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Where do people go when they bridge to Polygon from Ethereum? What are the 10 most popular first destinations for Polygon addresses that have just bridged from Ethereum?
Quick introduction
What Is the Polygon Bridge?
One of Ethereum’s most popular scaling solutions, Polygon offers users bi-directional bridges to transfer assets between the root chain (Ethereum) and the child chain (Polygon). Moreover, offering users the ability to interact with decentralized protocols eliminates the need for third-party intermediaries. As a result, using a Polygon bridge can save both time and cost when transferring assets. There are two primary bridges for Polygon, the Plasma Bridge and the more recent Proof-of-Stake or PoS Bridge.
The Plasma Bridge, the first popular Polygon bridge to emerge, implements a novel Plasma exit mechanism facilitating “increased security guarantees”. However, with the additional security features comes a long transfer period of up to seven days. This is more so ideal for developers. Plus, the Plasma Polygon bridge can facilitate the transfer of the network’s native MATIC token, ETH, Ethereum-based cryptocurrencies (ERC-20 tokens) and non-fungible tokens (NFTS – ERC-721 tokens).
On the other hand, the Proof-of-Stake (PoS) bridge enables faster transfer times due to having only one checkpoint interval. While the bridge may not use the Plasma exit mechanism technology, the PoS Bridge offers the full security of the distributed network of Polygon Proof-of-Stake validators. As such, users can interact with the PoS Polygon bridge for deposits and withdrawals with a maximum transfer time of three hours. The PoS Polygon bridge allows for the transfer of ETH and most of the “ERC” tokens available. “ERC” stands for “Ethereum Request for Comment” and the number represents the proposal identifier. We’ll discuss these in-depth further in the article.
Methods
For this dashboard I used the flipside_prod_db.polygon.udm_events table which contains transactions from ==2022-05-30==.
Using the following conditions, I listed the transactions related to the bridge:
> event_type = 'erc20_transfer' > > and origin_address = '0x00000000000000000000000000000000000000000' > > and from_address = '0x0000000000000000000000000000000000000000' > > and event_id is not null > > and amount > 0
Then I prepared a list of transfers and joined it with the previous table and found the destination addresses in the transactions after the bridge transaction using the following code.
lead(to_address, 1) over (partition by wallet_address order by block_id ) as nxt_to_address
At the end, I counted the number of transactions for each destination address and displayed the top 10 addresses based on the number of transactions. (I used the polygon.core.dim_labels table to display the destination names.)
Analyze
As it is known, the first popular destination of users after the bridge is SushiSwap. About 2.9M of the first transactions of users after the bridge are sending to SushiSwap. The second most popular destination is aave and the third place is opensea. In the table on the right, which is 2 pages, you can see the top 10 destinations in the order of the number of transactions.
Analyze
In the donut chart above, see the percentage of each destination among the top 10 destinations. sushiswap ranks first with 34.1% and polywhale finance ranks tenth with the lowest share of 1.86%.
The opensea market is also the destination of 13.2% transactions after the bridge.
Conclusion
- According to the data and information of this dashboard, as it could be predicted, the first rank among users who bridge from Ethereum to Polygon is sushiswap.
- 2.9 million of the transactions after Bridge to Polygon are for sushiswap and the second top destination is aave with 1.7 million transactions.
- The opensea market is also the destination of 1.14 million transactions after the bridge.
- Also, the percentage share of the top 10 most popular first destinations is as follows:
> > 1. Sushiswap: 34.1% > 2. Aave: 19.8% > 3. Opensea: 13.2% > 4. Aavegotchi: 11.2% > 5. Polycat finance: 7.35% > 6. Curve fi: 4.37% > 7. Balancer: 3.29% > 8. Zapper.fi: 2.46% > 9. Augury finance: 2.39% > 10. Polywhale finance: 1.86%
Thanks for reading!
This analysis was created on 2022–08–02 for a bounty at Flipside Crypto by Hesam to answer the following questions: #Polygon - Where do people go when they bridge to Polygon from Ethereum? What are the 10 most popular first destinations for Polygon addresses that have just bridged from Ethereum?
All data used are from Flipside Crypto.
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