Ecosystem Entrances
What is the Question?🚨
Welcome to Axelar! What better to way to get used to Axelar data than to analyze how people enter the ecosystem? With that in mind, analyze the activity that occurs on Axelar's Satellite Bridge. Since inception, what are the top paths over Satellite. by volume and $ amount? What is the most used token to transfer (USDC, wETH, wAXL, etc.)?
Analyzed Topics:
- Daily & Overall Stats
- Bridged Assets
- Popular Destinations
- Popular Paths
- Monthly Incoming & Outgoing Transfers by Assets
Introductionđźš©
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.
Satellite Bridge:
Satellite is a web app built on top of the Axelar network. Use it to transfer assets from one chain to another.
AXL Token
The AXL token is the key to the proof-of-stake consensus that secures the Axelar network. This token went live on the Axelar network on 27th September 2022. More than this, AXL enables functionality that other cross-chain networks can’t duplicate – like instant, any-to-any routing and one-time deposit addresses that match onramps centralized exchanges use. These features are possible because Axelar is a blockchain connecting blockchains.
Users can also stake their AXL to contribute to the security of Axelar network. AXL has other uses, too: it is a chain-agnostic token. Built on Cosmos SDK, it is compatible with any IBC chain. And it can be easily wrapped as an ERC-20 compatible token (wAXL) for trading and other uses
Method⚡
In this dashboard, We are going to examine activity over Axelar’s Satellite Bridge from its inception till today.
- The main table that we are going to use for this purpose is ==“axelar.core.fact_transfers”.==
- There are 2 transfer types for Satellite bridge: 'IBC_TRANSFER_IN' and 'IBC_TRANSFER_OUT'==. So, We exclude transfer type ==“Axelar”== from ==“axelar.core.fact_transfers”== table.
- To extract the origin and destination chains, I have used ==“REGEX”== command to filter out the chain from the sender or receiver’s wallet address.
- I only considered successful transfers with
TX_SUCCEEDED = 'TRUE'
Findingsđź‘€
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In the charts above i showed daily transfers in terms of number of transactions and USD volume divided by 2 different types, IBC_TRANSFER_IN and IBC_TRANSFER_OUT.
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As we see there were so many transfers recorded on Feb 2022 and the transfer IN reached to its all-time high on Feb 3rd 2022 with 3660, in the late Feb and Early March number of transfers started to decrease badly and it reached to its all-time low on in mid April.
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Recently in past 5 months Satellite started to get more popular day by day and the number of transfers increased with a gentle slope over time.
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Satellite recorded its largest amount of USD volume on May 12th with over 94M USD volume.
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There was so much more transfer IN than Transfer Out in terms of both number of transactions and USD volume over time.
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234K wallets recorded 228K bridges on 31 chains with 54 assets over time since the beginning of the year.
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After mid March, Axelar didnt get so many new users as it used to, but in overall the total number of users were bullish over time.
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Recently At late September so many bridgers joined Satellite and the number of new users pumped so hard, looks like there was a hype happened to Axelar in late September.
Findingsđź‘€
- In this bar chart i showed the total IN & OUT transfers in terms of their USD volume amount.
- We see that suprisingly a majority of users in both incoming and outgoing types of bridge, bridged more than 10000$.
- In overall as i spoke, there were so many more transfer IN happened on Satellite and the people that bridged huge amounts like more than 10000$ were more than users who bridged Out this same amount.
- The number of users that bridged Out is less than 100K but the users who bridged IN are more than 250K.
Findingsđź‘€
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In these charts, i tried to show birdged assets in terms of bridge count and USD volume in different angles such as share of them and the stats on a monthly basis.
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As i mentioned most of the assets bridged on February in terms of bridge count and most of the assets bridged on May in terms of USD volume.
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Luna is the most bridged asset both on bridge count and bridge USD volume with over 36K bridges and 118M bridge volume in USD.
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Osmo and Cosmos will be in the next places respectively with 10445 and 2566 number of bridges.
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It seems like Satellite users loved Luna so much but after its crash on May, it got cancelled between satellite users and no one bridged it after that date.
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In past 2 months Axl token bridged so many times and it started to come for top places.
Findingsđź‘€
- In these charts i showed top destinations in terms of bridge count and USD volume.
- Osmo and Ki are accounting over 50% of top destinations by bridge count with over 6K number of bridges.
- Inj and Osmo are accounting over 98% of popular destinations by USD volume.
- Looks like Osmo is a popular destination between Satellite users because it is in both charts top 2.
Findingsđź‘€
- Terra to Axelar was a popular path of bridge in satellite before May and before Luna’s crash.
- After that Osmo to Axelar will be in the second place and coming to get the first place because the Terra to Axelar path is working no more after May.
- These 2 paths that i mentioned accounted over 60% of popular paths since the beginning of the year.
Findingsđź‘€
- We see the same stats here as number of incoming transfers by bridge count that i explained earlier, at first it was Luna and USD that were popular between bridgers but after May the story has changed and new assets like WETH and USDT and especially USDC started to bridge more by users.
Conclusionđź’ˇ
- 234K wallets recorded 228K bridges on 31 chains with 54 assets over time since the beginning of the year.
- Most of the bridges were IBC_TRANSFER_IN by both number of bridges and Bridge USD volume since the beginning of the year.
- Feb 2022 had so many number of bridges almost bigger than every other months of the year.
- After late April, bridgers started to more bridge out and because of that the total number of bridges increased day by day.
- After mid March, Axelar didnt get so many new users as it used to, but in overall the total number of users were bullish over time.
- Most of the both IN & OUT transfers were bigger than 10000$, in fact, that is a huge amount of money.
- The number of users that bridged Out is less than 100K but the users who bridged IN are more than 250K.
- Terra(Luna), Osmo and Cosmos(ATOM) are the most bridged tokens over time on Satellite in terms of number of bridges and Bridge USD Volume.
- Recently in last 2 months AXL token bridged so many times more than other tokens.
- Osmo, Ki and Inj are the most popular destinations from satellite over time.
- Terra to Axelar and Osmo to Axelar were the most popular paths on Satellite, After Terra crash in May, the Osmo to Axelar path is going to the first place by stats.
- In the first half the year before May, most of the incoming transfers by both number of bridges and USD volume were for USD and Luna but after that it belonged to WETH and mostly USDC.
- Most of the Outoging transfers belongs to AXL token and recently it changed to AXL and USDC
![db_img](https://uploads.flipsidecrypto.com/product/images/VleNIi7z-MSJ.webp)