Try Quests to earn AVAXAxelar - 2. Squid Launch Analysis
Welcome to the On-Chain Data Dashboard for Axelar's Squid! As you may know, Squid is a cross-chain liquidity router that recently launched as Axelar's first ecosystem project. The data displayed here includes metrics such as the General section, Token transfer, Transaction types, Event types, and Squid swap. These metrics provide valuable insights into the usage and performance of Squid and its role in the larger cross-chain ecosystem. Stay tuned for updates as we continue to track and analyze Squid's growth and impact.
đź“ŠObservations
The "Swap" metric in the "Squid", and "ETH" has been visualized here.
based on this section's chart:
The Polygon has the maximum record in the "total swap number" by more than 2500 transactions(45.1%).
The second place is "Avalanche" buying more than ==1700== transactions (==31.6%==) and the "BSC" (==9.62%==), "Arbitrum" (==8.06%==), and the "Ethereum" (==5.59%==) are the next places.
The total swap volume in the ETH has been visualized for example.
Based on the related chart the USDC_WETH is the maximum record by more than ==78K== and the WETH_USDC with less than ==60K== transactions!
đź“ŠObservations
As a first visualization in this section the "Daily squid transaction of blockchains" has been presented.
The trend of each blockchain is visualized in the first chart and it is clear that the upward trend starts from the middle of January! The normalized chart shows the share of each blockchain in the squid.
Based on the total transaction number chart, the "Polygon" has the maximum number of transactions in the squid by more than ==3000== transactions.
The next place is the "Avalanche" with more than ==2000== transactions and the third one is "BSC".
In the next step, the "Transaction type" of each blockchain has been visualized as follows:
Avalanche:
Based on our findings the "Swap" has the most popular activities in this blockchain by more than ==5000== times!
The next one is "Bridge in and swap"!
BSC:
Just like "Avalanche", "Swap only", and "Bridge in and swap" are the most popular actions in this blockchain!
The total number of "Swap" transactions is ==1970== and the total number of "Bridge in and swap" is ==1683==.
Arbitrum:
Unlike other blockchains, the process of transactions in this blockchain is not very continuous, and discontinuities can be seen in the daily chart of this blockchain.
Just like the past two blockchains, "Swap only", and "Bridge in and swap" are the most popular actions in this blockchain by ==1462== and ==593== respectively.
Polygon:
This blockchain has the maximum number of transactions in each type!
"Swap only", and "Bridge in and swap" are the most popular actions in this blockchain by ==6891==, and ==5929==, respectively.
The "Bridge in" has the third place in this blockchain by more than 640 transactions.
Ethereum:
Unlike the previous four blockchains, the most famous action in this blockchain is the "Bridge in and swap" type by ==616== transactions.
The "Only swap" has the next place with ==452== transactions.
đź“ŠObservations
In this section we investigate the "Token transfer" metric on ==5== blockchains as follows:
- Ethereum
- Arbitrum
- Avalanche
- Polygon
- BSC
Ethereum:
By take look at the "Daily" chart of this blockchain it is clear that the trend of token transfer increased sharply after ==1.2.2023==. The USDC and USDT have dominance in this blockchain in comparison to other tokens. The "Total token transfer chart" says that more than 1 M USDC and less than ==200 K== USDT were transferred.
Arbitrum:
The daily token transfer in this blockchain is lower than ETH! In other words, the minimum "Daily token transfer" happened in this blockchain! The maximum record in the "Daily token transfer" in this section is less than ==100 K== on ==Feb,4,2023==.
The axlUSDC and the USDC are the most dominant tokens in this blockchain by the total token transfer of ==91K==, and ==49K== respectively.
Avalanche:
Between all of the blockchains, the maximum records in the daily token transfer are related to the "Avalanche"!
On ==9.2.2023== the daily token transfer exceeded ==600K==!
Just like arbitrum, the axlUSDC and USDC are the two dominant tokens in this blockchain also.
The total token transfer of the "axlUSDC" is more than ==1 M==, and the "USDC"'s total token transfer is more than ==0.8M==.
The volume of total token transfer of the "USDT" is significant, also by more than ==150K==!
Polygon:
The upward trend of this blockchain starts from the first of February, 2023! The maximum daily total transfer in this blockchain is more than ==220K== (fourth of February).
