1️⃣🎇 Definition

What Is The Cosmos Ecosystem?

Osmosis is a decentralized exchange (DEX) and automated market maker (AMM) protocol for the Cosmos ecosystem. To understand the specifics of Osmosis, it’s helpful for you to know the context of the Cosmos ecosystem upon which and for which it is built. Cosmos is an overarching ecosystem of blockchain networks that can connect with one another as part of Cosmos’ mission to build an “internet of blockchains.” Interoperable decentralized applications (dApps) on these various networks communicate with each other and send tokens and data back and forth via Cosmos’ Inter-Blockchain Communication (IBC) Protocol.

The Cosmos Hub is the mainchain that serves as the central ledger and primary blockchain protocol to connect with other blockchains in the Cosmos Network. It is a Proof-of-Stake (PoS) blockchain built by the Ignite team and uses ATOM as the native token for voting, staking, and transactions. Cosmos also provides a software development kit (SDK) to enable projects and teams to build on its network.

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.

What Is Osmosis?

Osmosis is a DEX protocol, which means it uses smart contracts to determine the price of digital assets, to produce liquidity via a peer-to-peer (P2P) methodology, and to exact trades between users. This approach to an exchange platform is known as an AMM — a DEX protocol that prices crypto assets in liquidity pools.

> Recource: [1] & [2]

2️⃣ 🛣️ Path

• In this analysis, we are going to have a deep analysis of Axelar's inflow into Osmosis and the bridger’s next move after the bridge on the Osmosis

• This analysis contains Two main parts, Bridges and the Next Action

• The bridge part itself contains three sub-section:

  • On the Destination part, we will compare the bridge frequency and volume from Axelar to Osmosis vs other destinations
  • On the Token part, we will see what are most used tokens to bridge into Osmosis from Axelar in terms of count and volume
  • On the User’s part, we can find out the unique senders and receivers of the bridges from Axelar to Osmosis, their growth of them over time, and their top 10 addresses

• The next action part contains two sub-section:

  • Emitted message type, will cover the next and the k-next transaction message type of the bridgers, right after the bridge for finding what the bridger doing next most
  • Transaction category will cover the bridger next and k-next transactions categories (types), right after the bridge to find out what the bridger doing next most

• These provided insights will show us the users activities after bridges via Axlear's Satellite, their favorites asset for bringing into Osmosis from Axelar, and their most desired known activities right after the bridge

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
• You can select the starting date of the analysis using the Starting_Date parameter
• For including the desired number of transactions after the bridge in the Next Action part of the analysis, you can modify First_K_TX_After_Bridge parameter, the default is 10
• The main tables that were used for this analysis were axelar.core.fact_transfers and osmosis.core.fact_transactions
• We also used osmosis.core.dim_prices and ethereum.core.fact_hourly_token_prices for calculating the volume part and osmosis.core.dim_labels for finding the symbol of swapped or transferred token
• In the Next Action part, in the emitted message type section, we used MSG_TYPE in osmosis.core.fact_msgs table
• In the Next Action part, in the transaction category section, we used:
  • osmosis.core.fact_governance_proposal_deposits table for Governance Deposit transactions
  • osmosis.core.fact_governance_submit_proposal table for Governance Submit Proposal transactions
  • osmosis.core.fact_governance_votes table for Governance Vote transactions
  • osmosis.core.fact_liquidity_provider_actions table for Liquidity Provider Action transactions
  • osmosis.core.fact_locked_liquidity_actions table for Locked Liquidity Action transactions
  • osmosis.core.fact_staking_rewards table for Staking Reward transactions
  • osmosis.core.fact_staking table for Staking transactions
  • osmosis.core.fact_superfluid_staking table for Superfluid Staking transactions
  • osmosis.core.fact_swaps table for Swap transactions
  • osmosis.core.fact_transfers table for Transfer transactions
• 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

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4️⃣ Bridges From Axelar To Osmosis

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5️⃣ Bridger’s Next Action

✅ Conclusion

In this analysis, we went through a deep dive into Axelar's Satellite bridge inflow into Osmosis and the bridger’s next move after the bridge, and here are our findings until the mid-November 2022:

