Inflows and Outflows

    What is the volume of ETH and a stablecoin of your choice that's moved between the Optimism network and the Ethereum network across the bridge? How has that changed over time?

    Introduction

    According to data from DefiLlama, total value locked (TVL) on Optimism, a layer-2 scaling solution for the Ethereum blockchain, has surged 284% in the past month. The vast majority of TVL consists of users lending and borrowing assets on Aave through Optimism's layer-2 chain.

    Investors have been bidding up digital assets related to the Ethereum ecosystem in anticipation of The Merge upgrade, which will see the blockchain transition from a proof-of-work network to that based on proof-of-stake.

    In this dashboard, we analyze the inflow and outflow of ETH and stablecoins between Optimism and Ethereum.

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    Method

    This dashboard is divided into 3 parts:

    • Inflow into optimism from Ethereum.

    • Outflow from optimism to Ethereum.

    • compare inflow with outflow.

      we consider the native optimism bridge and Hop protocol bridge for analyzing the volume of inflow and outflow of ETH and USDC, DAI, and USDT.

      for part one which is inflow into optimism from Ethereum, we use the Ethereum schema and obtain the volume of ETH and 3 popular stablecoins(USDC, DAI, USDT) that are deposited into Optimism.

      The following tables are used in this part of the code: ethereum.core.fact_event_logs, ethereum.core.fact_transactions, ethereum.core.ez_token_transfers, and ethereum.core.ez_eth_transfers.

      part two shows the Outflow and we use the Optimism schema

      The following tables are used in this part of the code: optimism.core.fact_hourly_token_prices, and optimism.core.fact_token_transfers.

      Native bridge contracts:

      • Ethereum mainnet: 0x52ec2F3d7C5977A8E558C8D9C6000B615098E8fC and 0x99C9fc46f92E8a1c0deC1b1747d010903E884bE1

      • Optimism network: 0x4200000000000000000000000000000000000010

        HOOP Protocol bridge contracts:

    • Ethereum mainnet: 0x3e4a3a4796d16c0cd582c382691998f7c06420b6 ,0x3666f603cc164936c1b87e207f36beba4ac5f18a ,0x3d4cc8a61c7528fd86c55cfe061a78dcba48edd1 and 0xb8901acb165ed027e32754e0ffe830802919727f

    • Optimism network: 0x86cA30bEF97fB651b8d866D45503684b90cb3312,0x2ad09850b0CA4c7c1B33f5AcD6cBAbCaB5d6e796 ,0xb3C68a491608952Cb1257FC9909a537a0173b63B and 0x7D269D3E0d61A05a0bA976b7DBF8805bF844AF3F,

    Results

    Part one: Inflow

    • Overall statistics

    The below charts show the total volume of inflow for each token.

    we divided tokens into two main categories based on the bridge that users used: 1-Hop bridge tokens. 2- OP bridge tokens.

    charts show the volume in both token amount-based and USD Scale based.

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    Observations:

    • The USDC and ETH of the native bridge account for more than 70 percent of the volume.
    • Most wallets bridged ETH from the native bridge.
    • the average volume of USDC that is bridged by users is more than other tokens.
    • Daily statistics

    The below charts show the total volume of inflow for each token on daily basis.

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    Observations:

    • the amount of tokens that are bridged by the native bridge is more than the hop protocol.
    • there are two upticks in volume charts first is related to OP token launch and the second uptick is in late Aug. may be related to the ==merge== event.
    • the uptick in the user’s chart is related to ==OP token== launch.

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    Part Two: Outflow

    • Overall statistics

      The below charts show the total volume of outflow for each token.

      we divided tokens into two main categories based on the bridge that users used: 1-Hop bridge tokens. 2- OP bridge tokens.

      charts show the volume in both token amount-based and USD Scale based.

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    Observations:

    • on the USD scale, the volume of ETH that is bridged by HOP has the highest volume.

    • for the outflow of the tokens, HOP is more popular than the native bridge because when you outflow tokens by the native bridge it takes about 1 week to receive tokens on L1.

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    • Daily statistics

    The below charts show the total volume of inflow for each token on daily basis.

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    Observations:

    • A key point of the outflow daily charts is that even as we get closer to the merge date, more tokens are being bridged to L1.
    • despite the volume charts, the number of wallets doesn’t considerably increase recently.

    Part Three: Compare Inflow and Outflow and conclusion

    • Two upticks in August may be related to the merge event.
    • As the merge date approaches, optimism outflows increase.
    • The number of daily users was not affected by the merge event.
    • the uptick in the user’s chart is related to ==OP token== launch.
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