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 axlUSDC stablecoin
• This analysis contains three main parts for axlUSDC, IBC activities, IBC users, and Osmosis activities
• IBC activities contain three different aspects of bridges, direction, tokens, and bridge path, calculating based on count and volume
  • On the bridges part, we will focus on the comparison between two directions for axlUSDC, IBC_Transfer In and Out, this will be done in total and over the time
  • In the token part, we compare based on axlUSDC and other 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 for axlUSDC bridges, 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, in the user’s section, we will look at the senders and receivers over time and do some math for finding the top ones
• In the third section, we will do a deep analysis of the swaps and transfers for axlUSDC, Atom, and other stablecoins in pools, and will compare them together to analyze how dominant axlUSDC has become among them

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 tables that were used for this analysis were axelar.core.fact_transfers, osmosis.core.fact_transfers, and osmosis.core.fact_swaps

• 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

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4️⃣ IBC (Satellite) Activities

First Let’s have an overall look at the IBC bridges for axlUSDC token:

4.1 Directions

4.2 Tokens

4.4 All Together

4.3 Paths

⬇️ Count ⬇️

⬇️ Volume ⬇️

✨ Highlights

• There is an uptrend for axlUSDC transfer into the Axelar both in count and volume since the first day on an overall look
• From October we can see significant growth for axlUSDC transfer out of the Axelar
• ~93.5% of the axlUSDC bridges and ~98.6 of axlUSDC bridges volume belong to IBC transfers in to the Axelar

✨ Highlights

• There was a very high number of bridges on February 2022, and felled dramatically after that
• After one month of coming axlUDSC, it took between 25% to 50% of the total number of bridges and more than 70% of the bridge volume for most of the weeks after that
• In total, ~21% of the total bridges count and ~34% of the total volume belongs to axlUSDC

✨ Highlights

• More than 60% of all axlUSDC bridges and ~70% of all axlUSDC bridges volume belong to bridges from Osmosis to Axelar
• ~10% of the transfers were from Kujir to Axelar which is ~9% of the volume
• ~8% of the transfers were from Terra to Axelar which is ~13% of the volume
• Osmosis to Axelar had very strong growth since May 2022

✨ Highlights

• axlUSDC had ~28% share of all bridge transfers into the Axelar and ~34% of all out of the Axelar

• For volume, axlUSDC had ~5% share of all bridge transfers volume into the Axelar and ~21% of all out of the Axelar

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5️⃣ IBC (Satellite) Users

✨ 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, an uptrend until mid-August and a downtrend after that can be found
• The top receiver of assets In the Axelaer and the top sender of assets Out of the Axelaer bridged tokens for ~1K times to around 2 receivers and the second one by far is the one with ~600 transfers

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6️⃣ Osmosis Activities

⬇️ Count ⬇️

⬇️ Volume ⬇️

6.1 Swaps In

6.2 Swap Out

6.3 Transfers

6.4 All Together

✅ Conclusion

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

• 15K senders sent axlUSDC through 37 different paths into 46K receivers for more than 53K times which around 196M $USD

• There was an uptrend for axlUSDC transfer into the Axelar both in count and volume since the first day on an overall look

• ~93.5% of the axlUSDC bridges and ~98.6 of axlUSDC bridges volume belong to IBC transfers in to the Axelar

• In total, ~21% of the total bridges count and ~34% of the total volume belongs to axlUSDC

• Osmosis to Axelar had very strong growth since May 2022, more than 60% of all axlUSDC bridges and ~70% of all axlUSDC bridges volume belong to bridges from Osmosis to Axelar

• axlUSDC had ~28% share of all bridge transfers into the Axelar and ~34% of all out of the Axelar

• The top sender of assets Out of the Axelaer bridged tokens for ~1K times and the same address who is also top receiver of assets In the Axelaer received tokens for ~1K times

• For swaps in count, more than 70% of the swaps belong to ATOM, USTC with 14%, and axlUSDC with 13% are the top tokens

• For swaps in volume, ~49% of the swaps belong to USTC, ATOM with 44%, and axlUSDC with 7% are the top tokens

• For swaps out count, more than 62% of the swaps belong to ATOM, ~20% to USTC, and ~14% to axlUSDC and these are the top tokens

• For swaps out volume, USTC with ~48% of the swaps, ATOM with 45%, and axlUSDC with 6.5% are the top tokens

• For transfers count, more than 58% of the transfers belong to ATOM, ~20% to USTC, and ~19% to axlUSDC and these are the top token

• For transfers volume, USTC with ~66% of the transfers, ATOM with 30%, and axlUSDC with 3% are the top tokens

• In count, all of the tokes had more swaps out in compare with swaps in

✨ Highlights

In terms of the number of swaps:

• All of the tokens had more swaps out compared with swaps in

In terms of swaps volume:

• All of the high-volume tokens had more swaps out compared with swaps in

✨ Highlights

In terms of the number of transfers:

• More than 58% of the transfers belong to ATOM, ~20% to USTC, and ~19% to axlUSDC and these are the top tokens
• Also for transfers to the ATOM or stables, after 2022, we can see USTC took ~40% share of swaps from ATOM until May and luna crash, and after that axlUSDC went to an uptrend in the total share and took 40% to 60% of the total share for most of the weeks
• The week of August 15 was the week with the highest number of transfers among all weeks, with ~89% share

In terms of transfers volume:

• There was a peak in volume around February and after that, it went to ground very quickly

• USTC with ~66% of the transfers, ATOM with 30%, and axlUSDC with 3% are the top tokens

• After 2022, we can see USTC took more than 70% share of swaps from ATOM until May and luna crash, and after that you can see very ups and downs which is related to lower volume and axlUSDC took 30% to 60% of the total share for most of the weeks on October 2022

✨ Highlights

In terms of the number of swaps:

• More than 62% of the swaps belong to ATOM, ~20% to USTC, and ~14% to axlUSDC and these are the top tokens
• Also for swaps to the ATOM or stables, after 2022, we can see USTC took ~40% share of swaps from ATOM until May and luna crash, and after that axlUSDC ~took 40% of the total share for most of the weeks
• The crash week itself was the week with the highest number of swaps among all weeks

In terms of swaps volume:

• USTC with ~48% of the swaps, ATOM with 45%, and axlUSDC with 6.5% are the top tokens

• After 2022, we can see USTC took more than 50% share of swaps from ATOM until May and luna crash, and after that axlUSDC took 40% of the total share for most of the weeks for volume too

• The crash week itself was the week with the highest swaps volume among all weeks with ~65%

✨ Highlights

In terms of the number of swaps:

• More than 70% of the swaps belong to ATOM, USTC with 14%, and axlUSDC with 13% are the top tokens
• After 2022, we can see USTC took ~30% share of swaps from ATOM until May and luna crash, and after that axlUSDC took 40% of the total share for most of the weeks
• The crash week itself was the week with the highest number of swaps among all weeks

In terms of swaps volume:

• ~49% of the swaps belong to USTC, ATOM with 44%, and axlUSDC with 7% are the top tokens

• After 2022, we can see USTC took more than 50% share of swaps from ATOM until May and luna crash, and after that axlUSDC took 40% of the total share for most of the weeks for volume too

• The crash week itself was the week with the highest swaps volume among all weeks with ~67%