Try Quests to earn cryptoArbitrum Bridges
Methodology
In this project, in the first step, I have investigated different bridges to transfer ETH to the Arbitrum network.
These bridges are: Native Bridge,Hop protocol and Across Bridge
In this comparison, I have transferred the daily trend and the total number of users as well as the dollar value and compared them with each other.
In the next step, I conducted a special review of the hop protocol and compared the top four tokens in terms of the dollar value of the transfer, the number of users, and some other metrics.
In the third stage, I have examined the first transactions that users do after receiving the amount through the bridge, and I have examined them in the two modes of sector analysis and event analysis.
Findings - part 1
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In this section, weekly, overall and cumulative graphs were presented and analyzed to show the amount of usage as well as the transfer amounts of ETH to Arbitrum through three different communication channels.
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The weekly chart shows a significant decrease in transmission values in 2022. Definitely one of the reasons for this decrease is the bear market that has affected all networks.
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The results show the decisive superiority of Arbitrum Native Bridge over the other two competitors. Since Jan 1st, 2022, the amount of ETH transferred throughout this bridge was $2.38B. While, this number for HOP was equal to 400 M$ and for Across it was equal to 56 M $.
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Also, in terms of the number of users, Arbitrum Native Bridge has the most users since 2022 with 543k or 74% of users, followed by HOP with 152k or 21% of users. The number of Across users after 2022 was 40k or 5.34% of the total. More than half of HOP users have made transactions in the third week of June in 2022!
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Part 2 - Hop Protocol
In this section, we will specifically check Hop Protocol and Weekly Bridged value $ from Ethereum to Arbitrum by tokens, as well as the number of users and some other metrics.In this section, weekly, overall and cumulative charts will be presented and analyzed to show the usage as well as amounts of ETH, USDC, DAI and USDT transferred to Arbitrum via the Hop protocol.
Findings - part 2
- In this section, weekly, overall and cumulative graphs were presented and analyzed to show the amount of usage as well as the transfer amounts of ETH,USDC,DAI and USDT to Arbitrum through Hop Protocol.
- The results show that ETH accounted for the most value with nearly 70% of the total value transferred, or 498M USD. USDC is second with 191M and 26% of the total, followed by USDT and DAI with 26M and 15M respectively.
- The cumulative chart shows that in October 2021, the transfer rate of ETH overtook that of USDC and then increased with an increasing slope.
Findings - part 3-1
Event Analyzing
- By checking the graphs, it is clear that the top three behaviors of users after Bridging are Transfer, Approval and Swapping with 38, 27 and 12% respectively.
- The cumulative chart shows that since the beginning of July, Transfer and Approval have been increasing rapidly, and they include the most destinations of users after bridge. Swap, however, in terms of cumulative growth, has been lower than these two.
- Hop protocol platform has been the first destination of transfers without a competitor.
Findings - part 3-2
sector Analyzing
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In this section, we examine the sectors to which the largest number of transactions have been sent after bridging.
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The Layer 2 section with the highest absorption of transactions (43%) ranks first. With a deeper look, inside layer 2, ETH L2 Bridge has been used the most.
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The DEX section with the second highest absorption of transactions (38%) ranks second. With a deeper look, inside DEX, Sushiswap and Uniswap routers have been used the most
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The Defi section with the third highest absorption of transactions (3.2%) ranks third. With a deeper look, inside it, AAVE pool v3 has been used the most
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