Axelar

Axelar is a permisionless network and gateway that enables you to build secure cross-chain applications. Satellite is a web app built on top of the Axelar network. Use it to transfer assets from one chain to another.

this dashboard will look at the axlUSDC stablecoin activity by different metrics like swapping and Transferring.

Scopes

1. axlUSDC, ATOM, and other Stablecoins Swapping Activity

2. Liquidity Providing over time

3. IBC Transfers

4. Satellite Bridge

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Method

• tables: to find bridge data I use the axelar fact_transfers table.
• using regexp_substr and split SQL methods I extract and clean the asset and chain names.

Swapping

Liquidity Pools

IBC Transfers axlUSDC, ATOM and Other Stablecoins

Satellite Bridge

🟠 Observations

• The Highest number of swaps is swapped from ATOM
• until May 9th, the Terra UST was the top Stablecoin in terms of swap count
• on May 9th, the Terra Collapsed and caused a high swap volume, and the UST token destroyed
• by collapsing the UST, the axlUSDC took the UST place as the best stablecoin
• as of today, ATOM with $3.58B, and axlUSDC with $428.8M are the top assets in swapping by the Swap Volume

🟠 Observations

• before May, the highest volume of IBC transferring belonged to UST, but after UST collapse, axlUSDC volume spiked, and until today it’s the top Asset in terms of transfer volume and count
• already the cumulative transfer volume of axlUSDC could cross over the USTC volume
• the OSMO chain with a high difference is the top source chain to transfer axlUSDC
• the axlUSDC IBC transfer volume has an increasing trend and peaked at $20M in the last week of October
• Evmos, Kujira, and OSMO are the top destinations that users sent axlUSDC to

🟠 Observations

• in the satellite bridge, most bridge volume is for transferring axlUSDC to the Ethereum chain
• as of today, $184M axlUSDC bridged to Ethereum, the next top destination chains are Polygon, Osmosis, and Kujira by $24M, $16.7M, and $15.9M
• in terms of bridge count, the Kujira with 7080 bridges is the top destination chain. the Polygon, Ethereum, and Osmosis chains with 6.5K, 5.5K, and 4.3K are the next top destination chains

💡 Conclusion

• The Highest number of swaps is swapped from ATOM

• until May 9th (Terra Collapsed), the Terra UST was the top Stablecoin in terms of swap count. after that, the axlUSDC took the UST place

• as of today, ATOM with $3.58B, and axlUSDC with $428.8M are the top assets in swapping by the Swap Volume

• the best time for liquidity providing is Jan-March 2022, the LP actions peaked in first half of March

• the ATOM/OSMO is the top Pool, and as of today it has 694K LP actions and $122M balance

• after Terra UST collapse, the axlUSDC liquidity raised and took the UST place so fast

• before May, the highest volume of IBC transferring belonged to UST, but after UST collapse, axlUSDC volume spiked, and until today it’s the top Asset in terms of transfer volume and count

• the axlUSDC IBC transfer volume has an increasing trend and peaked at $20M in the last week of October

• Evmos, Kujira, and OSMO are the top IBC destinations that users sent axlUSDC to

• as of today, $184M axlUSDC bridged to Ethereum, the next top destination chains are Polygon, Osmosis, and Kujira by $24M, $16.7M, and $15.9M

🟠 Observations

• best time of liquidity providing is Jan-March 2022, the LP actions peaked at first half of March
• the ATOM/OSMO is the top Pool, and as of today it has 694K LP actions and $122M balance
• after Terra UST collapse, the axlUSDC liquidity raised and took the UST place so fast
• the number of Add Liquidity actions are much higher than Remove actions