Introduction

The Optimism Network or Optimism is a second layer solution, which was created to solve the scalability problems of the Ethereum network. Optimism in the word means optimism, and the Optimism network was created based on this approach. The Optimism network uses Optimisitic Rollup to increase scalability. In this solution, the Optimism network collects and executes transactions in its network and sends them in a compressed form to the Ethereum network, causing the scalability, speed of transactions and their fees to be significantly reduced.

In the optimistic approach that the Optimism network uses, all transactions that are validated by network validators are considered valid and processed. This process ensures that transactions are not validated separately and their processing time is greatly reduced. Also, each member of the network or validators has up to one week to check the set of transactions and if a fake transaction is found, inform the network and receive a reward.

The Optimism network was created with the aim of solving Ethereum's scalability problems and making this network efficient. Optimism has built its design on four main pillars: simplicity, pragmatism, sustainability and optimism. These features allow the Optimism network to operate simply and effectively and provide various facilities to users and developers.

How Do Blockchain Bridges Work?

Blockchain bridges can do a lot of cool stuff like converting smart contracts and sending data, but the most common utility is token transfer. For example, bitcoin and Ethereum are the two largest cryptocurrency networks and have vastly different rules and protocols. Through a blockchain bridge, bitcoin users can transfer their coins to Ethereum and do with them what they otherwise could not on the bitcoin blockchain. That can include purchasing various Ethereum tokens or making low-fee payments.

When you have bitcoin and want to transfer some of it to Ethereum, the blockchain bridge will hold your coin and create equivalents in ETH for you to use. None of the crypto involved actually moves anywhere. Rather, the amount of BTC you want to transfer gets locked in a smart contract while you gain access to an equal amount of ETH. When you want to convert back to BTC, the ETH you had or whatever’s left of it will get burned and an equal amount of BTC goes back to your wallet.

If you would do this regularly, you’d have to convert bitcoin to ETH on a trading platform, withdraw it to a wallet then deposit again to another exchange. By the time it gets there, you’d have incurred more fees than probably what you planned to do in the first place.

To put this in perspective, think of how you can use your Visa to pay for your MasterCard bills; or how PayPal can pay for all your online purchases no matter where you’re buying from. Different systems with different protocols yet transactions are fast and seamless. That’s because interoperability has always kept the financial system in place long before cryptocurrency was a thing. As blockchain technology becomes more prominent and not just for crypto, solutions like cross-chain bridges are a big step towards normalization.

• The number of active days in Ethereum To Optimism is about 489 days and 49% compared to Optimism To Ethereum

• The number of bridges Ethereum To Optimism is 7496 and about 4% And the number of Optimism To Ethereum bridges is approx It is 236K and 96 percent

• The number of Ethereum To Optimism Bridgers is 4140 and about 3% And the number of Optimism To Ethereum Bridgers is approx It is 188K and 97 percent

• The volume of Ethereum To Optimism is about 1 billion dollars and about 33% And the volume of Optimism To Ethereum is approx 2 billion and 67%

• The average volume of Ethereum to Optimism is about 148K and about 93% And the average volume of Optimism To Ethereum is approx It is 9K and 7 percent

• The median volume of Ethereum To Optimism is about 9K and about 2 percent And the median volume of Optimism To Ethereum is approx It is 162K and 98 percent

• Comparing ETH with 3 stable coins, ETH has the highest number of bridgers with about 93%

• Comparing ETH with 3 stable coins, ETH has the highest number of bridges with about 92%

• The highest median USD$ volume of Ethereum was To Optimism on November 8, 2021

• The highest average USD$ volume of Ethereum To Optimism was on May 23, 2022

• The highest growth in the USD$ volume of Optimism To Ethereum and the beginning of the upward trend of this growth was on May 20, 2022

• The highest USD$ volume of Optimism To Ethereum was on August 1, 2022

• The highest growth in the number of bridgers for Optimism To Ethereum and the start of the upward trend was on August 30, 2021

