Introduction

Optimism is an Optimistic Rollup of Ethereum. The advantage of Optimism compare to Ethereum is lower transaction fee. To use the network, user must bridge asset from Ethereum to Optimism. Where do people go when they bridge to Optimism from Ethereum?

In this dashboard, let’s examine 10 most popular first destinations for users that have just bridged from Ethereum.

Bridge activity last 180 days
- Activity per day description (min, median, average, & max)
- Total activity distribution by bridge
- Total activity distribution by token
10 most popular first destinations of all time
- Popularity vs. 30 days, 90 days, & 180 days ago
- What do users do in the first transaction after the first bridge on the 10 most popular first destination?
- Comparison between bridges: Combined (Native + Hop) vs. Native vs. Hop
- Comparison between tokens: All vs. ETH vs. USDC
10 most popular first destinations per day
- 10 most popular first destinations per day distribution
- Number of destination in each position
Summary
Conclusion

Bridge activity last 180 days

Change trailing_no_days parameter value at the top to no. days you want to look back.

There were a few spikes of bridge activities in last 180 days:

May 31 - Jun 1, 2022: spike in $ volume driven by spikes in both number of address and number of transaction.
Aug 4 - 6, 2022: biggest spike in $ volume, appears to be driven by a few big addresses.
Cumulatively, 69.8K addresses bridged $1.73B in 78.4K transactions.

10 most popular first destinations of all time

Popular Destination: measured by number of the first transaction after the first bridge.

Of all time, Uniswap is the most popular first destination, following by Hop Protocol, Optimism, …
Top 3 destinations account for 83% total number of transaction of 10 most popular first destination.

What do users do in the first transaction after the first bridge on the 10 most popular first destination?

Aside from Approval, Transfer, Deposit, Swap, and Claimed are top 4 events addresses executed in the first transaction after the first bridge on the 10 most popular first destination.

Method

I examine all bridge transactions through 2 biggest bridges: Optimism Native Bridge and Hop Protocol Bridge.
Default analysis period is last 180 days.
Comments are for the snapshot on Oct 31, 2022.

Popularity vs. 30 days, 90 days, & 180 days ago

% Growth: (Total No. Transaction / Total No. Transaction X Days Ago - 1) * 100

Vs. 30 days ago, Uniswap’s popularity grew the most at 8%, following by Hop Protocol, 1Inch, …. There was no position change in 10 most popular destination.
Vs. 90 days ago, Slingshot’s popularity grew the most at 14.4%, following by Hop Protocol, Uniswap, …. 1Inch replaced Lyra at no.6, Quix (NFT) replace Perpetual (Exchange) at no.8.
Vs. 180 days ago, Optimism’s popularity grew the most at 3.4K%, following by Layer2Dao, Quix, …. Optimism replaced Synthetix at no.3, Layer2Dao replace 1Inch at no.5.

10 most popular first destinations per day

Popular Destination: measured by number of the first transaction after the first bridge.

Last 30 days, bridge activity per day has increased gradually after a big spike from Oct 6 to Oct 8.
Last 90 days, bridge activity per day decreased for 1 week, then ranged for 2 months, then gradually after a big spike from Oct 6 to Oct 8.
Last 180 days, relative to the big spike between May 31 and Jun 2, bridge activity per day mostly ranged.

Comparison between bridges: Combined (Native + Hop) vs. Native vs. Hop

Top 3 positions are almost the same, small difference in position between Hop vs. the other 2.
Most differences are between Hop vs. the other 2 in bottom 7 positions.

Number of destination in each position

Last 30 days, 2 destinations were in no.1 and no.2 position. The number increases to 8 in no.3 position, then gets bigger to 20 in no.8 position.
Last 90 days, 3 destinations were in no.1 position. The number increases to 11 in no.2 position, then gets bigger to 40 in no.10 position.
Last 180 days, 7 destinations were in no.1 position. The number increases to 13 in no.2 position, then gets bigger to 75 in no.10 position.

Activity per day description (min, median, average, & max)

$ volume per day ranged between $44K and $192M, with median at $4.3M, average at $9.5M.
Number of transaction per day ranged between 27 and 7069, with median at 271, average at 433.
Number of transaction per day ranged between 27 and 6373, with median at 231, average at 386.

