Bridger Destinations (redux)

Let’s take a closer look at DEXs on Optimism. Make a dashboard that compares at least three DEXs based on:

Questions

Where do people go when they bridge to Optimism from Ethereum?

What are the 10 most popular first destinations for users that have just bridged from Ethereum? What has this been for each day in the past month? How has this changed over the last three months? Last six months?

BONUS: Post your dashboard on Twitter and tag @flipsidecrypto and any relevant accounts!

Introductions

What is Optimism? source

Optimism is a layer 2 chain, meaning it functions on top of Ethereum mainnet (layer 1). Transactions take place on Optimism, but the data about transactions get posted to mainnet where they are validated. It’s like driving in a less crowded side street while benefiting from the security of a highway.

Optimism is the second-largest Ethereum layer 2 with a total of $313 million locked into its smart contracts, as of this writing, according to Defi Llama. Arbitrum comes first with $1.32 billion.

Synthetix, a derivatives liquidity protocol, is the largest protocol on Optimism, with a total value locked (TVL) of $125 million. Uniswap, a decentralized exchange (DEX), is the second most popular protocol on the chain. As of this writing, there are 35 protocols on Optimism with at least $1,000 locked into their smart contracts.

What are Blockchain bridges? source

A blockchain bridge is a tool that lets you port assets from one blockchain to another, solving one of the main pain points within blockchains – a lack of interoperability.

Since blockchain assets are often not compatible with one another, bridges create synthetic derivatives that represent an asset from another blockchain.

Method

Find First Bridge Tx that occurred in past 30/ 90/ 180 days
Find Tx that happened right after the previous Bridge Tx with particular user
Find Function name of that Tx
Analyze obtained data to answer the question as will be presented

Note that

Bridge Tx above is user’s first Bridge Tx ever in Optimism
Data is queried on 3rd Nov 2022

Top10 Functions that users interact after they bridge

We collect Function that users interact after they bridge

and sum it over last 30/ 90/ 180 days to find Top10 most popular first function interacted

From below graphs

Top10 Functions in last 180 days are

claim > approve > multicall > mintToken >swapAndSend > deposit > transfer > depositETH > delegate > swap

Top10 Functions in last 90 days are

approve > multicall > mintToken > depositETH > deposit > claim > transfer > swapAndSend > swap> delegate
Top10 list is the same, but they just switch places

Top10 Functions in last 30 days are

multicall > approve > mintToken > claim > deposit > swapAndSend > depositETH > swap > transfer > delegate
Top10 list is the same, but they just switch places
approve and multicall have very high fraction, all together is over 65% for in last 30 and 90 days
- in last 180 days there is claim function to share high fraction

Top10 Actions that users perform after they bridge

We hereby define “Action” is Function + to_address

For example, when Function is approve and to_address is 0x7f5c764cbc14f9669b88837ca1490cca17c31607 (USDC contract) then Action is Approve USDC

It is useful to investigate Action further from only Function, so that we will know deeper what exactly users are doing

We collect Action that users interact after they bridge

and sum it over 30/ 90/ 180 days to find Top10 most popular first Actions interacted

From below graphs

Top10 Functions in last 180 days are

Claim Optimism Airdrop > Swap via Uniswap V3: Router 2 > Approve USDC > Mint SUPNERDS > Deposit h-tokens in Hop protocol > Approve USDT> Wrap ETH > Delegate OP > Swap via 1inch.exchange: Aggregation Router V4> Approve DAI

Top10 Functions in last 90 days, it changes to

Swap via Uniswap V3: Router 2 > Approve USDC > Mint SUPNERDS > Wrap ETH > Approve DAI > Approve USDT > Claim Optimism Airdrop > Deposit ETH to Aave: aWETH Token V3 > Swap via 1inch.exchange: Aggregation Router V4 > Deposit h-tokens in Hop protocol
Top10 list changes from 180 days, Delegate OP is out, Deposit ETH to Aave: aWETH Token V3 comes instead

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Top10 Functions in last 30 days are

Swap via Uniswap V3: Router 2 > Approve USDC> Mint SUPNERDS> Claim Optimism Airdrop> Wrap ETH> Deposit h-tokens in Hop protocol> Approve OP> Swap via 1inch.exchange: Aggregation Router V4 > Approve USDT> Deposit ETH to Aave: aWETH Token V3
Top10 list changes from 90 days, Approve DAI is out, Approve OP comes instead
Function claim in the previous section is Claim Optimism Airdrop Action
- Now we know users come to Claim airdrop a lot from last 180 days graph
  
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2 Popular Functions approve and multicall
- Now we know users are likely to approve USDC, USDCT, OP, DAI
- and likely to Swap via UniSwap

Conclusions

This dashboard has been tweeted here

We have illustrated Top10 Functions and Top10 Actions users perform after they bridge over last 30/ 90/ 180 days
Top10 Functions list is the same over all 3 time periods, they just switch places
- The list is claim, approve, multicall, mintToken, swapAndSend, deposit, transfer, depositETH, delegate, swap
Top10 Actions list has a slight change over time
- in last 180 days are Claim Optimism Airdrop, Swap via Uniswap V3: Router 2, Approve USDC, Mint SUPNERDS, Deposit h-tokens in Hop protocol, Approve USDT, Wrap ETH, Delegate OP, Swap via 1inch.exchange: Aggregation Router V4, Approve DA
- in last 90 days changes from 180 days, Delegate OP is out, Deposit ETH to Aave: aWETH Token V3 comes instead
- in last 30 days changes from 90 days, Approve DAI is out, Approve OP comes instead
All together, we can see some change of activity trend over time, For example
- OP has become more popular than DAI in last 30 days
- in last 180 days, users tend to Deposit ETH to Aave: aWETH Token V3 pool
- Users come to claim Airdrop a lot in last 90 - 180 days
- Users Approve USDC and Swap via UniSwap a lot in every period