flipside

    Try Quests to earn cryptoTry Quests to earn crypto
    Share

    Bridge Volume (Hop Protocol)

    Q2. How much volume has Hop bridged to Polygon, Optimism, and Arbitrum compared to those protocols’ native bridges? What is Hop’s total TVL? Create an analysis on the Hop’s TVL and how it’s changed over a time period of your choosing.

    Loading...
    Loading...

    L2 chain bridge volume (native)

    1. Polygon: 16.68 Billion USD

    2. Arbitrium: 9.08 Billion USD

    3. Optimism : 1.3 Billion USD

    Observation

    • Polygon has out pace other native bridges.

    • Optimism native bridge has x10 less than Polygon native bridge volume. However, it is x10 more than the bridge volume in Hop protocol.

    • Overall, the native bridges of each L2 chains has x10 multiplier more than Hop bridge volume.

    L2 chain bridge volume

    1. Arbitrum : 154 Million USD

    2. Polygon : 146 Million USD

    3. Optimism : 97 Million USD

    4. Others : 15 Million USD

    Observation

    • Both Arbitrium and Polygon has close bridge volume with each other through Hop.

    • Optimism is not far as well with near to 100 Million volume.

    Aim and Objectives

    This dashboard will compare the bridging trend between Hop protocol and native bridges. How's the adoption from users on Hop protocol? What is the TVL of Hop protocol ?

    Here's the metrics taken in this dashboard :

    • Daily bridge volume (Hop protocol)

    • Daily bridge volume (native bridges)

    • Hop TVL

    Hop TVL

    • Hop protocol has great traction since September 2021 to early January 2022.

    • Rising from tens of k all the way up to 77 Million USD.

    • The peak TVL has actually reached above 90 Million USD.

    • However, due to market downturn, the current Hop TVL has only at 39 Million USD ---(evaluate Ethereum chain TVL only).

    Loading...
    Loading...
    Loading...

    Daily Bridge Volume on Hop to L2

    Which L2 has the most volume bridge from Hop?

    • Over the time Polygon has the most stable bridge volume as compared to Arbitrium, Optimism and other chain.

    • On daily basis , Polygon network has received 100k to 500k volume bridged from ETH L1 through Hop protocol.

    • The bridge volume for Arbitrium is more volatile with some days having only few ten k bridge volume. Meanwhile some days might reach up above 1 Million USD bridge volume.

    • Optimism chain has the least bridge volume among all.

    Loading...

    Daily bridge volume on native

    • During early days, only Polygon native bridge having volume which is small in amount as well. Around thousands to tens of thousands.

    • However, during May 2021 Polygon native bridge has more bridge volume with more than 150 Million USD achieved per day.

    • At the same time, Arbitrium native bridge starts to get the traction for L1 -> L2 bridge.

    • Soon later, Optimism join the race for L2 bridge and both native chain bridge is slowly getting more exposure.

    • September all 3 native bridges having a spike in bridge volume to L2.

    • Since then, on daily basis there are Millions of bridge volume on each of the native bridges.

    TVL in token distribution

    • Most of the TVL is contributed by ETH and USDC.

    • Hence, the price impact of ETH token will then impact the Hop's TVL.

    • Besides, Hop's TVL also including tokens such as DAI, MATIC, WBTC and USDT.