Try Quests to earn cryptoOptimism Bridge Analysis
Where are assets coming from, where are they going, and how are they used? How does activity on custom bridges compare to the standard Optimism bridge?
Method⚡
In this dashboard, we are going to analyze Optimism bridge activity and compare it with 2 other popular bridges such as Hop Protocol and Across Bridge. Moreover, we are going to extract top bridgers, top bridgers destinations and top emitted events by bridgers after they bridge to the Optimism.
For extracting the needed data, i used ==“ethereum.core.ez_token_transfers”== and ==“ethereum.core.ez_eth_transfers”== tables from ==Ethereum.core== database provided by Flipsidecrypto.
The contract address for Optimism standard bridge is ==“0x99c9fc46f92e8a1c0dec1b1747d010903e884be1”.
For Across, we use the spoke pool v2 contract ==“0x4D9079Bb4165aeb4084c526a32695dCfd2F77381”==. Moreover I have excluded relayer address ==“0x428ab2ba90eba0a4be7af34c9ac451ab061ac010”== and the unknown address ==“0xf7bac63fc7ceacf0589f25454ecf5c2ce904997c”== which also has a different logic causing the decoding to output wrong values.
For Hop Protocol, i used ==“0xb8901acb165ed027e32754e0ffe830802919727f”== , ==“0x3666f603cc164936c1b87e207f36beba4ac5f18a”== , ==“0x3e4a3a4796d16c0cd582c382691998f7c06420b6”== , ==“0x3d4cc8a61c7528fd86c55cfe061a78dcba48edd1”== , ==“0x22b1cbb8d98a01a3b71d034bb899775a76eb1cc2”== contract addresses.
I used Log Scale on some charts to make them more understandable.
All the charts and analytics that you are going to see are over time and i didnt used any specific timeframe to filter the data.
Introduction🚩
What is Optimism Bridge?
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.
What is Hop Protocol?
Hop protocol is a mechanism for transferring tokens over a shared layer 1 network quickly and without trust. It provides customers with a two-pronged token bridge for Ethereum's layer 2 network. The solution aims to facilitate the rapid movement of a token between layer 2 and a scaling solution's governance token.
What is Across Bridge?
Across is an optimistic insured bridge that relies on a decentralized group of relayers to fulfill user deposit requests from EVM to EVM networks. Relayer funds are insured by liquidity providers in a single pool on Ethereum and refunds are processed via the UMA Optimistic Oracle.
In the chart above, i showed total and daily number of bridges, bridgers and bridge volume in USD by each bridge and then compared the bridges by these mentioned metrics.
As we see in daily charts, Optimism standard bridge launched earlier than the other 2. Optimism standard bridge launched in late June 2022 and until this moment by far it recorded 228K bridge transactions by 185K total bridgers and 2.25B volume in USD. Hop bridge launched in late August and had pretty much the same stats to Optimism standard bridge, even reached itself to standard bridge and crossed it for multiple times in all the charts. Across bridge has lower stats than the other 2 and maybe it is because of it has launched in late May. Altough Across bridge launched in late May, but it recorded pretty high number of transactions and had so many bridgers and it might beat the other 2 monsters in the near future. According to the pie charts, Standard bridge is always over 80% when we compare it to Hop and Across in terms of number of bridge transactions, bridgers and bridge volume in USD over time. Across bridge daily stats reached the other 2 stats on some days and it seems it is getting more popular day by day. On all 3 bridges, it seems like users mostly bridged between 10$-1000$ assets over time. On May 31th, number of bridges and bridgers for all the bridges reached an all-time high. Since mid September, Standard Bridges and bridgers dropped and Hop bridges and bridgers increased both with a gentle slope.
In the bar charts above, i found top 5 most bridged tokens in each bridge by bridge transactions, bridgers and bridge volume in USD.
As we see, ETH is the most bridged token across blockchains in these 3 bridges and stablecoins like USDC, USDT and sometimes DAI are in the second place. It is interesting that we see in top 5 most bridged tokens on Standard bridge by volume in USD, USDC has more volume than ETH while ETH has bridged more than USDC and had more bridgers than USDC over time.
