Methodology

• Wormhole contracts come from the Wormhole documentation

• For the Ethereum Wormhole address we look at all the transfers to 0x3ee18B2214AFF97000D974cf647E7C347E8fa585 and decode the tx data to find the chain_id = 1 for Solana transfers

• For Solana we look at all the transactions using the wormhole programId 0x98f3c9e6E3fAce36bAAd05FE09d375Ef1464288B

• For the User actions, we look at all the Wormhole users on Ethereum and Solana and see what kind of actions they like i.e swapping, nft buying or nft minting.

• For what the users are doing before bridging we look at the swaps that each user did within 2 days before bridging where they swapped tokens to the same token as the one that was bridged.

• To answer the CEX question we look at the transfer volume and number of transfers to imply what is used more.

Wormhole Activity Ethereum → Solana

• Bridge volume is quite sporadic with the highest being ~8M $USD on July 28 and Aug 3, 2022.
  • Most of the Bridged volume comes from USDC as that is the most common token bridged from Ethereum to Solana.
• The number of wallets has been consistent around 60 wallets using the wormhole transfers per day, most popular token is WETH for users, followed by USDC.
• The Number of transfers have been consistent around 50 transfers per day, with WETH being the popular token.

Wormhole Activity Solana → Ethereum

• Bridge volume is quite sporadic with the highest being ~14M $USD on Jun 15, the volume after that has just dwindled.
  • Most of the Bridged volume comes from USDC as that is the most common token bridged from Solana to Ethereum as well.
• The number of wallets has been consistent around 80 wallets till Jun 20, and about 30 wallets using the wormhole transfers per day, most popular token is USDC.
• The Number of transfers have been consistent around 2.5K transfers per day, except two spikes of 35K transfers on Jul 6 and Jul 12, 2022.

User Behaviour Before Bridging - Ethereum

For what the users are doing before bridging we look at the swaps that each user did within 2 days before bridging where they swapped tokens to the same token as the one that was bridged.

• RLY is the most popular token that was swapped into from other tokens less than 2 days before bridging, which means it was dominantly the only token swapped to bridge.
• CEL makes an appearance as well it was swapped around Jun 13, 2022 to be bridged to Solana.
• USDC has been also very popular token recently since Jul 25, 2022.
• In terms of number of wallets, there are very few wallets which specially swap tokens to bridge.
• In terms of number of transfers, we see a rise in USDC being swapped and transferred over to Solana.

User Behaviour Before Bridging - Solana

For what the users are doing before bridging we look at the swaps that each user did within 2 days before bridging where they swapped tokens to the same token as the one that was bridged.

• WETH is the most popular token that was swapped into from other tokens less than 2 days before bridging, which means it was dominantly the only token swapped to bridge.
• In terms of number of wallets, there are a lot more wallets that are swapping to bridge exclusively as compared to Ethereum.
• In terms of number of transfers, we see a rise in USDC being swapped and transferred over to Ethereum.

Actions taken by Wormhole Users - Ethereum

• For a total of 2K wormhole users of Ethereum, only 700 are swappers, 722 are NFT traders and 945 are NFT Minters.
• This suggests that Wormhole users are also wallets from are interested in NFT minting and trading.

Actions taken by Wormhole Users - Solana

• For a total of 5.6K wormhole users of Solana, only 3.2K are swappers, 677 are NFT traders and 1.3K are NFT Minters.
• Ethereum wormhole users are more avid NFT Traders as compared to Solana Wormhole users.

Is Bridging safer than CEX ?

• The data seems to suggest no, people like to transfer out tokens to CEX a lot more than they bridge using wormhole.
• Personally transferring tokens out to a CEX are way more easier than using the bridge, also there are a lot of opportunities to convert the tokens to other tokens as needed on a CEX.
• I would say that the data suggests CEX is more safer than Wormhole Bridging.

Conclusion

• Wormhole is more popular with Solana → Ethereum rather than the other way around.
• There is more transfer volume from Solana, also a lot more users bridging tokens.
• Also there are a lot more wallet swapping tokens specifically for bridging purposes.
• These observations might be due to the fact that Solana users are more accustomed to Wormhole like Terra Users as compared to Ethereum users.