Since May 2022, the bridge Volume on USDC increased and taken ETH place. The total bridge volume of USDC is 800M US dollars while ETH volume is 600M US dollars. With a huge difference, the USDT bridge volume is 131M US dollars and DAI is 7M Dollars. The bridge volume shares didn’t change over time. The highest volume happened on August 1 when 165M ETH, 180M USDC, 43M USDT, and 192K DAI bridged from the Ethereum chain to Optimism.

USDC and USDT had the highest average bridge volume in comparison to ETH and DAI. It is interesting that ETH had the lowest average. Over time, The average bridge volume of ETH and DAI decreased but UDSC and USDT increased. In October, The USDT had the highest bridge volume. The weekly average of USDT is 65K US dollars and weekly average bridge volume of USDC is 78K US dollars.

Based on Transactions, the large group of users of each token bridged their token only one time.
Based on Volume, The large group of ETH users bridged 10-100 US dollars. The large group of USDC, USDT, and DAI users bridged 100-1K US dollars.

As you can see, The highest number of transactions and Volume went through the Optimism native bridge.

Optimism to Ethereum

So far, I analyzed bridges from Ethereum to Optimism. Now it’s time to analyze bridges from Optimism to Ethereum.
Based on transactions, The weekly shares of USDC between May and July were lower than ETH but after that time, The weekly share of ETH increased up to 81%. Over time, The USDT shares increased from 3$ up to 26%. Also, I can see that the share of DAI increased too.
ETH token had the highest number of unique users and transactions. The cumulative number of transactions show how The USDC transactions increased over time.

It is interesting that the average bridge volume of DAI was higher than ETH, USDC, and USDT. The average weekly bridge volume of DAI from Optimism to Ethereum is 179K US dollars. Over time, The average volume of tokens had so many ups and downs but in October, DAI still had the highest average volume.

The total bridge volume of USDC from Optimism to Ethereum has a huge difference from ETH, DAI, and USDT. In some weeks like the beginning of September, The DAI volume increased significantly and was higher than any other tokens but it was only one week. Overall, USDC had 5x volume higher than ETH and DAI. USDT has the lowest volume in comparison to the other three tokens.

The large group of users had one bridge transaction.
The large group of ETH, USDC, and USDT users bridged 100-1K US dollars. The large group of DAI users bridged 1K-10K US dollars.

It is interesting that most transactions went through Hp Protocol and the most volumes went through the Optimism Native bridge.

Conclusion

It seems based on transactions, ETH is the most popular token that users bridged from Ethereum to Optimism. The share of ETH decreased over time and USDC increased but lastly, Again the share of ETH increased. But based on Volume, fewer users bridged a huge volume of USDC to Optimism.
From Optimism to Ethereum, There were too many ups and downs. At the beginning of May, The ETH bridge transactions was higher than other tokens but over time, USDC and USDT shares increased significantly. Based on Volume, USDC had the highest volume that bridged to Ethereum chain from Optimism.

Introduction

In this Analysis, You will read about Inflow and Outflow to Optimism and Ethereum chains. Also, I filtered tokens and tracked only ETH, USDC, DAI, and USDT.
I selected the Optimism native bridge and Hop protocol data to analyze the Inflow and Outflows.
We want to know What is the volume of ETH and three stablecoins ( USDC, USDT, and DAI) that's moved between the Optimism network and the Ethereum network across the bridge?
Also, How has that changed over time?

Analyzed by Hess - Reading Time Almost 10 Min.

Method

The first thing I did was find users who bridge their assets from Ethereum to Optimism. I chose Optimism Native Bridge and Hop Protocol.

Optimism Native address:

0x99c9fc46f92e8a1c0dec1b1747d010903e884be1

Hop Protocol addresses:

('0xb8901acb165ed027e32754e0ffe830802919727f') , ('0x3666f603cc164936c1b87e207f36beba4ac5f18a'), ('0x3e4a3a4796d16c0cd582c382691998f7c06420b6'), ('0x3d4cc8a61c7528fd86c55cfe061a78dcba48edd1'), ('0x22b1cbb8d98a01a3b71d034bb899775a76eb1cc2').

With chain ID 10, I filtered only bridges from Ethereum to Optimism.
I used ETH transfer and EZ token transfer to find all bridges from Ethereum to Optimism. I filtered bridged tokens to ETH, USDC, DAI, and USDT.

Optimism → ETH
In order to find bridges from Optimism to Ethereum I used Optimism native address on Ethereum which is

0x25ace71c97b33cc4729cf772ae268934f7ab5fa1 and for Hop bridges, I used Hop protocol Bond addresses":
(lower('0xa6a688F107851131F0E1dce493EbBebFAf99203e'), lower('0x15ec4512516d980090050fe101de21832c8edfee'), lower('0x10b6CbDFE187c04d63F179B87067C49e7a1E91Af'), lower('0x710bDa329b2a6224E4B44833DE30F38E7f81d564')) and event_name = 'WithdrawalBonded')

What is Bridge?

A blockchain bridge, otherwise known as a cross-chain bridge, connects two blockchains and allows users to send cryptocurrency from one chain to the other. Basically, if you have bitcoin but want to spend it like Ethereum, you can do that through the bridge.

What is Optimism?

Optimism is a fast, stable, and scalable L2 blockchain built by Ethereum developers, for Ethereum developers. Built as a minimal extension to existing Ethereum software, Optimism's EVM-equivalent architecture scales your Ethereum apps without surprises.

A Summary of The Most Important Findings

Ethereum to Optimism

Based on Transactions ETH has the highest shares of transactions. between July and September, The weekly shares of USDC increased up to 33% but again decreased and ETH shares increased up to 91%.
ETH token with a huge difference from other tokens has the highest number of Unique users.
Based on Volume, USDC has the highest shares. The total bridged volume of USDC is about 800M US dollars while ETH volume is 600M US dollars.
The average bridge volume of USDC and USDT is higher than ETH and DAI.

Optimism to Ethereum

Based on transactions, ETH and USDC have the same shares from Bridge transactions. Between May and July, ETH had the higher shares but after that time, the share of USDC increased significantly.
Based on Volume, USDC had 5x higher volume in comparison to other tokens like ETH and DAI.
It is interesting that DAI had the highest bridge volume in comparison to other tokens.

Full Analysis

Ethereum to Optimism

Let’s examine the total number of users and transactions bridge from Ethereum to Optimism in the last 180 days. About 83% of bridge transactions belonged to the ETH tokens. The weekly shares of USDC increased between July and September up to 33% but after that ETH shares increased again. DAI and USDT had the lowest shares in comparison to other tokens.
ETH token has the highest number of unique users. About 50K unique users bridged their ETH to Optimism in the last 180 days while USDC, The second Top token, has only 6K Unique users. The highest number of users bridged their ETH on May 30. About 20% of unique users of ETH tokens bridged their ETH to Optimism on that day.

THANK YOU FOR READING!

ALL CODES AND CONTENTS WERE WRITTEN By Hess.

:bird: Twitter: @hessaminanloo

:flying_disc: Discord: hess#0890

:calendar: Analyze Date: 2022/NOV/02

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