Introduction

The Optimism protocol is a Layer2 protocol that is intended to help Ethereum users speed up and pay fewer fees for transactions on the Ethereum network.

In order to use the protocol, Ethereum users must pass their tokens to the Optimism platform to start enjoying its benefits. The method of moving a chain from Layer1 to Layer2 is called bridging.

Optimism uses its own bridge, even though there are other entities dedicated to it.

Methodology

For this reason, the purpose of this dashboard is to analyse the movements of the ETH token and the LYRA coin, one of the most used token on Optimism, from one platform to another. In other words, the metrics we are going to analyse for both, ETH and USDT tokens are as follows:

• Bridging transactions
• Users bridging
• Bridged volume

In the case of the Ethereum, we can see similar charts for all the evaluated metrics.

From the beginning until the end, it seems that more users and more volume is coming to Optimism from Ethereum than viceversa.

Another important think is that the highest activity was registered during the end of 2021. However, since the start of 2022, the bridging activity decreased considerably and the downtrend has been more clear since July.

Basically, looking at the volume, it turned negative during the past months.

If we take a look at the LYRA token, we can see how the charts are different. In this case, during the first months of activity, the activity was so low and irregular. There were some positive and some negative days were more volume was aggregated to Optimism and on the other way around. However, the general activity increased considerably in August and seems that now, it is remaining above the median.

Key insights

• From the beginning until the end, it seems that more users and more volume is coming to Optimism from Ethereum than viceversa for ETH token.
• The highest ETH activity was registered during the end of 2021. However, since the start of 2022, the bridging activity decreased considerably and the downtrend has been more clear since July.
• Currently, there are more ETH volume bridged from Optimism to Ethereum.
• During the first months, the activity was so low and irregular. There were some positive and some negative days were more volume was aggregated to Optimism and on the other way around.
• The general activity increased considerably in August and seems that now, it is remaining above the median.