Introduction to Optimism

1. Optimism is an Ethereum Layer 2 network, like Polygon, Arbitrum, and ZkSync.
2. In the decentralised ecosystem, a Layer 1 network is a blockchain, whereas a Layer 2 protocol is a third-party integration that can be used in conjunction with a Layer 1 blockchain.
3. Bridges such as the Optimism native bridge, Hop Protocol, Across, LiFi, and others can be used to connect users' ETH and ERC20 assets to Optimism.

First Events/Activities Users Carried Out after Bridging

First Destinations/Protocols Users Interacted With after Bridging

1. Hop Protocol and Uniswap are the most popular destinations that users interact with after bridging from Ethereum to Optimism over 3 timeframes - 30 days, 3 months, and 9 months.
2. Hop Protocol serves as a bridge between users' ETH and ERC20 tokens and the Ethereum Mainnet or other L2s. This suggests that users who bridged assets to Optimism are likely to use Hop Protocol to bridge assets from Optimism to Ethereum or other L2s such as Polygon, Arbitrum, Aztec, and ZkSync within the next 30 days - 6 months.
3. Uniswap, on the other hand, is a DEX that allows users to swap from one Optimism asset to another.
4. After bridging from Ethereum to Optimism, we see that DEX and Layer2 destination types are the most popular destinations users interact with.
5. NFT destination type used to have a large share in May 2022, but it has since declined.

Introduction to bridges and this dashboard

1. A blockchain bridge is a connection that allows tokens and/or arbitrary data to be transferred from one chain to another. Both chains may have different protocols, rules, and governance models, but the bridge provides a secure way for both chains to interoperate.
2. In this dashboard, we will first look at ETH and ETC-20 tokens bridging volume and count from Ethereum to Optimism over the last 30 days.
3. Then, we will explore the first events/activities that users did after bridging from Ethereum to Optimism over 3 timeframes - 30 days, 3 months and 9 months.
4. Finally, we will examine the first destinations/protocols that users interacted with after bridging from Ethereum to Optimism over the 3 timeframes as well.

Methodology

1. This dashboard examines users who have bridged from Ethereum to Optimism and performed an action on Optimism over 3 timeframes - 30 days, 3 months, and 9 months.
2. Bridging is identified when ETH or ETC-20 tokens are sent to the wallet address 0x99c9fc46f92e8a1c0dec1b1747d010903e884be1 using ethereum.core.ez_eth_transfers and ethereum.core.ez_token_transfers tables.
3. This dashboard only takes into account bridging via the Optimism native bridge.
4. First activity and destination of bridgers are identified using the optimism.core.fact_event_logs event.

Sections in this dashboard

1. ETH and ETC-20 Tokens Bridging Volume
2. ETH and ETC-20 Tokens Bridging Count
3. First Events/Activities Users Carried Out after Bridging
4. First Destinations/Protocols Users Interacted With after Bridging

ETH and ETC-20 Tokens Bridging Volume

1. We have seen a total of 167.5M USD in assets bridged from Ethereum to Optimism in the last 30 days.
2. ERC-20 assets account for 129.4M or 77.2% of all bridged assets, while ETH accounts for 38.1M or 22.8%.
3. ERC-20 bridged reached a high on October 27th, 2022, with 29.8M USD in ERC-20 assets bridged to Optimism on that day.
4. The majority of the days, 60% - 90% of the total bridged volume from Ethereum to Optimism is made up of ERC-20 tokens.
5. USDC is the most bridged ERC-20 token to Optimism, with approximately 90M USD bridged in the last 30 days.

1. Transfer is the most popular action performed by users after bridging from Ethereum to Optimism over 3 timeframes - 30 days, 3 months, and 9 months.
2. Transfer action has been the most popular first transaction after users bridged from Ethereum to Optimism every day for the past 30 days and every month for the past 6 months without fail, with a consistent daily 35-45% proportion over the top 10 most popular first events for most time.
3. Popular first activities of wallets that bridged from Ethereum to Optimism include Deposit, Swap, Mint, and Withdrawal.

Conclusion

1. A total of 167.5M USD in assets bridged from Ethereum to Optimism in the last 30 days. ERC-20 assets account for 129.4M or 77.2% of all bridged assets, while ETH accounts for 38.1M or 22.8%.
2. We have seen a total of 12.41k bridging count from Ethereum to Optimism in the last 30 days. Surprisingly, unlike bridging volume, ETH has a higher bridging count than ERC-20 tokens. 10.544k ETH assets account for 84.9% of all bridging count, while 1.859k ERC-20 assets account for 15.1%.
3. Transfer is the most popular action performed by users after bridging from Ethereum to Optimism over 3 timeframes - 30 days, 3 months, and 9 months. Other popular first activities of wallets that bridged from Ethereum to Optimism include Deposit, Swap, Mint, and Withdrawal.
4. The most popular destinations that users interact with after bridging from Ethereum to Optimism over 3 timeframes - 30 days, 3 months, and 9 months - are Hop Protocol and Uniswap.
5. After bridging from Ethereum to Optimism, we see that DEX and Layer2 destination types are the most popular with users. The NFT destination type had a sizable market share in May 2022, but it has since declined.

Thanks for taking the time for going through this dashboard.

I hope you learned something new about Users’ First Activity and Destination After Bridging from Ethereum to Optimism

Past 6 Months

Past 6 Months

Past 30 Days

Past 30 Days

Past 3 Months

Past 3 Months

ETH and ETC-20 Tokens Bridging Count

1. Over the last 30 days, we see a total of 12.41k bridging count from Ethereum to Optimism.
2. Surprisingly, unlike bridging volume, bridging count of ETH is higher than ERC-20 tokens. 10.544k or 84.9% of all bridging count are ETH assets, while 1.859k or 15.1% are ERC-20.
3. This implies that ETH bridging transactions have a smaller average bridging size in USD than ERC-20 bridging transactions.
4. USDC is the most bridged ERC-20 token to Optimism.
5. The number of ETH bridging transactions to Optimism has increased over the last 30 days, indicating that an increasing number of users are bridging ETH to Optimism over time.
6. Since the middle of October, ETH bridging transactions have accounted for roughly 90% of the bridging count from Ethereum to Optimism.