It looks like users like to bridge more stablecoins than common coins or tokens.
In these bar charts, i showed the distribution of bridging by bridgers by 2 different metrics, at first in the left chart i showed bridgers by their number of bridge transactions on each bridge and then in the right chart i showed bridgers by their total bridge volume on each bridge.
According to the left chart, most of the users on all bridges did one bridge transaction and 2-5 bridge transactions fits in the second place. As i showed total bridgers on each bridge over time earlier and what we see here, Over 99% of users on all bridges did under 5 bridge transactions. For example on Standard bridge, over 184K bridgers of total 185K bridgers, did under 5 bridge transactions. In the right chart, we see that the amount of bridges has been distributed in different segments and mostly is in 10$-100$ and 100$-1000$ or we can conclude that most of the bridgers recorded a bridge between 10$-1000$.
> ## What events users did after bridge:
What we observe here is that Transfer is the most popular event between bridgers after the bridge transaction. Approval is an default event that should be done before most of the transactions so we ignore that, then we see after Transfer, users mostly swapped or deposited their assets in different places. If we ignore Approval, Transfer and Swap accounts over 50% of all the actions that users do after their bridge (Over 5M Bridge Transactions).
What users did at first after their bridge is pretty much the same to the most popular events after bridge that i explained earlier.
Most users Transferred their assets right after their bridge got done.
At the end, Transfer, Swap and Deposit is the most popular events for users after their bridge.
> ## Where did users sent their assets after bridge?
I talked earlier about what people do after their bridge, in this segment i will talk about the destinations that users sent their assets to with the help of these 4 pie charts.
We see here that Uniswap v3 is the most popular destination by transactions after users bridge, tbh i expect that because i found out earlier that swap is one of the most popular actions that users do after their bridge.
in top destinations by users and top first destinations by transactions, we see that optimism: op token (contract address) is the most popular destination between bridgers.
As i said, users or transferring their assets to optimism contract address or swapping their assets on Uniswap.
In the charts above, at first with a scatter chart i showed monthly top 10 destinations after users finished their bridge, then with a bar chart i showed monthly share of transactions by destinations.
As the time passes, users are doing more multiple type of transactions after they bridge and it means they are doing more bridges too. Lately since the beginning of August, most users decided to send their bridged assets Uniswap v3 and Hop Protocol. The top 10 destinations experienced almost the same share of transactions on every month over time.
In this section i analyzed most popular destinations contract types on a daily basis and also the distribution of them on some pie charts.
Almost 60% of all destination contracts that assets went to by transactions are DEXs and Defis.
Recently after June, Users mostly sending their assets to DEXs, DeFis and layer2 platforms more than others.
Layer2 and DEXs accounting over 50% of most popular destinations contracts after bridges by number of users.
Conclusion💡
- In overall, Optimism Standard bridge has much bigger stats than Hop and Across bridges
- 185K bridgers did 228K bridges with 2.25B volume in USD on Standard bridge, 33.1K bridgers did 46.1K bridges with 310M volume in USD on Hop Bridge and 3500 bridgers did 4690 bridges with 21.8M volume in USD on Across Bridge over time
- In all the stats like bridges, bridgers and bridge volume, Standard bridge accounted over 80% between these 3 bridges
- Recently, after the middle of June, the volume of hop decreased a little, and from competing with the standard volume, it reached the competition with Across volume.
- ETH and USDC are the most bridged tokens on these 3 mentioned bridges
- Most of the bridgers, recorded under 5 bridges and under 1000$ bridge volume on all Standard, Hop and Across bridges
- Transfer, Swap and Deposit are the most popular events that users did after their bridge
- Uniswap and Optimism: op token contract address are the most popular destinations for bridgers after their bridge
- If we want to say the popular destinations after bridge by contract type, Layer2, DEXs and DeFis are the most popular destinations for bridgers after they did their bridge
