What the bridge was for
September 2026 bridges only. Each priced hop-book message is the original bridge (N+0). Its USD is attributed to the next material move of the same asset within 24 hours — including hops on 1 Oct. If nothing moved, it is Held wallet (EOA) or Unlabeled contract hold. A known CEX on the original LZ recipient is CEX Activity even with no N+1 — deposits and internal exchange movements are not split. That CEX label wins over the later hop on every table. A Veda or Hyperbeat vault on the LZ recipient is Vault deposit. Bridging USDT then minting USDe is Minted USDe, not Held. Bridging sUSDe then redeeming is Unstaked sUSDe. A landing on the Relay solver is Relay fill. A landing wallet that then sold on CowSwap is DEX swap, not Held. Ethena-funded Aave supplies are Ethena Yield Aave deposit; the project stays Aave. Rebridge (OFTSent / PacketSent right after delivery) is the inorganic flag.
Shares are of priced USD for these quality assets. Gray is dest volume we did not hop: under $500k, or a dest chain / large delivery outside the book.
Source → dest → next hop
Left links are original bridge USD. Right links are the USD that actually moved on the next hop. Tap a flow on a phone to pin the amount.
Coverage vs the priced desk
Coverage + the two unanalyzed buckets must equal priced USD of these quality assets.
Method and limits
Daily bridge volume by next activity
Quality-asset dest USD. Color is the next move, or unanalyzed.
Daily post-bridge activity
Observed N+1 only. Bridges that moved again.
Attributed use of the original bridge
Destinations: held vs CEX vs other
Projects and venues
CEX, vault, lending venue, or protocol on the LZ recipient or the next hop. Unlabeled wallets stay off this table.
CEX after the bridge
Known CEX on the original LZ recipient or the N+1 hop_to. N+0 CEX wins. Same key is reused across EVM. The null address is not CEX.
Hop counterparties
Token to kind
Where the bridged asset went. Known CEX on the LZ recipient or hop_to is cex — N+0 wins over the later hop.
Hop tx.to kind
The contract or wallet the hop transaction called. CEX Activity uses the same N+0 / N+1 CEX rule.
Tokens moved to
Top transfers — bridge then next hop
Ordered by original bridge USD. Src / dest / hop open the chain explorer; LZ opens LayerZero Scan. Hop USD is the N+1 Transfer of the same asset. CEX name comes from the LZ recipient when the exchange already received the credit. Full list (3,000 largest) is on Next Hop Explorer.
Rebridged
OFTSent / PacketSent right after delivery. Source → dest of the first bridge. Then is the dest of the next LayerZero message when Scan matched one. unknown means another OFT/Packet left dest but we did not attach a second Scan message — not a loop back onto the same chain.
Assets that rebridge
Dest chains — coverage vs all dest volume
Dest USD of these quality assets must equal coverage + Sub500k transfers + chain unanalyzed.