Date: 2022-11-12

This analysis is focused on user activities once a user bridges via Axler's satellite on Axelar.

All data is from the beginning until now.

Thanks for reading!

This analysis was created on 2022–11–12 for a bounty at Flipside Crypto by Hesam to answer the following questions: #Axelar - Analyze activity on Osmosis once a user bridges via Axlear's Satellite. What asset do they most use to bridge? Once bridged what do they do next? Osmosis is far and away the liquidity hub of the Cosmos. Axelar is acting as the primary liquidity bridge into ecosystem. Analyze activity on Osmosis once a user bridges via Axlear's Satellite. What asset do they most use to bridge? Once bridged what do they do next?

BONUS: Post your dashboard on Twitter and tag @flipsidecrypto and any relevant accounts!

All data used are from Flipside Crypto.

Twitter:

Conclusion

• By analyzing the data and charts of this dashboard, we can conclude that, from the beginning of Axelar's Satellite Bridge until today, about 77.4K unique users have bridged tokens worth $607M during 248K transactions. On average, 838 users had bridges per day, and the average amount of bridges per day is about $1.95M. Also, the average volume of bridges is $2,950.
• I also saw that, the most of the bridges in all metrics (Number of users, Number of transactions and $USD Volume) were from Osmosis, although in terms of the number of transactions, 26.4% of transactions were to Osmosis and 73.6% from Osmosis, but in the other 2 metrics, the difference is greater. Also paying attention to the time (daily/weekly/monthly) charts, it is also clear that there were more transactions to Osmosis at the beginning, but over time, the number of transactions from Osmosis increased.
• Also, by examining the assets, we observed that the most bridged asset to Osmosis by any metrics is the native token AXL. it is clear that AXL has always been popular in all weeks, but in recent weeks, transactions and bridge users and the USD volume of stablecoins bridges, especially USDC, have also increased. On the other side, the transactions from Osmosis, the first rank goes to USDC, and of course, WETH, ATOM and AXL have also performed well. By analyzing the weekly charts and the trend of changing the number of asset usage, it can be said that in the first weeks, the ATOM token was the flagship, but after a few months, users were attracted to USDC, and in recent weeks, the AXL token has performed well. And even in the number of transactions and the number of users, it has almost 50% share. Of course, in terms of $USD volume, USDC still ranks first.
• Finally we concluded that, in terms of the number of unique users, the first activity of users after the bridge is Swapping. But in all transactions after the bridge, Swapping and Transfer activities are popular with a very small difference. And in the number of transactions, Swapping has taken the first place by a greater margin, and Staking activities also have the third place with 12.6% of all transactions after the bridge.

Quick introduction

What is Axelar?

Axelar delivers secure cross-chain communication for Web3. Secure means Axelar is built on proof-of-stake, the battle-tested approach used by Avalanche, Cosmos, Eth2, etc. Cross-chain communication means you can build a complete experience for your users that lets them interact with any asset, any application, on any chain with one click.

What is Osmosis?

Osmosis is the eighth blockchain in the Cosmos network (ATOM) to enable the Inter-Blockchain Communication Protocol (IBC), and the sixth blockchain that connects to the Cosmos Hub, according to Cosmos, which is designed to enable interoperability between blockchains.

What is Satellite?

Optimism is a Ethereum layer-2 (L2) solution that was built with the objective of being cheap and easy to use. It was first revealed back in June of 2019 and Optimism’s open mainnet was launched in December 2021. Another positive feature is that since Optimism was designed to closely mirror Ethereum blockchain, developers can deploy existing contracts on the blockchain in a very streamlined manner. It is essentially an Ethereum-based decentralized infrastructure platform that allows for instant transactions and also scalable smart contracts. OP is Optimism’s native token that runs the blockch

Methods

☑️ In this dashboard, we will first have a brief look at Axelar's Satellite Bridge and then according to To/From Osmosis Via Axelar Satellite Bridge and based on 3 important metrics, I divided the ==number of users==, the ==number of transactions== and the ==USD volumes of the bridges==, and the share of each Flow was determined. Also, changes were displayed on the chart daily/weekly and monthly over time.

