INTRODUCTION

A protocol that connects two blockchains in order to allow communication between them is known as a blockchain bridge. A blockchain bridge enables you to engage in DeFi activities on the Ethereum network if you already hold bitcoin but wish to do so without selling it. In order to achieve interoperability inside the blockchain ecosystem, blockchain bridges are essential.

A blockchain bridge is a protocol that links two blockchains that are economically and technologically distinct in order to allow communication between them. These protocols serve as a virtual bridge connecting various blockchain ecosystems, which are like islands.

As a result, blockchain bridges enable interoperability, which allows digital assets and data maintained on different blockchains to communicate with one another. The foundation of the internet is interoperability: To communicate with one another, machines all over the world use a common set of open protocols. Blockchain bridges are necessary in the blockchain ecosystem, where there are several unique protocols, to enable similar ease of sharing data and value.

Blockchain bridges assist in bridging these divisions and connecting the disparate crypto ecosystems. Tokens and data may easily be traded across blockchains that are linked to one another. Blockchain bridges provide further advantages than facilitating cross-chain transactions. Users may access new protocols on other chains thanks to them, and they make it possible for developers from other blockchain communities to work together.

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The algorithm of the bridges is shown here.

METHODOLOGY

The idea here follows different approaches with distinct ideas about the activities of the optimism bridges in the network. Initially, the transactions over time are charted here with different tokens, the different NFT token events, and the number of transactions. Now the destinations, the different names, the frequency of bridging, and the amount are also charted. Now the users and the transactions which are under different projects are also revealed. This is followed by the rank of each token in bridging, the number of unique wallets, and also the volume used is also accounted. The different tokens are listed with the aggregate of the bridged amount so as to see the preferred coin. Then the trend analysis is done with volume, transactions, and unique active addresses by different tokens. Finally, the label currency and the volume along with different tokens are also listed to finalize the idea of bridges.

The chart to the left clearly indicates the transactions done for bridging by the users with different events. Now it is seen that the trend was high on June 1 than any other days.

The events and the transactions over different events are also charted here and so the event is such that DEX has held the highest number of transactions.

The top 25 actions that were done by the users who were bridging is displayed here and it is seen that most users transfer after bridging and also the top 10 below.

The concept here is different from the previous where the transactions involved in different events after bridging is displayed here.

The simple chart here shows the trend that is followed by the users in bridging the Ethereum tokens over time and it is seen that in recent days the trend has been decreasing over time .

The chart here shows the bridged volume of the transactions over time for the users transacting between Ethereum and the optimism.

The count of the bridge transactions over time is charted for here and it is seen that the transactions has the same trend overall with the time.

The chart here is a indication of the count of the users that are involved in bridging Ethereum and the Optimism network.

The chart here is an indication of the top platforms that are involved in transactions after bridging by the users, which means the users prefer to use these platforms after bridging and the left chart shows the platforms by rank and the right displays them by the transaction count.

The chart into the left is another representation of the volume of the transactions done by the users in bridging over different currency labels so as to know the distribution of the volume over different labels with the USDC-USDC holding the first with acquiring more than 44.8% of the total bridged volume.

The right donut-shaped diagram displays the overall transactions done by different currency labels and it is seen that the WETH-WETH label has the highest among all other bridges. The left figure indicates the volume of the bridging transactions done by the users where the total volume is accounted for with different currency labels and the volume here has the most done for the USDC-USDC pair by a single user

The tokens bridged by each tokens are charted for here and it is seen that SHIB has made the highest value as the amount bridged where the same accounts for more than 82% of the total bridged amount from Ethereum network.