1️⃣🎇 Definition

What is Axelar?

Axelar delivers secure cross-chain communication for Web3. Secure means Axelar is built on proof-of-stake, the battle-tested approach used by Avalanche, Cosmos, Eth2, etc. Cross-chain communication means you can build a complete experience for your users that lets them interact with any asset, any application, on any chain with one click.

What is Satellite?

Satellite is a web application built on top of the Axelar Network. It provides an easy-to-use interface that enables users to transfer their crypto assets from one chain to another.

> Recource: [1]

2️⃣ Path

• In this analysis, we are going to have a deep analysis of Axelar's Satellite bridge
• This analysis contains two main parts, bridges volume and bridges count
• Each of these main parts contains three different aspects of bridges, direction, tokens, and bridge path
• On the bridges direction part, we will focus on the comparison between two directions, IBC_Transfer In and Out, this will be done in total and over the time
• In the token part, we compare based on different tokens that bridged between chains, in total and over time too
• In the path section, we will see which chains directions are most used here, meaning the transfer from chain X to chain Y would be X=>Y path, also in total and over the time
• After these three parts, there is part number four, which will put three parts together to see for example in direction X which paths were more popular
• After these, at the end, we will look at the senders and receivers over time and do some math for finding the top ones

3️⃣ Method

• The time Interval can be modified in the parameter section at the top of the dashboard to be set to day, week, month, etc by logging into the Flipside account which is free and can

• The main table that was used for this analysis was axelar.core.fact_transfers

• We also used osmosis.core.dim_prices and ethereum.core.fact_hourly_token_prices for calculating the volume part

• due to lake of prices for some tokens (for example AXL price was only for a few weeks but it bridged for several months), it was not possible to calculate the accurate volume for all bridges, so we only include the transfers that its volume could be calculated in some ways in volume section of this dashboard and it was about 77% of all bridges happened since the inception

• We also an estimation of the total volume of all bridges with the use of the average price (of available data on tables) of each token in 2022

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4️⃣ Bridges Volume

4.1 Directions

4.2 Tokens

4.3 Paths

4.4 All Together

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5️⃣ Bridges Count

4.1 Directions

4.2 Tokens

4.3 Paths

4.4 All Together

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6️⃣ Senders & Receivers

✨ Highlights

• As you can see there were only a few Senders that sent their tokens Out of Axelar from inception to mid-September and a very impressive increase in the number of senders happened in the last five weeks
• On the opposite side, there was a very high number of receivers that received bridge assets In axelar before May and after that, these numbers faced a dramatic fall

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7️⃣ Top Users

✨ Highlights

• The top sender of assets Out of the Axelaer bridged tokens for ~59K times to around 20 receivers and the second one by far is the one with ~2.5K transfers
• The top receiver of assets In the Axelaer received tokens for ~2.4K times and the second one received tokens for 854 times

✅ Conclusion

In this analysis, we went through a deep dive into Axelar's Satellite Bridge, and here are our findings until the end of October 2022:

• 75K senders sent 54 types of tokens through 57 different paths into 161K receivers for more than 241K times

• We managed to calculate 77% of all Satelite bridges volume and it turned out that these 186K transfers had around 545M value in $USD

• In terms of volume:

  • Form direction aspect: 98% of the bridged volume is around 534.5M $USD came In Axelar
  • Form tokens aspect: UUSD, USDC, and LUNA were the top first tokens bridges in Axelar with ~35%, ~32%, and ~22% share of all volume
  • From the path aspect: more than 62% of all bridges volume belongs to bridges from Terra to Axelar
  • For In direction UUSD and for Out direction INJ had the highest bridged volume

• In terms of count:

  • Form direction aspect: ~72% (172K bridges) of the all number of bridges came In the Axelar blockchain
  • Form tokens aspect: AXL, UUSD, and USDC were the top first tokens bridges in Axelar with ~29%, ~27%, and ~21% share of all bridges
  • From the path aspect: more than 45% of all bridges belong to bridges from Terra to Axelar

• Only a few Senders sent their tokens Out of Axelar from inception to mid-September and increased a lot recently

• A very high number of receivers received bridge assets In axelar before May and after that fell dramatically

• The top sender of assets Out of the Axelaer bridged tokens for ~59K times and the top receiver of assets In the Axelaer received tokens for ~2.4K times

✨ Highlights

For 77% of all bridges happened since inception, we know:

• Most of the bridges came into the Axelar blockchain, exactly 98% of it which would be around 534.5M $USD
• There was a big spike in early-May 2022 that Transferred in

✨ Highlights

For 77% of all bridges happened since inception, we know:

• UUSD, USDC, and LUNA were the top first tokens bridges in Axelar with ~35%, ~32%, and ~22% share of all volume
• ~80% of LUNA volume belongs to the time of its crash in early-May 2022
• USDC had a very strong growth over the time

✨ Highlights

For 77% of all bridges happened since the first day:

• More than 62% of all bridges volume belongs to bridges from Terra to Axelar
• 27.5% of the volume was from Osmosis to Axelar
• ~3% of the remaining total volume is from Kujiro to Axelar
• Osmosis to Axelar had very strong growth since May 2022

✨ Highlights

For 77% of all bridges happened since the first day:

• For Most of the tokens as you can see, more than 99% of their volume bridged In Axelar
• INJ, AXL, and OSMO were the three top tokens with 68%, 46%, and 29% of their volume bridged Out of Axelar
• For In direction UUSD and for Out direction INJ had the highest bridged volume

✨ Highlights

In terms of the number of transfers:

• the most number of bridges came into the Axelar blockchain, ~72% of it which would be around 172K bridges
• There was a very high number of bridges on February 2022, and felled dramatically after that
• From May 2022, there were at least between 2K to 3K transfers going Out of Axelar

✨ Highlights

In terms of the number of transfers:

• AXL, UUSD, and USDC were the top first tokens bridges in Axelar with ~29%, ~27%, and ~21% share of all bridges
• In the early weeks, there were almost only UUSD and LUNA that transferred In or Out
• AXL and USDC had very strong growth over time, but UUSD and WETH almost stopped being bridged in May 2022

✨ Highlights

In terms of the number of transfers:

• More than 45% of all bridges belong to bridges from Terra to Axelar
• 18% of the transfers were from Osmosis to Axelar
• ~4% of the remaining transfers were from Axelar to Osmosis
• Osmosis to Axelar had very strong growth since May 2022 also here

✨ Highlights

• For Most of the tokens as you can see, more than 90% of their bridges were came In Axelar
• AXL, XKI, and GRAV were the three top tokens with 89%, 50%, and 40% of their transfers bridged Out of Axelar
• For In direction UUSD and for Out direction AXL had highest number od bridges

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• Terra to Axelar with 109K transfers had more than 63% of all bridges were came In Axelar
• Axelar to Osmosis with 9.3K transfers had more than 13% of all bridges come Out of Axelar, the highest among all