What is an L2?

Layer 2 (L2) is a network or channel that sits on top of a Layer 1 (L1) network like Bitcoin or Ethereum. L2's are designed to enhance the speed and reduce the cost of performing transactions on a blockchain.

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 is a Crypto Bridge?

Crypto bridges are the solution for investors who want to take digital assets from one chain and spend, swap, or invest those assets on another blockchain. Some cross-chain bridges accomplish this by creating a “wrapped” token out of the crypto from the starting chain, making it compatible with its destination.

What is Stargate?

Stargate Finance is a decentralized crypto exchange with modern features that aims to deliver a fully composable native asset bridge. As a liquidity transport protocol, the platform allows users to add liquidity to various pools, stake assets, and transfer native assets. Crypto users can also farm tokens.

Methodology

In this dashboard, we will look at the activity of the native Optimism bridge and compare its activity to the activity of stargate finance’s bridge on Optimism. The data for this dashboard will be from the optimism.core table of Flipside’s database.

As shown above ==coinbase==, ==across protocol== and ==gnosis safe== are three platforms that majority of ETH has been bridged from, into Optimism, their bridged ETH is 55M $ETH.

Other 9 platforms has total 2M bridged $ETH into Optimism.

Daily ETH bridges has bullish trend which maximum of ETH bridges occurred on 2022/08/03 with 7,107,923 $ETH on coinbase.

• Of 245 projects that has sent ETH into Optimism only hop protocol and uniswap has sent ETH volume over than 1B
• Hop protocol as most sent project has bridged ETH 2 times more than uniswap as second project and 3 times more than aave as third project.
• Since November 2021 we see that sent ETH volume has been increasing towards August 2022 and most of bridge activity has been happening since August and most sent ETH happened on August 4th of 2022 from aave with 391,399,713 $ETH.

• In September 2022 there has been a massive spike in users bridging USDC to and from Optimism using Stargate
• There have almost always been more users depositing liquidity into stargate on Optimism

As mentioned above, ETH is the most popular asset on Standard bridge in terms of number of bridges but in terms of volume, USDC currently has a little more volume than ETH and is on the first rank in this terms.

Conclusion

• The standard bridge is the most flexible mechanism for asset transfers. However, because it is so generic it is not always the easiest mechanism to use. Especially for withdrawals, most users prefer to use third party bridge that do not wait the challenge period and do not require a Merkle proof to finalize the withdrawal.
• ETH and USDC are by far the most popular asset for bridgers in all protocols to get bridged to Optimism. USDC currently has the most volume of bridges in Standard bridge but ETH is on the first rank in terms of the number of bridges and bridgers and also has the most volume of bridges on Hop and Across bridges.
• Transfer, Swap and Deposit are the most 3 popular emitted events by newly bridgers to Optimism.
• Destinations such as Uniswap, OP token, and Hop Protocol tokens are among the most popular destination of bridgers after bridging to the Optimism.
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