• Using the above chart, it is clear that Polygon is the chain that Squid users use the most frequently because the majority of transfers with the majority of users were made on this chain, which was followed by Avalanche on the second rank.
• A total number of 1K unique users has made 6.02 transactions using Squid Router.

• With about 75% of total transferrers, Ethereum is the most popular source.
• Asset transfers from Polygon to other chains have been the most common type of transaction, making up 38% of all transactions.
• 2.83K USDC tranfer transactions were done using Squid Router by about 240 unique transferrers worthed $432K USD.
• With an average of 166K USD, Avalanche moved the most volume on average to other chains.
• The most volume was transferred from Ethereum to other chains, accounting for more than 47% of the total volume.

• Avalanche, has more tokens swapped than other chains with 20 distinct tokens, with Polygon coming in second.
• The tokens with the highest number of swap transactions were axlUSDC and USDC.

• The majority share of transfer transactions and users have been made from Polygon to Avalanche and vice versa. Also, asset transfers from Ethereum to Fantom, Moonbeam, and Avalanche have noticeable amount compared to other pathways.

Introduction

What is the Squid Protocol?

Squid is delivering the cross-chain future for both developers and users. For developers, Squid is a protocol that enables cross-chain liquidity routing and swaps through a single Javascript software development kit (SDK). This routing allows for the swapping of any tokens across all the supported chains, by connecting users to liquidity pools on dexes anywhere in Web3. Read more

Methodology

Axelar’s first ecosystem project, Squid, launched last week as a cross-chain liquidity router. In this dashboard we will try to analyze Squid’s first week of activity by using flipsidecrypto data to provide analysis on the following metrics:

1. Total Unique Users
2. Average USDC transfer amount
3. Most popular source/destination chains
4. Most popular pathways
5. Total Unique Tokens swapped

Conclusion

• Squid users utilize Polygon the most, followed by Avalanche. 1K Squid Router users have made 6.02 transactions. 75% of transferrers use Ethereum. 38% of transactions include Polygon asset transfers to other networks.
• Squid Router processed 2.83K USDC transfers valued at $432K by 240 unique transferrers. Avalanche sent the largest volume to other chains, 166K USD. Ethereum transferred almost 47% of the volume to other networks.
• Polygon-to-Avalanche transfer transactions and users dominate. Comparatively, asset transfers from Ethereum to Fantom, Moonbeam, and Avalanche are significant.
• Avalanche has the most tokens swapped, with 20, followed by Polygon. axlUSDC and USDC had the most swaps.