Sei Bridge Flow 🚢

    This Dashboard will provide information about the Sei bridge through Wormhole, Axelar, and IBCs. 🚢

    Introduction

    Sei Chain has been live on the mainnet since August 15, 2023 (Official). Sei represents a layer-1 blockchain with the goal of enhancing the trading capabilities of decentralized exchanges (DEXs) through its matching engine and order front-run prevention solutions. It is constructed using the Cosmos software development kit.

    The initial activities on Sei Chain involved establishing bridges between other chains and the SEI mainnet, as well as the reverse. Users have the option to bridge their assets using Wormhole, Axelar, and IBC. Following this, I conducted an analysis of several parameters on the SEI chain:

    • Inflow and outflow of assets

    • Bridges per chain

    • Bridges per token

    • Breakdown and top performers

    Inflow and Outflow Overview
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    Users Overview
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    Inflow and Outflow
    Transfer Types
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    The table below displays the daily total inflow and outflow to and from the Sei chain. A green emoji indicates an inflow to SEI, while a red emoji represents an outflow from the SEI chain.

    Volume

    Due to the launch of the Sei chain, I opted to present the netflow on an Daily basis. The netflow exhibited significant growth two days after the official launch of the Sei chain, reaching up to 15 million US dollars. However, the current net bridge is at -9.5 million US dollars.

    The inflow and outflow volume reveals some unusual activities, which we will explore further in the subsequent tabs to identify the chains or tokens that were bridged during that period. It appears that users utilized the Sei bridge to deposit funds and subsequently withdrew them from the Sei chain after receiving their funds.

    I want to highlight that the bridge volume experienced an increase after the Sei Airdrop. This implies that the Airdrop announcement regarding the bridge was not connected to the volume surge.

    Users and Transactions

    As you may be aware, the Cosmos SDK allows for the inclusion of multiple messages in a single transaction. Each transaction can encompass various user addresses. That's why the number of Inflow users were higher than transactions.

    Since August 17th, there has been a substantial increase in both bridge users and transactions. The count of users and transactions has grown by a factor of 10. In terms of the number of users, the inflow and outflow figures exhibited similarity. However, in terms of transactions, the proportion of outflow transactions has risen since August 17th, immediately following the Sei Airdrop. Nonetheless, it appears that the growth wasn't driven by the Airdrop, a point we will delve into further in the upcoming tabs.

    As I mentioned in Introduction, Users have Optioin to bridge their assets via Wormhole, Axelar and IBC. Based on the transfer types, It seems the highest number of users and volume came and went from IBC. After IBC, Satellite from Axelar had the highest volume however, Based on number of users, Wormhole had higher number of users compared to Satelite.

    Based on the users breakdown, We can find that most of the users when bridged their assets, They withdraw from Sei chain. The large group of users bridged 100-1k US dollars. The highest share of volume, About 61% of volume bridged (Inflow and Outflow) by the group of users who bridged over 1M US dollars.

    In the table below, you will find a list of the top 100 addresses, organized by inflow and outflow volume. While all columns are self-explanatory, the "routes" column indicates the count of source and destination chains ( From and to SEI).

    Note: The insights were written on September 23rd at 6:00 PM. If you update the dashboard, the insights will remain valid until that time.