With the crypto ecosystem slowly becoming multi-chain instead of one chain taking all, there has become the need for various assets to be sent to and fro different chains. Transfers may either be from layer 1 to layer 1, layer1 to layer 2 or vice versa.
Bridges play a big role in the multichain future, and one of the few bridges that have cemented their name in Ethereum is Hop protocol. With Hop, users are able to transfer ETH, USDC, USDT, MATIC, and WBTC between Ethereum mainnnet and other scaling solutions like Optimism, Arbitrum, etc.
This dashboard will take a look at the user's using Hop to bridge their assets. The following contracts will serve as the basis for our investigation:
- hop protocol: ethereum bridge -
0xb8901acb165ed027e32754e0ffe830802919727f
- hop protocol: dai bridge -
0x3d4cc8a61c7528fd86c55cfe061a78dcba48edd1
- hop protocol: matic bridge -
0x22b1cbb8d98a01a3b71d034bb899775a76eb1cc2
- hop protocol: usdt bridge -
0x3e4a3a4796d16c0cd582c382691998f7c06420b6
- hop protocol: wbtc bridge -
0xb98454270065a31d71bf635f6f7ee6a518dfb849
The first metric to look at is the number of unique wallets bridging to L2s using Hop. At the time of this writing on June 18, 2022, there are 48.2k wallets who have used the Hop bridges.
Next, let's take a look at the volume of assets being bridged daily.
Obviously, Hop had a humble beginning with daily volumes usually under $1m but as you can see it started to break through the $2m thresholds in late December 2021, and reached a peak of $9.8m on February 24, 2022. This was during a bull market and at a time when L2s had become the talk of the town.
Now, let's take a look at the most bridged assets by count in the bar chart below.
ETH is the most bridged asset within the bunch on Hop which makes sense because ETH is used to pay for gas on L2s as well. MATCI, USDT, DAI, and WBTC follow suit in that order.
Last but not least, let us find out how these assets are distributed by volume.
ETH is the leader here once again accounting for 84.3% of the total Hop volume. USDT and DAI are in 2nd and 3rd place with 6.5% and 6.26% respectively. Although MATIC is the second-highest swapped asset, it accounts for only 2.89% of the total volume.