[Axelar] - $AXL Token Recap
Bounty 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?
What is Axelar?
Axelar is the universal overlay network, securely connecting all blockchain ecosystems, applications, assets and users to deliver Web3 interoperability. It is a full-stack decentralized transport layer, meeting growing demand for cross-chain services with maximum blockchain security and composability.
Axelar has three components:
-
A decentralized network.
-
A set of gateway smart contracts that provide the connectivity between the Axelar Network and its interconnected external chains.
-
A software development kit (SDK) of protocols and APIs.
In short, Axelar is blockchain infrastructure that enables users who own assets on one blockchain to use these assets in any application on any other blockchains, securely. It allows developers to build on the best platform for their use case, providing connections to users, assets and data on every other ecosystem, without excessive gas fees, additional development costs or rolling out their own cross-chain infrastructure. Like the overlay networks that provide core internet infrastructure, Axelar provides an ecosystem with services that are otherwise unavailable, expensive or inefficient. It sits on top of other networks, and by virtue of having global “visibility” into other networks, it can provide better quality of service.
What is the AXL Token?
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.
- AXL is used by holders and their proxies to stake and exercise governance over proposals (such as a parameter change or protocol upgrade).
- AXL enables incentives to support the decentralized Proof-of-Stake consensus that secures the network and validates transactions on chain. Validators receive AXL rewards as incentives to continue to secure the network. These incentive rewards are distributed programmatically, per rules encoded in network protocols, and are inflationary, i.e., each protocol reward increases the total token supply.
- AXL is used to reward ecosystem builders and community contributors.
AXL Token Economics
The token economics for AXL are geared towards the creation of a token economy that supports Axelar network in achieving the following key outcomes.
- Security. A proper incentives model with healthy staking rewards that encourages a wide validator set to operate secure nodes.
- Decentralization. A token distributed across a wide set of holders who will delegate to a decentralized set of validators and contribute to governance decisions.
- Longevity. The token economics are designed to encourage general maintenance of all critical Axelar-related processes (such as block validation).
- Ecosystem growth. The token incentivizes dApp builders to use Axelar APIs for cross-chain development.
-- [ Image Link ] --
![db_img](https://uploads.flipsidecrypto.com/product/images/6u17lFxv10wv.png)
Liquidity Providings
Since what matters to us is what users have done with AXL tokens, I have focused my analysis on how the tokens are spent. For this reason, in this section, what I am most interested in is Adding Liquidity.
2341 users have had a history of Adding Liquidity since the launch of the AXL token. (which is 3.61 times the number of users who had Removing Liquidity).
These users have added more than 2.86m AXL tokens to pools 811 and 812 in 2859 Adding Liquidity transactions. This means that each user has an average of 1.22 Adding Liquidity and the average volume of AXL added by each user is about 1.223k AXL tokens.
It can be clearly seen that in all three parameters examined about Adding Liquidity, the first days of the token launch are the days when the highest numbers are recorded (especially in the case of the volume of Adding Liquidity which is on September 27 (the day of the AXL token launch) ), more than 2.49m of these tokens have been added to the two pools (which is more than 87% of the total AXL tokens added to the pools since September 27th to date).
The trend of the number of users and the number of daily transactions of Adding Liquidity are very similar. But the daily volume trend of Adding Liquidity, after the big first day it has experienced, has experienced a sharp drop in the following days. In terms of volume after the first day, there are only two days (September 28 and November 15) when the volume of AXL tokens that participated in the Adding Liquidity process was more than 100k.
Swaps
In swaps, there are interesting statistics. The number of unique swappers who bought AXL tokens (a swap to AXL is considered as buying AXL tokens), is 1.85 times the number of swappers who sold AXL tokens (swaps from AXL are considered as selling AXL tokens) Is). In addition, the number of swaps in which AXL tokens were bought is 2.06 times the number of swaps in which AXL tokens were sold. But at the same time, in terms of the volume of statistics, it has moved in a completely different direction. Because even though both in terms of the number of swaps and in terms of the number of swappers, the purchase of AXL tokens has the upper hand, but the volume of AXL tokens bought and sold during this period shows that the superiority is with token sales. AXL's have been, although this is a slight advantage of around 262.3k AXL tokens. (From this point of view, this number was called partial because both the volume of purchase and sale of tokens during this period was at least more than 9.2m).
