Introduction

The Optimism Network or Optimism is a second layer solution, which was created to solve the scalability problems of the Ethereum network. Optimism in the word means optimism, and the Optimism network was created based on this approach. The Optimism network uses Optimisitic Rollup to increase scalability. In this solution, the Optimism network collects and executes transactions in its network and sends them in a compressed form to the Ethereum network, causing the scalability, speed of transactions and their fees to be significantly reduced.

In the optimistic approach that the Optimism network uses, all transactions that are validated by network validators are considered valid and processed. This process ensures that transactions are not validated separately and their processing time is greatly reduced. Also, each member of the network or validators has up to one week to check the set of transactions and if a fake transaction is found, inform the network and receive a reward.

The Optimism network was created with the aim of solving Ethereum's scalability problems and making this network efficient. Optimism has built its design on four main pillars: simplicity, pragmatism, sustainability and optimism. These features allow the Optimism network to operate simply and effectively and provide various facilities to users and developers.

How Do Blockchain Bridges Work?

Blockchain bridges can do a lot of cool stuff like converting smart contracts and sending data, but the most common utility is token transfer. For example, bitcoin and Ethereum are the two largest cryptocurrency networks and have vastly different rules and protocols. Through a blockchain bridge, bitcoin users can transfer their coins to Ethereum and do with them what they otherwise could not on the bitcoin blockchain. That can include purchasing various Ethereum tokens or making low-fee payments.

When you have bitcoin and want to transfer some of it to Ethereum, the blockchain bridge will hold your coin and create equivalents in ETH for you to use. None of the crypto involved actually moves anywhere. Rather, the amount of BTC you want to transfer gets locked in a smart contract while you gain access to an equal amount of ETH. When you want to convert back to BTC, the ETH you had or whatever’s left of it will get burned and an equal amount of BTC goes back to your wallet.

If you would do this regularly, you’d have to convert bitcoin to ETH on a trading platform, withdraw it to a wallet then deposit again to another exchange. By the time it gets there, you’d have incurred more fees than probably what you planned to do in the first place.

To put this in perspective, think of how you can use your Visa to pay for your MasterCard bills; or how PayPal can pay for all your online purchases no matter where you’re buying from. Different systems with different protocols yet transactions are fast and seamless. That’s because interoperability has always kept the financial system in place long before cryptocurrency was a thing. As blockchain technology becomes more prominent and not just for crypto, solutions like cross-chain bridges are a big step towards normalization.

Methodology

• To extract the bridges from the following tables used with this condition

from ethereum.core.ez_eth_transfers
  where eth_to_address = '0x99c9fc46f92e8a1c0dec1b1747d010903e884be1'

from ethereum.core.ez_token_transfers
  where to_address = '0x99c9fc46f92e8a1c0dec1b1747d010903e884be1'

• Table ==optimism.core.fact_event_logs== was used to extract events and projects after bridging

All graphs with time analysis are segmented monthly

• To find the 10 popular tokens of Bridgers, the ==Symbol== field in the ==ethereum.core.ez_token_transfers== table was used, and for the ==ETH== token, ==the ethereum.core.ez_eth_transfers== table was used.

• In order to find the top ==10 events== after bridging, the join of ==bridgers== with the origin_from_address field was used, and the names of the actions were obtained from the ==event_name== field.

• To find the top ==10 projects== after bridging, join bridgers with the ==origin_from_address== field and the ==contract_address== field and use the ==optimism.core.dim_labels== table for the project name.

Aggregate statistics and summary

• The total number of bridges is about 234K
• The total number of bridgers is about 188K
• The amount of bridges is about 2 billion dollars
• The average volume of bridges is about 9K dollars

Monthly review of the volume and number of bridges and the number of bridgers and their growth over time

The highest volume of the monthly bridge was in August 2022, when the volume of money was about 664 million dollars and the average volume was about 110K

The highest number of bridges was in September 2021 and there were about 56 thousand bridges and about 52 thousand bridgers.

In August 2022, we see an increase in the dollar volume of Bridges compared to the same number of Bridges and Bridgers in the previous months.

The most popular token in terms of average dollar volume is the LUSD token with about 30% and 213 thousand and in the second place is the PERP token with about 16% and about 76 thousand

The most popular token in terms of dollar volume is the USDC token with about 40% and 931 million and in the second place is the ETH token with about 37% and about 862 million

The most popular token in terms of the number of Bridgers is the ETH token with about 92% and 180 thousand Bridgers, and the second place is the USDC token with about 4% and about 9 thousand Bridgers.

The most popular token in terms of the number of bridges is the ETH token with about 91% and 212 thousand bridges, and the second place is the USDC token with about 5% and about 12 thousand bridges.

The best action after bridge was transfer with about 4 million and about 39 percent

In the analysis of the growth of the bridge dollar volume, it seems that since July 2022, the growth trend of the USDC token has overtaken the ETH token.