• ~77K senders sent tokens into 167K receivers more than 261K times, with a calculated volume of 506M $USD using Axelar's Satellite bridge
• 1644 senders sent tokens from Axelar into Osmosis 1654 receivers for more than 12K times, with a calculated volume of ~5M $USD
• In terms of volume:
  • Form direction aspect: 30% of all bridges from Axelar came into Osmosis, the second most popular among all after Axelarr=>Injective with 49%
  • Form tokens aspect: AXL, USDC, and WETH were the top first tokens Axelar=>Osmosis bridges with ~69%, ~25%, and ~5% share of all volume
• In terms of count:
  • Form direction aspect: 16% of all bridges from Axelar came into Osmosis, the most popular among all
  • Form tokens aspect: AXL, USDC, and WETH were the top first tokens Axelar=>Osmosis bridges with ~78%, ~12%, and ~7% share of all volume
• The top sender sent tokens from Axelar to Osmosis 5580 times to one receiver and the top receiver received tokens from Axelar in Osmosis 5624 times from 4 different senders
• In terms of Transaction Message Type: tx, message, coin_spend, coin_received, and transfer are the most popular next message type, with around a total share of ~15% (~6K), looking only at the first transactions after the bridge
• In terms of Transactions Categories: Swap with ~52% and Transfer with ~39% are the top next transaction categories, looking only at the first transactions after the bridge

⬇️ Next Action ⬇️

⬇️ Next K Actions ⬇️

⬇️ Count ⬇️

⬇️ Volume ⬇️

4.1 Destination

✨ Highlights

From the beginning of 2022 until now:

• In terms of the number of bridges:

  • ~16% (~12.2K) of all bridges from Axelar went to Osmosis, the most popular destination among all
  • Evmos and Crescent are the 2nd and third ones
  • We can see the raise of Osmosis from October when it crossed the Juno, Cosmos, Terra, and other tops
  • The week of October 24 had the most number of bridges among all weeks

• In terms of bridges’ calculated volume:

  • ~31% (~5M $USD) of all bridges volume from Axelar went to Osmosis, the second most popular destination among all
  • The most popular with 49% (~8M) of all calculated volume is Injective
  • Injective inflow was very high after mid-October, especially on the week of October 17 with a 4.1M $USD volume

4.2 Tokens

✨ Highlights

From the beginning of 2022 until now:

• In terms of the number of bridges:

  • ~78% (~9.5K) of all bridges from Axelar to Osmosis were the AXL token, the most popular token among all
  • USDC and WETH are the 2nd and third ones
  • From September we can see the share of AXL among tokens in bridges decreased over time from ~100% to ~40%

• In terms of bridges’ calculated volume:

  • ~69% (~3.5M $USD) of all bridges volume from Axelar to Osmosis was the AXL token, the most popular token among all
  • The second most popular with 25% (~1.25M) of all calculated volume is USDC
  • Starting from September we can see the share of AXL among tokens in bridges decreased over time from ~98% to ~32% and most of it took by USDC recent weeks

4.3 Users

✨ Highlights

From the beginning of 2022 until now:

• Before the week of September 26, only a few users (1 to 3) bridged from Axelar to Osmosis and received it on Osmosis, but after that, we can see a spark, and the weekly senders and receives increased to around 200 to 500 per week
• The growth of senders and receivers is almost the same and only one more sender is there
• The top sender sent tokens from Axelar to Osmosis 5580 times to one receiver and the top receiver received tokens from Axelar in Osmosis 5624 times from 4 different senders

✨ Highlights

From the beginning of 2022 until now:

• Swap with ~52% and Transfer with ~39% are the top next transaction categories
• From late September we can see a considerable increase in the share of Swap from ~10% to ~50% and a decrease in the share of Transfer from ~80% to ~30%
• Increasing the K from 1 to 10, meaning the next 10 transactions after the bridge, led to a bit more share for swap in total distribution (~3% more) and less share for Transfer (~8% less)

5.2 Transaction Category As Next Action

✨ Highlights

From the beginning of 2022 until now:

• tx, message, coin_spend, coin_received, and transfer are the most popular next message type, with around a total share of ~15% (~6K)
• From late September we can see a considerable decrease in the burn, send_packet, and ibc_transfer message types share and an increase in the share of token_swapped message type
• Increasing the K from 1 to 10, meaning the next 10 transactions after the bridge, led to a bit more share in total distribution (~0.2% more) for mentioned top 5

5.1 Emitted Message Type As Next Action

👋 Contact

Discord: MoDeFi#8739

Twitter: @Mo_DeFi

✨ Highlights

• Due to negligible inflow into Osmosis from chains except Axelar (1 from Crescent and 7 from Terra), we will ignore these 8 bridge TXs and will focus on the Axelar=>Osmosis bridges on the rest of our analysis