The normalization chart shows the share of each token in this metric and the "axlUSDC" (By more than ==970K== total token transfer) and the "USDC" (By more than ==0.6K== total token transfer) are the most dominant tokens in the polygon ecosystem.
BSC:
The maximum record in the "Daily token transferring" in this blockchain is less than ==150K==! and the "axlUSDC" and the "BUSD" are the most transferred tokens in this blockchain by 458K, and 309K total token transferring!
đź“ŠObservations
Based on our findings in this section:
The “CPOLYGON” blockchain has the largest increase in daily new users, followed by “CAVALANCH” and in third place is “CETHEREUM”.
The start of sharp increase in this metric is after ==1/29/2023==.
Also, the "Polygon" has the maximum share in the "number of Squid users of blockchain" of ==429== users (more than ==36%== of the total users), and the "Avalanch" of ==285== users is the next blockchain, and the third is Ethereum of ==238== users.
Introduction:
What is the Squid Protocol & how does it enable cross-chain liquidity?
Squid is delivering the cross-chain future for both developers and users. For developers, Squid is a protocol that enables cross-chain liquidity routing and swaps through a single Javascript software development kit (SDK). This routing allows for the swapping of any tokens across all the supported chains, by connecting users to liquidity pools on dexes anywhere in Web3. The SDK works by getting a route that returns the details of the token transfer and the cost to execute it. Developers can then execute the transfer with the required signer and route.
Squid uses Axelar's General Message Passing capabilities to enable smart contract calls across multiple chains. Using the multicall feature of Squid, applications can call multiple contracts in sequence. Use cases might include swapping tokens using a dex on another chain, then using the acquired tokens in another dApp. This feature delivers cross-chain liquidity, and saves time for both users and developers as a signature for the second transaction is not required.
What this means for users is one-click transactions. They will not need to download multiple wallets to sign the transactions across different chains. Users can buy NFTs from any marketplace, play a game on another chain or transact with multi-chain DeFi protocols, without any extra steps. Squid enables dApps to source cross-chain liquidity and deliver this kind of experience, using security provided by the Axelar network.
Read more :https://axelar.network/blog/cross-chain-liquidity-via-squid
🧠Methodology:
ORIGIN_to_ADDRESS='0xce16f69375520ab01377ce7b88f5ba8c48f8d666'
case
when (ORIGIN_FUNCTION_SIGNATURE='0x3c659741') then 'bridge in'
when (ORIGIN_FUNCTION_SIGNATURE='0x8ca3bf68') then 'bridge in and swap '
when (ORIGIN_FUNCTION_SIGNATURE='0x1a98b2e0') then 'swap only'
when (ORIGIN_FUNCTION_SIGNATURE='0xf35af1f8') then 'bridge out'
đź“ŠObservations
In this section, the "Event type" of each blockchain has been checked.
Each blockchain's event type is visualized with two different graphs.
The first one investigates the "Daily" record and trends and the second one is about the "Total" records.
BSC:
The most frequent action in this blockchain in the squid is Transfer by more than ==4000== transactions!
The "Approval" is the next action by almost ==3000== transactions and the third one is "Token exchange".
Avalanche:
This blockchain has the same event type as "BSC". But the number of transactions is too greater!
For e.g. the transfer in the Avalanche is more than ==13.880K==! which is ==3== times greater than BSC! Or the "Approval" is ==6996== which is more than ==2== times greater than BSC!
Arbitrum:
The only different event type in this blockchain in comparison with the last blockchains is that the third ranking in the "Arbitrum" is dedicated to the "Swap" by ==458== transactions!
Polygon:
The "Transfer", "Approval", and "Swap" are the top ==3== popular actions in this blockchain also by the ==12.241K==, ==8948==, and ==2568== transactions!
Also, the most transactional blockchain is the Polygon blockchain.
Ethereum:
The minimum event types transaction number can be seen in the "ETH" blockchain.
As it is clear the maximum number of event types is not greater than ==2000==!
Also, the composition of ranking in this blockchain is completely different.
The "transfer" has the first rank of ==1773== transactions!
The second rank is jointly related to the "Sync", and "Swap" by ==319== transactions and the third place belongs to the "Deposit" with ==289== transactions.
