Questions

This article is written to answer the following questions

You can choose any topic you’d like: How did the network perform? What about market performance? Were there significant inflows or outflows on bridges? Were there any notable patterns in user behavior?

> \n In this article, we mainly focus on Bridging into and out of Optimism chain, because it is the important activity for L2 chain.

Approach

• We observe the bridge tx from optimism scan website (L1 to L2 and L2 to L1)

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• From long-time observation, we found that large majority of Bridge tx come from 2 protocols; Optimism Bridge and HOP protocol.

  • For HOP protocol, there are 3 contract addresses related to L2 Bridging as stated in Github of HOP protocol, and we track bridge tx from this information.

  • For Optimism Bridge, shortly, the tx interacts with Optimism Bridge contract.

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• In this work, we focus on these 2 protocols and analyze all acquired data as will be presented

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Optimism Bridge

Visualization of Optimism Bridge information is plotted below, including

• Daily Token Value bridged into and out of Optimism chain

• Daily Tx Count bridged into and out of Optimism chain

• Fraction and Total Value of Tokens bridged into and out of Optimism chain

• we can see that the most popular token bridged in is USDC, with total value of 188M USD

  • and total value bridged in is about 730M USD, most of them come from ETH and USDC

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• and most popular token bridged out is USDC, with total value of 96M USD

  • and total value bridged out is about 109M USD, most of them come from ETH and USDC

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HOP protocol

Visualization of HOP Protocol information is plotted below, including

• Daily Token Value bridged into and out of Optimism chain

• Daily Tx Count bridged into and out of Optimism chain

• Fraction and Total Value of Tokens bridged into and out of Optimism chain

• we can see that the most popular token bridged in is USDC, with total value of 13.36M USD

  • and total value bridged in is about 25.4M USD, most of them come from ETH and USDC

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• and most popular token bridged out is ETH, with total value of 27.24M USD

  • and total value bridged out is about 50.2M USD, most of them come from ETH and USDC

Conclusions

• During July, bridge activities dropped significantly; daily average number of Tx count and value decreased in both protocols.

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  • Optimism Bridge

    • Daily Avg value bridged into Optimism decreased from 6.64M to 4.11M USD per day.

    • Daily Avg value bridged out of Optimism decreased from 1.99M to 1.24M USD per day.

    • However, the Avg Tx count in and out are mostly the same, slightly drop.

    • The popularity is getting better from lowest bottom in middle of July.

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  • HOP protocol
    • Daily Avg value bridged into Optimism decreased from 453k to 331k USD per day.
    • Daily Avg value bridged out of Optimism decreased from 896k to 568k USD per day.
    • Daily Avg Tx count bridged into Optimism decreased from 92.1 to 74.6 per day.
    • Daily Avg Tx count bridged out of Optimism decreased from 2470 to 423 per day.
    • The popularity sharply dropped from very high place since July and never come back until now.

• Large majority 90% of Bridging Tx worth are from ETH and USDC

  • ETH gains most value bridging in and out for both protocols
  • except bridging out via Optimism Bridge, USDC gains highest value

Optimism Bridge During JULY

We can see that during July, the activities from Optimism Bridge is significantly lower than normal situation, namely,

• Daily Average Token value bridged into Optimism decreased from 6.64M to 4.11M USD per day during July.

• Daily Average Token value bridged out of Optimism decreased from 1.99M to 1.24M USD per day during July.

• However, the Avg Tx count in and out are mostly the same, slightly drop.

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In Optimism Bridge, Value bridged dropped fairly since July, and is coming back until now, as we can see in every bar charts below.

The Tx volume and value is getting higher from the lowest bottom in middle of July.

HOP protocol during JULY

We can see that during July, the activities from HOP protocol is significantly lower than normal situation, namely,

• Daily Average Token value bridged into Optimism decreased from 453k to 331k USD per day during July.

• Daily Average Token value bridged out of Optimism decreased from 896k to 568k USD per day during July.

• Daily Average Tx count bridged into Optimism decreased from 92.1 to 74.6 per day during July.

• Daily Average Tx count bridged out of Optimism decreased from 2470 to 423 per day during July.

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In HOP protocol, activities dropped sharply since July, and the popularity does not come back until now, as we can see in every bar charts below.

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