The largest bridged volume is for the USD token, which has been bridged for 192.7M USD since the beginning, and the percentage of this token is 34% compared to the other top tokens.

Next is the USDC token, whose volume is 172M USD, and the bridge percentage of this token is 30% compared to other top tokens.

You can see the LUNA token, which is in the third place, and in terms of the volume of bridged USD, it is 118M USD and constitutes 21% of the USD volume of bridged tokens.

Noteworthy on the daily chart is that on May 12, the LUNA token was bridged by 85M USD. this date is a few days after the Terra network went down in May And after this date, the LUNA's bridge is almost stopped.

In the cumulative chart, you can see that the USDC token has started to grow and increase right after the LUNA token bridge was stopped and has become the top bridged token in recent days.

bridge of USD token has been stopped almost after June

Number of Bridge

Number of Bridge Users

bridge of AXL token has been started almost since the end of April and has quickly reached the first position in terms of the number of daily bridges.

The total number of AXL token bridges is 70K transactions, which is 31% of all bridges

In the early months, the only bridged tokens were the USD and LUNA tokens, and from February, the number of daily bridges starts to decrease, and it becomes less and less every day, and by April, it almost loses popularity. Right at the end of the popularity of these two tokens, the AXL token enters the field

After failure of the Luna project and the end of its bridge at the end of May, top token after AXL is the USDC token, total number of bridges of this token is 49.5K transactions, which is 54% of all bridges.

The most used token in terms of number of users is the USD token, which has 33K unique users

The number of users of this token is almost over after May

After May, the top token used for the bridge in terms of number of users is the USDC token The total number of users of the USDC token is 14.3K unique users, which is 18% of the total users of top tokens.

In September 2022, however, the AXL token attracts more users and becomes the top daily bridged token after September.

The total number of users of this token is 4.3K unique users, which is 5.5% of the total users of top tokens.

Bridge Paths

> In this section, the bridged paths between two chains are displayed and we have tracked number of users, number of bridges and USD volume of bridges for each path with daily and cumulative charts.

About the Axelar Project

Axelar provides a decentralized network and tools that help connect dApp builders with multiple blockchain ecosystems, applications, and users for frictionless cross-chain communication. Axelar consists of a protocol suite, tools, and APIs, designed to break down the barriers to cross-chain communication. Powered by a decentralized open network of validators; anyone can join the network, use it, and build on it.

The Axelar network makes cross-chain communication as simple as using HTTP/HTTPS protocols on the web. Platform developers can plug-in their blockchains to other ecosystems, and application builders can leverage a simple protocol and API to access global liquidity and communicate with the entire ecosystem. The Axelar team has deep roots in distributed systems, consensus, and cryptography. The venture is backed by Binance X, Coinbase Ventures, DCVC, Lemniscap, Collab+Currency, North Island Ventures, Divergence Ventures, Cygni Labs, and others.

About the Integration

Axelar’s new general message passing (GMP) allows smart contracts to communicate with each other across chains. This allows developers to build cross-chain connected applications on Moonbeam that can tap into functionality from Polkadot, Ethereum, Avalanche, Cosmos, and beyond.

Methodology

We have used the axelar.core.fact_transfers table to display the price of bridged tokens

And to get the USD volume of tokens, we have also used the osmosis.core.dim_prices table

This dashboard has 2 parts, the first part is related to the bridged tokens, to make the analysis easier, we have analyzed only the top tokens bridged and removed the rest of the tokens from the results due to the small number and volume of bridges.

In the second part, we have gone to the top paths of bridge and checked the paths that had the most bridges to or from Axelar to see which path users usually enter the ecosystem.

Summary of Analysis

In this dashboard, you will find that the most used token for bridge operations in the Axelar ecosystem is the AXL token.

It is also the largest number of users and the largest volume for the USD token

Until May 2022, most of the users were entering the Axelar ecosystem from Terra chain to Axelar

But after the fall of Terra, the highest number of users is for the Osmosis to Axelar path

We also notice that about 98% of the bridged volume and bridge users were of the type of incoming transfer and the volume and number of users who transferring out is much less.

Until the end of April 2022, the highest number of bridges was on the Terra to Axelar path

And after the collapse of the Terra network, Osmo to Axelar becomes the first path of the bridge

In general, the total number of bridges made from Terra to Axelar was 97K transactions, which is 43.7% of the total number of bridges.

Also, the total number of bridges made from the Osmo to Axelar path is almost 42K transactions, which constitutes almost 19% of the total number of bridges.

USD Volume of Bridge by Top Paths

In the week of May 9, 114.4M USD has been bridged from the Terra to Axelar path, and this path will stop almost at the end of June.

After reducing the volume of the bridge from this path, the Osmo to Axelar path reaches the first place in terms of the USD volume of the bridge

In general, the total bridged volume from the Terra to Axelar path is 340.5M USD, which is 60.7% of the total bridged volume.

And the total bridged volume from the Osmo to Axelar path is 170.7M, which is 30.4% of the total bridge volume

Users of Bridge by Top Paths

The trend of growth and decrease in the number of users of the paths is the same as the number of bridges and the volume of bridges, and here before the fall of Terra, the top path in terms of the number of users was the Terra to Axelar path, and after the failure of Terra, the Osmo to Axelar path It becomes the first way for users to enter the Axelar ecosystem

But in general, the total number of unique users of the Terra to Axelar path is almost 56K users, among the total users of the top paths , the share of this route is 74.5% of users.

And the number of users of the Osmo to Axelar path is 12K users, which is 16% of the total number of users of the top paths .

Conclusion

most used token for bridge operations in the Axelar ecosystem is the AXL token.

