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How many unique users have bridged to L2s using Hop? What days in the past 6 months have seen the most volume bridged, and were there any specific events that may have driven these spikes? Which assets have been bridged the most? Show an analysis of the asset distribution of bridging through Hop.
Introduction and methods
Hop Protocol is a project created for sending tokens across rollups and their shared layer-1 network in a quick and trustless manner. It is a way to connect different scaling solutions, facilitating a better user experience when moving assets. It is the first bridge protocol to unlock instant $MATIC withdrawals. Hop currently supports the transfer of funds not only in MATIC but also in ETH, USDC, DAI, and USDT from and to the networks Mainnet, Polygon, Optimism, Arbitrum, and xDai. It has its own Optimism bridge and its own Arbitrum bridge which are called Hop Bridges. The Hop bridge issues Hop tokens on each network it supports.
In this dashboard we are gonna track the total number of users that have bridges to L2s using this protocol. As well, we will take a look at the past 6 months of data to see the days when the moost volume was bridged and why. Finally, we will take a look at the most popular tokens bridged.
Considering the Hop bridge users, a total of 18.89k unique users used Hop protocol so far.
If we take a look at the daily volume bridged over the past 6 months, we can see how there are several days where the volume spiked in comparison with the normal days. In the second chart, we can see the top 10 days by the amount of volume moved.
Considering the data extracted, we can see how it coincides with some specific Hop events like the recent Arbitrum bridge competition, or the previous Velodrome partnership announced on June 1st.
Taking a look at the daily number of bridges, we can see how there was a boom during the first days, but it seems like the volume remained constant between 50 and 100 total daily bridges.
Looking at the bridges by tokens, we can see how the USDC has been the most token bridged over time since the beginning until the end. Another improtatn tokens have been MATIC and USDT. wETH has also been consolidated since Feburary 2022 but with lower numbers.
In global numbers, USDC represents 58% of the total bridges, while MATIC 25.5%. The third position is for USDT with around 11% and wETH with almost 5%. THe rest of the tokens are negligible.
Finally, taking a look at the evoltuion of volume bridged by tokens, we can see how there are three main tokens. USDC with a big dominance against others since the beginning, followed by MATIC and USDT.
Conclusions and key insights
In this dashboard we have analyzed different metrics about the Hop protocol uses to bridge to L2. The main insights extracted from the analysis are:
- A total of 18.89k unique users used Hop protocol so far.
- There are several days where the volume spiked in comparison with the normal days over the past 6 months. The datetime coincides with some specific Hop events like the recent Arbitrum bridge competition, or the previous Velodrome partnership announced on June 1st.
- USDC has been the most token bridged over time since the beginning until the end. Another important tokens have been MATIC and USDT.