Introduction to main keywords

What is Optimism?

Optimism (its native token OP) is a fast, stable, and scalable L2 blockchain built by Ethereum developers, for Ethereum developers. Built as a minimal extension to existing Ethereum software, Optimism’s EVM-equivalent architecture scales your Ethereum apps without surprises. If it works on Ethereum, it works on Optimism at a fraction of the cost.

What is bridging?

Crypto bridges are the solution for investors who want to take digital assets from one chain and spend, swap, or invest those assets on another blockchain. Some cross-chain bridges accomplish this by creating a “wrapped” token out of the crypto from the starting chain, making it compatible with its destination.

What is custom bridges?

This custom bridge allows users to get their swapped corresponding tokens in minutes after accepting a transaction with the minimum fees.

What is covered in this analysis?

Describing and analyzing activities across Optimism blockchain bridges such as Where are assets coming from, where are they going, and how are they used, How does these activites on custom bridges compare to the standard Optimism bridges and Including any other relevant statistics or insights regarding the topic.

Methodology

The needed data regarding Optimism bridges combined with its statistics such as volume, transactions and bridgers was extracted via using ethereum.core.ez_eth_transfers and ethereum.core.ez_token_transfersfor filtering these bridge related data to standard bridge contract address 0x99c9fc46f92e8a1c0dec1b1747d010903e884be1 was used for Hop bridge '0xb8901acb165ed027e32754e0ffe830802919727f','0x3666f603cc164936c1b87e207f36beba4ac5f18a','0x3e4a3a4796d16c0cd582c382691998f7c06420b6','0x3d4cc8a61c7528fd86c55cfe061a78dcba48edd1','0x22b1cbb8d98a01a3b71d034bb899775a76eb1cc2', contract addresses and for Across Bridge 0x4D9079Bb4165aeb4084c526a32695dCfd2F77381was used as the contract address, all of the named tables was provided by Flipsidecrypto database, all type of proper visualizers with interpretations were utilized for making these extracted raw data more comprehensible.

This analysis was made on 2022/10/24

[1]Metrics differentiating standard from custom bridges

[3]Complementary metrics regarding bridges

[2]Daily Outflow/Inflow tokens on Optimism

[3]Summary

• Majority of the users across all the mentioned bridging methods (189K) have only one bridge action which 160K of them used standard bridging as their favorite bridging method, next tier of users or more royal users, 31K had between 2-5 bridges which 24.7K of them were on standard bridge.
• Most of bridging volume is between 100-1000K (75K on standard bridge) USD followed by 10-100$ 65.7K, Hop bridges users mostly prefer to bridge between 10-100$, 10.15K of them.
• 124K of users with 568K transactions composed the most actions after bridging which was “Transferring” followed by Approval 277K transactions via 109K users.
• UniswapV3 rout2 was the most popular destination for users with 62K of them transacting 427K, transactions, second most popular is Hop protocol with 317K transactions done by 57K users.

Volume

Transactions

Bridgers

[1/1]Summary

• As expected the standard bridge have the most volume of bridges with 2.2B USD, USDC and ETH had the most bridged volume(890M and 850M) followed by two custom bridges, 310M USD(ETH 178M and USDC 92USD) Hop protocol and 22M USD (15M ETH and 5.6M USDC) Across bridge.
• Most volume bridged was on a consecutive days of Aug4 and 5 2022 with most of the bridges in the named two days belonging to traditional bridging (167,49M USD), overall 87%, 2.2B out of 2.6B USD volume of bridged tokens belong to standard bridging followed by Hop(12%) and Across ~1% and biggest growth in bridged volume especially Standard bridging happened on late July 2022 which had approximately 70% increase other bridging methods have steadier daily growth, compared and overall there is more volume bridged this year compared to last.

[2]Summary

• Most transaction into Optimism bridges was on June1 2022 which ETH token with 5.K transactions was the most bridges token followed by 186 bridges USDC, this year have slightly less daily bridges to Optimism and 92K(84%) of these transactions belong to ETH followed by 9.2K USDC.
• Highest bridging transaction from Optimism was on June1 2022 as well with 253 of bridges belonging to ETH, overall 58%, 5.5K of transactions out of Optimism was ETH followed by 1.2K USDC and there is more daily bridges from the blockchain than last year.
• Bridging inflow on Optimism is far more than its outflow.

Conclusion

• There is total of approximately 2.6B USD of bridged volume on Optimism which 2.2B belonged to standard swapping and 330M USD custom bridges, most of the Bridged token is ETH except on standard bridge which USDC have a 40M USD lead could be due to ETH bridgers are more prone to branching out for their bridging actions due to having more experienced, overall most growth to total volume bridged is happening since Aug 2022.
• Bridges and bridgers have a similar behavior compared to each other with both experienced a extraordinary numeric increase since Sep 2021 this might be due to the fact that most of the bridgers have one transactions so they prefer to finish their sighted task according with nature of bridging being an active, activity, most of these transactions and users are using ETH as their favorite bridged token across all bridging platforms.
• Amount of bridged transactions inflow into the Optimism blockchain is a lot more than its outflow and by far most of them is ETH, this large margin to inflow/outflow plus relatively overall large number of volume, bridges and bridgers could point out that users are fully intertwined and embraced Optimism bridging services.
• As mentioned most of the users have just one bridging transactions across all bridging methods followed by 2-5 and most of them prefer 100-1000$ as their preferred bridging price range.
• Most of the users prefer ‘transfer’ as their preferred action to do, as for the favorite destinations it is UniswapV3 router2 followed by Hop protocol.
• seems like with overall gathered data on bridge volume, bridge transactions and bridgers standard bridging is the most favorite followed by Hop and Across protocols as custom bridges and they prefer to bridge ETH the most.

Thank You For Your time!

[1/2]Summary

• Standard bridging with 230K (200K, 92% of them was ETH) bridges consists 81% of bridging types, followed by Hop bridge with 46K(38K, 82% ETH) transaction(16.5%) and Across bridge with 4.7K(79%, 3.7K ETH), have the most bridging transactions.
• Highest bridges in a day was on Sep11, 12 2021 with standard bridge having the most transactions, 10.18K and 10K, bridges, this year most bridges recorded in day was on June1 with 5.3K bridging transaction belonging to standard bridging and this they saw the most Hop bridges with 1.7K bridging transactions and overall there is less bridges this year compared to last., Bridge transactions had its largest jump in number from Sep 10- late Oct 2021 and it still having some notable growth to its accumulated amount since, Hop is having some healthier growth in this month(Oct).

[1/3]Summary

• Standard bridging with 185K bridgers (93%, 178K of them ETH) have the most users bridging as well, followed by Hop bridge 33K (82%, 30K of them ETH) and Across bridge 3.5K(80%, 3K of them ETH), bridgers amount on these bridging platforms follow the same growth pattern as bridge transactions with remarkable since Sep10 2021 recorded as well.
• Most bridgers in day was recorded on Sep 11 and 12, 9.8K, 9.6K of these bridgers having their actions on standard bridge and overall there is less bridgers this year compared to last.