Inbound Transfers

Transfer Amount

• Terra has been the most popular chain with 120M $USD transfers till date, followed by OSMO with 22M $USD in transfers.
• Luna has been the most popular coin with 120M $USD transfers till date, followed by WETH with 18M $USD in transfers.

Transfer Volume

• Terra has been the most popular chain with 35K transfers till date, followed by OSMO with 10K transfers.
• Luna has been the most popular coin with 35K transfers till date, followed by AXL with 7K in transfers.

What is Axelar

• Axelar powers theCross-Chain future
• Axelar delivers secure cross-chain communication for Web3. Our infrastructure enables dApp users to interact with any asset or application, on any chain, with one click.[1]

How Axelar Works

• Axelar goes far beyond sending wrapped assets with General Message Passing, which carries any payload securely cross-chain.
• Applications can call any function on any connected chain, and deliver a one-click experience for users on any other connected chain.
• This is a new kind of dApp development that puts users first and lets developers build on the platform best suited to their use case.[1]

Secure cross-chain communication

• Cross-chain communication is easy.
• Secure cross-chain communication is hard.
• Most solutions today are permissioned multisigs, based on proof-of-authority, which has lost hundreds of millions in security exploits.
• Axelar network security is based on delegated proof-of-stake: a permissionless, dynamic validator set applies a consensus approach that is similar to the networks Axelar connects.[1]

Use cases

A new generation of decentralized super apps will break down silos and span Web3. Native cross-chain dApps go way beyond bridges.

Composable liquidity

Create a cross-chain DEX or AMM that connects liquidity from multiple chains.

Cross-chain governance

DAOs can coordinate activity anywhere on Web3.

Cross-chain NFTs

DeFi: use NFTs as collateral on other chains. Gaming: any asset, anywhere, becomes currency or credential.[1]

Outbound Transfers

Transfer Amount

• Inj has been the most popular chain with 6M $USD transfers till date, followed by OSMO with 3M $USD in transfers.
• Inj has been the most popular coin with 6M $USD transfers till date, followed by AXL with 3M $USD in transfers.

Transfer Volume

• OSMO has been the most popular chain with 3.5K transfers till date, followed by KI with 2.7K transfers.
• AXL has been the most popular coin with 9K transfers till date, followed by XKI with 2K in transfers.

Conclusion

• May 2022 really saw a sharp increase in the inbound transfers of Terra LUNA into Axelar with around 90M in a single month, this was right around the Terra Crash, till date no other coin has even come close.

• After that Terra just died down with OSMO constituting to most of the Transfer Amount $USD.

• Luna had a tremendous transfer volume in Feb 2022 with 26K transfers only for LUNA, till date no other coin has even come close.

• For cumulative number Terra has always been dominant and is only followed by OSMO chain.

• Seems like Terra Luna was the dominant force at the time, other chains have not come close, the only next chain is OSMO that even comes in close.

• We see a stark ratio in the inbound vs outbound transfers, most of the transfers have been into Axelar, with a very few amount of tokens leaving Axelar.

Methodology

• In this analysis we look at all the transfers inbound and outbound to and from the Axelar Ecosystem from the axelar.core.fact_transfers table

• Filtering on transfer_type = 'IBC_TRANSFER_IN' and transfer_type = 'IBC_TRANSFER_OUT' gives us the inbound and the outbound transfers.

• For the sending and receiving chain we use regex to filter out the chain from the wallet address using regexp_substr(sender,'[a-zA-Z]+|\d+')

  • This regex looks at all the characters right before the first digit in a string.

• We also filter out symbol names using filters

    lower(split(currency,'-')[0]) as symbol,
    iff(symbol ilike 'u%', substring(symbol, 2, LEN(symbol)), symbol) as sym,
  

• These symbol names are then joined with osmosis.core.dim_prices to find the average daily price in $USD.

• This price is then multiplied with the amount specified in the transfer to get the amount transferred in $USD.

• We then plot various metrics like partitioned by chain and symbol:

  • Amount Transferred Inbound and Outbound in $USD over time
  • Cumulative Amount Transferred Inbound and Outbound in $USD over time.
  • Average Amount Transferred Inbound and Outbound in $USD over time
  • Running Average of Amount Transferred Inbound and Outbound in $USD over time.
  • Number of Transfers Inbound and Outbound over time.
  • Cumulative Number of Transfers Inbound and Outbound over time.

Inbound Transfers

Transfer Amount $USD Over Time

• May 2022 really saw a sharp increase in the inbound transfers of Terra LUNA into Axelar with around 90M in a single month, this was right around the Terra Crash, till date no other coin has even come close.
• After that Terra just died down with OSMO constituting to most of the Transfer Amount $USD.
• The average amount have seen a surprisingly increase in the recent times with inj leading the way.

Transfer Volume Over Time

• Luna had a tremendous transfer volume in Feb 2022 with 26K transfers only for LUNA, till date no other coin has even come close.
• For cumulative number Terra has always been dominant and is only followed by OSMO chain.
• After that the volume has mostly has been dominated by ATOM.

Outbound Transfers

Transfer Amount $USD Over Time

• Oct 2022 really saw a sharp increase in the outbound transfers of INJ from Axelar with around 6M in a single month.
• Before that it was very low in term of the amount of outbound transfers.
• The average amount have seen a surprisingly increase in the recent times with inj leading the way.

Transfer Volume Over Time

• OSMO and KI had a tremendous transfer volume in Oct 2022 with 2.4K and .6K transfers in Oct 2022 alone.
• For cumulative number KI was mostly dominant, however OSMO has taken over with the dominance.
• XKI coin leads the way, followed by AXL.