Bridge Users (Hop Protocol)

How many unique users have bridged to L2s using Hop? What days in the past 6 months have seen the most volume bridged, and were there any specific events that may have driven these spikes? Which assets have been bridged the most? Show an analysis of the asset distribution of bridging through Hop.

Method

Hop bridges include:

MATIC Bridge: 0x22b1cbb8d98a01a3b71d034bb899775a76eb1cc2
DAI Bridge: 0x3d4cc8a61c7528fd86c55cfe061a78dcba48edd1
USDC Bridge: 0x3666f603cc164936c1b87e207f36beba4ac5f18a
USDT Bridge: 0x3e4a3a4796d16c0cd582c382691998f7c06420b6
ETH Bridge:0 xb8901acb165ed027e32754e0ffe830802919727f

Part 1

Based on the above addresses, I got the number of unique users from the Origin_from_address inside the ethereum_core.fact_event_logs.

Part 2

Based on the above addresses, I got the volume value from the ethereum_core.fact_event_logs table with the filter event_name = 'TransferSentToL2' in the past 6 months by day.

Part 3

In Part 2, I got the daily volume 6 months ago and from the ethereum.core.fact_hourly_token_prices table, I got the daily volume based on the price and showed the share of each token in the chart.

Analysis

The Total number of unique users have bridged to L2s using Hop is 40.7K.

The below chart shows daily total volume of bridged to L2s using Hop in the past 6 months.On January 21 and June 1, 2022, the largest volume of about 8.3M , was done using the hub. In both days, the market crash occurred and it can be said that one of the reasons for the large volume these days.

The below chart shows share of bridge volume per tokens in the past 6 months.The highest volume is related to the WETH token with 64.8%. The USDC is next with 27.3%.

The next chart shows daily total volume of bridge to L2s in the past 6 months by tokens.On January 21 and June 1, 2022, the largest volume of about 8.3M , was done using the Hop.If we look at these two days based on the volume of tokens, we see that the volume of the WETH on January 20, which was about 7M, decreased on June 1 to about 5M. Also, the USDC, which was about 1M on January 20, almost doubled on June 1.

Conclusion

Analyzing the volume of bridges to L2 using hop, it seems that the volumes increase at the time of market collapse. The largest volume is related to WETH, which has decreased the share of WETH compared to 6 months ago.

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