Try Quests to earn cryptoOptimism Bridger Destination
Introduction
What Is Optimism?
Optimism is a Layer 2 scaling solution for Ethereum. It helps reduce the transaction fee and transaction time on the Ethereum blockchain.
Broadly speaking, Optimism helps solve Ethereum’s scalability dilemma. Scalability refers to the rate of transactions per second (TPS) on a blockchain network.
How Optimism Solves Scalability Issues on the Ethereum Network
It's understood that Ethereum is one of the most secure and decentralized blockchains in existence. To keep everything running smoothly, the network is built around three properties: Decentralization, security and scalability. However, because of the limitations due to the blockchain trilemma, Ethereum can only deploy two out of these three properties effectively.
To keep the network functional, the governing body behind Ethereum decided to sacrifice scalability for the sake of security and decentralization. As of this writing, Ethereum has reached its capacity to handle more than one million transactions per day. When this occurs, the Ethereum network cannot scale anymore and will become congested as a result.
Once the blockspace becomes scarce, users on the Ethereum network enter a bidding war in an attempt to get their transactions on the next block. As a result, the gas price rises, making it significantly less affordable for an average user to benefit from a transaction. Besides paying a high gas fee, users on the Ethereum network must also endure long wait times for their transactions to clear.
What Is Ethereum?
The term ‘Ether’ may not be familiar to you. However, there is a far bigger chance that the term ‘Ethereum’ is familiar. When you hear this term, you may think Ethereum refers to the cryptocurrency, the second biggest by market capitalization.
Although this is often branded as cryptocurrency by those even in the industry, it is technically incorrect. Ether (ETH) is actually the cryptocurrency, and Ethereum is the network it runs on.
How Does Ethereum Work? Ethereum is an open software platform created back in 2015. It is built on blockchain technology, which enables developers to build and deploy decentralized applications and smart contracts.
Thanks to this blockchain technology, the information shared on the platform (through a network of computers called nodes) cannot be manipulated or changed. Also, this technology effectively takes out the middleman in transactions made on the network. So, for example, housing contracts can be drawn up without housing agents, or money transfers can be made without banks.
Most recently, Visa has started accepting transactions of stablecoins on the Ethereum blockchain.
Source: bybit
Methodology
In this dashboard, we will analyze bridge from Optimism to Ethereum network and Ethereum to Optimism network, using the Ethereum and Optimism databases, which is available on Flipside, from different aspects.
Technical:
> Ethereum Tables: > > ethereum.core.ez_eth_transfers > > ethereum.core.ez_token_transfers > > ethereum.core.fact_evet_logs > > ethereum.core.fact_transactions > > Optimism Tables: > > optimism.core.fact_transactions > optimism.core.fact_event_logs > optimism.core.dim_labels > > Ethereum L1 to Optimism L2 Bridge Gateway Contract Address: > > 0x99c9fc46f92e8a1c0dec1b1747d010903e884be1 > > Optimism L2 to Ethereum L1 Bridge Gateway Contract Address: > > 0x25ace71c97b33cc4729cf772ae268934f7ab5fa1
Metrics:
Overview of Optimism and Ethereum Bridge
- Total Number of Bridges [Optimism to Ethereum]
- Total Number of Bridges [Ethereum to Optimism]
- Total Number of Bridgers [Optimism to Ethereum]
- Total Number of Bridgers [Ethereum to Optimism]
- Total Volume of Bridges [Optimism to Ethereum]
- Total Volume of Bridges [Ethereum to Optimism]
- Average Volume of Bridges [Optimism to Ethereum]
