Introduction

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.

Satellite is a web app built on top of the Axelar network. Use it to transfer assets from one chain to another.

$axlUSDC is the wrapped version of $USDC introduced by Axelar and deployed on several chains such as Avalanche, Polygon, Fantom, and Moonbeam.

Methodology

In this dashboard, we are going to mainly analyze the activity of the axlUSDC token on the Axelar Satellite bridge and then, on Osmosis Swaps, and Liquidity Pools. In addition, We are going to compare axlUSDC dominant vs other assets and specifically with other famous stablecoins such as USTC, USDT (axlUSDT), grvUSDC, UST, DAI (axlDAI), and Frax and also ATOM tokens. the main purpose is to see how popular is axlUSDC in the Cosmos ecosystem.

The main tables that we are going to use for this bounty are axelar.core.fact_transfers (Satellite Bridge), osmosis.core.fact_swaps (Swaps) and osmosis.core.fact_liquidity_provider_actions (Liquidity Providing Actions)

• axlUSDC contract address = ‘ibc/D189335C6E4A68B513C10AB227BF1C1D38C746766278BA3EEB4FB14124F1D858’

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According to the above charts, the total number and also volume of Inflow IBC transfer by axlUSDC asset is way more than Outflows. this type of transfer has also more average and median and maximum volume than outflows.

Moreower, we can see the majority of axlUSDC IBC Transfers (both inflow and outflow) are done with $100 - $1000 volume. on outgoing transfers, transactions with $10 - $100 volume are on the second rank but on incoming, transfers with $1000 - $10000 are on the second rank.

So, as mentioned, the average volume of IBC inflow transfers for axlUSDC is more than outflow.

The average number and volume of axlUSDC IBC IN Transfers is also way more than outflow transfers.

According to the left charts, we can see there was not any trace of outgoing transfers for axlUSDC asset via Satellite bridge till late-September 2022.

But after this date, we can see some trace of outgoing axlUSDC transfers via Satellite Bridge.

But, as we see, the number and especially volume of inflows are way more than outflows in all days.

Moreover, we can see most number and also volume of axlUSDC IBC transfers has been achieved on 28th October but the average volume of IBC Transfers for axlUSDC asset on 23rd April was way more than other days.

According to the left charts, OSMO => Axelar is the most popular path of axlUSDC transfers via Satellite bridge in both terms of volume and number of transfers.

Kujira to Axelar is the second popular path of axlUSDC transfers via satellite bridge.

(P.S: charts are logarithmic so the difference between different paths are high)

And on the above charts, we can see the top 10 popular transfers paths of axlUSDC asset in each week over time. As we see, in majority of weeks, OSMO ==> Axelar is the most popular path.

Before May 2022 the transfer path from COSMOS to Axelar was also popular but suddenly after May, there is high decrease in this path. We can see increasing share of paths such as Kujira to Axelar, Terra to Axelar, Axelar to OSMO and some other paths for the axlUSDC asset over time.

Osmosis is the most popular origin of axlUSDC transfers via Satellite bridge and Axelar is the most popular Destination by far.

axelar1clcxht0yyp257w7gxx9xsfxuaccjmpmd000yw0 is the user with most number of sent and also received axlUSDC out/in Axelar but in terms of volume, axelar1y7087ld7nc6259f9dx2h0wru93p7jejw5dzzgs is the top sender and

axelar1ldayhxlr6nkxpvsacg445x6dhwmhxrftm00ecrvx9he7zcy9wu0sthkgkh is the top receiver.

According to the above charts, axlUSDC dominance on the Satellite bridge (compared to the other assets and stablecoisn and also ATOM) is significantly high. As we see, more than 33% of all transfers via Satellite Bridge in terms of volume and more than 22.2% in terms of number of transfers, are done via axlUSDC asset !

With comparing to the stablecoins and ATOM, we can see UUSD (~UST) has more total number of and volume of transfers than axlUSDC with a very low difference but axlUSDC is completely doing better than ATOM token.

Also, since UST is no longer popular like before May Terra crash. we can name axlUSDC as the most popular stablecoin on Satellite bridge.

On the above charts, we can see UUSD (UST) was the most popular stablecoin on Axlear Satellite Bridge till May 2022 but as u know, after May 2022 and because of the Terra Collapse, the popularity of UUSD has decreased dramatically and we can see UUSDC (axlUSDC) is now by far the most popular stablecoin on Satellite Bridge and its dominance is increasing more and more over time even in comparing with all other satellite bridge assets.

Satellite Bridge

OSMOSIS Swaps and Tradings

in terms of swap, we can see majority of swaps and swappers are Swapping To axlUSDC asset. But in terms of volume, Swap From axlUSDC is slightly more than the volume of swaps to axlUSDC.

On the above charts, in comparison with ATOM and other stablecoins ,we can see axlUSDC is the third most popular asset on Osmosis swap (after ATOM and USTC) in terms of transactions count but in terms of volume axlUSDC is the second popular asset.

The dominance of axlUSDC on Osmosis swap and trades is not high as its dominance on Axelar Satellite Bridge because we can see there is lot difference between axlUSDC swaps and other assets.

On the above charst, we can see lightly increasing dominance of axlUSDC on the Osmosis swaps over time (since May 2022 and after Terra Collapse that caused the decreasing popularity of USTC) and on the other hand, dominance of ATOM swaps is also decreasing over time.

