Axelar Network

The Axelar is a decentralized network that bridges blockchain ecosystems that speak different languages. It provides a protocol suite with APIs on top, making it easy for applications to perform cross-chain requests. The network connects existing stand-alone blockchains such as Bitcoin, Stellar, Terra, Algorand, and interoperability hubs such as solutions like Cosmos, Avalanche, Ethereum, and Polkadot. The mission of Axelar is to enable application developers to build such apps easier using a universal protocol and API without rolling out their proprietary cross-chain protocols underneath or rewriting applications as new bridges are developed [1].

Squid App

Squid is an app that enables cross-chain swaps, bridging, and one-click payments for many chains. It is powered by Axelar and provides a secure and seamless way to swap tokens between blockchains such as Ethereum, Avalanche, Polygon, Moonbeam Network, and Celo. Squid's vision is to provide a gateway to the multi-chain world and make it easy for users to interact with assets and applications across different chains with just one click [2].

Squid has announced that their gateway to the Cosmos network is now open. This means that users can transfer tokens into 13 different Cosmos chains from anywhere using Squid’s app. Squid provide this important infrastructure and make the Cosmos network more accessible to everyone [3]

Transaction

A transaction in Blockchain refers to the transfer of data or cryptocurrency between two parties on the blockchain network. Transactions contain essential information such as the sender's address, the recipient's address, the amount being transferred, and any associated fees. In a blockchain network, transactions are verified by nodes or miners according to the network's defined consensus mechanism. Once a transaction is validated, it is recorded onto the blockchain ledger, which is a decentralized and immutable record of all past transactions on the network. Every transaction on the blockchain network is assigned a unique transaction ID or hash, which is used to identify the transaction on the blockchain. The transaction ID, along with other transaction details, is stored in blocks which are linked together forming a chain or "blockchain".

Active and New User (Sender or Receiver here)

In Blockchain, an active wallet is a cryptocurrency wallet that is currently in use and is actively used for sending and receiving digital assets. A cryptocurrency wallet is a software application that allows users to store, manage, and transact with their digital assets. An active wallet is typically connected to the blockchain network and is used for initiating transactions, either sending or receiving cryptocurrencies.

A New User is a wallet address that has no any transactions on the blockchain before From_Date parameter.

Source and Destination Chain

In a blockchain context, a source chain refers to the blockchain network where a cross-chain transaction originates. The destination chain is the blockchain network where the transaction is received and processed [17]

Asset (Name) in a Blockchain

An asset in a blockchain context refers to anything that has value and can be owned and transferred. An asset can be tangible (a house, car, cash, land) or intangible (intellectual property, patents, copyrights, branding)[18]. The Asset Name is the unique identifier used to represent the asset on the blockchain

In order to increase the dynamism of the current dashboard, we added 5 parameters to our queries, by changing which users can see their desired results in the visual charts presented in this report. The parameters are as follows:

✅ From_Date: Determines the start date of the query. The default value of this parameter is 2023-02-23, that is, the date when it was possible to send tokens to 13 Cosmos chains from any network using Squid.

✅ Source: This parameter has two values All and Specific. If you select the Specific value, the queries will be executed based on the blockchain name of the source that you specify in the Source_Chain_Name parameter.

✅ Destination: This parameter has two values All and Specific. If you select the Specific value, the queries will be executed based on the blockchain name of the destination that you specify in the Destination_Chain_Name parameter.

❌Warning: Although the two parameters Source_Chain_Name and Destination_Chain_Name are not case-sensitive, make sure to enter the name of the blockchain correctly..

• The first tab, that is the Introduction, describes the problem, methodology and the definitions of the metrics, as well as the explanation of how to use and arrangement of this dashboard.

• In the Overall States tab, the general information related to the exchanges made in Squid is described graphically and by presenting statistics and figures.

• In the Over Time tab, we have depicted the studied metrics over time on various graphs and described them.

• And in the Tops tab, we have identified some of the best measures based on some metrics and depicted them in the form of some pie or bar charts and explained them.

• In the last tab called Conclusions, we have summarized the results of the review of various metrics and criteria.

In this report, we used data from the axelar.core.ez_squid table in flipsidecrypto.xyz. This table contains all the data needed to solve the problem raised in this report.

