Try Quests to earn cryptoInflows and Outflows (redux)
What is the volume of ETH and three stablecoins of your choice that's moved between the Optimism network and the Ethereum network across the bridge? How has that changed over time? Note any interesting trends or outliers that you see.
Based on the following three charts we can say:
For ETH: The number of bridges has decreased significantly from September 2021 to October 2022 but the average volume has increased in 2022.
For USDC: The number of bridges is increasing from January 2022 until now and also the bridge volume has increased in the same time period.
For USDT: The number of bridges is increasing from January 2022 until now and also the bridge volume has increased in the same time period.
For LUSD: The number of bridges is decreasing from December 2021 until now and also the bridge volume has decreased in the same time period.
The left stats shows number of bridge transactions to Optimism from June, 2021 to October, 2022.
In average the number of bridge transactions has decreased from October past year.
The right stats shows number of users have bridged to Optimism from June, 2021 to October, 2022.
In average the number of users have bridged to Optimism has decreased from October past year.
On the left side we can see total bridged volume to Optimism in USD and also bridged volume over time.
We can see although the number of bridge transactions has decreased but bridged volume has increased over time.
On the right side we can see volume of almost 80% of transactions is under 1000 USD.
Also we can see incoming volume to Optimism is 4.58M USD per day in average.
The left stats shows number of bridge transactions to Ethereum from June, 2021 to October, 2022.
In average the number of bridge transactions has Increased over time.
The right stats shows number of users have bridged to Ethereum from June, 2021 to October, 2022.
The average number of user have bridged to Ethereum was between 70 to 80 users per week from December 2021 until now.
On the left side we can see total bridged volume to Ethereum in USD and also bridged volume over time.
We can see bridged volume has increased over time.
On the right side we can see volume of almost 50% of transactions is over 10000 USD.
Also we can see incoming volume to Ethereum is 2.5M USD per day in average.
Introduction
Optimism is a Layer 2 Optimistic Rollup network designed to utilize the strong security guarantees of Ethereum while reducing its cost and latency. Optimism is built according to a strong design philosophy that stands on four main pillars: simplicity, pragmatism, sustainability, and, of course, optimism. It's important to understand these pillars as they heavily influence the design of Optimism as a whole.
Bridging assets between layers
Optimism is designed so that users can send arbitrary messages between smart contracts on Optimism and Ethereum. This makes it possible to transfer assets, including ERC20 tokens, between the two networks. The exact mechanism by which this communication occurs differs depending on the direction in which messages are being sent.
Optimism uses this functionality in the Standard bridge to allow users to deposit assets (ERC20s and ETH) from Ethereum to Optimism and also allow withdrawals of the same from Optimism back to Ethereum. Read more…
Method
In this dashboard we are going to analyze bridged volume between Ethereum and Optimism and also number of bridges and users have bridged an asset from Ethereum to Optimism or vice versa. To do this I have used Ethereum core database and ez_eth_transfers table to find ETH bridges and ez_token_transfers table to find other assets bridges.
To bridge an asset to Optimism you can use Optimism: Gateway and after selecting which asset you want to transfer to Optimism, you should enter the amount and then approve the transaction in your wallet. This transaction will send ETH (or other ERC20 tokens) from your Ethereum address to Optimism: Gateway contract address that is :0x99C9fc46f92E8a1c0deC1b1747d010903E884bE1.
So to find bridges from Ethereum to Optimism I have used the above address as origin_to_address column.
To transfer your asset from Optimism to Ethereum also you can use Withdraw section in the same page. This transaction will send ETH (or other ERC20 tokens) that bridged to Optimism to Optimism: Proxy OVM L1 Cross Domain Messenger address that is :0x25ace71c97b33cc4729cf772ae268934f7ab5fa1.
So to find bridges from Optimism to Ethereum I have used the above address as origin_to_address column.
This dashboard contains to main part, first part represent incoming transactions to Optimism and second part will show output transactions that will send assets from Optimism to Ethereum. In each part in addition to overall analyze we will see 10 most popular assets that moved between Optimism and Ethereum in order to number of transactions, number of users and transferred volume in USD. Also we will see more specific info about ETH and these three stablecoins: USDC, USDT, LUSD.
The following charts show cumulative amount of above metrics plus 7-days moving average of incoming volume for these four assets to Optimism.
On August 2022 for the first time cumulative bridged volume of USDC became more than bridged volume of ETH.
Based on the following three charts we can say:
For ETH: The number of bridges and bridged volume had many volatility and we can’t see any specific trend in these metrics.
For USDC: The number of bridges is increasing from January 2022 and also the bridge volume has increased from April 2022 until now.
For USDT: The number of bridges has decreased from October 2021 until now but bridged volume has some spikes on August and October 2022.
For LUSD: The number of bridges was volatile until now and also the bridge volume has decreased.
The following charts show cumulative amount of above metrics plus 7-days moving average of incoming volume for these four assets to Ethereum.
On July 2022 for the first time cumulative bridged volume of USDC became more than bridged volume of ETH.
Conclusion
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Number of bridge transactions and number of users have bridged an asset to Optimism is decreasing over time but USD volume of bridges in increasing.
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Average number of bridges to Optimism (467 per day) is much higher than average number of bridges from Optimism to Ethereum (15.58 per day).
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Total bridged volume to Optimism (2.25B USD) is almost two times of total bridged volume (1.19B USD) from Optimism to Ethereum.
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Bridged volume from Optimism to Ethereum per transaction is more than bridged volume to Optimism.
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The number of bridges and users have bridged ETH to Optimism is much higher than other assets.
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The volume of USDC had bridged to Optimism is more than the volume of ETH had bridged to Optimism.
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On August 2022 for the first time cumulative bridged volume of USDC to Optimism became more than bridged volume of ETH.
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On July 2022 for the first time cumulative bridged volume of USDC from Optimism to Ethereum became more than bridged volume of ETH.
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