We are witnessing the growth chart of the number of Bridgers, which seems to have an upward growth trend since August 2021

The best action after bridge in terms of the number of bridgers was transfer with about 127 thousand wallets and about 19%

We see the graph of the growth of the number of bridges, which seems to have increased since August 2021

The most action after Bridge was in October 2022, which was related to transfer

The most action after the bridge in terms of the number of bridgers was in June 2022, which was related to transfers.

After the bridge and in terms of the number of bridges, hop protocol is the most popular project with about 39% and about 4 million transactions and the synthetix project is in second place with about 14% and about 1.7 million transactions.

In the graphs below, we see the growth of the number of actions after the bridge in terms of the number of bridges and the number of bridgers

After bridge and in terms of the number of bridgers, the most popular project is hop protocol with about 28% and about 110 thousand wallets and the optimism project is in second place with about 21% and about 82 thousand wallets.

The most users destination after the bridge was in October 2022, which is related to the hop protocol project

The highest destination of users after the bridge in terms of the number of bridgers was in June 2022, which is related to the optimism project

In the two graphs below, we see the growth of projects, the destination of users after the bridge, in terms of the number of bridges and bridgers

• In terms of the number of Bridgers, we see the upward trend of the Optimism project in June 2022

Analysis of 10 popular bridged tokens in terms of volume and number of bridges and number of bridgers and average and growth

The highest average dollar volume was in January 2021, which is related to the PERP token

The largest dollar volume was in August 2022, which is related to the USDC token

The highest number of Bridges was in September 2021, which was related to the ETH token

The highest number of Bridgers was in September 2021, which was related to the ETH token

Analysis of the top 10 actions after bridging users in terms of number and bridgers and monthly and growth

In this section, 10 popular projects that were the destination of post-bridge users have been analyzed in terms of the number of bridges and the number of bridgers, monthly and growth.

Findings and conclusion

Summary and aggregate statistics→

• The total number of bridges is about 234K
• The total number of bridgers is about 188K
• The amount of bridges is about 2 billion dollars
• The average volume of bridges is about 9K dollars

Monthly bridge statistics→

• The highest volume of the monthly bridge was in August 2022, when the volume of money was about 664 million dollars and the average volume was about 110K
• The highest number of bridges was in September 2021 and there were about 56 thousand bridges and about 52 thousand bridgers
• In August 2022, we see an increase in the dollar volume of Bridges compared to the same number of Bridges and Bridgers in the previous months

The most popular tokens are bridged →

• The most popular token in terms of the number of bridges is the ETH token with about 91% and 212 thousand bridges, and the second place is the USDC token with about 5% and about 12 thousand bridges
• The most popular token in terms of the number of Bridgers is the ETH token with about 92% and 180 thousand Bridgers, and the second place is the USDC token with about 4% and about 9 thousand Bridgers
• The most popular token in terms of dollar volume is the USDC token with about 40% and 931 million and in the second place is the ETH token with about 37% and about 862 million
• The most popular token in terms of average dollar volume is the LUSD token with about 30% and 213 thousand and in the second place is the PERP token with about 16% and about 76 thousand
• The highest number of Bridgers was in September 2021, which was related to the ETH token
• The highest number of Bridges was in September 2021, which was related to the ETH token
• The largest dollar volume was in August 2022, which is related to the USDC token
• The highest average dollar volume was in January 2021, which is related to the PERP token
• We are witnessing the growth chart of the number of Bridgers, which seems to have an upward growth trend since August 2021
• In the analysis of the growth of the bridge dollar volume, it seems that since July 2022, the growth trend of the USDC token has overtaken the ETH token
• We see the graph of the growth of the number of bridges, which seems to have increased since August 2021

Analysis of the most popular destinations in terms of actions after the bridge→

• The best action after bridge was transfer with about 4 million and about 39 percent
• The best action after bridge in terms of the number of bridgers was transfer with about 127 thousand wallets and about 19%
• The most action after Bridge was in October 2022, which was related to transfer
• The most action after the bridge in terms of the number of bridgers was in June 2022, which was related to transfers

Analysis of the most popular destinations in terms of projects after the bridge→

• After the bridge and in terms of the number of bridges, hop protocol is the most popular project with about 39% and about 4 million transactions and the synthetix project is in second place with about 14% and about 1.7 million transactions
• After bridge and in terms of the number of bridgers, the most popular project is hop protocol with about 28% and about 110 thousand wallets and the optimism project is in second place with about 21% and about 82 thousand wallets
• The most users destination after the bridge was in October 2022, which is related to the hop protocol project
• The highest destination of users after the bridge in terms of the number of bridgers was in June 2022, which is related to the optimism project
• In terms of the number of Bridgers, we see the upward trend of the Optimism project in June 2022

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