As mentioned, Squid has announced that their gateway to 13 different Cosmos networks is now open in the 2023-02-23. Squid provided this important infrastructure and make the Cosmos network more accessible to everyone [3]. Now the question is which source and destination networks have had the most activity in this gateway. In this report, we will answer this question using some metrics.

Email: PiroozTrader

Discord: Mercury#8660

Twitter: @PiroozTrader

Please read and like my reports (dashboards) in my Flipsidecrypto account: Mercury

13 Destination Chains in Cosmos Network:

• Agoric is a Proof-of-Stake blockchain-based smart contract platform that utilizes JavaScript as a programming language. It provides security and ease in programming smart contracts, beyond anything available today. Agoric’s mission is to provide a secure smart contracts framework to the entire blockchain ecosystem[4].
• AssetMantle is a multi-tenant NFT marketplace framework that enables creators and collectors to securely mint, own, and trade digital assets on its fast-finality blockchain. The AssetMantle no-code toolset enables creators to permissionlessly create customized assets and marketplaces[5].
• Comdex is an interchain DeFi infrastructure layer built on the Cosmos SDK that houses a suite of composable solutions on-chain. It provides an IBC-enabled DeFi infrastructure layer for building an interoperable ecosystem of solutions[6].
• Crescent is a DeFi platform built on top of the Cosmos SDK. It provides connected DeFi functionalities for the Cosmos ecosystem, thus enhancing capital efficiency and risk management penalties. The network focuses on three functionalities known as the Crescent DEX, Crescent Boost, and Crescent Derivatives[7].
• Evmos is a cross-chain blockchain platform that combines Ethereum Virtual Machine (EVM) compatibility with Cosmos interoperability. It allows developers to supercharge their smart contracts with developer-friendly tools and unlock the power of Cosmos interoperability. Evmos has an ever-expanding ecosystem of decentralized applications (dApps), including exchanges, dashboards, dev tools, and NFT initiatives[8].
• Juno is an open-source platform for inter-operable smart contracts built on top of the Cosmos SDK and Tendermint. It is a sovereign public blockchain in the Cosmos ecosystem that aims to provide a sandbox environment for the deployment of inter-operable smart contracts. The network serves as a decentralized, permissionless, and censorship-resistant zone for developers to efficiently and securely launch application-specific smart contracts[9].
• Kujira is a decentralized ecosystem for protocols, builders and web3 users seeking sustainable FinTech. It is a blockchain for real yield that provides a tight-knit hub of revenue-generating products with great UX. In order for a contract to launch on Kujira, it needs to be voted in via governance. This ensures that the quality, sustainability and longevity of the network are protected[10].
• Osmosis is a decentralized exchange (DEX) for Cosmos, an ecosystem of sovereign, interoperable blockchains all connected trustlessly over IBC, the Inter-Blockchain Communication Protocol. It is a proof-of-stake blockchain with a decentralized exchange application, specifically designed for IBC compatible blockchains[11].
• Regen Network is a platform that originates and invests in high-integrity carbon and biodiversity credits from ecological regeneration projects. With Regen Marketplace, corporations can buy, trade, and retire digital carbon and ecological credits to meet their climate commitments. These nature-based solutions remove carbon, restore biodiversity, and reverse climate change[12].
• Secret Network is a blockchain that enables privacy-centric smart contracts. It is the first blockchain with customizable privacy, allowing users to choose what they share, with whom, and how. This protects users and empowers developers to build a better Web3. Secret contracts encrypt input, output, and state—hiding data even from the nodes on the network[13].
• Stargaze is a decentralized platform that is community-owned and part of the Cosmos blockchain. It is designed for NFTs and boasts zero gas fees and is carbon neutral. Contracts are vetted through governance, reducing the risk of malicious activity[14].
• Terra is an open-source blockchain protocol that underpins algorithmic stablecoins and a network of financial applications. The Terra protocol creates stablecoins designed to consistently track the price of a fiat currency (a government-backed currency such as the U.S. dollar or euro). It consists of two cryptocurrency tokens—Terra and Luna. Terra stablecoins track the price of fiat currencies like the U.S. dollar and euro, while Luna is used for blockchain governance[15].
• Umee is a cross-chain DeFi platform that interconnects between blockchains. It is a universal, permissionless platform meant to serve all types of users and projects throughout their DeFi journeys. Umee provides users with the ability to easily lend and borrow across different blockchains[16].