Inflows and Outflows

    Analyze Ethereum ⇽⇾ Optimism Volume

    Overview

    what we aim to provide here :

    • Total stats:

      a. All time bridge Volume per token for Both ways

      b. last 30 days bridge Volume per token for Both ways

      c. last 7 days bridge Volume per token for Both ways

    • Stats changes over Time:

      a. bridge Volume (USD) per Token for both ways over time

      b. number of Bridge events with more than 100K USD size for both ways over time

      c. Cumulative Volume (USD) per Token for Both ways over time

      d. bridge events number per Token for both ways over time

      f. bridge users number per Token for both ways over time

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    Introduction

    optimism network is a layer2 solution that is created to solve the scalability problems of the Ethereum network. The Optimism Network uses optimistic solutions (Optimistic Roll-up) to increase scalability. In this solution, optimism network by collecting and executing transactions on its network and sending them in a compact manner and in the form of a transaction to the Ethereum network, causes the scalability, speed of transactions and their Fee to be significantly reduced.

    Users can use Native Optimism bridge to transfer their Token between Mainnet and Layer2

    Method

    the contracts of native optimism bridge are :

    1. 0x99c9fc46f92e8a1c0dec1b1747d010903e884be1
    2. 0x52ec2f3d7c5977a8e558c8d9c6000b615098e8fc

    Ethereum ⇾ Optimism

    the bridged tokens from Main net to Optimism, will first be sent to above contracts then user can receive equal amount on Optimism network, so for calculating the amount that bridged to Optimism I used ethereum.core.ez_eth_transfers and ethereum.core.ez_token_transfers table to find out the amount that transferred to above contracts

    Optimism ⇾ Ethereum

    this will be the opposite, the amount of token that transferred out from above contracts is the amount that bridged from Optimism to Ethereum

    I choose ETH, USDC and USDT for this dashboard, but the main focus will be on ETH and USDC

    Observations

    Optimism → Ethereum:

    The highest amount in Volume was on Aug 29 week which USDC had the highest share of amount equal to 72.4M USD higher than ETH with 2.41M USD.

    As we got closer to the merge event Bridge Volume to Mainnet becomes higher and higher and that shows us Interest of users to transfer their asset to Mainnet

    Ethereum → Optimism:

    The highest amount in Volume was on Aug 01 week which USDC had the highest share of amount equal to 178.66M USD higher than ETH (not that much) with 164.32M USD.

    Other interesting thing that we can see here is that Bridge Volume to Mainnet was higher(or close) than bridge Volume to Optimism is some weeks



    I find it helpful to see the daily number of Bridge events with more than 100K USD size in both ways.

    Optimism → Ethereum:

    here we can see that after Jun 06 number of Bridges with size greater than 100K USD get higher and higher, that show us some whales love to transfer their asset to Mainnet

    the highest number of bridges with size greater than 100K USD was on Jan 06 with 46 events

    Ethereum → Optimism:

    in two weeks which are May 30 and Aug 01 more than 250 bridge events happened with greater than 100K USD size

    In recent weeks, this number is within its normal range



    Here we have daily cumulative Volume for Both way, I included this graphs in this dashboard to show how fast volume increase over time.

    Optimism → Ethereum:

    In order to have an understanding of the speed of increase in such graphs, we need to look at the upward slope, we can clearly see that since March, the upward slope of the USDC has increased dramatically and the speed of its increase has greatly accelerated.while the upward slope of the rest Tokens, including ETH, have not changed

    Ethereum → Optimism:

    In this direction, the upward slope of the increase from the beginning has high values but from May month it was accelerated more.

    Among the stable Coins that I Include in this dashboard, USDC has a very higher stats and bridge Volume of USDT is very low compare to ETH and USDC



    Unlike Volume, here most bridge Events belongs to ETHs, in both ways, what we can conclude from this? In my opinion we can say that although the number of bridges that belongs to ETH is very higher than USDC, but the majority of these events are with few amounts.

