Bridge Users (Hop Protocol)

How many unique users have bridged to L2s using Hop? What days in the past 6 months have seen the most volume bridged, and were there any specific events that may have driven these spikes? Which assets have been bridged the most? Show an analysis of the asset distribution of bridging through Hop.

General Stats

Let's first look at the overall on-chain stats (on velocity) and how they compare to the officially published ones.

It seems that for the Ethereum volume in $ the value is very close to that of the value calculated by the official team. On the other hand, the Polygon value is a whole magnitude off of the official value (see bellow).

Contract Sourcing

All contracts sourced for the SQL queries have been sourced from the GitHub account of Hop Exchange.

This could be either that some of the tokens have the incorrect amount_usd values on the polygon table as I've noticed as such. Or the logic also could be wrong. Let's see what we get when we only take into account the official tokens for both Ethereum and Polygon twice in the where clause.

The numbers are closer, for Ethereum, to the official numbers, but again the Polygon numbers are incorrect. Given this, I will focus on the Ethereum to L2s.

Unique Users && Transaction Count

Let's look at unique active users and the number of transactions daily using Hop to "hop" from Ethereum to L2s.

Some significant spikes here are around Sept-Oct 2021 then Dec 30th then again April 30th 2022. The first 2021 spikes could be related to Hop Exchange opening up L2 <-> L2 bridging. Later on, it could be the OP airdrop expectation or just users jumping between L2 chains (op <-> arbitrum <-> polygon) or other.

Volume in $

Let's look at the daily volume through Hop, used to "hop" from Ethereum to L2s.

What we see here is that most users do about ~ 1.4-1.6 txns on average, with the exception of June 1st which could be people bridging out of Optimism post airdrop.

This is a very muddy graph, but if we focus on the amount $ we can see that the average oscillates around ~ 2M $ in daily volume, which is significant! When looking at the Amount per tx or amount per user, what we see is that upon launch there's the biggest spike ~250k $ then the September spike accounts only for ~ 100k$, 40% of the previous spike, this is also because there was a lot less volume in terms of unique users, the amount per displays averages, so it makes sense that over time more users use Hop the more it will get "mudded" as a metric.

When looking at the Total Amount $ bridged USDC is the main bridged token, then DAI, USDT and MATIC. It's also interesting that users do not bridge as much $ WETH to other chains.