Question:

Where do people go when they bridge to Optimism from Ethereum?

What are the 10 most popular first destinations for users that have just bridged from Ethereum? What has this been for each day in the past month? How has this changed over the last three months? Last six months?

Overview of analysis:

This analysis contains 5 parts as:

• Bridge stats from Ethereum to Optimism
• First actions after bridge
• Popular interacted sectors after bridge
• Popular destinations after bridge
• Swap activity after bridge

Bridge from Ethereum to Optimism

The Optimism Network or Optimism is a second layer solution, which was created to solve the scalability problems of the Ethereum network.

Optimism is designed so that users can send arbitrary messages between smart contracts in Optimism and Ethereum. This feature enables the transfer of assets, including ERC20 tokens, between the two networks. The exact mechanism of this communication varies depending on the direction in which messages and tokens are sent. To send messages from Ethereum to Optimism, users only need to activate the CTC contract on Ethereum to create a new block on the Optimism network. User-created blocks originate from the wallet address by which the block was created.

Approach:

The data provided by Flipside has been used to handle this analysis.

• From the Ethereum side:

  from ethereum.core.fact_token_transfers where

  ORIGIN_TO_ADDRESS='0x99c9fc46f92e8a1c0dec1b1747d010903e884be1'

• The Optimism side:

  optimism.core.fact_event_logs joined by users of Ethereum side and x.block_timestamp>y.block_timestamp

• Time difference between bridge and first transaction right after bridge.

• Use optimism.core.dim_labelstable to identify the most used sectors and projects on Optimism side.

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Part 1: Bridge stats (Overall and over time)

Findings:

• The bridge volume decreased after the first week of August , 2022 and the average bridge volume from Ethereum to Optimism happened on August 23, 2022.
• The bridge and users count increased in the final days of investigation (90 days by default).
• Most of the users made their first transaction after bridge from Ethereum on Optimism side within the 24 hour of bridge.
• The 7-day moving average bridge volume shown the trend of bridge over time.

Part 2: First action just after bridge from Ethereum to Optimism

Findings:

• The transfer, approval and swap are three of the most popular first actions right after bridge to Optimism from Ethereum.
• The first two actions are consistent overtime but other ranks changed over time.
• Sometimes mint passed the swap action and sometimes deposit action takes the third place of popular actions after bridge.

Part 3: First interacted sector just after bridge from Ethereum to Optimism

Findings:

• The DEX sector is the most used sector after bridge from Ethereum to Optimism as first transaction.
• DeFi programs and Layer2 are the next rank of most popular sectors interacted by users as first transaction.
• For the past 6 months after DEXs the CEXs are most used destinations and the reason of it is market collapse after May 2022.

Part 4: First destination (project) just after bridge from Ethereum to Optimism

Findings:

• The most popular destinations or projects on Optimism that users interacted most after bridge to Optimism are as below:
• For the past 180 days (6 months) the Optimism is the most popular but for the analysis in the past month, the Uniswap has been dominated the most popular destination after bridge from Ethereum to Optimism network.
• Among top 10 destination (project) on Optimism that used for first transaction right after bridge, 4 of them are represented the DEXs and used for swap action.

Part 5: First swap just after bridge from Ethereum to Optimism

Findings:

• People mostly swapped their bridged asset into the USDC, WETH and OP tokens after bridge to Optimism.
• In the past 30 days, the third rank belong to sUSD and its surprisingly high in the past month.
• The cumulative analysis of swapped token right after bridge to Optimism shown the breakpoint by dates.

Conclusion:

• The Transfer and Approval are two of the most used first actions after bridge to Optimism.
• Users that bridged from Ethereum, mostly interacted with DEXs for their first transaction right after bridge.
• The interacted sectors and popular destinations (projects) changed by time period on investigation.
• Users mostly swapped their assets into the USDC for various time periods.

Useful links:

• Introduction to bridge from Ethereum to Optimism
• Ethereum docs for bridge to Optimism
• Projects on Optimism

Author:

Credited by MZG

Discord handle: m.zamani#0361

Twitter handle: @GargariZamani

Important note:

• The time base analysis can be set by two parameters. One of them belong to the time period of analysis and the second parameter assign the timespan of investigation by day, week and month.
• By the use of this tool, you can set the time period for the last month or last 6 month to identify the trend of analysis over time.
• These parameters used to avoid the extra charts for various time periods and u can only set the time periods to determine for example in the past 180 days (6 months).