    Optimism → Ethereum:

    Here we can see that after Jun 06 number of Bridges event get higher and higher, in the recent week USDC had more bridge Events than ETH and USDT

    highest number of bridges was on Jan 06 with almost 200 events which the share of ETH was 154 events Higher than USDC and USDT with less than 50 events

    Ethereum → Optimism:

    The highest number of bridge events was on May 30 with almost 48K which the share of ETH was 47.74K. Higher than USDC and USDT with less than 1K



    Optimism → Ethereum:

    highest number of users was on Jan 06 with more than 140 user

    Ethereum → Optimism:

    highest number of users was on May 30 with more than 40K User

    here also ETH had the highest share of users number.

    Ethereum → Optimism

    Optimism → Ethereum

    Stats change over Time


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    Total stats


    Optimism → Ethereum

    Ethereum → Optimism

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    Observations

    Optimism → Ethereum

    All Time:

    66.9% of Bridge Volume belongs to USDC which the amount that bridged for this stablecoin is 368.39M USD almost 2x of ETH which comes as the second rank with 26.4% and 145.19M USD

    Last 30 days:

    85.9% of bridge Volume belongs to USDC with 132.99M USD almost 10x of ETH which comes as second rank here with only 7.92% and 12.2M USD

    Last 7 Days:

    79.2% of bridge Volume belongs to USDC with 21.43M USD almost 7x of ETH which comes as second rank here with 13.1% and 3.56M USD

    from the above numbers and information we can conclude two things:

    • USD is very popular among users that bridge to Ethereum
    • last month users intends more than ever to bridge USDC token to Mainnet


    Ethereum → Optimism

    All Time:

    47.9% of Bridge Volume belongs to USDC which the amount that bridged for this stablecoin is 779.41M USD higher than ETH which comes as the second rank with 44% and 715.16M USD

    Last 30 days:

    64.6% of bridge Volume belongs to USDC with 108.51M USD almost 3x of ETH which comes as second rank here with 22.7% and 38.034M USD

    Last 7 Days:

    62.6% of bridge Volume belongs to USDC with 20.07M USD almost 3x of ETH which comes as second rank here with 22.8% and 7.3M USD

    from the above numbers and information we can conclude two things:

    • USDC here is not popular as much it was with users that bridge to Ethereum
    • last month users intends more than ever to bridge USDC token to Optimism


    other thing that is interesting here is the Volume bridge for both was become closer in amounts in the last 30 and 7 days, why is that? I think answer is users because of merge event like to transfer their asset to the Mainnet to benefit from any fork or something like that

    Conclusion

    • in all time 66.9% of Bridge Volume to Ethereum belongs to USDC
    • USD is very popular among users that bridge to Ethereum
    • last month users intends more than ever to bridge USDC token to Ethereum
    • in all time 47.9% of Bridge Volume to optimism belongs to USDC
    • USDC here is not popular as much it was with users that bridge to Ethereum
    • last month users intends more than ever to bridge USDC token to Optimism
    • Volume bridge for both ways become closer in amounts in the last 30 and 7 days and that is because of merge event
    • for bridge to Ethereum : The highest daily amount in Volume was on Aug 29 week which USDC had the highest share of amount equal to 72.4M USD higher than ETH with 2.41M USD.
    • For bridge to Optimism : The highest daily amount in Volume was on Aug 01 week which USDC had the highest share of amount equal to 178.66M USD higher than ETH (not that much) with 164.32M USD.
    • After Jun 06 number of Bridges to Mainnet with size greater than 100K USD get higher and higher, that show us some whales love to transfer their asset to Mainnet recently
    • number of bridges that belongs to ETH is very higher than USDC, but the majority of these events are with few amounts.

    Thanks for your Time.

    Discord and Twitter : Abbas_ra21

    Date: 2022-09-15