On average, each user bought 1.72 AXL tokens and the volume of purchases by each user was about 7.5k AXL tokens.
As expected; The number of purchases, the number of buyers and the volume of purchases in the first days of the launch have been significantly higher than in the following days. After the first three days of the token's launch, it is rare to see a day when the statistics of these parameters are more than half of what was recorded in these first three days.
If we were to examine all bridges of this token on Axelar, there are over 20k unique bridgers who have done 94.7k bridges. As a result of these bridges, about 116m AXL tokens have been bridged. That means, on average, each bridger made 4.7 bridges and the volume of bridges of each bridger was more than 5.768k AXL tokens on average.
The most popular bridge paths are Axelar to Ethereum, Axelar to Osmosis and Axelar to Polygon.
Axelar to Ethereum bridges accounted for more than a quarter of all bridges of this token (at least twice as many as any other route). The number of bridgers on this route is at least 2 times the number of bridgers on any other route. But the volume of AXL tokens bridged in this way is more than 91% of the total volume of tokens bridged in Axelar.
Of the 106m AXL tokens bridged from Axelar to Ethereum, about 88.7m were bridged in the first three days of the token's launch.
Methodology
This dashboard consists of several sections. In parts of this dashboard, I have used Ali3N's queries as a source of inspiration for my queries, and I thank him right here and give great credit to his fantastic work in his dashboard. In all the queries in which his queries are used, the link of his queries is placed.
In the first part of this dashboard, the situation of Liquidity Providings of AXL token was checked. The osmosis.core.fact_liquidity_provider_actions table was used in this review. In this survey, the number of Adding and Removing Liquidity, the number of unique users who performed these LP Actions and the AXL volume of these LP Actions were obtained. These data were extracted as general, daily and cumulative.
In the second part of this dashboard, the status of AXL token swaps was reviewed. The osmosis.core.fact_swaps table was used in this review. The number of swaps, the number of swappers and the volume of swaps were obtained. These data were extracted as general, daily and cumulative.
In the third part of this dashboard, the status of AXL token bridges was checked. In this study, the osmosis.core.fact_transfers table was first used to check the inter-chain bridges of this token from and to Osmosis. The number of bridges, the number of bridges and the volume of bridges were obtained. These data were extracted as general, daily and cumulative. Then, the axelar.core.fact_transfers table was used to check the inter-chain bridges of this token from and to Axelar. The number of bridges, the number of bridges and the volume of bridges were obtained. These data were extracted in a general, daily and cumulative way. Then, with the help of axelar.core.fact_msg_attributes table, the bridges of this token in EVM chains were also obtained.
In the fourth part, the balance status of this token was checked for the addresses of two chains, Osmosis and Axelar. The osmosis.core.fact_daily_balances table was used for the Osmosis chain. But for the Axelar chain, because there was no specific table for this, AXL amount sent in the transfers of each address (sender) as AXL amount exited from the address and AXL amount received in the transfers of each address (receiver) as The entered values of each address were considered. I considered the first amounts as negative and the second amounts as positive. I calculated the sum of these amounts for each user and considered the result as the balance of each address. Then I calculated the number of addresses whose balance was positive. The total amount of balances and the average balance of the addresses were also obtained. The daily state of the balances was also obtained.
And at the end, the question was answered: "What is the average holding period for wallets buying $AXL in the last month?"
If we examine the bridges in the Osmosis network, we can see that a large part of the bridges were AXL token bridges outside the Osmosis chain. The number of bridges from the osmosis chain is three times the number of bridges to the osmosis chain.
