Examining cross-chain activity
This analysis delves into Axelar's cross-chain endeavors, facilitated by two robust platforms: Satellite and Squid. By analyzing various cross-chain metrics, we can gauge the level of interconnectedness in Web3.
The metrics to focus on include the following:
The volume of cross-chain transactions
Transaction frequency over time (weekly, monthly, etc.)
Most active cross-chain pairs
Bridges with the most fluctuation in transaction activity
Areas of Web3 with the highest cross-chain activity
Emerging trends in cross-chain activity.
The concept of cross-chain involves a blockchain that can communicate with multiple other chains, leading to a more efficient way of handling transactions and data. This paves the way for various possibilities in applications and services.
Essentially, each blockchain would have its own set of regulations, but they would be able to communicate using cross-chain bridges. These bridges enable data and value transfer across chains without relying on a central authority.
In this dashboard, I analyzed the cross-activities of two popular platforms on the Axelar chain, Satellite, and Squid. The recorded amount is based on the tokens involved.
I obtained the token prices from the Osmosis table to determine the transfer volume in USD and conducted the necessary calculations.
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