Try Quests to earn crypto[Optimism] - Bridger Destinations (redux)
What is a blockchain bridge?
> ## A blockchain bridge is a connection that allows the transfer of tokens or data from one blockchain to another. > > ## One of the biggest issues of blockchain to date is their inability to work together. > > ## A blockchain is a self-contained ecosystem with its very own protocols, rules and governance models. Once a developer builds their decentralized application (dApp) on the blockchain, it is generally locked into that particular blockchain. > > ## Due to the lack of interoperability, a bridge is necessary to provide a compatible way to transfer tokens from one blockchain platform to another securely.
How does a bridge work?
> ## If you’re holding on to Bitcoin and want to transfer it to Ethereum, all you have to do is deposit the $BTC onto the bridge and select to withdraw in $ETH. > > ## The bridge will lock the $BTC in a smart contract and mint an equivalent amount of $ETH on the Ethereum blockchain. The bridge would use some kind of mint-and-burn protocol to keep the token supply in check. > > ## If you do not want to use a bridge, you can still ‘bridge’ your $BTC through a centralised exchange (CEX). What you have to do is transfer the $BTC into a CEX, sell it for $ETH then transfer it out. This whole process is more tedious and time-consuming than just using a blockchain bridge. > > ## In general, blockchain bridges help to conduct fast transfer of tokens from one blockchain to another at a low cost.
Methodology
The following methods are used in this dashboard:
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In the first step, an overview of the bridges performed on two Hop Protocol bridges and Optimism Getaway standard bridge was performed. In this general review, the three parameters of the number of bridges, the number of bridgers and the volume of bridges performed (in USD) were evaluated in the three periods of the last 30 days, the last 90 days and the last 180 days.
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In the second step, an overview was done on these two bridges on a daily basis. In this review, the above three parameters (along with the cumulative graph of each of them) were drawn and placed in the dashboard for all three time periods.
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In the third step, to get the "first" destination of bridgers from Ethereum to Optimism, all transactions after a bridger's bridge time were filtered. These transactions were sorted by time. The first transaction whose event_name was not "Approval" was selected as "the first transaction after each bridger's bridge". Then the origin_to_address column was selected as the destination address of a transaction and the top 10 destinations were specified. Then the table of labels was used to determine which platforms or protocols these addresses are related to. Some of the addresses were not in the table of labels and were entered manually in the query. Finally, the top 10 destinations of the bridge builders of each of the bridges were determined in all three time periods and their graphs were drawn.
- In the fourth step, to determine the top events of the bridgers in their first transaction after bridging, the hash of the first transaction of each bridger was extracted from the previous step, and the event_names of the transactions were extracted using the fact_events_logs table. Here, the event_names that were "Approval" were removed. Also, only rows whose Event_name was not null were considered. Then the top 10 events for each of the bridges in all three time periods were obtained.
Last 90 Days
Last 180 Days
Comparison of time periods
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Since 6 months ago, as the intervals have become smaller, the share of hop protocol bridges and bridgers has decreased compared to the standard Optimism bridge.
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In the case of the volume of USD bridges, this happened when moving from 6 months to 3 months, but this did not happen when moving from three months to one month, and the volume of bridges increased a little more than the hop protocol. This means that the downward trend in the previous two parameters is not completely repeated here.
- In general, a large part of the bridges (in terms of USD volume) from Ethereum to Optimism are done by the standard Optimism bridge itself. But in the number of bridgers and the number of bridges, the share of Hope is more significant compared to the share of the standard bridge of optimism. This means that the average USD volume of the bridges performed in the hop protocol is significantly lower than the average of the bridges performed in the standard optimism bridge.
Daily Bridges Overview
In the last 6 months, the trend of bridges done is somewhat the same on both bridges. For example, both bridges in the months of June, August and October have peaks in the graph of the number of daily bridges performed. Of course, the peak in October has also reached November and the main height of the peak may not have been reached yet.
In these 6 months, the top 5 days in terms of the number of bridges are in June, October and May. Two of these days (the first two) are related to Standard Optimism Bridge and the next three are related to Hop Protocol.
