Stargate finance (Optimism)

    This dashboard takes a div into Stargate finance on Optimism. Using this dashboard, we are going to analyze USDC bridging activity and liquidity providing with stargate finance on Optimism.

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    USDC bridge to/from Optimism with Stargate

    Introduction

    Optimism is a fast, stable, and scalable L2 blockchain built by Ethereum developers, for Ethereum developers.

    About Stargate : Stargate is a fully composable liquidity transport protocol that lives at the heart of Omnichain DeFi. With Stargate, users & dApps can transfer native assets cross-chain while accessing the protocol’s unified liquidity pools with instant guaranteed finality. The universe is infinite with Stargate. The TVL value in Stargate is $ 418,990,748.16.

    About USDC stablecoin : USD Coin (USDC) is a stablecoin issued by CENTRE — a joint venture between Coinbase and Circle. The cryptocurrency is backed by U.S. dollar-denominated assets held at regulated and audited U.S. financial institutions. USDC has a variety of uses in the crypto marketplace, but is commonly deployed in decentralized finance (DeFi) protocols and by traders.

    Approach

    Dashboard sections

    1. USDC bridge to/from Optimism with Stargate
    2. USDC Providing Liqidity

    Data source

    flipsidecrypto new data app (Table: optimism.core.fact_token_transfers) || We used all available data

    Used contracts

    1) 0xDecC0c09c3B5f6e92EF4184125D5648a66E35298 2) 0x165137624F1f692e69659f944BF69DE02874ee27

    Sourse

    Analysis date

    2/19/2023

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    USDC LP:

    A total of 50 million USDC have been withdrawn from liquidity pools. Also, 260.3 million USDC has been deposited in liquidity pools. By subtracting these amounts from each other, net liquidity is obtained, which is approximately 210.3 million USD.

    In most of the weeks, the amount deposited was higher than the withdrawal, and the weekly chart shows that in the second and third weeks of May 2022, we had the highest amount of USDC deposits in the Stargate liquidity pools. In general, from the beginning of 2022 to the beginning of 2023, the deposit and withdrawal values have decreased. At the end of July and the beginning of August 2022, we will see an increase in deposit amounts, and on the other hand, withdrawal amounts have increased significantly in the first week of September 2022, which was the largest amount withdrawn in this week.

    USDC Providing Liqidity

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    Bridge USDC amount:

    Approximately 263 million USDC has been a bridge from Optimism to other networks via Stargate bridge. In contrast, about 452 million USDCs from other networks have been the bridge to Optimism. Net 189 million USDC bridges on Optimism.

    Weekly Changes of Bridge Values "to" and "From" Optimism show that the largest USDC volume entered to Optimism was in the early week of November 2022. 63.5M USDC was the bridge to Optimism in the first week of November. Generally, in most weeks, the bridged values of the Optimism are higher than the bridged values of the Optimism. The highest net USDC bridge was also in the first week of November. In May, August, and November 2022, the bridge values were higher.

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    Bridge USDC user activity:

    282K USDC users bridged to Optimism (with Stargate). Also, 159 thousand of USDC users were bridged from Optimism. Also, the daily activity changes of the number of users show that there has been a significant increase since September 20, 2022, and on January 7, 2023, the highest number of USDC active users bridged to Optimism. Since January 17, 2023, we have seen a significant drop in user activity.

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    LP user activity:

    The number of users who deposited USDC to liquidity pools is 48.8 thousand users. Also, the number of users who withdrew USDC from liquidity pools is 19.7 thousand users. As a result, the number of depositing users is more and the USDCs deposited into liquidity pools are more. Also, the graph of the daily activity of users shows that the number of active users has increased between the end of 2022 and the first 15 days of 2023, and most of the users were active during this period, while the most money deposited and withdrawn in the months It is the beginning of 2022. This difference shows that users who have been active at the beginning of 2022 have deposited and withdrawn more USDC amounts (compared to activity in late 2022).

    Conclusion

    The results show that the total USDC bridged to the Optimism network through Stargate is approximately 1.7 times the total USDC bridged from Optimism to other networks. Also, the net bridged to Optimism with Stargate is approximately 189 million USDC. Further, the weekly and daily changes showed that in the first week of November 2022, we had the highest amount transferred to the Optimism network. Also, the weekly changes of the net bridged to Optimism show that from the end of April to the end of July, the bridged values were higher, and only in the first week of November we had the highest net bridged to Optimism. In another part, the results showed that the number of users who bridged to Optimism is 1.7 times the number of users who bridged from Optimism to other networks. From September 21, 2022, the trend of increasing the number of users started and this trend continued until January 15, 2023. In the other part, the results showed that the total amount of USDC deposited in the Stargate liquidity pools is almost 5 times the amount of USDC withdrawn from the liquidity pools. And the net liquidity provision is 210 million USDC. Also, the weekly and daily changes show that the highest amounts of cash deposits and withdrawals are in the months before September 2022, and in the last months of 2022 and the beginning of 2023, the amounts of deposits and withdrawals have decreased. The number of users who have deposited into USDC liquidity pools is approximately 2.5 times as many as have withdrawn. And on the other hand, although more volumes were deposited and withdrawn in the early months of 2022, the number of users who deposited and withdrew increased significantly in the last month of 2022 and the first two months of 2023, but the volumes of deposits and withdrawals were Not more. These findings show that users who have deposited and withdrawn in the early months have deposited and withdrawn larger amounts.

    Author

    Gmail: ftmkhodabande@gmail.com

    Twitter: @busygirlcom || Discord: Jinx#6675

    Special thanks to my friend camp#4286