• The highest number of bridgers for Optimism To Ethereum was on September 13, 2021

• The highest growth in the number of bridges for Optimism To Ethereum and the start of the upward trend was on August 30, 2021

• The highest bridge for Optimism To Ethereum was on September 13, 2021

• Comparing the average USD$ volume of ETH with 3 stable coins, LUSD has the highest USD$ dollar volume with about 62%

• Comparing the USD$ volume of ETH with 3 stable coins, USDC has the largest dollar volume with about 45%

• The largest bridge USD$ volume was in August 2022, which belonged to USDC

• The highest growth in the number of bridgers was in September 2021, which belonged to ETH, and this growth was from August 2021

• The highest number of Bridgers was in September 2021, which belonged to ETH

• The highest growth in the number of bridges was in September 2021, which belonged to ETH, and this growth was from August 2021

• The highest number of bridges was in September 2021, which belonged to ETH

• The highest growth in bridge dollar volume belonged to USDC, which was in July 2022, which surpassed ETH

• The highest average bridge USD$ volume was in November 2021, which belonged to LUSD

Findings and conclusion

• The number of active days in Ethereum To Optimism is about 489 days and 49% compared to Optimism To Ethereum
• The number of bridges Ethereum To Optimism is 7496 and about 4% And the number of Optimism To Ethereum bridges is approx It is 236K and 96 percent
• The number of Ethereum To Optimism Bridgers is 4140 and about 3% And the number of Optimism To Ethereum Bridgers is approx It is 188K and 97 percent
• The volume of Ethereum To Optimism is about 1 billion dollars and about 33%
• And the volume of Optimism To Ethereum is approx 2 billion and 67%
• The average volume of Ethereum to Optimism is about 148K and about 93% And the average volume of Optimism To Ethereum is approx It is 9K and 7 percent
• The median volume of Ethereum To Optimism is about 9K and about 2 percent And the median volume of Optimism To Ethereum is approx It is 162K and 98 percent

• The highest bridge for Optimism To Ethereum was on September 13, 2021
• The highest growth in the number of bridges for Optimism To Ethereum and the start of the upward trend was on August 30, 2021
• The highest number of bridgers for Optimism To Ethereum was on September 13, 2021
• The highest growth in the number of bridgers for Optimism To Ethereum and the start of the upward trend was on August 30, 2021
• The highest USD$ volume of Optimism To Ethereum was on August 1, 2022
• The highest growth in the USD$ volume of Optimism To Ethereum and the beginning of the upward trend of this growth was on May 20, 2022
• The highest average USD$ volume of Ethereum To Optimism was on May 23, 2022
• The highest median USD$ volume of Ethereum was To Optimism on November 8, 2021

• Comparing ETH with 3 stable coins, ETH has the highest number of bridges with about 92%
• Comparing ETH with 3 stable coins, ETH has the highest number of bridgers with about 93%
• Comparing the USD$ volume of ETH with 3 stable coins, USDC has the largest dollar volume with about 45%
• Comparing the average USD$ volume of ETH with 3 stable coins, LUSD has the highest USD$ dollar volume with about 62%

• The highest number of bridges was in September 2021, which belonged to ETH
• The highest growth in the number of bridges was in September 2021, which belonged to ETH, and this growth was from August 2021
• The highest number of Bridgers was in September 2021, which belonged to ETH
• The highest growth in the number of bridgers was in September 2021, which belonged to ETH, and this growth was from August 2021
• The largest bridge USD$ volume was in August 2022, which belonged to USDC
• The highest growth in bridge dollar volume belonged to USDC, which was in July 2022, which surpassed ETH
• The highest average bridge USD$ volume was in November 2021, which belonged to LUSD

The dashboard link has been tweeted

Methodology

• Three stablecoins in this dashboard →

1- USDC

2- USDT

3- LUSD