Introduction :

In this analysis, we examine the following:

• axlUSDC IBC transfers.
•  bridge activity strictly related to axlUSDC transfer.
• Which app-chains have the most/least flows of axlUSDC?
• how dominant axlUSDC has become compared to both ATOM and other USDC assets in trading and pools.

Method :

I used axelar.core.fact_transfers table for extracting axlUSDC IBC transfers and osmosis.core.fact_swaps for extracting axlUSDC and other stable coins and ATOM swaps data. and I used osmosis.core.fact_liquidity_provider_actions for extracting Liquidity pools data.

• As we can see, the number of IBC_transfer_IN has been increasing over time and reached its peak in the middle week of August and then decreased week by week. In recent weeks, the number of IBC_transfer_OUT has been increasing.

• The volume of axlUSDC entered into the network (IBC_transfer_IN) has been increasing over time and week by week, and it reached its peak last week, and this volume reached more than 20 million axlUSDC in one week.
• The total volume of axlUSDC with the IBC_transfer_IN event has so far reached more than $192 million, and the volume of IBC_transfer_OUT has also reached about $3 million.

• Total number of axlUSDC IBC Transfer IN : 49.2 K transfers.
• Total number of other assets IBC Transfer IN : 114.5 K Transfers.
• Total axlUSDC volume IBC Transfer IN : $192.4 M.
• Total other assets volume IBC Transfer IN : $371 M.
• Total number of axlUSDC IBC Transfer OUT : 3.4 K transfers.
• Total number of other assets IBC Transfer OUT : 69.3 K Transfers.
• Total axlUSDC volume IBC Transfer OUT : $2.8 M.
• Total other assets volume IBC Transfer OUT : $13.9 M.

Which app-chains have the most/least flows of axlUSDC ?

• Based on the number of transfers, osmo, kujira and terra are The app-chains have the most flows of axlUSDC and fetch, INJ and Ki have the least flows of axlUSDC.

• Based on axlUSDC transferred volume, osmo, kujira and terra are The app-chains have the most flows of axlUSDC and fetch, INJ and Ki have the least flows of axlUSDC.

axlUSDC analysis on Osmosis chain :

• As we can see, until May 9th, swap from/to USTC is ahead of other stablecoins in terms of number of swaps in consecutive weeks, but after this date, swap from/to axlUSDC increased sharply and surpassed USTC in terms of number.

• In terms of the volume of swaps, since May 9, the volume of swaps to axlUSDC has increased, and the volume of swaps for axlUSDC is more than other stablecoins by a large margin.

axlUSDC vs other stable coins :

• 34.7% of the total swaps belong to swaps to USTC and 23% belong to axlUSDC, but about 69% of the total volume of swaps are related to asset swaps to axlUSDC and 29% are related to asset swaps to USTC.

• Since the middle of May, the volume of liquidity entered into the axlUSDC pool has been increasing, and the volume of liquidity entered into the USTC pool has been decreasing. As we can see, among stable coins, there is a competition between two stable coins, axlUSDC and USTC, and these two are ahead of the rest of the stable coins in all metrics. And it also seems that axlUSDC is overtaking USTC.

axlUSDC vs ATOM :

• Since May 16, the competition in the number of swaps between ATOM and axlUSDC has become closer, but the number of swaps from/to ATOM is still higher than the number of swaps from/to axlUSDC.

• The volume of swaps from/to ATOM is much higher compared to the volume of swaps from/to axlUSDC, and although the volume of swaps from/to axlUSDC has been increasing in recent weeks, it is still not comparable to the volume of ATOM swaps.
• The number of swaps from/to ATOM is also far greater than the number of swaps from/to axlUSDC. Also, 88% of the total volume of swaps was to ATOM, and axlUSDC had a much weaker performance against it.
• Since May 16, we have seen an increase in the amount of liquidity entered into the axlUSDC pool, while the amount withdrawn from ATOM pools has been increasing since May 21, 2022. This increase in the amount of liquidity entered into the axlUSDC pools shows that users are interested in this stable coin.

Conclusion :

From this analysis, we obtain the following results:

1. the number of IBC_transfer_IN has been increasing over time and reached its peak in the middle week of August and then decreased week by week. In recent weeks, the number of IBC_transfer_OUT has been increasing.

2. The volume of axlUSDC entered into the network (IBC_transfer_IN) has been increasing over time and week by week, and it reached its peak last week, and this volume reached more than 20 million axlUSDC in one week.

3. The total volume of axlUSDC with the IBC_transfer_IN event has so far reached more than $192 million, and the volume of IBC_transfer_OUT has also reached about $3 million.

4. Total number of axlUSDC IBC Transfer IN : 49.2 K transfers.

5. Total number of other assets IBC Transfer IN : 114.5 K Transfers.

6. Total axlUSDC volume IBC Transfer IN : $192.4 M.

7. Total other assets volume IBC Transfer IN : $371 M.

8. Total number of axlUSDC IBC Transfer OUT : 3.4 K transfers.

9. Total number of other assets IBC Transfer OUT : 69.3 K Transfers.

10. Total axlUSDC volume IBC Transfer OUT : $2.8 M.

11. Total other assets volume IBC Transfer OUT : $13.9 M.

12. Based on the number of transfers, osmo, kujira and terra are The app-chains have the most flows of axlUSDC and fetch, INJ and Ki have the least flows of axlUSDC.

13. Based on axlUSDC transferred volume, osmo, kujira and terra are The app-chains have the most flows of axlUSDC and fetch, INJ and Ki have the least flows of axlUSDC.

14. until May 9th, swap from/to USTC is ahead of other stablecoins in terms of number of swaps in consecutive weeks, but after this date, swap from/to axlUSDC increased sharply and surpassed USTC in terms of number.

15. In terms of the volume of swaps, since May 9, the volume of swaps to axlUSDC has increased, and the volume of swaps for axlUSDC is more than other stablecoins by a large margin.

16. 34.7% of the total swaps belong to swaps to USTC and 23% belong to axlUSDC, but about 69% of the total volume of swaps are related to asset swaps to axlUSDC and 29% are related to asset swaps to USTC.

17. Since the middle of May, the volume of liquidity entered into the axlUSDC pool has been increasing, and the volume of liquidity entered into the USTC pool has been decreasing.

18. Since May 16, the competition in the number of swaps between ATOM and axlUSDC has become closer, but the number of swaps from/to ATOM is still higher than the number of swaps from/to axlUSDC.

19. The volume of swaps from/to ATOM is much higher compared to the volume of swaps from/to axlUSDC, and although the volume of swaps from/to axlUSDC has been increasing in recent weeks, it is still not comparable to the volume of ATOM swaps.

20. The number of swaps from/to ATOM is also far greater than the number of swaps from/to axlUSDC. Also, 88% of the total volume of swaps was to ATOM, and axlUSDC had a much weaker performance against it.

21. Since May 16, we have seen an increase in the amount of liquidity entered into the axlUSDC pool, while the amount withdrawn from ATOM pools has been increasing since May 21, 2022. This increase in the amount of liquidity entered into the axlUSDC pools shows that users are interested in this stable coin.

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• As we can see, among stable coins, there is a competition between two stable coins, axlUSDC and USTC, and these two are ahead of the rest of the stable coins in all metrics. And it also seems that axlUSDC is overtaking USTC.

NOTE : Some of the queries and contracts used in this analysis are taken from Ali3N#8546's excellent dashboard.

axUSDC :

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