💲 All the prices in this dashboard are calculated in $USD, I used the price of tokens using the osmosis.core.dim_prices table, plus the price of stablecoins ($1). (codes A & B):

:a::

with prices as (
    select
        date_trunc('day', recorded_at) as date,
        lower (symbol) as Symbol,
        avg (price) as Price
    from
        osmosis.core.dim_prices
    group by
        1,
        2
  UNION ALL select date_trunc('day', recorded_at) as date, 'uusdt' as Symbol, 1 as Price from osmosis.core.dim_prices group by 1, 2
  UNION ALL select date_trunc('day', recorded_at) as date, 'usdt'  as Symbol, 1 as Price from osmosis.core.dim_prices group by 1, 2
  UNION ALL select date_trunc('day', recorded_at) as date, 'cusdc' as Symbol, 1 as Price from osmosis.core.dim_prices group by 1, 2
  UNION ALL select date_trunc('day', recorded_at) as date, 'uusdc' as Symbol, 1 as Price from osmosis.core.dim_prices group by 1, 2
  UNION ALL select date_trunc('day', recorded_at) as date, 'dai'   as Symbol, 1 as Price from osmosis.core.dim_prices group by 1, 2
  UNION ALL select date_trunc('day', recorded_at) as date, 'uusd'  as Symbol, 1 as Price from osmosis.core.dim_prices group by 1, 2
)

:b::

CASE
    WHEN currency in ('uusdt', 'usdt', 'cusdc', 'uusdc', 'dai', 'uusd') Then (amount / POW (10, decimal))
    ELSE (amount / POW (10, decimal)) * Price
END AS Amount_USD

↘️ I also applied the following conditions for bridge transactions:

transfer_type in ('IBC_TRANSFER_IN', 'IBC_TRANSFER_OUT')
and tx_succeeded = 'TRUE'

case
    when SENDER like '%osmo%' then 'Bridge From Osmosis'
    when RECEIVER like '%osmo%' then 'Bridge To Osmosis'
    else null
end as Flow,

📝 In the following, based on the same 3 important criteria and separately, I obtained popular assets among users. Of course, separately ==Bridged To Osmosis== and ==Bridged From Osmosis==. I also specified the changes of assets on a weekly basis over time. I also defined the names of 3 assets with the following code:

case
    when Asset ilike 'gravity0xa0b86991c6218b36c1d19d4a2e9eb0ce3606eb48' then 'USDC.grv'
    when Asset ilike 'gravity0x6b175474e89094c44da98b954eedeac495271d0f' then 'DAI.grv'
    when Asset ilike 'gravity0xc02aaa39b223fe8d0a0e5c4f27ead9083c756cc2' then 'WETH.grv'
    else Asset
end as Asset

:arrow_right: And finally, I determined the user activities after the bridge to Osmosis and analyzed the changes on a weekly basis. It should be noted that I considered the activities of users after the bridge in 2 modes:

• Only the first transaction of users after the bridge
• All transactions of users after the bridge

🔢 Tables used in this dashboard:

> :one: axelar.core.fact_transfers > > :two: osmosis.core.dim_prices > > :three: osmosis.core.fact_swaps > > :four: osmosis.core.fact_staking > > :five: osmosis.core.fact_superfluid_staking > > :six: osmosis.core.fact_governance_proposal_deposits > > :seven: osmosis.core.fact_governance_submit_proposal > > :eight: osmosis.core.fact_governance_votes > > :nine: osmosis.core.fact_liquidity_provider_actions > > :keycap_ten: osmosis.core.fact_locked_liquidity_actions

💠 Statistics

Based on Number of Users

Based on Number of Transactions

Based on Volume ($USD)

🔺:small_red_triangle_down: Statistics ==To/From Osmosis== Via Axelar Satellite Bridge

:calendar: Daily/Weekly/Monthly

Based on Number of Users - Daily/Weekly/Monthly

Based on Number of Transactions - Daily/Weekly/Monthly

Based on Volume ($USD) - Daily/Weekly/Monthly

:chart: Analyze

According to the above data, from the beginning of Axelar's Satellite Bridge until today, about 77.4K unique users have bridged tokens worth $607M during 248K transactions. On average, 838 users had bridges per day, and the average amount of bridges per day is about $1.95M. Also, the average volume of bridges is $2,950.