On the left charts, we can see the total number of liquidity providing actions via axlUSDC breakdown by action type (join or exit)

As we see, axlUSDC has low share of LPs in terms of number of actions and users.

The dominance of axlUSDC on Osmosis Liquidity providing actions is not high as its dominance on Axelar Satellite Bridge.

in comparison with ATOM and other stablecoins, axlUSDC is the third most popular asset on Osmosis LPs (after ATOM and USTC) in terms of transactions and LPers count and also LP volume. Also there is much more difference between axlUSDC vs USTC and ATOM that shows the low dominance of axlUSDC compared to the swaps.

Similar to the Swaps, after May Terra Collapse, the dominance of USTC has decreased dramatically and on the other hand the dominance of axlUSDC has increased more and more over time. But anyway, between these assets, ATOM is by far the most popular LPed asset on Osmosis and currently, axlUSDC is the second most popular asset.

Summary and Conclusion

• axlUSDC inflow transfers via Axelar satellite bridge are more than (in both terms of volume and number) than outflow transfers. this type of transfer has also more average and median and maximum volume than outflows.
• The most number and also volume of axlUSDC IBC transfers has been achieved on 28th October. but the average volume of IBC Transfers for axlUSDC asset on 23rd April was way more than other days.
• OSMO => Axelar is the most popular path of axlUSDC transfers via Satellite bridge in both terms of volume and number of transfers.
• So, OSMO is the most popular origin of axlUSDC transfers via satellite bridge and Axelar is the most popular destination.
• axlUSDC dominance on the Satellite bridge (compared to the other assets and stablecoisn and also ATOM) is significantly high. More than 33% of all transfers via Satellite Bridge in terms of volume and more than 22.2% in terms of number of transfers, are done via axlUSDC asset !
• before May Terra Collapse, UUSD (UST) was the most popular stablecoin on Satellite Bridge but after this crash and till now (increasing more and more over time), axlUSDC is by far the most popular stablecoin on Satellite Bridge and this asset dominance on Axelar Satellite Bridge even vs all other assets (including ATOM) is so high.
• The dominance of axlUSDC on Osmosis swap and trades and also Liquidity providing actions is not high as its dominance on Axelar Satellite Bridge.
• The majority of swaps and swappers are Swapping To axlUSDC asset. But in terms of volume, Swap From axlUSDC is slightly more than the volume of swaps to axlUSDC.
• in comparison with ATOM and other stablecoins, axlUSDC is the third most popular asset on Osmosis swap (after ATOM and USTC) in terms of transactions count but in terms of volume axlUSDC is the second popular asset.
• There is slightly increasing dominance of axlUSDC on the Osmosis swaps over time (since May 2022 and after Terra Collapse that caused the decreasing popularity of USTC) and on the other hand, dominance of ATOM swaps is also decreasing over time.
• The majority of liquidity-providing actions on Osmosis via axlUSDC are added liquidity (join pool).
• in comparison with ATOM and other stablecoins, axlUSDC is the third most popular asset on Osmosis LPs (after ATOM and USTC) in terms of transactions and LPers count, and also LP volume.
• After May Terra Collapse, OSMO/axlUSDC pool’s share have increased dramatically over time to the extent that it has overtaken ATOM/OSMO pool during recent months and is now by far the most popular trading pool on Osmosis.
• So, we can say the May Terra Collapse was a good event for axlUSDC (!) because this asset’s dominance on Satellite Bridge, Swaps and also Liquidity Providing Actions on Osmosis increased dramatically after that.

Osmosis has opened its doors to stablecoins coming from other chains. USDC, USDT and DAI represent the most popular ones and pools with OSMO have been seeded and incentivized. With the passing of governance proposal number #206, Axelar bridge has been elected as the canonical Ethereum bridge for Osmosis. axlUSDC, axlUSDT and axlDAI are therefore becoming the standard version shown on the osmosis website for these stablecoins.

You can see more details about stablecoins dominance on Osmosis on this Medium Article by Alex.

Discord: Ali3N#8546 Twitter: Alik_110 Tweet Link For This Dashboard:

Liquidity Providing (LP) Actions

In terms of number of transfers, axlUSDC (UUSDC) is on the 4th rank of assets after AXL, LUNA and UUSD (UST). Luna and UST main populary was for before May Terra Collapse, so we can say currently axlUSDC has the second most number of transfers.

In terms of volume, UUSD (UST) has the highest volume and axlUSDC (UUSDC) is on the second rank. with considering that UST is no longer popular among users after May Terra Collapse, axlUSDC is now the top popular token on Axelar Satellite Bridge in terms of volume.

On the above charts, I have analysed the activity of Osmosis pools with OSMO as one side of the pair and the other side are axlUSDC, other stablecoins and also ATOM to check which one is more popular.

As we see, after USTC (which is no longer popular as its old days before Terra Collapse !) ATOM/OSMO and on the next rank, OSMO/axlUSDC pool are the most popular pools on Osmosis.

As mentioned above, After May Terra Collapse, OSMO/axlUSDC pool’s share have increased dramatically over time to the extent that it has overtaken ATOM/OSMO pool during recent months and is now by far the most popular trading pool on Osmosis.