Going Down The Wormhole
Introduction
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In this Analysis, You will read about The Wormhole Bridge from Ethereum to Solana and vice versa.
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This is not a normal analysis. This is a Dashboard that we can refresh daily and find all valuable data from The Wormhole Bridge.
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All Data in this analysis is based on the last 30 days and since January 1st, 2022.
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What is Wormhole?
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The wormhole is a communication bridge between Solana and other top decentralized finance (DeFi) networks. Existing projects, platforms, and communities are able to move tokenized assets seamlessly across blockchains and benefit from Solana's high speed and low cost. Category. Infrastructure. Apr 3, 2020 Share.
**Analyzed By Hess - Reading Time Almost 10 Min. \n **
Method
- First, I have read the Wormhole document and tried to understand how Wormhole works.
- Second, I did a sample transaction on Wormhole and went through Wormhole from Solana → Ethereum.
- Ethereum:
- Solana:
- After a day, I looked up those transaction hash in Ethereum and Solana Tables. I preferred to use Ethereum Tables instead of both of them. I found three origin function signatures identifying the transfers from Solana to Ethereum and vice versa. Also, I filtered my findings by chain id ( Only Sol → ETH and ETH → Sol ). So I used them in the Transactions table, and To calculate the volume and symbols, I joined my findings to EZ Token transfer.
- After Calculating the Volume and symbols, I joined my findings to the Fact event table to extract the First activity of Users before and after the bridge from and to Ethereum.
NOTE 1: If The refresh rate becomes active, This dashboard could update itself based on the last 30 days and from the beginning of the year (2022).
NOTE 2: To use this dashboard in the future, all data would change. I preferred to write a few words on the chart.
Number of Transactions
- While I writing this dashboard ( 2022-08-11 ), Most transactions are from Ethereum to the Solana chain. Almost 78% of transactions were in that route. Most transactions occurred between March and May. The only dates that transferred from Solana to Ethereum were higher than ETH → SOl between May 7th and May 14th.
Bridge Volume
- As you can see, The volume that transferred via Wormhole bridge was huge. This means this bridge is trustable for Users, and they chose the Wormhole to transfer a huge amount of assets.
- Like the total transactions, the Most volume went through Ethereum to Solana. Only 7% of the volume came from Solana to Ethereum.
- Most volumes transferred at the beginning of the year, but I can see some unusual activities in the last 30 days.
- The highest volume in USD was transferred from Ethereum to Solana on February 16th, when 31M dollars were transferred.
- The highest volume in USD was transferred from Solana to Ethereum on April 14th, When 6.6M dollars were transferred.
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Ethereum → Solana
- In this route, Stablecoins are still on the top list. USDC and USDT.
- Also, I can see The top 5 since the begging of the year didn’t change too.
- It seems most users transfer their tokens before they bridge from Ethereum
- Like the previous chart, User’s activities before and after the bridge are the same.
- The popular activity after bridge is Transfer.
- The second activity is Approval which probably used for Swap Assets.
- Sync and Withdrawal are in the next places.
Conclusion
- Bridges are becoming one the key tools in Crypto World. Buying tokens from CEXs have itself problems like Fees. Users prefer to transfer their assets from their wallets on one chain to other chains.
- The wormhole is one of those bridges. The Wormhole doesn’t have too many users, but these users made huge volumes by Bridging their assets. I didn’t check, but Maybe Whales are using this Bridge. Stablecoins are the most popular on both routes. SOLANA → Ethereum and Ethereum → Solana.
ALL CODES AND CONTENTS WAS WRITTEN BY HESS.
Twitter: Hessaminanloo
Discord: hess#0890