Bridger Destinations (redux)
Introduction
- In this analysis, You will read about bridges from Ethereum to Optimism. We want to know what are the top 10 destinations for bridgers when they bridge to Optimism. Also, We want to know how these destinations changed over time.
- I used all bridges from Ethereum to Optimism via the Optimism Native bridge and Hop protocol.
- I went through Optimism bridges and analyzed these parameters:
- User/Tx/Volume/tokens bridges to Optimism
- Top Platforms/Top Events/Top platform types
- Top NFTs/Swapped tokens
Analyzed by Hess - Reading Time Almost 12 Min.
A Summary of The Most Important Findings
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About 55K Unique Users, bridged 1.7B US dollars in 80K transactions from Ethereum to Optimism in the last 6 months via Native and Hop Protocol.
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ETH and USDC are the two most popular tokens that users bridged to Optimism based on volume and transactions.
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Hop Protocol, Uniswap, and Optimism collections are the three most popular projects that users used after bridge to Optimism.
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Like always on every chain, DEXs are the popular platforms that users used after the bridge.
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Transfer, Deposit, and Swaps are the three most popular user activities after bridge to Optimism.
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USDC, OP, and WETH are the three most popular tokens based on transactions that users swapped to or from after bridge to Optimism.
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Optimism and project galaxy are popular NFT collections that users bought right after the bridge to Optimism.
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.
Top Projects
- These charts are based on the first transactions of users after the bridge to Optimism from Ethereum. Following that, I filtered the top 10 projects each week. Overall, Optimism NFT with 11K unique users is the most popular project that users used after bridge to Optimism. However, about 80% of transactions happened in one week. Over time, there were some projects that trended for only one week like Kyberswap in September. The second most popular project is the Hop protocol. It means when users bridged their assets, Again used the Hop protocol and bridged their assets to another chain. The third project is Uniswap. I think the Swap feature of Uniswap is the most popular destination for Ethereum users that bridged their assets to Optimism.
Top Activities
- I filtered the top 10 weekly activities over time. Transfers, Deposits, and Swaps increased over time. I can not see huge changes over time. In total, 35% of the total first transactions of users were transferring. The second most popular activity was Deposit with 17% of transactions.
Top Swapped Tokens
- Like the previous charts, I filtered the top 10 tokens per week. Overall, USDC, WETH, and OP are the three most popular tokens. Some weeks WETH was in first place and some weeks other tokens like USDC. I can see Some other tokens that trended for a short week. For example, SNX, sUSD, and FRAX increased in October.
Conclusion
- So far, I analyzed user’s destinations when they bridged their assets from Ethereum to Optimism. Overall, I didn’t see any huge changes in different time frames. ETH and USDC are two popular tokens of Optimism. DEXs are popular platforms. The only change was the Uniswap platform its share increased over time.
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What is Bridge?
A blockchain bridge, otherwise known as a cross-chain bridge, connects two blockchains and allows users to send cryptocurrency from one chain to the other. Basically, if you have bitcoin but want to spend it like Ethereum, you can do that through the bridge.
What is Optimism?
Optimism is a fast, stable, and scalable L2 blockchain built by Ethereum developers, for Ethereum developers. Built as a minimal extension to existing Ethereum software, Optimism's EVM-equivalent architecture scales your Ethereum apps without surprises.
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Full Analysis
Bridges From Ethereum to Optimism
- As I mentioned before, About 55K unique users transferred their assets from Ethereum to the Optimism chain. The highest number of users bridged their assets in late May. Nearly 13.5K unique users, 25% of total users, used Hop protocol or Native bridge to transfer their assets on that day. After that time, The total number of users dropped and reached 700-100 weekly users but again, Since October, the total number of users increased to 6.5K weekly.
- Those 50K users bridged their assets in 80K transactions. Almost each users had 1.5 transactions. The trends are like the unique users chart. The highest number of bridge happened on May 30 with 15K transactions. Since October, The total number of bridge transactions increased up to 7.5K.
- Unlike unique users and transactions, The highest bridge volume was in August. About 467M US dollars bridged from the Ethereum chain to Optimism in one week. In total, around 1.7B US dollars bridged to Optimism in the last 180 days. The average weekly bridge volume per user is 21 K US dollars. The average bridge volume decreased to 5-10K US dollars in October. The highest average was between August and September 2022.
- Let’s examine which tokens are bridged to Optimism by Ethereum users. Based on transactions, The weekly share of USDC increased between July and September by up to 25% but again, The share of ETH tokens increased by up to 90%. ETH token with 80% of transactions is the most popular tokens that users bridged to Optimism based on transactions in the last 180 days. USDC is the second popular token.
- Based on bridge volume, The weekly share of USDC is higher than other tokens. For two weeks in September, The share of ETH increased up to 70% but again, USDC increased. There were some tokens that increased for a short time. Like WBTC that increased up to 28% in two weeks and again dropped to normal days. Lastly, The share of USDT was higher than USDCT. In total, USDC with 804M US dollars and 46% of transactions is the most popular token.
- Weekly shares show Uniswap shares have changed over time from 20% up to 65%. Also, The weekly share of Hop protocol decreased from 65% to 30-35%. There were other projects like AAVE that decreased over time.
- Let’s find out how top projects changed over time based on the first transactions after Bridge to Optimism. As you can see, in the last 6 months, Uniswap was in third place but Over time increased and in the last 3 months is the top Project. Hop protocol places didn’t change over time. There is a competition for fourth place. In the last 6 months, 1inch was in fourth place, AAVE was in fourth place in the last 3 months and Optimistic was in fourth place in the last month.
- There weren’t huge changes over time. DEXs and Layer2 are two popular platform types over time. The only change was the Operator platform that places decreased in the last 90 days.
As you can see, The top activities of users didn’t change over time. Transferring is in the first place in the different time frames. The second popular activity was deposit and didn’t change over time.
ALL CODES AND CONTENTS WERE WRITTEN BY HESS.
:bird: Twitter: @hessaminanloo
:flying_disc: Discord: hess#0890
:calendar: Analyze Date: 2022/NOV/02