Introduction

What is Axelar Crypto?

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 [1].

What is AXL?

At a high level, AXL is designed to help Axelar network achieve four outcomes as a universal connector of blockchain ecosystems. 1. Security: providing incentives to encourage a wide set of validators to participate. 2. Decentralization: wide distribution among token holders, delegating to validators and participating in network governance decisions. 3. Longevity: incentives that encourage maintenance of the network. 4. Ecosystem growth: incentives for developers to use Axelar SDKs and APIs to build cross-chain capabilities into their applications [2].

An overview of this article

In this article, we will focus on the AXL token. In the first part of this article, we will talk about Axelar users and their transactions, and in the second part, we want to know who are the holders of this token and how this token is distributed among its holders. In the next section, we want to know how the holders bought their tokens and what they are doing with those tokens now, whether they hold them in their wallets or transferred them to other networks. In the last part, we will compare Osmosis and Axelar.

In detail, in the continuation of this article, we will have the following sections:

1- AXELAR-general information

2- $AXL holders

3- How the wallet that $ AXL has purchased has used it (Holding or Trading)

4- $AXL transfers on Osmosis & Axelar

Methodology

All these data are extracted from Flipsidecrypto tables.

• To extract Axelar transactions data “ axelar.core.fact_transactions" table will be used.
• To extract $AXL holders data “osmosis.core.fact_daily_balances “ table will be used.
• To extract swap data “osmosis.core.fact_swaps " table will be used.
• To extract $AXL transfers on Osmosis & Axelar “axelar.core.fact_transfers " and “osmosis.core.fact_transfers “ tables will be used.

2022-12-02

1-AXELAR-general information

2- $AXL holders

Observations

• So far, more than 17.5 million transactions have been done on Axelar, and the highest number of transactions was in February.
• So far, more than 11,000 active users have made transactions on Axelar, and the highest number of users with at least one transaction on this network was in the last week of September.
• The total volume transferred on the Axelar from the beginning until now is approximately equal to 1.05 billion $AXL tokens, which the largest volume transferred was in September 2022.
• So far, 216,000 AXL tokens have been paid as fees in Axelar, and in February 2022, the highest amount of fees was paid by users for their transactions.
• On average, approximately 9.5 k $AXL tokens are transferred on the Axelar every week.

Observations

• So far, there are 2,540 $AXL holders who have held more than 179 M $AXL tokens.
• Since the end of September, the number of $AXL holders has increased dramatically, and this increase of holders has continued on a weekly basis until today.
• On average, 1,365 $AXL tokens are added to the held tokens by the holders on a weekly basis.

Definitions

In order to group all $AXL holders, 5 groups are defined:

1- Whales: hold more than 100000 $AXL

2-Octopus; hold between 10000 and 100000 $AXL

3-Dolphin: hold between 1000 and 10000 $AXL

4-shrimp: hold between 100 and 1000 $AXL

5-fish: hold less than 100 $AXL

Observations

• The two wallets with the highest number of EXL tokens are:

1-”osmo1z6mf937x9ug4ck7lt45f2wyrt9lnway68lpta9”

2-”osmo1jv65s3grqf6v6jl3dp4t6c9t9rk99cd80yhvld”

• The interesting thing is that fishes (users with less than 100 $AXL tokens) are a large percentage of all $AXL token holders, followed by shrimps who hold between 100 and 1000 $AXL tokens.
• The more interesting issue is that the whales (users who hold more than 1 million $AXL tokens) are only 6 wallets, which are less than 0.5 percentage of the total holders.
• The top ten wallets that have had the most days of holding the $AXL token have held this token for approximately 55 to 60 days, which shows that these ten addresses are the wallets that have had the most days of holding the $AXL token so far.
• Among these wallets, the wallet with the address "osmo1rfd6sts3agkprv6f08846wct5p35uhtd0rr2vu" has been holding its tokens for almost 63 days.
• The average number of days of holding this token by the holders is 13.6 days in a period of 9 months (long term) and only 5.86 days for the holders who held the $AXL token in the last month.
• In a long period of time (from the beginning of the launch of the $AXL token until now), the number of holders who have held their tokens between 5 and 15 days and then moved them is more than other holders. In the next rank are the holders who only held their tokens for less than a day and sold or moved them in less than a few hours. During this period, there have been only 3 wallets that have held their tokens for more than 60 days.
• In a short period of time (lone month), the number of holders who have held their tokens for less than a day and then moved them is more than other holders. In the next rank are the holders who have held their tokens between 1 and 5 days and then sold or transferred them. During this period, only 16 wallets have held their tokens for up to a month. These results showed that in the last month, holders have tried to sell their tokens as soon as possible or to move them. This transfer does not necessarily mean selling and the holders could stick them or transfer them to other platforms.

3- How the wallet that $ AXL has purchased has used it (Holding or Trading)

Observations

• More than 94% of all holders have performed an activity with their tokens and only nearly 6% have kept their tokens unchanged in their wallets.
• "Bridging" and "trading" are two activities that most holders have done with their tokens. In the next step, there is “LP providing".

4- $AXL transfers on Osmosis & Axelar

Observations

• According to the graphs, most of the $AXL transactions were on the Axelar network, and this situation can be seen on almost all days.
• The number of $AXL token transactions on Axelar network has been more than the Osmosis network in all weeks, and the highest number of transactions was performed in the last week of September.
• The number of users who transferred the $AXL tokens on the Axelar network is much more than the number of the users on the Osmosis network, and the highest number of active users was in the last week of September.
• The volume of $AXL tokens transferred on the Axelar network is by a large margin higher than that of the Osmosis network, and in September and October, more tokens were transferred on the two networks.