Total activity distribution by bridge

Optimism Native Bridge accounts for 92% total $ volume, 62% total number of transaction, and 62% total number of address.

Total activity distribution by token

ETH and USDC account for 81% total $ volume, 92% total number of transaction, and 93% total number of address.

10 most popular first destinations per day distribution

Top 3 destinations account for 70% - 80% in bridge activities per day.

Comparison between tokens: All vs. ETH vs. USDC

Top 2 positions are the same. Differences start to appear from no.3 position.

Summary

Bridge activity last 180 days
- There were a few spikes of bridge activities in last 180 days:
  - May 31 - Jun 1, 2022: spike in $ volume driven by spikes in both number of address and number of transaction.
  - Aug 4 - 6, 2022: biggest spike in $ volume, appears to be driven by a few big addresses.
- ==Cumulatively, 69.8K addresses bridged $1.73B in 78.4K transactions.==
- Activity per day description (min, median, average, & max)
  - $ volume per day ranged between $44K and $192M, with median at $4.3M, average at $9.5M.
  - Number of transaction per day ranged between 27 and 7069, with median at 271, average at 433.
  - Number of transaction per day ranged between 27 and 6373, with median at 231, average at 386.
- Total activity distribution by bridge
  - ==Optimism Native Bridge accounts for 92% total $ volume, 62% total number of transaction, and 62% total number of address.==
- Total activity distribution by token
  - ==ETH and USDC account for 81% total $ volume, 92% total number of transaction, and 93% total number of address.==
10 most popular first destinations of all time
- ==Uniswap is the most popular first destination, following by Hop Protocol, Optimism, …==
- ==Top 3 destinations account for 83% total number of transaction of 10 most popular first destination.==
- Popularity vs. 30 days, 90 days, & 180 days ago
  - Vs. 30 days ago, Uniswap’s popularity grew the most at 8%, following by Hop Protocol, 1Inch, …. There was no position change in 10 most popular destination.
  - Vs. 90 days ago, Slingshot’s popularity grew the most at 14.4%, following by Hop Protocol, Uniswap, …. 1Inch replaced Lyra at no.6, Quix (NFT) replace Perpetual (Exchange) at no.8.
  - Vs. 180 days ago, Optimism’s popularity grew the most at 3.4K%, following by Layer2Dao, Quix, …. Optimism replaced Synthetix at no.3, Layer2Dao replace 1Inch at no.5.
- What do users do in the first transaction after the first bridge on the 10 most popular first destination?
  - ==Beside Approval, Transfer, Deposit, Swap, and Claimed are top 4 events addresses executed in the first transaction after the first bridge on the 10 most popular first destination.==
- Comparison between bridges: Combined (Native + Hop) vs. Native vs. Hop
  - Top 3 positions are almost the same, small difference in position between Hop vs. the other 2.
  - Most differences are between Hop vs. the other 2 in bottom 7 positions.
- Comparison between tokens: All vs. ETH vs. USDC
  - Top 2 positions are the same. Differences start to appear from no.3 position.
10 most popular first destinations per day
- ==Last 30 days, bridge activity per day has increased gradually after a big spike from Oct 6 to Oct 8.==
- ==Last 90 days, bridge activity per day decreased for 1 week, then ranged for 2 months, then gradually after a big spike from Oct 6 to Oct 8.==
- ==Last 180 days, relative to the big spike between May 31 and Jun 2, bridge activity per day mostly ranged.==
- 10 most popular first destinations per day distribution
  - Top 3 destinations account for 70% - 80% in bridge activities per day.
- Number of destination in each position
  - Last 30 days, 2 destinations were in no.1 and no.2 position. The number increases to 8 in no.3 position, then gets bigger to 20 in no.8 position.
  - Last 90 days, 3 destinations were in no.1 position. The number increases to 11 in no.2 position, then gets bigger to 40 in no.10 position.
  - Last 180 days, 7 destinations were in no.1 position. The number increases to 13 in no.2 position, then gets bigger to 75 in no.10 position.

Conclusion

Uniswap, Hop Protocol, and Optimism - 3 most popular destinations account for 83% total $ volume of 10 most popular first destinations. These protocols have maintained their position in last 180 days. While there were more position changes in bottom 7 of 10 most popular destinations. We also saw bridge activities per day has increased recently after ranging for a few months.

Thanks for reading!

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