Inflows and Outflows (redux)

    What is Optimism?

    Optimism features a bridge that connects the Ethereum mainnet to its Layer 2 network, making it easier for developers to build Ethereum-native decentralized applications (dApps).Optimism is based on four pillars: simplicity, pragmatism, sustainability, and optimism. By leveraging a simple design, Optimism mitigates the time and money needed for engineering, allowing it to direct its energy toward developing new features instead of recreating existing ones. For simplicity, Optimism uses tested Ethereum code and infrastructure where possible.

    For more information click here

    What are crypto bridges?

    Crypto bridges are the solution for investors who want to take digital assets from one chain and spend, swap, or invest those assets on another blockchain. Some cross-chain bridges accomplish this by creating a “wrapped” token out of the crypto from the starting chain, making it compatible with its destination.

    Methodology

    In this dashboard I am going to first look at the Optimism native bridge and show the daily total volume by token, daily average volume by token, and then the most popular coins being sent by volume. I am then going to do the same thing on HOP and discuss the trends of both and then talk about the similarities and differences between the two.

    Metrics

    1. Daily Volume In USD Sent to Optimism Via Native Bridge by Token
    2. Daily Average Volume In USD Sent to Optimism Via Native Bridge by Token
    3. Tokens Sent to Optimism Via Native Bridge By Token Percentage of Total Volume
    4. Daily Volume In USD Sent Via HOP by Token
    5. Daily Average Volume In USD Sent Via HOP by Token
    6. Tokens Sent Via HOP By Token Percentage of Total Volume
    7. Percentage of HOP Users That Have Also Used The Optimism Native Bridge
    db_img
    Loading...
    Loading...
    Loading...
    Loading...

    Optimism Native Bridge Analysis:

    • The Daily Volume sent on the Optimism Native bridge has seen a several days near or above 15M in volume and one day above 50M in Volume
    • From mid November of 2021 to January of 2022 LUSD made up a large amount of the total volume on a daily basis, now USDC make up the majority of the daily volume.
    • WBTC and WETH tend to have some of the largest sizes of average volume sent on a day to day basis.
    • The most popular coin to send via this bridge is USDC followed by LUSD and then USDT.
    • The top three most popular coins to send on this bridge make up over 80% of all of the volume sent by all coins on this bridge.
    Loading...
    Loading...
    Loading...
    Loading...

    HOP Bridge Analysis:

    • The volume sent on the HOP bridge can be anywhere from 1M - 8M, but tends to stick from around 2-4M on a daily basis.
    • USDC make up the wide majority of the volume on a daily basis.
    • DAI, MATIC, USDC, and USDT tend to make up almost all of the volume on a day to day basis on the HOP bridge.
    • The tokens with the largest average amount sent via the HOP bridge are DAI, MATIC, USDC, and USDT
    • USDC make up 71.4% of the volume sent on HOP alone, But USDC, USDT DAI, and MATIC make up over 99.5% of all of the volume sent on HOP.
    • about 6.5% of HOP users have also used the native Optimism bridge.

    Conclusion:

    1. The most popular tokens to send on the Optimism native bridge are USDC, USDT, and LUSD.
    2. The most popular tokens to send on HOP are DAI, MATIC, USDT, and USDC.
    3. The average size of transfers on the Optimism Native bridge tend to be much larger than that of the HOP bridge meaning Whale type users are more likely using the Optimism native bridge than HOP.

    Optimism Native Bridge ETH Analysis:

    From the middle of April to the middle of May there was anywhere from 400-2000 ETH depositors everyday to Optimism via the native bridge. After the May that though the amount depositor's began to slow down with anywhere from 50-200 depositor's on a any given day, with the exception of May 31st and June 1st where there was 3908 and 4662 depositors respectively. If we move onto the next graph we can see that during the first month there were a solid amount of ETH deposited on any given day, like the first graph though it began to slow down before having two massive spikes. These spikes occurred on May 23rd and June 1st and there was 6603 13,370 ETH deposited respectively. Although for the most part there wasn't many unique depositors from late May to the middle of June there was a lot of ETH deposited with a handful of days with over 1000 ETH deposited and some with many more.

    Loading...
    Loading...
    Loading...
    Loading...