- Average Volume of Bridges [Ethereum to Optimism]
Share of Market
- Share of Number of Bridges
- Share of Number of Bridgers
- Share of Volume of Bridges [USD]
- Distribution Volume by Bridgers
Daily and Monthly Status
- Daily Number of Bridges
- Daily Volume of Bridges [USD]
- Monthly Number of Bridges
- Monthly Volume of Bridges [USD]
- Cumulative Volume of Bridges [USD]
Top Tokens Status
- Total Number of Bridges by Tokens [Optimism to Ethereum]
- Total Number of Bridges by Tokens [Ethereum to Optimism]
- Total Number of Bridgers by Tokens [Optimism to Ethereum]
- Total Number of Bridgers by Tokens [Ethereum to Optimism]
- Total Volume of Bridges by Tokens [USD] [Optimism to Ethereum]
- Total Volume of Bridges by Tokens [USD] [Ethereum to Optimism]
- Total Volume of Bridges by Tokens [Token Unit] [Optimism to Ethereum]
- Total Volume of Bridges by Tokens [Token Unit] [Ethereum to Optimism]
Top 10 Destinations [All Times] [After Bridge to Optimism]
- Top 10 Users Destinations by Number of Transactions [After Bridge to Optimism]
- Top 10 Users Destinations by Number of Wallets [After Bridge to Optimism]
- Top 10 Type Destinations by Number of Transactions [After Bridge to Optimism]
- Top 10 Type Destinations by Number of Wallets [After Bridge to Optimism]
Daily, Weekly, Monthly Destinations [All Times] [After Bridge to Optimism]
Daily Users Destinations - Last Month
- Daily Users Destinations by Number of Transactions [After Bridge to Optimism]
- Daily Users Destinations by Number of Wallets [After Bridge to Optimism]
- Daily Users Destinations by Number of Transactions [Type] [After Bridge to Optimism]
- Daily Users Destinations by Number of Wallets [Type] [After Bridge to Optimism]
- Top 5 Destinations - Last Month
- Top 5 Destinations [Type] - Last Month
Weekly Users Destinations - Last 3 Months
- Weekly Users Destinations by Number of Transactions [After Bridge to Optimism]
- Weekly Users Destinations by Number of Wallets [After Bridge to Optimism]
- Weekly Users Destinations by Number of Transactions [Type] [After Bridge to Optimism]
- Weekly Users Destinations by Number of Wallets [Type] [After Bridge to Optimism]
- Top 5 Destinations - Last three Months
- Top 5 Destinations [Type] - Last three Months
Monthly Users Destinations - Last 6 Months
- Monthly Users Destinations by Number of Transactions [After Bridge to Optimism]
- Monthly Users Destinations by Number of Wallets [After Bridge to Optimism]
- Monthly Users Destinations by Number of Transactions [Type] [After Bridge to Optimism]
- Monthly Users Destinations by Number of Wallets [Type] [After Bridge to Optimism]
- Top 5 Destinations - Last 6 Months
- Top 5 Destinations [Type] - Last 6 Months
Findings
In this section, we examine the market share in terms of the number and volume of bridges and bridgers. In the "Share of Number of Bridges" chart, we can see that more than 96% of the number of bridges are from Ethereum to Optimism, and only 3.15% of the number of bridges are from Optimism to Ethereum.
In the "Share of Number of Bridgers" chart, we can see that more than 97% of users have used Ethereum to Bridge and only 2.15% have used Optimism to Ethereum.
In the "Share of Volume of Bridges [USD]" chart, we can see that 65.7% of the bridge volume is from Ethereum to Optimism and only 34.3% of the bridge volume is from Optimism to Ethereum.
In the "Distribution Volume by Bridgers" chart, we have divided the bridge volume according to different categories, we can see that 87,368 users had a bridge volume between 100 and 1000 dollars from Ethereum to Optimism and only 1460 users had a bridge volume between 100 and 1000 dollars from Optimism to Ethereum .
Findings
In this section, we see the number and volume of bridges and the number of bridgers from Ethereum to Optimism and Optimism to Ethereum on a daily and monthly basis.
