Optimism Inflows and Outflows

What is the volume of ETH and three stablecoins of your choice that's moved between the Optimism network and the Ethereum network across the bridge?

📜 Introduction

In this dashboard, we are going to take a look into the Optimism bridge Inflow ⬇️ and Outflow ⬆️.

First, we are going to compare inflow and outflow, and take a look at the ETH and three other stablecoins.
In the next step, we are going to analyze changes over time.
Finally we will take a look at some other statistics and transfer size distribution.

💹 Bridge Volume Statistics

The next charts show the maximum and average amount of weekly volume transferred in each direction, as well as the amount in each percentile bracket.

📊 General Overview

The first chart depicts the volume of each token in either inflow or outflow direction using scatter chart, the bigger and darker the circles are the higher the volume.

It can be seen that:

Inflow volume is almost 2.5x more than outflow volume, meaning more volume has been bridged into the Optimism network.
USDC is the top bridged token in either direction.

Cumulative Volume

Both charts depict the same cumulative volume, one is grouped by flow direction and the other by tokens transferred.

We can see that Inflow chart depicts some drastic jump in volume for example in May and August, while outflow chart is mostly linear.

Monthly Token Distribution

The following chart illustrates the monthly change in distribution of tokens bridged.

At the beginning of 2022, the share of ETH was higher. Over time USDC has gained more traction, USDT volume was almost non-excitant but has increased slightly over time.

Bridge Count

The first chart depicts the number of transfer as well as unique user count for each token.

ETH has been transferred around more than 60K times and also has the highest number of users.

Average Volume per Bridge

The next chart show the average volume transferred per each bridge. It seems that mostly whales have used the bridge as the numbers are really high.

Token Distribution

In the last section we saw that USDC was the top token that was transferred in both directions, in this section we are going to see the distribution of each token.

USDC account for 55.5% of the tokens bridged, followed by ETH with more than 32% of bridge volume.

Since 2022, DAI was never bridged into the Optimism, yet it account for 15% of outflow volume. Higher than USDT.

📈 Temporal Analysis

The first chart shows the daily transferred volume (in USD) as well as monthly average volume.

There has been an increase in average monthly volume since May.
In August the average volume has been the highest, around $3.3M per day.
There is a significant inflow on Aug 1st week as well as May 30th week.
During end of September and beginning of August the outflow volume has increased considerably.

🤔 Approach

Data Source and Tables

To conduct our study, we are using blockchain data provided by Flipside Crypto. From their datasets, following tables are used:

ethereum.core.ez_eth_transfers
ethereum.core.ez_token_transfers

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Methodology & Definitions

We are using two contracts on Ethereum mainnet that are related to the Optimism bridge.

The '0x25ace71c97b33cc4729cf772ae268934f7ab5fa1' contract is related to Optimism to Ethereum bridge and '0x99c9fc46f92e8a1c0dec1b1747d010903e884be1' contract is related to the Ethereum to Optimism bridge.

The bounty asks to analyze ETH as well as three stablecoins of our choice, we are choosing 'USDC', 'DAI' and 'USDT'.

In this study we see following labels for bridge direction:

OP OUTFLOW ⬆️ → It means the outflow volume from Optimism network to Ethereum blockchain
OP INFLOW ⬇️ → It means the inflow volume into Optimism network from Ethereum blockchain

Study Period

To conduct our study, we are using all the data since Jan 2022.

💸 Bridge Transfer Size Distribution

The next charts depict the distribution of bridge volumes in each direction and by each token.