Optimistic Bridge Activity

    OPTIMISM BRIDGE ANALYSIS

    INTRODUCTION

    Optimism is an Optimistic Rollup. Optimistic rollups can process transactions for a much lower price than Ethereum Mainnet (also known as layer 1 or L1) because transactions are only processed by a few nodes, instead of every node on the network. At the same time, the data is all written to L1 so everything can be proved and reconstructed with all the integrity and availability guarantees of Mainnet.

    To use L1 assets on Optimism (or any other L2), the assets need to be bridged. One way to achieve this is for users to lock assets (ETH and ERC-20 tokens are the most common ones) on L1, and receive equivalent assets to use on L2. Eventually, whoever ends up with them might want to bridge them back to L1. When doing this, the assets are burned on L2 and then released back to the user on L1. This is the way the Optimism standard bridge works. Source

    The bridge has two main flows:

    • Deposit (from L1 to L2)
    • Withdrawal (from L2 to L1)

    METHODOLOGY

    For transactions to Optimism was used ethereum.core.ez_eth_transferstable flipsides database, for analysis of activity en Optimism was used optimism.core.fact_event_logs table

    Optimism bridge transactions have address 0x99C9fc46f92E8a1c0deC1b1747d010903E884bE1

    PERIOD: last 90 days

    Conclucuions will be after every part of the dashboard

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    Bridge Transaction Count

    Before analise activity across Optimism bridges let’s look at the count of Bridge Volume (in ETH and USD) and how many Bridge Transaction was

    GAS AND TAX FEE

    Every Optimism transaction has two costs: An L2 (execution) fee and an L1 (security) fee. At a high level, the L2 fee is the cost to execute your transaction in L2 and the L1 fee is the estimated cost to publish your transaction on L1 (in a rollup batch). Typically the L1 security fee is much higher than the L2 execution fee, so if you can wait it makes sense to postpone transactions until gas prices are lower (for example, over the weekend).

    • L2 execution fee is charged as tx.gasPrice * l2GasUsed (up to tx.gasLimit)
    • L1 security fee that pays for the cost of publishing the transaction on L1 (the cost of Ethereum equivalent security). It is deducted automatically from the user's ETH balance on Optimistic Ethereum

    Source

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    Top Tokens That Send to L2 Optimism by amount

    Where are assets going after coming, and how are they used?

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    ✔️ Key insights

    • If we compare the number of bridges and the amount in usd, then we can see that the number of bridges has increased little bit, but the amount has not. lso we can notice that

      the average transaction price has decreased

    • On the bar chart of transactions, the values do not stand out so much, while on the bar chart of the average price and the total price volume, you can notice noticeable peaks in the values.

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    SCOPES

    In this dashboard wi will analyse activity across Optimism bridges, escpecially where are assets coming from, where are they going, and how are they used \n

    Optimism is a low-cost and lightning-fast Ethereum L2 blockchain

    Optimism Website

    Optimism Twitter

    Optimism Discord

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    ✔️ Key insights

    • Over the past 90 days, the most popular tokens to transfer to Optimistic be amount were USDC, USDT, WBTC, AAVE and LYRA Transaction
    • The largest number of tokens were sent to optimism from late July to mid-August
    • Amount of USDC (which ranks first) is ahead of second place by almost 5 times

    ✔️ Key insights

    • As for events after bridging the most common are the following: Transfer, Approval, Swap, Deposit and Mint
    • The most popular destination after bridging it’s a Hop Protocol. Others a not so popular like Hop: for example, it’s a Synthetix, Aave, Velodrome, Uniswap.