Try Quests to earn cryptoOptimism Bridge Analysis (ETH => OP bridges)
Introduction
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Optimism is a Layer 2 scaling solution for Ethereum. It helps reduce the transaction fee and transaction time on the Ethereum blockchain. Broadly speaking, Optimism helps solve Ethereum’s scalability dilemma. Scalability refers to the rate of transactions per second (TPS) on a blockchain network.
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As everyone knows, a blockchain bridge is a protocol connecting two blockchains to enable interactions between them. The most important benefit of blockchain bridges is the ability to improve interoperability. They enable the exchange of tokens, assets, and data across different blockchains, whether between layer one and layer two protocols or various sidechains.
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In this dashboard, we described the activity among the bridges of optimism. We showed where their assets are coming from, where they are going, and how they are used. We also showed how activity on custom bridges compares to the standard Optimism bridge.
Method
Sections
- Optimism Standard bridge
- Activity on standard Optimism bridge VS Hop bridge
Used contracts
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Optimism standard bridge:
0x99c9fc46f92e8a1c0dec1b1747d010903e884be1 -
Hop bridge:
('0xb8901acb165ed027e32754e0ffe830802919727f') ('0x3666f603cc164936c1b87e207f36beba4ac5f18a') ('0x3e4a3a4796d16c0cd582c382691998f7c06420b6')('0x3d4cc8a61c7528fd86c55cfe061a78dcba48edd1')('0x22b1cbb8d98a01a3b71d034bb899775a76eb1cc2')
Analysis date
10/23/2022
Conclusion
The volume of bridge money in the standard bridge is 2.25 billion dollars. The average volume in the standard bridge is 9.88 thousand dollars. The number of bridge transactions is 228 thousand. The number of bridgers is 185 thousand users.
Most assets that are bridged from the standard bridge are usdc, eth. In the last few months, the volumes of bridged from the standard bridge are more than in the first months of the year (July and September). Also, the highest number of users (bridgers) and the number of transactions (bridged) was in September 2021. But considering the higher volume in the last months of 2022, it can be concluded that this number of users and high transactions moved to small volumes in September 2021. The top events after bridging are transfer, approval, and swap. Also, the number of e-event transactions has increased in the last five months. Also, the first destinations after bridging in terms of the number of transactions are: optimism: op token and uniswap v3: router, uniswap v3: router 2, and optimism: airdrop. Also, the first contracts of the destination after bridging are: dex, defi , layer2.
Also, the comparison of the standard bridge and the hop bridge showed: the standard bridge is superior to the hop bridge based on the considered criteria, and it is superior by a large difference in terms of the number of users, volume ($), and the number of transactions.
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Author
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According to the chart "Top bridged assets by volume ($)," the top asset is USDC with $890 million (39.5%), followed by ETH with $850 million. Other top assets are shown in the donut chart.
The weekly volume based on assets shows that the highest amounts of USDC and ETH were bridged in the last week of July, the first days of August, and the last week of May.
The weekly bridges and bridgers chart shows that total users and bridges had almost the same trend. Also, the number of both cases was very high in September 2021, and in the chart, it is the highest number in this month. Also, this number increased in April and May 2022.
Also, the largest volume of bridges has been recorded since July 25, 2022.
The top events after the bridge (by transaction) are TRANSFER with 3.9 million transactions, followed by APPROVAL with 2.1 million transactions. Swap is also ranked third. Another graph shows that the number of transactions after bridging increased greatly from June 2022 onwards, and in the graph, you can see the increase in the number of transfer, approval, and swap transactions in the past months.
The first top destinations after bridging (based on transactions) according to the chart: the first top destination is OP token with 97 thousand transactions assigned to it. Next is uniswap v3: router with 63 thousand transactions. Uniswap v3: router two and optimism: airdrop is in the following positions. The graph of monthly changes shows that uniswap v3: router two has been the destination of more transactions in the last three months. Also, in the last three months, the hop protocol and Velodrome Router have had more transactions.
Types of destination contracts after the bridge (based on transactions): According to the chart, the top destination contract is DEX with 1.2 million transactions (32%), followed by the defi contract with one million transactions (26%). In third place is the top destination of layer 2 with 950 thousand transactions.
The graph of monthly changes shows that in the last five months, we have had the highest number of transactions to these contracts after bridging. You can also see that the transactions of the three top destination contracts have increased in the last three months
In the Distribution of Optimism Bridges By Their Volume chart, it can be seen that $100-500 in the standard bridge has the highest distribution volume. Also, in Paul ho, 100-500 dollars has the largest volume of distribution with a slight difference compared to 10-50 dollars.
Also, the analysis shows that the volume of bridged, the number of bridged, and the number of bridged users are much higher in the standard bridge than in the hop bridge.
Also, the weekly graph of changes in the volume of bridging in the standard bridge and the hop bridge (based on USD) shows that in all weeks, the volume bridged in the standard bridge is more than the hop bridge.
The weekly changes in the number of bridge transactions and the number of users who bridged have been higher in the standard bridge in most weeks. But in the first week of October and on some days of July, the number of users and the number of transactions in the hop bridge were more.
