Axelar Fee Generation
Overview 👀 ~ 4 min read
In this dashboard, I will answer this question from Flipside Crypto:
- Axelar currently generates fees in $axlUSDC for all transfers via Satellite.
- Map out these fee streams.
- How much total $axlUSDC has been generated via Satellite.
- What origin chains have generated the most fees?
Methodology 🧠
To solve this question, first I had to understand how to bridge chains to other networks with satellite. For this, I checked the transactions of the axelar.core.fact_msg_attributes table and with the attribute_value and attribute_key columns, I was able to obtain items such as depositAddress, destinationChain, destinationAddress, symbol, and fee.
In the last days, the fees were converted from axl to other tokens and I had to calculate each one separately The next thing was that the values had to be converted to a real value and I got their decimal value from the osmosis.core.dim_labels table. That's why I used the following command to separate the tokens and their value:
SELECT block_timestamp , tx_id ,project_name AS Fee_symbol,
try_parse_json(a.attribute_value):amount/pow(10,get(raw_metadata , 1):exponent) AS fee
FROM axelar.core.fact_msg_attributes a
JOIN osmosis.core.dim_labels b
ON try_parse_json(a.attribute_value):denom = get(b.raw_metadata , 0):aliases[0]
WHERE attribute_key = 'fee'
AND attribute_value NOT ilike '%uaxl'
The next thing is that the obtained tokens, their prices were not in the osmosis.core.dim_prices table, that's why I used the ethereum.core.fact_hourly_token_prices table.
I divided this analysis into two parts: IBC Transfers and EVM Transfers In the EVM Transfers section, the fees were known from the tables But in the IBC Transfers section, the transaction fees were all $1, which was $0.5 for receiver_chain and $0.5 for sender_chain, which I got by dividing 1 by the price of the token transferred on the same day. But anyway, the dollar price was important that I included them in the dashboard
Since the word was recently used in the question, I checked the last 3 months
Introduction 💭
What is Axelar ?
Axelar provides a decentralized network and tools that help connect dApp builders with multiple blockchain ecosystems, applications, and users for frictionless cross-chain communication. Axelar consists of a protocol suite, tools, and APIs, designed to break down the barriers to cross-chain communication.
What is Satellite?
Satellite is a web application built on top of the Axelar Network. It provides an easy to use interface which enables users to transfer their crypto assets from one chain to another.
What is Osmosis?
Built on the Cosmos blockchain, Osmosis purports to be an advanced automated market maker (AMM) protocol. The network focuses on customisable AMMs, including token swaps, liquidity pools staking and governance.
🕵️♀️ observations
- In the last 3 months, IBC Transfers has recorded higher fees for the transfer route osmo => axelar with usdc token,
- and since September 27, the transfer route osmo => axelar with axl token has also increased,
- but in general, it seems that most of the transfers It is done with axl and usdc tokens and other tokens have a smaller share
- As you know, in this transfer model (IBC Transfers), the transaction fee is 0.5$ of the value of the token transferred to the source of the transaction and 0.5$ of the value of the token transferred to the destination of the transaction, which is actually every transfer In this model, there is a fee of $1
🕵️♀️ observations
-
In the chart grouped by the name of the token, it gives us a better view that since October 21, the fee for wbtc token transfers has also increased.
-
But in general, 86.6% of transfer transactions were done with usdc and axl tokens, which recorded a total of $73,367 in fees in the last 3 months.
-
The information that the graph below gives us is that users have paid a lot of fees on average for the transfer path axelar => juno with axl token. In this path, each user has paid an average of 400 dollars for this transfer.
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🕵️♀️ observations
- The source that has the highest fee is osmo with a fee of approximately 36.4 thousand dollars.
- The destination with the highest fee is Axelar with a fee of approximately 52 thousand dollars
- As mentioned above, osmo => axelar transfer routes with usdc token received the highest fees in the last 3 months ($18,554).
- In the second place, the transfer path osmo => axelar with axl token has received the highest fee ($12933).
- In the third place, the transfer route axelar => osmo received the highest fee ($6400) with the axl token.
🕵️♀️ observations
- In EVM Transfers, the fees charged from November 29 were charged to axlUSDC and other tokens, but in most of the token transfer routes, the fee was axlUSDC.
- Axelarnet transfer path => Ethereum with axlUSDC token has taken more than 50% of transfer fees in the last 3 months
- In addition to this route, other routes such as:
- Axelarnet => comdex
- and Axelarnet => Polygon
- and Axelarnet => kujira
- and Axelarnet => osmosis
- and Axelarnet => Avalanche etc
- have all used the axlUSDC token to pay fees
- During this period, 39.5 thousand tokens have been minted due to these transfers and payment of their fees.
🕵️♀️ observations
- As mentioned above, in this transfer model (EVM Transfers),
- nearly 76.2% or 7.63 thousand dollars of axlUSDC tokens have been paid as fees.
- In addition, other tokens have also been paid for fees, such as WETH.axl (13%) and Axl (3%)
- The graph below shows us that users paid close to $15 for each transfer with the LINK.axl token in Axelarnet=>Ethereum transfer.
🕵️♀️ observations
- The source that has the highest fee is Axelar with a fee of approximately 9.99 thousand dollars.
- The destination with the highest fee is Ethereum with a fee of approximately 7.27 thousand dollars
- As mentioned above, Axelarnet=>Ethereum transfer routes with axlUSDC token received the highest fees in the last 3 months ($5,28k).
- In the second place, the transfer path Axelarnet=>Ethereum with WETH.axl token has received the highest fee ($1,27k).
- In the third place, the transfer route Axelarnet => comdex received the highest fee ($552) with the axlUSDC token.
Conclusion 🎉
IBC Transfers
- higher fees for the transfer route osmo => axelar with usdc token,
- since September 27, the transfer route osmo => axelar with axl token has also increased
- in general, 86.6% of transfer transactions were done with usdc and axl tokens, which recorded a total of $73,367 in fees in the last 3 months.
- The source that has the highest fee is osmo with a fee of approximately 36.4 thousand dollars.
- The destination with the highest fee is Axelar with a fee of approximately 52 thousand dollars
EVM Transfers
- the fees charged from November 29 were charged to axlUSDC and other tokens, but in most of the token transfer routes, the fee was axlUSDC.
- During this period, 7.63 thousand tokens have been minted due to these transfers and payment of their fees.
- nearly 76.2% or 7.63 thousand dollars of axlUSDC tokens have been paid as fees.
- users paid close to $15 for each transfer with the LINK.axl token in Axelarnet=>Ethereum transfer.
- The source that has the highest fee is Axelar with a fee of approximately 9.99 thousand dollars.
- The destination with the highest fee is Ethereum with a fee of approximately 7.27 thousand dollars
Appendix 🤝
The solution of this question and the queries are completely used from the filipside database
The construction of the dashboard was also used from the site
app.flipsidecrypto.com/velocity, which belongs to flipside