JOE Redemption!
$JOE was one of the first tokens to adopt LayerZero Labs OFT standard, making its transfers between #BNB, #Avalanche, and #Arbitrum.
In this analysis, we will delve into Trader JOE Bridge. Recently, a tweet by Caesar.avax on Twitter highlighted a significant milestone, with the $JOE bridge reaching 100,000 transactions. In light of this update, I conducted an examination of the Trader JOE bridge, which facilitates the seamless transfer of JOE tokens between the Avalanche, BSC, and Arbitrum chains.
The following parameters will be considered in this analysis:
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Users and Transactions
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Volume of transactions
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Source and Destination fees
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Top users utilizing the bridge
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User behavior patterns
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Overlapping users with other bridges connected to Trader JOE
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Prior to delving into the details of transfers between Avalanche and other blockchain networks, I prepared an overview presenting all the chains in a comprehensive table.
Moving forward, I organized my analysis into separate tabs to focus on two categories: "From Avalanche" and "To Avalanche," based on the source and destination of the transfers. This division allows for a more structured and in-depth examination of the data.
Upon comparing all the routes, it becomes evident that Arbitrum, both as a source and destination between Avalanche, enjoys much higher popularity than the BSC chain. This conclusion is drawn from the analysis of the number of transactions and the corresponding JOE token amounts.
Specifically, over 80% of the total transactions are observed to be between Avalanche and Arbitrum, and vice versa. Similarly, the share of bridged JOE tokens on Arbitrum constitutes more than 80% of the total transactions involving Avalanche, both as the source and destination.
From Avalanche:
To extract all relevant data from avalanche.core.fact_decoded_event_logs, I applied a filter on the contract address, focusing on 0x371c7ec6d8039ff7933a2aa28eb827ffe1f52f07, which corresponds to the SendToChain event. By examining the decoded column, I determined the destination of each transaction, with chain ID 102 representing BSC and chain ID 110 representing Arbitrum. It's important to note that the "Amount" column in the table represents the raw value, and considering that JOE token has 18 decimals, I converted the amounts accordingly.
To Avalanche:
For data related to transfers to Avalanche, I utilized the "Easy transfer token" table on Arbitrum and BSC chains. Transactions with 0x0000 as the destination address signify that users are transferring their JOE tokens out of the chain. I filtered the data by focusing on chain ID 106, which corresponds to Avalanche, and further filtered the results using the event name SendToChain to ensure accuracy.
Note:
During the analysis, I excluded three specific addresses from my findings. These addresses are as follows:
'0x5d3e4c0fe11e0ae4c32f0ff74b4544c49538ac61'
'0x86355f02119bdbc28ed6a4d5e0ca327ca7730fff'
'0x2ef002aa0ab6761b6aea8d639dcdaa20d79b768c'
The first address is related to the JOE deployer, and the other two are associated with the Layerzero smart contract.