In the chart related to the number and volume of bridges, we can see that the highest number of daily bridges have proccessed on September 12, 2021, amounting to 10035 bridges transaction with a volume of 5.2 million dollars from Ethereum to Optimism, and on the same date, 19 bridges with a volume of $1.3 million have been Optimism to Ethereum. The highest daily bridge volume is $36.9 million have been from Ethereum to Optimism on May 31, 2022. The highest daily bridge volume was $51.36 million have been from Optimism to Ethereum on September 5, 2022. The highest number of monthly bridges in September 2021 are 56.26 thousand transactions from Ethereum to Optimism. The highest number of monthly bridges from Optimism to Ethereum are 804 transactions in August 2022. The highest monthly bridge volume from Ethereum to Optimism are $651.7 million in August 2022. The highest monthly bridge volume from Optimism to Ethereum are $212.7 million in August 2022.
Findings
In this section, we examine the status of tokens bridged from Ethereum to Optimism and from Optimism to Ethereum. The most token that has been bridged from Optimism to Ethereum is the ETH token. (1781 bridge transactions) The most token that is bridged from Ethereum to Optimism is the ETH token. (210,465 bridge transactions) The second token with the highest number of bridge transactions from Optimism to Ethereum is the SNX token (1496 bridge transactions). The second token with the highest number of bridge transactions from Ethereum to Optimism is USDC token (11,524 bridge transactions).
The largest number of bridgers have chosen the ETH token to bridge from the Optimism to Ethereum and from Ethereum to Optimism. 1125 Bridgers have bridged ETH tokens from Optimism to Ethereum and 181681 Bridgers have bridged ETH tokens from Ethereum to Optimism.
USDC, ETH and DAI tokens have had the largest volume of bridges from Optimism to Ethereum. More than $507 million USD tokens, $230 million ETH tokens, and $154 million DAI tokens have been bridged from Optimism to Ethereum. USDC, ETH and USDT tokens have had the largest volume of bridges from Ethereum to Optimism. More than $909 million USD tokens, $833 million ETH tokens, and $167 million USDT tokens have been bridged from Ethereum to Optimism.
Conclusion
In this dashboard, we analyzed the status of the bridge from Ethereum L1 to Optimism L2 and from Optimism L2 to Ethereum L1 using different parameters and we found that the highest number of bridge transactions and the number of users have been related to the bridge Ethereum to Optimism.
Some of the items we reviewed in this dashboard:
> Total Number of Bridges [Optimism to Ethereum]: 7.51k > > Total Number of Bridges [Ethereum to Optimism]: 231.1k > > Total Number of Bridgers [Optimism to Ethereum]: 4140 > > Total Number of Bridgers [Ethereum to Optimism]: 188.4k > > Total Volume of Bridges [Optimism to Ethereum]: $1.175B > > Total Volume of Bridges [Ethereum to Optimism]: $2.255B > > Average Volume of Bridges [Optimism to Ethereum]: $156.1k > > Average Volume of Bridges [Ethereum to Optimism]: $9.77k > > more than 96% of the number of bridges are from Ethereum to Optimism, and only 3.15% of the number of bridges are from Optimism to Ethereum. > > more than 97% of users have used Ethereum to Bridge and only 2.15% have used Optimism to Ethereum. > > 65.7% of the bridge volume is from Ethereum to Optimism and only 34.3% of the bridge volume is from Optimism to Ethereum. > > 87,368 users had a bridge volume between 100 and 1000 dollars from Ethereum to Optimism and only 1460 users had a bridge volume between 100 and 1000 dollars from Optimism to Ethereum . > > The highest daily bridge volume is $36.9 million have been from Ethereum to Optimism on May 31, 2022. > > The highest daily bridge volume was $51.36 million have been from Optimism to Ethereum on September 5, 2022. > > The most token that has been bridged from Optimism to Ethereum is the ETH token. (1781 bridge transactions) > > The most token that is bridged from Ethereum to Optimism is the ETH token. (210,465 bridge transactions) > > USDC, ETH and DAI tokens have had the largest volume of bridges from Optimism to Ethereum. > > USDC, ETH and USDT tokens have had the largest volume of bridges from Ethereum to Optimism.