Optimism Bridge Analysis

    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.

    Sections

    1. OP Bridge to OP Transfers
    2. OP Bridge from OP Transfers
    3. USDC Bridge flow
    4. Stargate User activity
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    OP Bridge to OP Transfers

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    Observations

    • The bridging activity into optimism from the native bridge has had a decline over time in terms of both users and events
    • The vast majority of the tokens transferred into optimism is the ETH, with USDC and USDT in the second and third
    • Most days there are between 1,000 and 2,000 wallets that are interacting with the native optimism bridge in per week.

    OP Bridge from OP Transfers

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    Observations

    • The bridging activity from optimism from the native bridge has had a increase over time in terms of events.
    • The vast majority of the tokens transferred from optimism has been ETH and USDC.
    • Most days there are between 75 and 200 wallets that are interacting with the native optimism bridge out per week.
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    Observations

    • Since mid march 2022, there has been over $100 Million worth of USDC bridged to Optimism using stargate
    • Most days there have between 100K and 1 Million USD swapped into Optimism using Stargate
    • The most significant net inflow in a day to optimism was 5.5 million USDC

    Stargate User activity

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    Observations

    • 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
    • In total 38K wallets have deposited USDC to Optimism using Stargate.

    Conclusion

    • OP Bridge to OP Transfers
      • The bridging activity into optimism from the native bridge has had a decline over time in terms of both users and events
      • The vast majority of the tokens transferred into optimism is the ETH, with USDC and USDT in the second and third
      • Most days there are between 1,000 and 2,000 wallets that are interacting with the native optimism bridge in per week.
    • OP Bridge from OP Transfers
      • The bridging activity from optimism from the native bridge has increased over time in terms of events.
      • The vast majority of the tokens transferred from optimism have been ETH and USDC.
      • Most days there are between 75 and 200 wallets that are interacting with the native optimism bridge out per week.
    • USDC Bridge flow
      • Since mid march 2022, there has been over $100 Million worth of USDC bridged to Optimism using stargate
      • Most days there have between 100K and 1 Million USD swapped into Optimism using Stargate
      • The most significant net inflow in a day to optimism was 5.5 million USDC
    • Stargate User activity
      • 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
      • In total 38K wallets have deposited USDC to Optimism using Stargate.

    USDC Bridge flow