Questions

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Open Analytics Bounty: Optimism (August 14)

Flipside Crypto has built pathways and provides the tooling for you to develop deep and thorough crypto analysis. Now, we want to see what you can do with them.

Submit any dashboard you think is worthy of being shared with our partners, and with the world. We’ll select the best for payment and amplification through our social and content channels. (Please note that many dashboards submitted to this bounty will not be rewarded with payment — only the best of the best will do here.)

> This Open Analytic Article would mainly focus in Hop protocol on Optimism, specifically, we will present about Liquidity Providing and Bridging activities of users in past 2 months (Longest time span that we can query) to help indicate health of this protocol and Optimism chain, since Hop is very popular protocol in Optimism.

Approach

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Liquidity Providing

We track the Tx from event signatures

AddLiquidity : 0x189c623b666b1b45b83d7178f39b8c087cb09774317ca2f53c2d3c3726f222a2

RemoveLiquidity : 0x88d38ed598fdd809c2bf01ee49cd24b7fdabf379a83d29567952b60324d58cef

and identify LP tokens by its Contract Address

Hop-LP-ETH : 0x5c2048094baade483d0b1da85c3da6200a88a849

Hop-LP-DAI : 0x22d63a26c730d49e5eab461e4f5de1d8bdf89c92

Hop-LP-USDC : 0x2e17b8193566345a2dd467183526dedc42d2d5a8

Hop-LP-USDT : 0xf753a50fc755c6622bbcaa0f59f0522f264f006e

Bridging

We track the Tx from event signatures

TransferFromL1Completed : 0x320958176930804eb66c2343c7343fc0367dc16249590c0f195783bee199d094 (Deposit)

TransfersCommitted : 0xf52ad20d3b4f50d1c40901dfb95a9ce5270b2fc32694e5c668354721cd87aa74 (Withdraw)

TransferSent : 0xe35dddd4ea75d7e9b3fe93af4f4e40e778c3da4074c9d93e7c6536f1e803c1eb (Withdraw)

and identify tokens bridged by Contract Address of h-tokens that are sent to/received from null address

hETH : 0xe38faf9040c7f09958c638bbdb977083722c5156

hDAI : 0x56900d66d74cb14e3c86895789901c9135c95b16

hUSDC : 0x25d8039bb044dc227f741a9e381ca4ceae2e6ae8

hUSDT : 0x2057c8ecb70afd7bee667d76b4cd373a325b1a20

Liquidity Providing

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Overall statistics

• In past 2 months, there is LP added about 1.55M USD
• and there is LP removed 5.7M USD
• causing Total TVL change by -4.15M USD

Overall statistic by tokens

• Most of LP added is Hop-LP-ETH, 1.04M USD, which is 67% of all tokens value added
• Most of LP removed is Hop-LP-USDC, 3.82M USD, which is 67% of all tokens value removed
• It is interesting that add and remove LP behavior are different considered by LP-tokens
  • These 2 donut charts look very similar in shape but
  • Hop-LP-ETH fraction is opposite to that of Hop-LP-USDC
  • and Hop-LP-USDT fraction is opposite to that of Hop-LP-DAI

Daily Accumulated statistics

• Accumulated LP removal value is larger than LP added from time to time
• Especially on July 28, there is high volume of LP removed
• Not only LP volume, but also Tx count of LP removal is always larger significantly, about 4 times larger.

Daily statistics

• LP adding activity is quite low during July

• We can see users add LP volume in USDC and USDT more lately

• LP remove Tx count by tokens pattern is quite stable; ETH and USDC > USDT and DAI

• while in LP add Tx count, the pattern is more unpredictable

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L1-L2 bridging

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Overall statistics

• In past 2 months, there is token value bridged from Ethereum to Optimism about 30.5M USD
• and there is token value bridged out of Optimism to Ethereum about 56.7M USD
• causing Total value bridged out of Optimism 26.2M USD

Overall statistic by tokens

• Most of token value bridged in is USDC, 0.54M USD, which is 56% of all tokens value bridged in
• Most of token value bridged out is ETH, 3.82M USD, which is 55% of all tokens value bridged out
• It is interesting that Bridging in and out behavior are different considered by tokens
• These 2 donut charts look very similar in shape but
  • ETH fraction is opposite to USDC
  • and USDT fraction is opposite to DAI

Daily Accumulated statistics

• Accumulated token bridged out value is larger than bridged in from time to time
• Not only token volume, but also Tx count of bridging out is always larger significantly
• Especially, right before July, there were very high Tx volume of Bridging out

Daily statistics

• Bridging activity is quite low since July
• Especially, Tx count of Bridging out drops sharply since July, but still higher than that of Bridging in
• ETH and USDC have high Tx count and value from time to time
• while that of USDT and DAI are very low

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Bridging

Liquidity Providing

Conclusions

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In past 2 months

Liquidity Providing

• Users add LP by 1.55M USD, and remove LP by 5.7M USD.
• Remove amount and Tx count is higher that add from time to time, and tends to get higher
• Most of LP added is Hop-LP-ETH, 1.04M USD, which is 67% of all tokens value added
• Most of LP removed is Hop-LP-USDC, 3.82M USD, which is 67% of all tokens value removed
• DAI and USDT LP have very low Tx count and value

L1-L2 Bridging

• Users bridge in by 30.5M USD, and bridge out 56.7M USD

• Bridge out amount and Tx count is higher that Bridge in from time to time, and tends to get higher

• Most of token value bridged in is USDC, 0.54M USD, which is 56% of all tokens value bridged in

• Most of token value bridged out is ETH, 3.82M USD, which is 55% of all tokens value bridged out

• DAI and USDT have very low Tx count and value

It seems like LP providing and Bridging activities dropped in July and are coming back.

Statistically, token value is being taken back to L1 blockchain as Bridge out volume is higher than Bridge in.

And TVL in Hop is decreasing as, in total, LP keeps being removed.