Try Quests to earn cryptoBridge Users (Hop Protocol)
In this analysis, You will read about Hop Bridge Users. We want to know 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?
Hop is essentially a multi-network bridge. It's technology agnostic and can be applied to any EVM-compatible chain.
With Hop, You can bridge 5 tokens. USDC, USDT, DAI, Matic, and ETH(WETH).
First, I found these tokens' Hop contract addresses. '0x22b1cbb8d98a01a3b71d034bb899775a76eb1cc2' , '0x3d4cc8a61c7528fd86c55cfe061a78dcba48edd1' ,'0x3666f603cc164936c1b87e207f36beba4ac5f18a', '0x3e4a3a4796d16c0cd582c382691998f7c06420b6', '0xb8901acb165ed027e32754e0ffe830802919727f'.
Then I used ethereum_core.fact_event_logs and set event name to TransferSentToL2.
After that, I calculated all parameters.
Nearly 42K unique users used Hop Bridge to transfer their assets from L1 to L2.
The Below chart shows the total daily number of unique users and the total number of transactions on Hop in the last 6 months. Until April 20th, The total number of users was on average. But after that, we can see a spide that Unique users reached nearly 1K. After that spike users and transactions decreased. Again On June 1st, 2022, The total number of unique users approached 1949 unique wallets.
The Cumulative chart shows how cumulative unique users grow. We already know that more than 40K unique users used Hop bridges. But if we take a look at daily unique users, Nearly 60K users used Hop bridges in the last 6 months.
First, Take a quick glance at the total daily volume that bridged from Hop. But to understand this chart better, Let's see the next chart.
ETH and WETH that I called WETH in this chart, have the highest volume among supported tokens by Hop. The average volume was more than a million every day. The highest volume of ETH that bridged with Hop happened on January 20th with 7M US dollars. The second token that has the highest volume is USDC. With Hop, Users can bridge three stablecoins. DAI, USDC, and USDT. ETH has a higher volume in comparison to the total volume of three stabecoins. On average Daily, Matic is at end of the list.
65% of the total volume is for ETH. The most popular token in bridges is ETH. Actually, users looking for a bridge that transfers their ETH to L2 from Mainnet. The second one is USDC with 26.8%. The second stablecoin is DAI which is in the third place with 3.8% of total volume. USDT with a few differences from DAI is in the fourth place. The last one is Matic which is under 0.8% of the share.
The Cumulative chart shows how ETH grew in comparison to other assets.
Written by Hess
where
discord_id: hess#0890
and
twitter_id: hessaminanloo
- Hop Airdrop
From The beginning of the year, Rumours about Hop Airdrop and its stick rules, Caused many users to use Hop bridge to become eligible. One of the events that caused huge volume is that.
Hop is one of the popular protocols that users use to bridge their assets. The L2 was made to decrease fees of transactions on the Ethereum mainnet. The ETH is the most popular on the Ethereum mainnet. So it is logical that most volume is for ETH.
- Optimism Airdrop
- We have seen that the total number of unique users increased significantly on Jun 1st. Optimism Airdrop was claimable on June 1st. I think this could impact Hop users.