Users have the highest activities with Hop Protocol.
- Platform Type:
- layer 2 has the highest interaction.
- Event
The END
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