Overview

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Optimism

Optimism is a Layer 2 scaling solution for Ethereum. Instead of running all computation and data on the Ethereum network, Optimism puts all transaction data on-chain and runs computation off-chain, increasing Ethereum’s transactions per second and decreasing fees [1].

Bridge and Bridgers

A bridge, e.g. Optimism standard bridge, allows users to transfer assets between Ethereum and Optimism. In this context, bridgers refer to users (wallets) that have bridged assets from Ethereum to Optimism at least once.

What’s in this dashboard?

This dashboard shows the most popular first destinations for Optimism users that have just bridged from Ethereum.

Method

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First-time bridgers

• These are users who have bridged an asset from Ethereum to Optimism for the first time.
• We’ll narrow them down by filtering wallet addresses who have used the Optimism Standard Bridge and Hop Bridge.
• We’ll note down their first ever bridge transaction (assuming they haven’t used any other bridge aside from the 2 above)
• We’ll use bridging transactions data from the Ethereum side for data completeness to ensure we get the true first bridge transaction per user.

First Destination

• We’ll refer to the first smart contract used by a first-time bridger as his/her first destination.
• We’ll limit it to non-token contracts in the optimism.core.dim_labels table since we’d like to see which DApp (decentralized app) first-time bridgers are interacting with in Optimism.

The analysis below is for Nov 12, 2021 to Sep 10, 2022. To look at a different time period, you can change the parameters and use the charts below.

We’re using the Optimism lite tables with limited historical data. This dashboard is limited to first-time bridgers since Nov 12, 2021.

Top First Destinations

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Conclusion

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In summary, we have observed the following for first-time bridgers since Nov 12, 2021:

1. The top first destination is Uniswap, followed by the OP Airdrop contract.
2. Aside from DEXs and aggregators, the rest of the top 10 include Quixotic, Aave, and Hop protocol.
3. In recent months, other DApps like 1inch, Velodrome, Li.Fi, and Pika joins Uniswap, Aave, OP airdrop, etc. among the top 10 first destinations of first-time bridgers.

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• Uniswap is the most widely used first DApp by first-time bridgers. Between its multiple contracts, it accounts for 31.7k unique wallets.

• The OP Airdrop contract, labelled as “optimism: general contract”, ranks second among first-time bridgers.

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• Beyond the first 3 (#3 is still a Uniswap contract), there’s a steep drop-off in first-time bridgers. 1Inch, Quixotic, ZipSwap, Aave, Stargate, and Hop Protocol complete the top 10 list.

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• Uniswap takes approximately half (50.5%) of first-time bridgers.

  • Zipswap (DEX) and 1Inch (aggregator) combine for another 8.1%, representing at least 58.6% of first-time bridgers whose first activity in Optimism is swapping or providing liquidity.

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• Other notable DApps/contracts include:
  • OP Airdrop contract → 19.9%
  • Quixotic (NFT marketplace) → 2.54%
  • Aave (lending) → 1.47%
  • Hop (bridge) → 1.34%

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• The OP airdrop last June 1 has caused a large spike of activity from first-time bridgers [3].

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• Uniswap, Aave, and OP Airdrop contracts frequently and consistently ranks within the top 10 on a daily basis.

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• More recently, other DApps are seeing more share of first-time bridgers, namely:

  • 1inch (aggregator)
  • Velodrome (DEX)
  • Lifi (aggregator)
  • Pika protocol (DeFi)