What is the Question?🚨

Since the $AXL token launch, how have wallets that bought $AXL used it? Are most wallets hodling or trading? What is the average holding period for wallets buying $AXL in the last month?

Generally speaking, have users kept $AXL on exchange (in their Osmosis wallet) or have they bridge to other places? Analyze $AXL balances on Osmosis as compared to native on Axelar. How have these balances changed over time?

Analyzed Topics:

1. Overall $AXL Buyers/Holders Stats via Osmosis
2. $AXL Buyers/Holders Over time
3. $AXL Stats on Axelar
4. $AXL Bridges via Satellite

Introduction🚩

What is Axelar?

Axelar network is a blockchain that connects blockchains, enabling universal Web3 interoperability. The network is secured using proof-of-stake consensus, and messages are routed and translated using permissionless protocols. As an analogy, Axelar is like Stripe for Web3. Axelar delivers secure cross-chain communication for Web3. Our infrastructure enables dApp users to interact with any asset or application, on any chain, with one click.

What is $AXL?

AXL is the native token of the Axelar network. The AXL token supports four critical functions. AXL is a medium for transaction fees and any other fees for network usage, paid by users to the validators that run the network.

What is Satellite Bridge?

Satellite is a web app built on top of the Axelar network. Use it to transfer 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.

More Info

Method⚡

In this dashboard, i will take a look at $AXL, the axelar native token holders and see what did they do with it over time especially in November and what is their relationship with Osmosis on these metrics.

I used ==Axelar.core== database for extracting axelar and satellite bridge data and ==Osmosis.core== database for extracting Osmosis data provided by Flipsidecrypto.

I found $AXL token on Osmosis tables with its contract address: ==“ibc/903A61A498756EA560B85A85132D3AEE21B5DEDD41213725D22ABF276EA6945E”== and ==‘uaxl‘== on axelar tables.

Also i only considered successful transactions with tx_status = 'SUCCEEDED'

I mainly analyzed the data in November 2022 and this dashboard made on ==2022-12-02==

Findings👀

• Since $AXL token launch, 5040 users made over 21K purchases on Osmosis to buy $AXL and 2470 of them are now holding their bought 4AXL tokens (Almost half of them).
• These guys bought a total of 9.22M $AXL tokens that worth 6.92M dollars in total.
• In a overall view, $AXL holders on Osmosis has held their assets for over 12 days straight and if we look more precisely over past month (November), we see that this number has decreased to less than 4 days.
• With 2470 current holders for $AXL on Osmosis right now, they are holding an average of 1.6K $AXL token per wallet over time.
• Here on the left pie chart, we are seeing that buyers mostly bridge their bought $AXL to other places with accounting over 58% of their total behavior after buying $AXL. In the next place, we see that 34% of users did some trading stuff with their newly bought assets.

1. Overall $AXL Buyers/Holders Stats via Osmosis

Findings👀

• As we look more precisely on $AXL traders, it seems that over 55% of them buy $AXL and sell them after 7 days.
• The average $AXL holding time for each trader is mostly under 1 with 48% followed by 1-7 days with 30.6% in the second place.

2. $AXL Buyers/Holders Over time

Findings👀

• Here i analyzed number of $AXL buyers in the past month over time on a daily basis. We see that number of $AXL buyers had so many fluctuations on many days like Nov 8th and Nov 27th with 232 and 205 buyers.
• The highest number of buyers belongs to November 8th with 232 users but the highest amount of $AXL that bought in a single day belongs to the day after November 8th, November 9th with over 362K $AXL amount in total.

Findings👀

• Above charts are showing a closer look to daily $AXL purchasers transactions in November and what they did with their tokens in those days.
• As i mentioned, November 8th had the highest number of buyers, in here wee see that the buyers on that day recorded 195 transfers with a volume of 262K $AXl and 91 trades with 56K $AXL in total.
• 71% of transactions that recorded by $AXL buyers were transfers followed by trading with almost 20% in the second and holding with 4.7% in the third place.
• Over 2.8M $AXL has been transferred to somewhere else by $AXl purchasers and over 1.7M of all bought $AXL amount has been traded by purchasers in November. LPing was their third favorite action to do.

3. $AXL Stats on Axelar

Findings👀

• Number of $AXL holders on its native chain Axelar, peaked and recorded an all-time high on October and most of the holders were holding less than 10 $AXL. In overall, last 3 months were some hot months for $AXL after its launch.
• Currently there are over 3.8K users holding axelar native token on its chain with an average of 24K $AXL tokens per wallet.
• In general, over 86% of $AXL holders on axelar chain are holding less than 10 $AXL tokens. 100-1000 $AXL holders are in the second place with 6.2% overall share.
• Right pie chart is showing us the distribution of $AXL holders on both Osmosis and Axelar chains. It seems there are more $AXL holders on Axelar than Osmosis and actually it should be that way.

4. $AXL Bridges via Satellite

Findings👀

• In this section, i take a look at satellite bridge transfers and transfer volume on a monthly basis. As we observe, after August, over 95% of bridged volume has sent to Ethereum and ethereum accounted almost 94% of the whole bridged volume between destination chains followed by Osmosis in the second place with 3.2%.
• On the other hand things are different, we see that in terms of number of bridges or transfers, they are mostly going to Osmosis and it is 4% more than ethereum.

Conclusion💡

• Axelar has more $AXl holders than Osmosis.
• Users are holding $AXL on Osmosis with an average of 1600 $AXL per wallet while this number is 24K for $AXL holders on Axelar chain.
• Ethereum was the most popular destination chain for $AXL transfers via Satellite bridge in the last month.
• Over 86% of holders on Axelar are holding less than 10 $AXL tokens.
• $AXL buyers mostly transfer their tokens in the first place and trade them in the second place.
• Average $AXL hold day for a trader is less than 1 day.
• The highest number of $AXL purchases in November has recorded on November 8th.

Author: Sbhn_NP

Discord : Sbhn_NP#8717

Twitter : Sbhn_np

Instagram : Sbhn_NP

Thanks for your time!