Regarding the number of bridgers, this ratio has gone beyond 3 and the number of bridgers who have transferred AXL token from Osmosis chain to other interchains is 3.41 times the number of bridgers who have transferred AXL token from other interchains to Osmosis chain.
But regarding the volume of bridges, again like the volume of swaps, it can be seen that the volumes did not depend much on the number of people and transactions. Although the shares of 3 and 3.41 times, respectively, in the number of bridges and bridgers, might have created the expectation that the volume of bridges should also follow these percentages, but in fact it did not happen, and the volume of bridged AXL from the osmosis chain is 1.375 It is equal to the volume of AXL bridged to the osmosis chain.
The interesting thing about the daily charts here is that in the first three weeks after the launch of this token, the number of bridges to Osmosis network in only two days and that is a total of 7 bridges, each bridge is done by a unique bridger every day.
If we examine the bridges on the Axelar network, we can see that a larger portion of the bridges were AXL token bridges outside the Axelar chain (about 60 to 40). The number of bridges from the Axelar chain is one and a half times the number of bridges to the Axelar chain.
Regarding the number of bridgers, the situation is different. The number of bridgers who transferred AXL token from other interchains to Axelar chain is 1.5 times the number of bridgers who transferred AXL token from Axelar to other interchains.
The situation in the volume of bridges is also similar to the number of bridgers. The volume of AXL bridged to the Axelar chain is 1.257 times the volume of AXL bridged from the Axelar chain.
The average volume of bridge transactions from other interchains to Axelar is about 704 AXL tokens. While the average volume of bridge transactions from Axelar to other interchains is 1221 AXL tokens.
In the daily charts, it can be seen that the further away we are from the launch time, the number of bridges, the number of bridgers and the volume of bridges to the Axelar chain, have lost their upper hand in the competition with the bridges from the Axelar chain.
In the Osmosis chain, there are 2.47k holders. While the number of holders in the Axelar chain is more than 13.7k. (more than 5.5 times)
The volume of AXL token held in the Osmosis chain is 3.94m, while the volume held in the Axelar chain is 469m. (more than 119 times)
In the changes of the held value of this token in both chains, an explosive increase can be seen, in the Axelar chain, this explosive growth occurred on October 13, and in Osmosis on November 2. But in both chains, after this sharp growth, the volume of held tokens has not changed much.
Last month, AXL token buyers held an average of more than 3.5 days from the purchase of the token to the sale of those tokens. While this value is more than 12 days. This suggests that buyers did not act similarly to the long term this month and may have tried to adequately protect their assets during the extreme market volatility in November (regardless of whether it was successful or not, but what What matters is that users appear to have taken action.)
Conclusion
Since the $AXL token launch, how have wallets that bought $AXL used it?
If we introduce the users who got the AXL token by swapping as the buyers of this token (which, of course, is not a perfect assumption and a large number of users also buy this token from centralized exchanges and add it to their wallets) By checking the number of LP actions, the number of bridges and the number of holders, it can be seen that the number of users who have bridged the token is more. Then it comes to holders and finally there are LP actions. In response to the above question, it can be answered that users are more inclined to transfer with their purchased tokens.
Are most wallets hodling or trading?
Comparing the number of traders and the number of holders (in Osmosis network), it can be said that a large part of users were inclined to trade rather than hold.
Have users kept $AXL on exchange (in their Osmosis wallet) or have they bridge to other places?
2860 bridgers who have bridged the AXL token from the Osmosis chain to other chains, compared to 2470 holders of this token in the Osmosis chain in addition to the bridged and held values, shows that users instead of having tokens in their wallets, they have been bridged to other places.
Analyze $AXL balances on Osmosis as compared to native on Axelar. How have these balances changed over time?
The balance of this token in the Osmosis chain is about 0.85% of the balance of this token in the Axelar chain. In both chains, there has been a big increase in the total amount of daily balances (103% growth in the Osmosis chain and 237% growth in the Axelar chain), but before and after that, no big changes and fluctuations can be observed.