What is the Question?🚨

Where do people go when they bridge to Optimism from Ethereum?

What are the 10 most popular first destinations for users that have just bridged from Ethereum? What has this been for each day in the past month? How has this changed over the last three months? Last six months?

Analyzed Topics:

1. Daily & Overall Bridge Stats From Ethereum to Optimism
2. Bridging Assets
3. Top 10 First Events After Bridge
4. Top 10 First Destinations After Bridge
5. Top 5 Bridgers

Introduction🚩

What is Optimism?

Optimism is a fast, stable, and scalable L2 blockchain built by Ethereum developers, for Ethereum developers. Built as a minimal extension to existing Ethereum software, Optimism's EVM-equivalent architecture scales your Ethereum apps without surprises.

What are Optimism Bridges?

The Optimism Bridge allows you to transfer assets between L1 and Optimism. Live incentives. Orbiter. orbiter.finance. A decentralized cross-rollup Layer 2 bridge with a contract only on the destination side.

More Info

Method⚡

In this dashboard i analyzed bridge stats such as number of bridges, bridgers, Bridge volume in USD and etc in multiple angles and showed what the bridgers do after their bridge.

I extracted the data that i needed from ==Ethereum.core== and ==Optimism.core== databases provided by Flipsidecrypto and used multiple tables such as: ==“ethereum.core.ez_eth_transfers”== , ==“ethereum.core.ez_token_transfers”== , ==“ethereum.core.dim_contracts”== ,

==“ethereum.core.fact_hourly_token_prices”== , ==“ethereum.core.fact_event_logs”== , ==“optimism.core.fact_event_logs”== and ==“optimism.core.dim_labels”==. I also used this ==“0x99c9fc46f92e8a1c0dec1b1747d010903e884be1”== contract address to filter the bridges to Optimism from Ethereum.

Findings👀

• In the above charts, i showed daily and total number of bridgers, how many bridges they recorded and how much volume in USD they spent on their bridges from Ethereum to Optimism.
• As we see, bridging and number of bridgers were so high at the end of 2021,but after that these stats all of a sudden dropped badly and i think it was because of the bearish market that just started in the beginning of 2022.
• We see some serious movement recently on number of bridges and bridgers after early October after a long time.
• On Oct 30th, number of bridges and bridgers recorded an all-time high in past 5 months with over 1K bridges and bridgers.
• Also it is interesting to say that recently in past 4 months daily average volume in USD has increased and it is saying that users are coming back to bridging after a long time.
• A total of 188K bridgers recorded over 230K number of bridges and 2.3B $ volume over time.

1. Daily & Overall Bridge Stats

2. Bridging Assets

Findings👀

• In these multiple sort of charts, i showed monthly bridges and bridge volume in USD divided by bridged assets and also showed bridged assets percentage both in all time and monthly timeframes.
• As we see number of bridges started to increase in past few months and and most of the bridges and bridge volume in USD recorded on Aug 1th, also most bridges of that month was USDC stablecoin.
• As we see in the pie charts, USDC accounts more than 55% of both bridges and bridge volume in USD between all the bridged assets over time.
• In the bottom bar charts, i showed monthly percentage of bridged assets, and it is obvious that USDC is the most popular asset to bridge after Sep 2021, before that it was USDT but USDC slowly replaced it over time.

3. Top 10 First Events After Bridge

Findings👀

• In these charts, i tried to show the top 10 most popular first events that bridgers do after their bridge in multiple angles.
• As we observe, Transfer is the most popular first action after bridge between users in terms of both number of bridges and bridgers.
• Transfer is accounting over 50% of all actions and after that swap and deposit will be in the second and third place respectively.
• As we see in the transaction growth chart, number of first action transactions after bridge are increasing day by day and most of them is Transfer.

4. Top 10 First Destinations After Bridge

Findings👀

• In these charts im showing top 10 most popular first destinations that bridgers interact with them after their bridge transaction.
• As we see in the monthly bar chart, most popular destination for bridgers on almost every month except Nov 2021, was Hop protocol. On Nov 2021 it was Uniswap.
• Hop Protocol accounted over 55% of all first destinations in terms of both number of bridges and bridgers and Uniswap and optimism are in the second and third place respectively.
• With Hop Protocol and Uniswap being the top first destinations after bridge, the top first events that were Transfer and Swap as i mentioned earlier will make sense.

5. Top 5 Bridgers

Findings👀

• In the above graphs i showed top 5 bridgers in terms of number of bridges and their bridge volume in USD.

• ==“0x428ab2ba90eba0a4be7af34c9ac451ab061ac010”== wallet address is the biggest bridger by number of bridges, this bridger recorded 224 number of bridges by itself and it is 74 bridges more than the second person, ==“0x217f950b1928f7df301b284e22837b548e0ac61b”== is the second bridger in terms of number of bridges with 150 bridges, this 2 addresses are accounting more than 50% of all bridgers in terms of bridge count.

• As we see in the top 5 bridgers by Volume in USD charts, ==“0x997fd5f16c9717007244e15e1e47db5f37bd53c2”== is the most popular and biggest bridger in terms of USD volume with 93.7M bridge volume in USD, in the second place, we have ==“0x4b3f1048c55faa0c0873e249e541139360501f2a”== wallet address with 50M bridge volume in USD and it is almost half of the first wallet’s volume.

• The fact that none of the addresses of these two sections are equal shows that more number of bridges dont make more volume, i mean someone might do 2 or 3 bridges with a large amount of volume and someone might do 200 bridges with short amount of volume.

• Bridgers recorded an average number of 1.23 bridges and 12.3K volume in USD over time.

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Conclusion💡

• A total of 188K bridgers recorded over 230K number of bridges and 2.3B $ volume over time from Ethereum to Optimism.
• Daily bridge volume in USD recorded an all-time high on Aug 4th with almost 190M$.
• Recently, Daily Average bridge volume in USD has increased.
• USDC and USDT are the most popular bridged assets between bridgers over time.
• It seems like stablecoins are attractive options to bridge between bridgers.
• USDC is the most popular asset to bridge on every months of 2022.
• Users are usually doing transfers after they bridge their asset from ethereum to optimism and after that swap will be the second popular option for them to choose.
• Transfer by itself is accounting almost 50% of all first actions after bridge over time.
• Hop Protocol, Uniswap and Optimism are the most popular first destinations after bridge.
• Hop protocol is decisively in the first place of first popular destinations after bridge between bridgers over time, in past 6 months this fact didnt changed that much except May and June that Optimism did some serious movements to be the first popular destination but it couldnt beat Hop Protocol.
• ==“0x428ab2ba90eba0a4be7af34c9ac451ab061ac010”== is the biggest bridger in terms of number of bridges and ==“0x997fd5f16c9717007244e15e1e47db5f37bd53c2”== address is the biggest bridger in terms of Bridged Volume in USD.
• Bridgers recorded an average number of 1.23 bridges and 12.3K volume in USD over time.

Author: Sbhn_NP

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Thanks for your time!