Officially launched on the 9th November 2022, the MetaMask Bridges feature brought bridging to potentially 30 million users (as of March 2022, source). Let’s take a look at how bridging has performed through Metamask over the past 16 days.
To date there have been 96,501 total transactions initiated by 47,085 users with a total value of $34,375,243. On average thats 2.04 transactions per user with an average value of $730.06 per bridged transaction. Considering the market sentiment of late, I would say the initial volume looks positive.
It’s interesting to see that Polygon is commanding more volume compared to Ethereum. Maybe some assumptions can be made based on the average value bridged and the preference for chains with cheaper fees. The information available however does not provide any conclusive evidence.
For the MetaMask Bridges feature, we know that this feature is provided by two bridge aggregators (you can read about the launch here); Li.Fi and Socket. In the Dune Analytics dashboard, there is also information available detailing contributions through specific provider.
From the charts we can see that Socket currently commands the bulk of transactions going through MetaMask’s bridges function. Socket currently commands 67.6% of all transactions with Li.Fi handling 32.4%. The stats are similar when it comes to users as well.
While the Dune Analytics chart provided some interesting information, would have liked to see value being bridged over the different aggregators and the stats of the underlying bridges used. Maybe someone here could fork the dashboard and add these information if available, that would definitely make it even more interesting to further dive into the information.
With the current usage statistics, it wouldn’t be far fetched to say that use of the bridging feature has not yet being actively used by MetaMask users. But its only been 16 days so far and would assume that people have been preoccupied with the recent FTX and Genesis situations than thinking much about bridging between different chains.
I expect this to change over time as the market regains its composure but I guess we’ll see. If you’d like to explore the Dune dashboard created by @Marcov, you can find it here.
p.s. all data presented here is accurate at time of writing and will change.