Bridger Destinations (Ethereum to Poylgon)

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    Project : Polygon

    Bounty Name : Bridger Destinations

    Question: Where do people go when they bridge to Polygon from Ethereum? What are the 10 most popular first destinations for Polygon addresses that have just bridged from Ethereum?

    Date of analysis : 2022-08-01

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    What is Polygon?

    Polygon is a stack of protocols designed to fix Ethereum’s scalability issues. The Polygon network addresses the network’s challenges by handling transactions on a separate Ethereum-compatible blockchain. 

    Polygon then returns transactions to the main Ethereum blockchain post-processing. This approach lowers the network load on Ethereum. In doing so, Polygon can speed up transactions and lower transaction costs to less than a cent.

    In other words, Polygon, formerly known as Matic network, provides an easy framework for new and existing blockchain projects to build on Ethereum without scalability issues.

    Using Polygon, users can interact with any decentralized application (DApp) without ever having to worry about network congestion.source

    Ethereum↔Polygon Bridge

    Polygon brings you a trustless two-way transaction channel between Polygon and Ethereum by introducing the cross-chain bridge with Plasma and PoS security. With this users can transfer tokens across Polygon without incurring third-party risks and market liquidity limitations. The Plasma and PoS Bridge is available on both Mumbai as well as Mainnet.

    Polygon bridge provides a scaling solution which is near-instant, low-cost, and quite flexible. Polygon uses a dual-consensus architecture(Plasma + Proof-of-Stake (PoS) platform) to optimise for speed and decentralisation. We consciously architected the system to support arbitrary state transitions on our sidechains, which are EVM-enabled.

    There is no change to the circulating supply of your token when it crosses the bridge;

    • tokens that leave ethereum network are locked and the same number of tokens are minted on Polygon as a pegged token (1:1).
    • To move the tokens back to the ethereum network, tokens are burned on Polygon network and unlocked on ethereum network during the process.source
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    Hop is the popular destination for polygon bridger with 7.7M transactions and 84% of the total. The most used type of transactions for bridger was layer 2. The popular asset for bridge between polygon users was ETH and they prefer to bridge ETH.

    Thanks for reading

    All data used are from Flipside Crypto

    My Twitter :Sepehrmhz8

    Conclusion

    Users prefer to operate on the Polygon network due to the stable network and very low transaction costs compared to Ethereum.

    Hop is the popular destination for polygon bridger.

    The popular asset for bridge between polygon users was ETH.

    Most users activity after bridge was Transfer.

    Polygon pos Bridge has around 2.25 Bridge and he has assigned the first rank to himself.

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    Ethereum network is very busy and the transaction fee is very high, in such cases, users try to transact on a network that works as stable as Ethereum but does not have high transaction fees. Polygon is the best network for users who want to do this kind of activity.

    Methods

    Tables I used:

    ethereum.core.fact_transactions

    polygon.transactions

    flipside_prod_db.polygon.labels

    flipside_prod_db.polygon.udm_events

    ethereum.core.dim_labels

    Metrics

    • Number of Bridges From Ethereum to Polygon
    • Polygon Vs Ethereum Fees
    • Popular platforms Users used after Bridged
    • Top 10 destination from Ethereum to Polygon Bridges
    • Number of transactions per Type
    • Popular Assets that users prefer to Bridge
    • Top Users Activity after Bridge