It is also the largest number of users and the largest volume for the USD token

Until May 2022, most of the users were entering the Axelar ecosystem from Terra chain to Axelar

But after the fall of Terra, the highest number of users is for the Osmosis to Axelar path

The largest bridged volume is for the USD token, which has been bridged for 192.7M USD since the beginning, and the percentage of this token is 34% compared to the other top tokens.

Next is the USDC token, whose volume is 172M USD, and the bridge percentage of this token is 30% compared to other top tokens.

You can see the LUNA token, which is in the third place, and in terms of the volume of bridged USD, it is 118M USD and constitutes 21% of the USD volume of bridged tokens.

Noteworthy on the daily chart is that on May 12, the LUNA token was bridged by 85M USD. this date is a few days after the Terra network went down in May And after this date, the LUNA's bridge is almost stopped.

In the cumulative chart, you can see that the USDC token has started to grow and increase right after the LUNA token bridge was stopped and has become the top bridged token in recent days.

bridge of USD token has been stopped almost after June

bridge of AXL token has been started almost since the end of April and has quickly reached the first position in terms of the number of daily bridges.

The total number of AXL token bridges is 70K transactions, which is 31% of all bridges

In the early months, the only bridged tokens were the USD and LUNA tokens, and from February, the number of daily bridges starts to decrease, and it becomes less and less every day, and by April, it almost loses popularity. Right at the end of the popularity of these two tokens, the AXL token enters the field

After failure of the Luna project and the end of its bridge at the end of May, top token after AXL is the USDC token, total number of bridges of this token is 49.5K transactions, which is 54% of all bridges.

The most used token in terms of number of users is the USD token, which has 33K unique users

The number of users of this token is almost over after May

After May, the top token used for the bridge in terms of number of users is the USDC token The total number of users of the USDC token is 14.3K unique users, which is 18% of the total users of top tokens.

In September 2022, however, the AXL token attracts more users and becomes the top daily bridged token after September.

The total number of users of this token is 4.3K unique users, which is 5.5% of the total users of top tokens.

Until the end of April 2022, the highest number of bridges was on the Terra to Axelar path

And after the collapse of the Terra network, Osmo to Axelar becomes the first path of the bridge

In general, the total number of bridges made from Terra to Axelar was 97K transactions, which is 43.7% of the total number of bridges.

Also, the total number of bridges made from the Osmo to Axelar path is almost 42K transactions, which constitutes almost 19% of the total number of bridges.

In the week of May 9, 114.4M USD has been bridged from the Terra to Axelar path, and this path will stop almost at the end of June.

After reducing the volume of the bridge from this path, the Osmo to Axelar path reaches the first place in terms of the USD volume of the bridge

In general, the total bridged volume from the Terra to Axelar path is 340.5M USD, which is 60.7% of the total bridged volume.

And the total bridged volume from the Osmo to Axelar path is 170.7M, which is 30.4% of the total bridge volume

The trend of growth and decrease in the number of users of the paths is the same as the number of bridges and the volume of bridges, and here before the fall of Terra, the top path in terms of the number of users was the Terra to Axelar path, and after the failure of Terra, the Osmo to Axelar path It becomes the first way for users to enter the Axelar ecosystem

But in general, the total number of unique users of the Terra to Axelar path is almost 56K users, among the total users of the top paths , the share of this route is 74.5% of users.

And the number of users of the Osmo to Axelar path is 12K users, which is 16% of the total number of users of the top paths .

As of September 27th, the USD volume of outflows from Axelar has been almost zero, and the first significant outflows in terms of USD will begin on September 27th. and USD volume of output reaches 2M USD per day on some days in October

The largest entry was on May 12 with a volume of 12M USD

In general, the total input volume is 555.8M USD and 98% of the total bridged SUD volume was input volume

output volume is 11M USD, which is 2% of total USD volume

The number of transfers out of April will increase, but according to the charts of the USD volume output, we conclude that these bridge transactions had a very small volume.

The total number of transfers entered into Axelar has been 159K so far, which constitutes almost 70% of all bridge transactions.

The total number of transfers out of Axelar is 69K, and the share of these transactions is 30% of all bridges.

The number of transfer out bridge users, like the number of bridges, since April, the number of users who have transferred out of Axelar has increased.

But it is very less compared to the number of users who have made incoming transactions

In general, the total number of users transferred in Axelar is 73.7K users, whose share is 98% of the total number of users.

Also, the total number of users transferred out from Axelar is 1.4K unique users, whose share is 2% of the total

USD Volume of Bridge

> In this section, we have displayed the top bridged tokens based on the bridge USD volume and tracked each token on a daily and cumulative basis.

As of September 27th, the USD volume of outflows from Axelar has been almost zero, and the first significant outflows in terms of USD will begin on September 27th. and USD volume of output reaches 2M USD per day on some days in October

The largest entry was on May 12 with a volume of 12M USD

In general, the total input volume is 555.8M USD and 98% of the total bridged SUD volume was input volume

output volume is 11M USD, which is 2% of total USD volume

The number of transfer out bridge users, like the number of bridges, since April, the number of users who have transferred out of Axelar has increased.

But it is very less compared to the number of users who have made incoming transactions

In general, the total number of users transferred in Axelar is 73.7K users, whose share is 98% of the total number of users.

Also, the total number of users transferred out from Axelar is 1.4K unique users, whose share is 2% of the total

The number of transfers out of April will increase, but according to the charts of the USD volume output, we conclude that these bridge transactions had a very small volume.

The total number of transfers entered into Axelar has been 159K so far, which constitutes almost 70% of all bridge transactions.

The total number of transfers out of Axelar is 69K, and the share of these transactions is 30% of all bridges.

Inflow and outflow in Axelar

> In this section, we will check the USD volume of input and output to/from Axelar, as well as the number of input and output bridges of Axelar and the number of bridge users based on their type.