INTRODUCTION

Axelar is building a decentralized network and tools that connect users, assets, and dApps across multiple blockchain ecosystems. The network empowers developers to build on the best platform for their needs while leveraging the Axelar stack to unlock cross-chain composability and liquidity. Axelar Network 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. The Axelar Network provides a uniform solution to cross-chain communication, allowing dApps to integrate with the full blockchain ecosystem. Developed by the founding team members of Algorand, Axelar’s co-founders are award-winning graduates of MIT, where they received notable recognition as part of their graduate studies.

Methodology

In this dashboard, We are going to analyse data about $AXL holders buyers on Osmosis and also its native chain, Axelar

For this purpose we are going to use these tables :

• Osmosis.core.fact_daily_balances
• Axelar.core.fact_transfers
• Osmosis.core.fact_transfers
• Analyze the activity within the AXL

We are going to analyze :

1. Overall Data of $AXL token ?
2. $AXL token transaction type & destination ?
3. Most Swapped Pair with $AXL & Wallet activities ?
4. $AXL Bridging via Axelar Satellite ?

Overall Data of $AXL token

DEFINITIONS

Bridge  connects two blockchains and allows users to send tokens from one chain to the other.

This allows you to use your Ethereum network funds in Optimism. It also connects different networks such as Cosmos with Binance Chain, Polygon with Arbitrum, etc.

DEXs are decentralized exchanges where users can buy and sell their tokens through liquidity pools without an intermediary like CEXs (centralized exchanges).

Some of these DEXs where OP can be exchanged are Uniswap, Velodrome, Sushiswap.

For this article I have focused on those with lower volume (Sushiswap)

Swaps are exchanges of an X token for a Y token.

An example of swap would be the purchase or sale of the OP token, obtaining in exchange USDC

1. According to the coinmarketcap $AXL token has 1,023,857,504 total supply and Circulating Supply right now is 83,267,154.83 AXL (almost 8%)
2. According to the above data, currently there are 2470 unique Osmosis wallet who are holding $AXL in their wallet.
3. Moreover, there are total 5040 unique users who have purchased $AXL via Osmosis DEX.
4. the total number of $AXL purchases via Osmosis is 21.1k and total purchased $AXL on Osmosis is 9.22M $AXL or 6.92M $USD.
5. 695 users have deposited the purchased $AXL token in different liquidity pools via Osmosis.
6. we can realize that almost %13.8 of AXL Buyers via Osmosis and more than %28 of all AXL holders are Liquidity Provider which is a good measure for health of this ecosystem
7. Moreover 695 users have deposited the purchased $AXL token in different liquidity pools; Therefore we have ~52% of $AXL holders.

$AXL token transaction type & volume

left metrics show us $AXL Volume on each chain

• We see that the volume that has been transferred in Osmo during these months is 167M, while in its native chain AXL has had a volume of >500M which is 3.5 times bigger

The graph shows the total cumulative transaction volume of each chain

• by comparing the native Axelar with Osmosis We see a very large volume peaks in Axelar increasing x5 the difference with Osmosis. this spike has been happened Oct 13th which volume increased from 180M to 511M ; after this the chart sharpness was stable till today; so it show us volume hasn’t changed recently
• Also $AXL Osmosis Volume started an increasing trend till today which we can see on Sep 27th the volume is 800K and right now it’s 178M ; it prove that $AXL on osmosis get more popular everyday

On the left charts you can see $AXL Volume breakdown by Event type and also $AXL buyers transaction type with their $AXL

• according to the metrics we had total 543M $AXL volume on Axelar ecosystem which 436M of this volume has been in ecosystem which means take share of 97% of $AXL Volume
• Also 13M $AXL has been bridged in or out from the ecosystem which take share 2.7% of total $AXL Volume in Axelar
• Second chart show us most users are more interested to bridge their token via Osmosis zone (58.2%)
• Moreover we can see 34% of users are trading with their $AXL to another assets which means they are short-term holder
• Also There is 7.5% users who just hold their $AXL and 1/3 of this amount are Liquidity Provider

Most Swapped Pair with $AXL & Wallet activities

• According to the metrics most users hold their token between 3 to 7 days (35%) before they sell it
• Also we can realize that users with 1 - 2 days holding had the lowest share (18%) which is significant amount; these users are short-term Traders which more interest in price
• Also 20% of users hold the token for more than 2 weeks, so we can consider that they are interested in its fundamentals and not so much in short-term profit and it can be a good sign for ecosystem and stability.
• As we can see the duration of average holding time in last month decreased significantly from 12.23 to 3.76 (Almost %75) which show lower interaction over time
• As I mentioned earlier 34% of Users are trading their $AXL to other assets so in next step we are going to analyze this topic

On the left chart you can see the Distribution of users who swapped their $AXL to another token

• as we can Cosmos (32%) , USDC (29%) , Osmosis (19%) are the most swapped target from $AXL
• On the other hand according to the right chart most users are prefer to send their swapped assets to another chains which OSMO took the first place by far from another chain
• One of the main reason which cosmos users chosen Osmo is because of its DEX; offering many opportunities such as staking, liq provider and good swaps.

$AXL Bridging via Axelar Satellite

Satellite is native Bridge of Axelar Blockchain

• Based on the above data, total 143M $AXL which worth 76.9M USD were bridged via Satellite bridge.
• As we can see the average volume of $AXL bridges 133.1 $AXL which worth 163.8 $USD

• According to metrics we can realize that more than 92% USD Volume (71M) has been transferred from Axelar To Ethereum ; Moreover we can see Axelar to Osmosis Pathway bridge with 6.75% Volume Which worth 5.2M $USD
• On the other hand we can see most Popular bridge between users is Axelar To Ethereum with total 15.4K; after that we have Axelar to Avalanche and Polygon 28.5K User but it’s take share of 0.63% of Total Bridged Volume
• Also in case of User Axelar To Osmosis in the 4th place but it’s take 6.75% of Total Volume

Conclusion

• Most number of $AXL purchasers via Osmosis DEX have bridged this asset to other places and there are only 7% of purchasers who have held their purchased $AXL token
• Also Significant number of these purchasers have traded (swapped out) this asset
• Users who buy via swaps the $AXL token do not keep it for a long time in portfolio by performing holding. The average period is one week until they sell it. Also this amount decreased to average 3.75 days
• Cosmos , USDC , Osmosis are the most swapped target from $AXL
• The majority of $AXL is being transfered within Axelar chain but on Osmosis, most volume of $AXL is being bridged out of this chain (The vast majority of transactions are done by IBC_OUT).
• So, Transfer is the most popular action made by $AXL token in Axelar chain by its users.
• Axelar => Ethereum and on the second rank Axelar => Osmosis are the two most popular transfer path of $AXL token via Axelar Satellite Bridge.