Bridge Volume (Optimism Bridge)

    Compare user bridge volume on the Optimism Native Token Bridge vs. another Mainnet <-> Optimism Bridge. Can we conclude if there are differences in the types of users or transactions using the native bridge vs. the non-native bridge?

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    Method :

    1. In this analysis, I analyze the bridge Volume to Optimism from native bridge and hop.exchange bridge

    2. I use this Contracts address for Optimism Withdraw and Deposits in native bridge =

         * Deposit : ('0x99c9fc46f92e8a1c0dec1b1747d010903e884be1')
    
         * Deposit :('0x52ec2F3d7C5977A8E558C8D9C6000B615098E8fC')
    
         * Withdraw : ('0x25ace71c97B33Cc4729CF772ae268934F7ab5fA1')
    
         * and this Contract address for HOP : 0xb8901acB165ed027E32754E0FFe830802919727f 
    
    1. I divide users into three categories:
      • Chicks: Users who have deposited less than 1 ETH.
      • Normal User: Users who have deposited between 1 and 10 ETH
      • Whales: Users who have more than 10 ETH deposited.
    Because ETH withdrawal transactions from HOP are not separable for each Layer 2 network, in this analysis I only calculated ETH deposit transactions from HOP to optimism.
    Hop Bridge deposit transactions have the ChainID in contract events which the deposit to optimism can be distinguished from other layer 2 networks.

    1. Optimism Native Bridge vs HOP Bridge

    It might be a good idea to take a look at the chart of deposit volume and withdrawals and compare this trend between Native Bridge and Hop.

    The chart below shows the accumulated volume of ETH deposited and withdrawn to Optimism via Native Bridge

    The volume of deposit accumulation through Native Bridge from the beginning until today is more than 164 thousand ETH.

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    In contrast, the volume of Hop deposit accumulation has been slightly more than 45,000 ETH from the beginning until today.

    The chart below shows the accumulated volume of ETH deposited to Optimism via Hop Bridge

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    1.1 What was the volume of the daily deposit and the number of wallets?

    The chart below shows the number of unique wallets and the amount of ETH deposited in Optimism via native bridge on a daily basis.

    since May 30, the volume of ETH deposit to Optimism as well as the number of wallets has been increasing.

    This could be due to the announcement of the Optimism Airdrop withdrawal date on May 30th.

    On September 11, 2021, the number of depository wallets also increased significantly.

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    In HOP, however, the trend in the volume of deposits and active wallets before 30 has fluctuated slightly.

    But after May 30 and on June 1, due to the withdrawal of airdrop OP tokens, the volume of the deposit has increased.

    2. Can we conclude if there are differences in the types of users or transactions using the native bridge vs. the non-native bridge?

    To answer this question I divide users into three categories:

    • Chicks: Users who have deposited less than 1 ETH.

    • Normal User: Users who have deposited between 1 and 10 ETH

    • Whales: Users who have more than 10 ETH deposited.

    And compared the number of transactions and the share of each of these 3 categories in Deposit to Optimism through Native Bridge and HOP.

    2.1 Hop User Types

    The chart below shows the number of wallets of these three user categories in HOP As it turns out, most transactions are with Chick group users who have deposited less than 1 ETH in Optimism.

    The number of these users peaked on June 1, with the launch of $OP airdrop.

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    2.1.1 What is the share of each category in the total wallets of HOP users?

    The donut chart below shows the share of each category of HOP users based on the number of wallets.

    • Chicks : 89% with 19,610 wallet

    • Normal User: 6.99% with 1537 wallet

    • Whales: 3.84% with 845 wallet

    As it turns out, a large proportion of users in HOP are users who have converted less than 1 ETH to optimism.

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    But what about the depoit volume of each user group?

    The chart below shows that although the number of Chicks's wallets is 89% of the total users, this category has only deposited about 2900 ETH to Optimism.

    While 85% of the volume sent to optimism via HOP was sent by whales with a volume of 38,834 ETH

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    2.2 Native Bridge User Types

    The chart below shows the number of wallets of the user categories in Native Bridge like HOP Bridge, most transactions in Native Bridge are with Chick group users.

    But there is a point on June 1 (airdrop withdrawal time announced) - more whales and normal users on this day tend to transfer ETH across the Native Bridge.

    The number of users who sent ETH to Optimism via Native Bridge on the airdrop day was about 20 times greater than of Hop Bridge users.

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    2.2.1 What is the share of each category in the total wallets of Native Bridge users?

    The donut chart below shows the share of each category of HOP users based on the number of wallets.

    • Chicks : 95.8% with 235,339 wallet

    • Normal User: 3.04% with 7468 wallet

    • Whales: 1.14% with 845 wallet

    Like Hop Bridge, Chicks users have the largest number of wallets.

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    What is the share of these users in terms of deposit volume through Native Bridge.?

    In Native Bridge, the group of Normal Users and Chicks are closer in terms of deposit volume.

    But whales still have the largest volume of deposits through the Native Bridge.

    74% of the total volume of ETH deposited to optimism through Native Bridge is through this category, something around 122,605 ETH

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    Conclusion

    1. The total volume of ETH deposited to Optimism via Native Bridge is about 4 times that of Hop Bridge, which can be guessed because of the potential airdrop participation

    2. In both bridges, micro-users have more users.