What Will You Read?

In This analysis, You will read about the Hop bridge volume. we want to know How much volume has Hop bridged to Polygon, Optimism, and Arbitrum compared to those protocols’ native bridges? What is Hop’s total TVL?

All data in this analysis is from January 1st, 2022.

What is Hop?

Hop is essentially a multi-network bridge. It's technology agnostic and can be applied to any EVM-compatible chain. There are two core pieces to the Hop protocol architecture that make this possible.

Method

I found these contract address from Hop Documents: '0x3e4a3a4796d16c0cd582c382691998f7c06420b6' , '0x3d4cc8a61c7528fd86c55cfe061a78dcba48edd1', '0x22b1cbb8d98a01a3b71d034bb899775a76eb1cc2', '0xb8901acb165ed027e32754e0ffe830802919727f, 0x3666f603Cc164936C1b87e207F36BEBa4AC5f18a.

Also, I found each chain is related to networks.

Arbitrum:42161

Polygon: 137

Optimism: 10

TVL:

For TVL, I check Bridge balances. Then compared to the Official source. The results were similar to Hop Official sources.

Compare

The below chart shows the total daily number of use Hop based on networks.

• Most Hop users used Hop to transfer their assets to Arbitrum.
• On some Days Optimism was higher than Arbitrum like April 20 or June 1st.
• At the beginning of the year bridge to Polygon was higher than Optimism but in last months Optimism was higher than Polygon.

The below chart shows the total daily volume that transferred via Hop to other L2s.

• Most volumes went for Arbitrum each day.
• Optimism is in the second place and Polygon is in the third place.
• The highest volume was 5.6M dollars that transferred from Mainnet to Arbitrum via Hop on January 20th.

The cumulative daily chart shows that Arbitrum has a huge difference in comparison to Polygon and Optimism.

• Until April 18th, Polygon and Optimism were similar to each other but after that Optimism cumulative volume increased.

• 60% of the Total volume went to Arbitrum.
• 23.2% of Total volume went to Optimism
• 16.3% of Total Volume went to Polygon.

In these charts, I compared Hop Vs other Native bridges based on total bridged ETH.

First Native Polygon.

As You can see the total volume of the bridge in Native Polygon was much higher than Hop Polygon bridge. So Users used Native Polygon in comparison Hop Polygon bridge.

• The total daily volume on Native Arbitrum is much higher than on Hop Arbitrum. The difference is like the previous chart.

• The only network that the difference between its Native bridge and Hop is Optimism.

• Native Polygon with 42% of the total volume is in the first place.
• Native Arbitrum with 37% of the total volume is in second place.
• Hop Arbitrum with 8% of the total volume is in third place.

The total TVL of Hop is about 38.5M dollars.

The below chart shows the Hop TVL per Tokens since January 1st.

• The highest TVL is in ETH.
• The second is USDC.
• The third is USDT.

Conclusion

• It seems users chose Native bridge in comparison to Hop. But The Volume that transferred via Hop still is big.

• Arbitrum is the most popular chain that users use Hop to bridge their assets from L1 to L2.

• Because of Market Crash, The Hop TVL decreased from May.

Thank You For Reading!

Written By Hess

where

discord_id: hess#0890

and

twitter_id: @hessaminanloo