In this dashboard, we will compare Native Optimism Bridge and Hop Exchange bridge in terms of Users depositing assets as well as the USD volume of assets being deposited over the past 60 days.

Optimism Native Bridge

There are two bridge contracts:

• 0x99c9fc46f92e8a1c0dec1b1747d010903e884be1 - This is the native bridge, that has been used in general. Can handle both ETH and ERC20 tokens.
• 0x52ec2f3d7c5977a8e558c8d9c6000b615098e8fc - A new bridge to handle small sized ETH only deposits in a much more gas efficient way

We can use the ethereum.core.ez_eth_transfers to track ETH deposits and ethereum.core_ez_token_transfers to track ERC20 token deposits into the above addresses.

Plotting the Total Users overall and on a daily basis ...

Around 90,000 Users have used the Native bridge over the past 6 months. Before April, the number of users daily averaged around 500, which peaked around 2000 during the first rumour of Optimism Governance Token. When the token itself was launched bridging activity soared with as much as 24,000 Unique wallets bridging on June 1.

ETH is the primary token to be bridged, as it is essential for Gas costs on Optimism.

Let us Look at the USD volume transferred

Hop Exchange

In Hop, each asset has its own deposit vault, and the Function sendtoL2 is invoked with the necessary parameters, which include the amount of asset to be sent, the destination chain ID. When assets are sent across the bridge, a TransferSentToL2 event log is emitted.

From this event, we can find the user details, destination chain and amount of asset involved transferred. From the contract which emits this event log we can identify the asset in consideration. Aggregating these data, we can generate the metrics we require.

The contract addresses for the respective vaults are

• 0x22b1cbb8d98a01a3b71d034bb899775a76eb1cc2 - MATIC
• 0xb98454270065A31D71Bf635F6F7Ee6A518dFb849 - WBTC
• 0xb8901acB165ed027E32754E0FFe830802919727f - WETH
• 0x3d4Cc8A61c7528Fd86C55cfe061a78dCBA48EDd1 - DAI
• 0x3E4a3a4796d16c0Cd582C382691998f7c06420B6 - USDT
• 0x3666f603Cc164936C1b87e207F36BEBa4AC5f18a - USDC

Since we need only Optimism, we can filter out data whose chainID parameter is 10.

Since the start of 2022, 15000 bridges have been made to Optimism, bulk of which comes with the OP token launch. As only ERC20 token are allowed, WETH is the most popular asset transferred. In general, the number of users is half of the native bridge users. However this ratio reduced to 10% during the OP governance launch and the hype that surrounded it.

Looking at the USD volume

USDC doesn't dethrone WETH here. However its impressive that USDC has half the USD volume of WETH while having only 1/10 th the users. Similar to previous cases the Governance launch hype brought in liquidity to Optimism. Around 130 Million USD volume has entered Optimism via Hop.

Interestingly, inspite of ETH having the most users bridging, USDC volume is higher than ETH volume. Similar to Users, Volume was relatively low before sky rocketing in June 1 with the Optimism Governance Token Launch. Anywhere between 700 to 800 Million USD Volume must have flown into Optimism via the native bridges.

Conclusions

• OP token launch brought it alot of new users and liquidity
• When bridging to Optimism, most users prefer the native bridges, as it was the first and the most intuitive one. It also allows native ETH transfer, which is the most dominant way of liquidity flow into the Optimism ecosystem.
• In both Users and USD Volume metric, native bridge wins by a massive margin.