Observations

• The highest percentage of $AXL token transactions on the Axelar network is "IBC_TRANSFER_OUT" while "Axelar " and "IBC_TRANSFER_IN" are in the next positions. This is while "IBC_TRANSFER_OUT" has the highest percentage on the Osmosis network, followed by "IBC_TRANSFER_IN" and "Osmosis ".
• The highest percentage of $AXL token users on Axelar is "Axelar " while "IBC_TRANSFER_IN" and "IBC_TRANSFER_OUT" are in the next positions. This is while "IBC_TRANSFER_OUT" has the highest percentage on the Osmosis network, followed by "IBC_TRANSFER_IN" and "Osmosis".
• The largest percentage of $AXL token volume transferred on the Axelar is "Axelar " while "IBC_TRANSFER_IN" and "IBC_TRANSFER_OUT" are in the next positions. This is while "IBC_TRANSFER_OUT" has the highest percentage on the Osmosis network, followed by "IBC_TRANSFER_IN" and "Osmosis ".

Conclusion

• So far, more than 17.5 million transactions have been done on Axelar, and the highest number of transactions was in February.

• So far, more than 11,000 active users have made transactions on Axelar, and the highest number of users with at least one transaction on this network was in the last week of September.

• The total volume transferred on the Axelar from the beginning until now is approximately equal to 1.05 billion $AXL tokens, which the largest volume transferred was in September 2022.

• So far, 216,000 AXL tokens have been paid as fees in Axelar, and in February 2022, the highest amount of fees was paid by users for their transactions.

• On average, approximately 9.5 k $AXL tokens are transferred on the Axelar every week.

• So far, there are 2,540 $AXL holders who have held more than 179 M $AXL tokens.

• Since the end of September, the number of $AXL holders has increased dramatically, and this increase of holders has continued on a weekly basis until today.

• On average, 1,365 $AXL tokens are added to the held tokens by the holders on a weekly basis.

• The two wallets with the highest number of EXL tokens are:

1-”osmo1z6mf937x9ug4ck7lt45f2wyrt9lnway68lpta9”

2-”osmo1jv65s3grqf6v6jl3dp4t6c9t9rk99cd80yhvld”

• The interesting thing is that fishes (users with less than 100 $AXL tokens) are a large percentage of all $AXL token holders, followed by shrimps who hold between 100 and 1000 $AXL tokens.
• The more interesting issue is that the whales (users who hold more than 1 million $AXL tokens) are only 6 wallets, which are less than 0.5 percentage of the total holders.
• The top ten wallets that have had the most days of holding the $AXL token have held this token for approximately 55 to 60 days, which shows that these ten addresses are the wallets that have had the most days of holding the $AXL token so far.
• Among these wallets, the wallet with the address "osmo1rfd6sts3agkprv6f08846wct5p35uhtd0rr2vu" has been holding its tokens for almost 63 days.
• The average number of days of holding this token by the holders is 13.6 days in a period of 9 months (long term) and only 5.86 days for the holders who held the $AXL token in the last month.
• In a long period of time (from the beginning of the launch of the $AXL token until now), the number of holders who have held their tokens between 5 and 15 days and then moved them is more than other holders. In the next rank are the holders who only held their tokens for less than a day and sold or moved them in less than a few hours. During this period, there have been only 3 wallets that have held their tokens for more than 60 days.
• In a short period of time (lone month), the number of holders who have held their tokens for less than a day and then moved them is more than other holders. In the next rank are the holders who have held their tokens between 1 and 5 days and then sold or transferred them. During this period, only 16 wallets have held their tokens for up to a month. These results showed that in the last month, holders have tried to sell their tokens as soon as possible or to move them. This transfer does not necessarily mean selling and the holders could stick them or transfer them to other platforms.
• More than 94% of all holders have performed an activity with their tokens and only nearly 6% have kept their tokens unchanged in their wallets.
• "Bridging" and "trading" are two activities that most holders have done with their tokens. In the next step, there is “LP providing".
• According to the graphs, most of the $AXL transactions were on the Axelar network, and this situation can be seen on almost all days.
• The number of $AXL token transactions on Axelar network has been more than the Osmosis network in all weeks, and the highest number of transactions was performed in the last week of September.
• The number of users who transferred the $AXL tokens on the Axelar network is much more than the number of the users on the Osmosis network, and the highest number of active users was in the last week of September.
• The volume of $AXL tokens transferred on the Axelar network is by a large margin higher than that of the Osmosis network, and in September and October, more tokens were transferred on the two networks.
• The highest percentage of $AXL token transactions on the Axelar network is "IBC_TRANSFER_OUT" while "Axelar " and "IBC_TRANSFER_IN" are in the next positions. This is while "IBC_TRANSFER_OUT" has the highest percentage on the Osmosis network, followed by "IBC_TRANSFER_IN" and "Osmosis ".
• The highest percentage of $AXL token users on Axelar is "Axelar " while "IBC_TRANSFER_IN" and "IBC_TRANSFER_OUT" are in the next positions. This is while "IBC_TRANSFER_OUT" has the highest percentage on the Osmosis network, followed by "IBC_TRANSFER_IN" and "Osmosis".
• The largest percentage of $AXL token volume transferred on the Axelar is "Axelar " while "IBC_TRANSFER_IN" and "IBC_TRANSFER_OUT" are in the next positions. This is while "IBC_TRANSFER_OUT" has the highest percentage on the Osmosis network, followed by "IBC_TRANSFER_IN" and "Osmosis ".

Contact information of the author

Discord: sami-1990#2840

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