On the first day of June, 5365 bridges have been made. This is 1.2 times the number of draws on the second day (May 31) and 3.13 times the number of draws made on June 1 (with 1,711 draws). In total, on June 1st, the largest number of bridges completed in the total of these two bridges is examined. (with 7076 bridges)
In the last 90 days, the shares of both bridges were reasonably close to each other from the number of daily bridges, but with the passage of time and moving towards the current date, this gap has become more and more. Clearly, the number of bridges made with the standard bridge of optimism has seen a sharp upward trend in last month. (growth of more than 30 times) while in the hop protocol, after three bright days in the first 10 days of October, the number of daily bridges continues to show an almost constant trend (although with a valley-like state around October 20 is also included)
In terms of the number of bridgers, one can see a great similarity with the graphs of the number of bridges.
In terms of the volume of USD bridged to the optimism network through these two bridges, it can be seen that there is a huge advantage with the standard optimism bridge here. This can be better understood when the top days in terms of USD volume are bridged, the first 41 days correspond to the standard bridge of optimism!
On the top day of the Optimism Getaway, about $190m was bridged from the Ethereum network to the Optimism network. While on the top day of the Hop Protocol, $7.65m was bridged from Ethereum to Optimism. This means that Optimism Getaway's top day was about 25 times bigger than Hop Protocol's top day.
Top Destination and Events
Obviously, the bridgers are very interested in making transactions on UniSwap after bridging their assets from layer 1 to layer 2 (here Optimism network). This is well known in all three time periods and for bridgers of both bridges.
In the last 6 months, 6 common destinations and in the last three months and last month, 7 common destinations are among the top first transaction destinations of the bridgers of both bridges.
In most common destinations, the number of times Optimism standard bridge bridgers have chosen that destination as the destination of their first transaction after bridging is higher.
The entry of the largest NFT selling platform on the Optimism network (i.e. Quix) into the list of top 10 destinations of both bridges in the last three months and remaining in the list of top destinations in the last month, shows that this platform and the sale of NFTs in this The network is clearly growing.
The presence of three swap platforms among the top 10 destinations (UniSwap, Velodrome and 1inch) indicates that users have a clear desire to swap their assets on this network in the first transaction after bridging their assets to the Optimism network.
Among the top 10 events of Bridgers in all three time periods, there are 8 common events.
Among the events, the transfer is by far the most prominent event in the bridgers' first transactions after bridging. Swap and deposit are in the second and third ranks.
In most events, the number of events for standard Optimism bridge bridgers is higher than for Hop Protocol bridgers. But one of the events that has become more and more popular over time with Hop Protocol Bridgers is "Mint". This event in the last 6 months is for 0.95 bridgers of Optimism standard bridge bridgers. While in the last quarter, it has reached 2.31 compared to 1.05 in the last month.
Conclusion
Over time, Hop Protocol has gained a larger share of the number of bridges. But in the case of the volume of USD bridges, it has not been able to repeat this process completely.
June, August and October are the three peaks in the performance of bridges in this 6-month period.
The number of bridges and bridgers of the standard Optimism bridge has had a sharp upward trend in recent months.
The first day of June has brought the largest number of bridges and bridgers, while the largest volume of bridged USD is related to August 5.
The top destination for bridgers' first transaction after their bridge is UniSwap.
Swap platforms are one of the most popular destinations.
Transfer, swap and deposit are three events that are among the top events of bridgers of both bridges.
Common destinations and events between the bridgers of both bridges can be seen.
Among the top 10 events of Bridgers in all three time periods, there are 8 common events.
Among the events, the transfer is by far the most prominent event in the bridgers' first transactions after bridging. Swap and deposit are in the second and third ranks.
In most events, the number of events for standard Optimism bridge bridgers is higher than for Hop Protocol bridgers. But one of the events that has become more and more popular over time with Hop Protocol Bridgers is "Mint". This event in the last 6 months is for 0.95 bridgers of Optimism standard bridge bridgers. While in the last quarter, it has reached 2.31 compared to 1.05 in the last month.