$AXL Token Recap
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?
In this dashboard, we are going to review and analyze the AXL token:
In this, the following questions will be answered:
- 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?
- Have users kept $AXL on exchange (in their Osmosis wallet) or have they bridged to other places?
- Analyze $AXL balances on Osmosis as compared to native on Axelar. How have these balances changed over time?
This dashboard consists of the following sections:
- AXL hodlers and traders.
- AXL bridges.
- AXL balances.
In the first part, the first two questions have been answered, and in the following parts, the third and fourth questions have been answered respectively.
The following tables were used to create this dashboard:
> axelar.core.fact_transfers > > osmosis.core.fact_swaps > > osmosis.core.fact_transfers > > osmosis.core.fact_daily_balances
Also, the AXL token address is equal to:
> ibc/903A61A498756EA560B85A85132D3AEE21B5DEDD41213725D22ABF276EA6945E
As you can see in the donut on the right, more than 55% of users have held their tokens. Therefore, most users are holders rather than traders.
Also, the average hold period of users in the last month was equal to 37 hours.
In the chart below, you can also see the division of holders based on the number of their tokens:
As you can see, more than 80% of users hold less than 1000 tokens. which is less than 500 dollars at today's token price.
Therefore, it can be concluded that most of the holders are small people.
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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. Powered by a decentralized open network of validators; anyone can join the network, use it, and build on it. Link
The Axelar network makes cross-chain communication as simple as using HTTP/HTTPS protocols on the web. Platform developers can plug-in their blockchains to other ecosystems, and application builders can leverage a simple protocol and API to access global liquidity and communicate with the entire ecosystem. The Axelar team has deep roots in distributed systems, consensus, and cryptography. The venture is backed by Binance X, Coinbase Ventures, DCVC, Lemniscap, Collab+Currency, North Island Ventures, Divergence Ventures, Cygni Labs, and others.
What is AXL token?
Axelar is the universal overlay network, securely connecting all blockchain ecosystems, applications, assets and users to deliver Web3 interoperability. The security risks in interoperability are real. Decentralization is key to providing secure blockchain infrastructure. The AXL token is what makes that decentralization possible.
The Axelar Foundation has published a post with full details of the token economics for AXL, the native token of the Axelar network.
At a high level, AXL is designed to help Axelar network achieve four outcomes as a universal connector of blockchain ecosystems. 1. Security: providing incentives to encourage a wide set of validators to participate. 2. Decentralization: wide distribution among token holders, delegating to validators and participating in network governance decisions. 3. Longevity: incentives that encourage maintenance of the network. 4. Ecosystem growth: incentives for developers to use Axelar SDKs and APIs to build cross-chain capabilities into their applications. Link
In this section, we have gone to Axelar traders:
As you can see, more than 5000 people have bought AXL, and out of these 4000 people have tried to bridge it to another blockchain.
Therefore, more than 80% of users have bridged their AXL and only 20% keep their ethers in the exchange wallet.
You can also see the duration of retention by users in the lower right graph:
As you can see, more than half of the users, who are actually traders, have kept their tokens for less than a day.
In the two graphs above, you can see the balance of AXL in the Axelar and Osmosis blockchains over time:
As you can see, Axelar's native blockchain is superior to Osmosis's blockchain both in terms of time and balance.
Also, the beginning of the increase in Axelar was from the middle of May and in Osmosis from the end of September.
In this section, we discuss the status of AXL token holders and traders:
As you can see, more than 9 thousand people are holders and 7 thousand people have started trading.
Also, the total amount of ethers held is more than 440 million.
In the two graphs below, you can see the top 10 holders as well as the trend of the increase of holders in AXL:
As you can see, since the end of September, this trend has increased sharply.