Try Quests to earn cryptoOptimism Bridge Analysis
Introduction
- In this Analysis, You will read about the Optimism bridge and user activity after the bridge to Optimism. I selected bridges from the Ethereum chain to Optimism.
- We want to know which assets bridged from Ethereum to Optimism most and where are they going, and how are they used.
- In the end, I compared native bridge user activities with non-native bridge user activities. I selected Hop as a non-native bridge.
Analyzed by Hess - Reading Time Almost 10 Min.
Method
Native Bridge:
- For Native Bridge, I used Ethereum tables. I found that each bridge transaction was sent from Ethereum to
0x99C9fc46f92E8a1c0deC1b1747d010903E884bE1the address. I used ETH transfer and EZ token transfer tables and filtered origin_to_address to 0x99C9fc46f92E8a1c0deC1b1747d010903E884bE1. Now I have bridge transactions with their symbols and volume.
Non-Native Bridge
- As I mentioned, I selected Hop as a non-native bridge. I extracted Hop bridge contract addresses and use them on the Fact event table with chained 10 (Optimism). Then, I joined my findings to the ETH transfer and Ez token transfer table to calculate volume and symbols.
Native Users vs. Non-Native
- You can see the total number of users based on platform type in the below chart. Native users have used more bridges in comparison to non-natives. Almost all parameters for Non-Native bridge users were higher than others. The only difference is dapp platforms. Dapp platforms were more popular for non-native users in comparison to native bridge users.
A Summary of The most important findings
- Based on Users and transactions, ETH is the most popular token that bridged from ETH to OP.
- Based on Volume, Users bridged nearly 700M US dollars USDC and 500M US dollars ETH.
- Hop, Uniswap, and Velodrome are the top 3 platforms based on the total number of transactions that native and non-native users used after bridging their assets to Optimism.
- For both types of users, DEX and Bridge are two popular activities after the bridge.
- Based on events, Transfer and swap are two popular activities after the bridge.
Full Analysis
Bridge Per Symbol
- I filtered symbols with at least 5 users per week. As you can see, The highest number of users bridged ETH to the Optimism chain. The highest number of users transferred their assets between May and June but after that time, The total number of users decreased. after July, The number of users that bridged USDC increased. Four popular crypto assets like ETH, USDC, USDT, and WBTC are popular here too.
What is Optimism Blockchain?
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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What is Bridge?
Blockchain bridges work just like the bridges we know in the physical world. Just as a physical bridge connects two physical locations, a blockchain bridge connects two blockchain ecosystems. Bridges facilitate communication between blockchains through the transfer of information and assets.
- The weekly share of ETH decreased over time and USDC increased. Between may and June, The weekly share of ETH was 80% but after June, The ETH share decreased to 30-40% and USDC from 10% increased to 35%. Overall, ETH has 78% of shares. Following USDC, USDT shares increased from 2% to 7%.
- Based on Volume, USDC took ETH's place. Users transferred nearly 700M US dollars USDC. With a 200M US dollar difference, ETH is in second place. Other assets like USDT and WBTC have a huge difference from ETH and USDC. ETH 5x and USDC 7x higher volume than other top symbols.
- Based on average bridge volume, USDC and ETH are not on the top list. I can see TUSD average bridge volume is 100K US dollars. However, We can’t compare these tokens with ETH or USDC because those tokens have more transactions than other assets. It is interesting that the average bridge volume of AAVE increased after August 2022 and had more growth in comparison to other tokens.
User activities
Native bridge Users
Non-Native beidge Users
For both types of users, I filtered the top 10 platforms based on transactions and analyzed bridge user activities based on the top 10 platforms. Overall, Their activities were similar to each other. Even the growth of platforms was similar. The only difference I can find is Rubicon and Ventft platforms. The vent is in the top platforms for Non-native bridges and Rubicon is in the top platforms for native bridge users. These two platforms are not common with each other.
- Based on transactions, The native bridge users had a different activity from non-native bridge users. The highest weekly share of transactions for native bridge users was Uniswap with 20-45% while the highest weekly share of transactions for non-native bridge users was Hop protocol with 20-50%. Other platforms are similar to each other. However, The share of these platforms is a little different.
Let’s examine all platforms that users have used over time. Almost all top platforms are similar to each other. The only difference that I Found is that 1inch has a better place among native bridge users but based on non-native bridge users, Pika has a better place.
Conclusion
- Optimism is one of the most popular Layer2 chains. So many users transferred their assets from the Ethereum chain to Optimism. ETH and USDC are popular assets that users transferred to Optimism. Based on these numbers and stats, I can conclude that there is no difference between native and non-native bridge user activities. It is true that some platforms had a fewer share but overall they are the same.
THANK YOU FOR READING!
ALL CODES AND CONTENTS WERE WRITTEN BY HESS.