What is Axelar?

Axelar network is a blockchain that connects blockchains, enabling universal Web3 interoperability. The network is secured using proof-of-stake consensus, and messages are routed and translated using permissionless protocols. As an analogy, Axelar is like Stripe for Web3. Axelar delivers secure cross-chain communication for Web3. Our infrastructure enables dApp users to interact with any asset or application, on any chain, with one click.

Axelar is composed of a decentralized network of validators, secure gateway contracts, uniform translation, routing architecture, and a suite of software development kits (SDKs) and application programming interfaces (APIs) to enable composability between blockchains. This allows developers to build on the best platform for their use case, while being able to access users, assets and applications in every other ecosystem. Instead of pairwise cross-chain bridges, they can rely on a network architecture that provides a uniform code base and governance structure.Axelar’s ultimate goal is to build the underlying infrastructure for onboarding the next billion people onto Web3. In order to achieve this goal, Axelar will:

1. Make it easy for blockchain developers to plug in and communicate with other chains.
2. Provide decentralized application (dApp) developers with cross-chain composability.
3. Allow users to interact seamlessly with applications across multiple ecosystems.

The Axelar SDKs provide a rich suite for developing Web3 applications, ensuring that developers have the tools they need for building. With these tools and APIs, developers can use the Axelar network and its SDKs to write dApps that can be easily deployed across all Axelar-connected ecosystems. In other words, Axelar distills cross-chain interoperability down to a simple set of API requests. This is absolutely central to adoption, as the developer experience around deploying Web3 applications must be like the experience today for Web2 developers, where the underlying networking and ecosystem-specific deployment considerations are largely abstracted away.

AXL Token

The AXL token is the key to the proof-of-stake consensus that secures the Axelar network. This token went live on the Axelar network on 27th September 2022. More than this, AXL enables functionality that other cross-chain networks can’t duplicate – like instant, any-to-any routing and one-time deposit addresses that match onramps centralized exchanges use. These features are possible because Axelar is a blockchain connecting blockchains.

Users can also stake their AXL to contribute to the security of Axelar network. AXL has other uses, too: it is a chain-agnostic token. Built on Cosmos SDK, it is compatible with any IBC chain. And it can be easily wrapped as an ERC-20 compatible token (wAXL) for trading and other uses

Methodology

In this dashboard, We are going to analyse data about $AXL holders buyers on Osmosis and also its native chain, Axelar.

For this, Firstly, We are going to analyse the $AXL purchase activity via Osmosis DEX and how purchasers have used their purchased $AXL on chain. Then, We are going to compare $AXL balance and also its flow on Axelar, the native chain of $AXL token vs its activity on Osmosis.

The main tables that we are going to use for this bounty are osmosis.core.fact_daily_balances (for $AXL balance of Osmosis wallets), osmosis.core.fact_swaps (for $AXL purchasing and purchasers activity) and axelar.core.fact_transfers and osmosis.core.fact_transfers tabels for flow of $AXL within Osmosis and Axelar.

$AXL token IBC address on Osmosis is ibc/903A61A498756EA560B85A85132D3AEE21B5DEDD41213725D22ABF276EA6945E and ‘uaxl’ is its labeled currency on Axelar chain.

According to the above and left data, currently there are 2450 unique Osmosis wallet who are holding $AXL in their wallet.

Moreover, there are total 4590 unique users who have purchased $AXL via Osmosis DEX. the total number of $AXL purchases via Osmosis is 19.1k and total purchased $AXL on Osmosis is 7.97M $AXL or 6.22M $USD.

According to the left chart, the majority of $AXL purchasers (almost 58% of them) who have bought this token from Osmosis DEX are briding it to other places! (IBC Transfer Out).

Also, we can see 33.9% of total purchasers have traded their purchased token after a while and there are only 341 purchasers (7.43% of total purchasers) who are holding their $AXL in their Osmosis wallet.

Few number of users are providing liquidity with their purchased $AXL or transferring it within Osmosis chain.

Based on the left data, the average holding period of $AXL purchasers (via Osmosis DEX) is 12.6 days (all time) which is less than 2 weeks.

But during the last month (past 30 days), the average holding time has decreased to 5.56 days (less than 1 week). this decreasing holding period can be because of market volatile situation especially because of FTX collapse.

Also, we can see the majority of $AXL purchasers have totally held their purchased token for 1 week - 1month. But during the last month, most number of $AXL purchasers have only held their purchased token less than 1 day !

On the above left chart, we can see quite increasing balance of $AXL within Osmosis chain over time especially after November.

Moreover, we can see the majority of $AXL holders are just holding less than 10 $AXL in their wallet and there are few number of holders (only 1.3%) that are holding more than 10000 $AXL in their wallet.

Also, we can see the Osmosis wallet addresses osmo1z6mf937x9ug4ck7lt45f2wyrt9lnway68lpta9 and osmo1jv65s3grqf6v6jl3dp4t6c9t9rk99cd80yhvld jointly have the highest $AXL balance with 1.089625M $AXL tokens.

