Date: 2022-10-23

Introduction

Optimism is a fast, stable, and scalable L2 blockchain built by Ethereum developers, for Ethereum developers. Hop protocol is a mechanism for transferring tokens over a shared layer 1 network quickly and without trust. The solution aims to facilitate the rapid movement of a token between layer 2 and a scaling solution's governance token. In this article, we will focus on two optimism bridges i.e. native bridge and HOP protocol.

An overview of this article

In this article, HOP and the native bridge will be investigated in detail in 4 separate chapters. These four chapters are:

• General information
• Origins of assets bridged into Optimism ( Where assets coming from)
• Destination of assets bridged from Optimism ( Where assets going to)
• The first action after bridging

The purpose of this dashboard is to provide detailed statistics of these bridges.

Methodology

Since these platforms are located on the Optimism network, all the data required for this analysis have been extracted from Ethereum & Optimism tables.

To extract general data “ethereum.core.ez_eth_transfers“ table will be used.

To extract origins & destinations of ETH data “ethereum.core.ez_eth_transfers“ and “ethereum.core.dim_labels“ tables will be used.

To extract origins & destinations of ERC20 data “ethereum.core.ez_token_transfers“ and “ethereum.core.dim_labels“ tables will be used.

To extract trading fees data “ethereum.core.ez_eth_transfers“ and “ethereum.core.ez_token_transfers“ and “optimism.core.fact_event_logs“ tables will be used.

• All these data are extracted from Flipsidecrypto tables.

2-1 Origin of Eth bridged into Optimism

Optimism Bridge

Hop Bridge

2- Origins of assets bridged into Optimism ( Where assets coming from)

2-2 Origin of ERC20 tokens bridged into Optimism

Optimism Bridge

Hop Bridge

Observations

• This section is divided into two parts, in the first part, the origin of Ethereum bridged to Optimism and in the second part, the origin of other ERC20 tokens is identified.
• In the original Optimism bridge, the Coinbase exchange was the source of most of the Eths bridged to Optimism.
• In HOP “hop protocol: eth bonder “ has been the main source of bridged Eths, followed by Coinbase exchange.
• In the original Optimism bridge, the Coinbase exchange was the source of most of the tokens bridged to Optimism.
• In HOP, "hop protocol: USDC bonder" has been the main source of tokens (here USDC) bridged to Optimism, followed by Coinbase exchange.

3- Destination of assets bridged from Optimism ( Where assets going to)

3-1 Destination of Eth bridged from Optimism

Optimism Bridge

Hop Bridge

3-2 Destination of ERC20 tokens bridged from Optimism

Optimism Bridge

Hop Bridge

1- General information

Observations

• In terms of the number of active users and the volume of transactions, the standard bridge is much higher than HOP.
• In September and October 2021, the number of active users of the standard bridge reached its highest level, while the number of active users for HOP reached its highest level in September and October of this year, 2022. This shows that the HOP bridge has been able to attract more users recently.
• In terms of the volume of transactions, both bridges have seen higher volumes in recent months (the year 2022), which shows the favor of users to use these bridges in recent months.

Observations

• This section is divided into two parts, in the first part, the destinations of Ethereum bridged from Optimism and in the second part, the destination of other ERC20 tokens is identified.
• In the original Optimism bridge, the Coinbase exchange was the destination of most of the Eths bridged from Optimism.
• In HOP “hop protocol: eth L1bridge“ has been the main destination of bridged Eths, followed by Coinbase exchange.
• In the original Optimism bridge, the “across protocol: USDC bridge pool “ was the destination of most of the tokens (here USDC) bridged from Optimism.
• In HOP, "hop protocol: USDC bonder" has been the main destination of tokens (here USDC) bridged from Optimism, followed by hop protocol: USDC L1bridge.

4- First action after bridging

Observations

• Transfer and approval are the two operations that have the largest number of transactions and users. This shows that users have performed one of these two actions immediately after transferring their assets to Optimism.
• May 30, 202,2 had by far the largest number of users and transactions on the Optimism network.
• In almost all weeks and months, "Transfer" has been the most action that users have done immediately after bridging their assets to Optimism.

Conclusion

• In terms of the number of active users and the volume of transactions, the standard bridge is much higher than the HOP protocol.
• In September and October 2021, the number of active users of the standard bridge reached its highest level, while the number of active users for HOP reached its highest level in September and October of this year, 2022. This shows that the HOP bridge has been able to attract more users recently.
• In terms of the volume of transactions, both bridges have seen higher volumes in recent months (the year 2022), which shows the favor of users to use these bridges in recent months.
• In the original Optimism bridge, the Coinbase exchange was the source of most of the Eths bridged to Optimism.
• In HOP “hop protocol: eth bonder “ has been the main source of bridged Eths, followed by Coinbase.
• In the original Optimism bridge, the Coinbase exchange was the source of most of the tokens bridged to Optimism.
• In HOP, "hop protocol: USDC bonder" has been the main source of tokens (here USDC) bridged to Optimism, followed by Coinbase exchange.
• In the original Optimism bridge, the Coinbase exchange was the destination of most of the Eths bridged from Optimism.
• In HOP “hop protocol: eth L1bridge“ has been the main destination of bridged Eths, followed by Coinbase.
• In the original Optimism bridge, the “across protocol: USDC bridge pool “ was the destination of most of the tokens (here USDC) bridged from Optimism.
• In HOP, "hop protocol: USDC bonder" has been the main destination of tokens (here USDC) bridged from Optimism, followed by hop protocol: USDC L1bridge.
• Transfer and approval are the two operations that have the largest number of transactions and users.
• In almost all weeks and months, "Transfer" has been the most action that users have done immediately after bridging their assets to Optimism.