:bar_chart: Looking at the charts above, we can see that most of the bridges in all metrics were from Osmosis, although in terms of the number of transactions, 26.4% of transactions were to Osmosis and 73.6% from Osmosis, but in the other 2 metrics, the difference is greater.

Paying attention to the time (daily/weekly/monthly) charts, it is also clear that there were more transactions to Osmosis at the beginning, but over time, the number of transactions from Osmosis increased.

:chart: Analyze

According to the charts above, the most bridged asset to Osmosis by any metrics is the native token AXL. According to the charts, it is clear that AXL has always been popular in all weeks, but in recent weeks, transactions and bridge users and the USD volume of stablecoins bridges, especially USDC, have also increased.

On the other side, the transactions from Osmosis, the first rank goes to USDC, and of course, WETH, ATOM and AXL have also performed well. By analyzing the weekly charts and the trend of changing the number of asset usage, it can be said that in the first weeks, the ATOM token was the flagship, but after a few months, users were attracted to USDC, and in recent weeks, the AXL token has performed well. And even in the number of transactions and the number of users, it has almost 50% share. Of course, in terms of $USD volume, USDC still ranks first.

💠 Top 10 Assets

Top 10 Assets (Bridged ==To== Osmosis) 🔻

Top 10 Assets (Bridged ==From== Osmosis) 🔺

Based on Number of Users

Based on Number of Transactions

Based on Volume ($USD)

Based on Number of Users

Based on Number of Transactions

Based on Volume ($USD)

:calendar: Weekly Top 10 Assets Bridged ==From Osmosis

:calendar: Weekly Top 10 Assets Bridged ==To Osmosis

Based on Number of Users (Weekly To Osmosis)

Based on Number of Transactions (Weekly To Osmosis)

Based on Volume ($USD) (Weekly To Osmosis)

Based on Number of Users (Weekly From Osmosis)

Based on Number of Transactions (Weekly From Osmosis)

Based on Volume ($USD) (Weekly From Osmosis)

💠 Top Actions

Top Actions (==First Event After Bridged==)

Top Actions (==All Event After Bridged==)

Based on Number of ==Users (First== Event After Bridged)

Based on Number of ==Users (All== Event After Bridged)

Based on Number of ==Tranasaction (First== Event After Bridged)

Based on Number of ==Tranasaction (All== Event After Bridged)

:calendar: Weekly Top Actions (==First Event After Bridged==)

:calendar: Weekly Top Actions (==All Event After Bridged==)

Based on Number of Users (First Event After Bridged) - Weekly

Based on Number of Transaction (First Event After Bridged) - Weekly

Cumulative Users (First Event After Bridged) - Weekly

Cumulative Transactions (First Event After Bridged) - Weekly

Based on Number of Users (All Event After Bridged) - Weekly

Based on Number of Transactions (All Event After Bridged) - Weekly

Cumulative Users (All Event After Bridged) - Weekly

:chart: Analyze

Good! According to the above charts, it can be concluded that in terms of the ==number of unique users==, the first activity of users after the bridge is Swapping. But in all transactions after the bridge, Swapping and Transfer activities are popular with a very small difference. In the ==number of transactions==, Swapping has taken the first place by a greater margin, and Staking activities also have the third place with 12.6% of all transactions after the bridge.

:heavy_check_mark: In the following, you can see the changes related to the activities in both modes on a weekly basis, and you can also see the cumulative trends on the chart and get a good sense of how popular Swapping is among users.

Cumulative Transactions (All Event After Bridged) - Weekly