Totally, we can see almost equal share of users with different type of $AXL balance on Osmosis over time.

$AXL on Axelar

Based on the left chart, the majority of $AXL tokens in Axelar chain are flowing within Axelar itself (almost 99% all flowing $AXL tokens). Also, the total flow of this token within Axelar is way more than Osmosis.

on Osmosis, we can see most volume of $AXL token is being bridged out of this chain by IBC Transfer Out and 33% of all flowing $AXL are being transfered to Osmosis from other places. There are only 21.6% of $AXL tokens which are being transfered within Osmosis itself

On the above and left charts (the first chart is in logarithmic scale), we can see the weekly flow of $AXL token within Osmosis and Axelar over time.

As we see, in majority of days especially with the 3 huge high spike during September and October 2022, the flow of $AXL within Axelar is way more than its flow on Osmosis wallet.

But on the last week of October, we can see kinda high spike of inflow of $AXL token to the Osmosis chain even more than inflows to the Axelar.

In terms of outgoing transfers, we can see the majority of $AXL outflows in almost all days belong to the Osmosis wallet and we can see less Outgoing $AXL from Axelar to the other chains.

$AXL Bridging via Axelar Satellite

Based on the left and above data, total 142.9M $AXL ($76.8M in USD) were bridged via Satelite bridge. The average volume of bridges is $166.4 USD or 133.9 $AXL.

Based on the above data, Axelar => Ethereum is by far the most popular bridge path of $AXL token via satellite bridge. on the second rank we can see Axelar => Osmosis path.

Moreover, we can see huge spike of $AXL bridge from Axelar to Ethereum on September 2022, but after this date, we can see decreasing bridging activity of $AXL token over time.

Summary and Conclusion

• Most number of $AXL purchasers via Osmosis dex have bridged this asset to other places and there are only 7% of purchasers who have held their purchased $AXL token. Significant number of these purhcasers have traded (swapped out) this asset.
• The average holding time of $AXL purchasers (via Osmosis) is totally almost 12 days (less than 2 weeks) but during the past month, we have seen this average holding period has been reduced to almost 5 days (less than 1 week) and the main reason behind this can be because of market volatile especially because of FTX collapse during the past month.
• $AXL balance and holders on Axelar (the native $AXL chain) is more than Osmosis but the share of users with less $AXL balance on Axelar is more than Osmosis.
• The number of transactions on Osmosis with $AXL token is decreasing over time and on the other hand, the number of briding this asset out of Osmosis is increasing and this means Osmosis users are transfering this token out of Osmosis (maybe to its native chain, Axelar).
• The majority of $AXL is being transfered within Axelar chain but on Osmosis, most volume of $AXL is being bridged out of this chain.
• So, Transfer is the most popular action made by $AXL token in Axelar chain by its users.
• Axelar => Ethereum and on the second rank Axelar => Osmosis are the two most popular transfer path of $AXL token via Axelar Satellite Bridge.

Discord: Ali3N#8546 Twitter: Alik_110

Tweet Link For This Dashboard:

How is $AXL Being Used Within Osmosis ?

Based on the left charts, the majority of $AXL tokens are being transfered out of Osmosis (IBC Transfer Out) in both terms of number of transactions and users.

The second most popular action with $AXL token on Osmosis is swapping it for other assets and the 3rd most popular action is providing liquidity.

Transfering $AXL within Osmosis is the least popular action done by this token.

According to the above charts, as time goes on, the share of briding $AXL out of Osmosis is increasing over time and on the other hand, the number of transfers within Osmosis and also liquidity providing with this token is decreasing over time.

Moreover, we can see the total number of actions with $AXL token on Osmosis is decreasing over time which shows that this $AXL token is losing its popularity on Osmosis chain and maybe gaining popularity on its native chain, Axelar.

$AXL Balance on Osmosis

Emitted Messages by $AXL Token in Axelar

On the left chart, we can see the list of all emitted messages by $AXL token usage in Axelar chain based on the number of transactions.

As we see and as mentioned above, $AXL token is mostly being transferred in Axelar chain.

We can also see some other actions such as Voting, Burning, IBC transfer and etc in the list of these emitted messages by $AXL token.

On the above and left charts, we can see the emitted messages by $AXL token over time in Axelar chain.

As we see and as mentioned above, transfer (which also include coin spent and coin received) is the most popular action done by $AXL token in aall days.

Based on the above data, there are currently 3820 unique $AXL holders on Axelar which is more than 2465 unique $AXL holders on Osmosis chain.

Moreover, similar to the Osmosis chain, we can see the majority of $AXL holders on Axelar are holding only less than 10 $AXL in their wallet.

Also on the above and and left charts, we can see the evolution of $AXL holders on Axelar chain over time and as we see, in almost all days, users with less than 10 $AXL balance in their wallet are more than other users.