Try Quests to earn AVAXAXELAR: Growth and Adoption
Analysis
The total transaction count on the Axelar network has reached 24.4 million, reflecting its growing popularity. A closer look at the daily chart reveals that the first quarter of 2022 was particularly active, with a steep rise in the cumulative graph compared to other periods. The total number of unique addresses that have conducted transactions on the network stands at 19.1k, indicating a broad user base.Between March and September 2022, the number of daily users remained fairly steady. However, from September 2022, there has been a noticeable increase in active users, as reflected in the daily chart.
The growth in users has been especially rapid since the end of September, with a record of 915 new users added in one day, as of September 29, 2022. By November 29, 2022, the number of new users had exceeded 1k.
As it seems the Axelar network's transaction count and user base are on a positive trajectory, demonstrating its increasing popularity and adoption.
Analysis
The Axlar network has recorded a total of 264k IBC transactions, with 63% being attributed to the transfer of assets, while 37% represents withdrawals. The transaction graph depicts a significant surge in asset transfers to the Axlar network from December to April 2022. Subsequently, between November 2022 and today, there has been a relatively high preference for transferring assets to the Axlar network. Therefore, it is evident that asset transfer to the Axlar network is highly sought after. As per the IBC volume entering and leaving the Axlar network, 89k and 6k transactions respectively, it amounts to 93% and 7% of the total volume. Additionally, the daily chart further highlights that the volume of imported transactions outweighs that of exported transactions on most days.Analysis
The IBC volume chart shows that the total volume imported to Axlar from the Terra network is the highest, which is equal to 94 million, followed by Osmo, whose volume is equal to 32.4 million, and in third place is Kujira, which is equal to with 9 million. The amount of volume transferred from Axlar to other networks is the highest for Osmo, which is 480 million, followed by Terra with 134 million and Kujira with 81 million. The daily chart shows that on December 5, 2022, the largest volume entered Axlar, the majority of which is related to Terra. Also, the largest volume from Axlar was transferred to other blockchains on November 7, 2022, the majority of which is related to Osmo and Kujira.Analysis
Among all the networks, Polygon has the highest number of bridge transactions, with a staggering 2.55k in number. As for the number of users, Polygon leads the pack with a massive user base of 1.58k. Looking at the daily chart, it is evident that Polygon and Avalanche blockchains are the most popular choices for transactions and user activity, followed by the Ethereum network, which comes in at a close third. In terms of network popularity, Polygon seems to be the clear winner, dominating the blockchain space with its impressive statistics.Analysis
On October 12, 2022, AXL is expected to reach a price of 0.98 USD, followed by a downward trend, hitting its lowest value of 0.4 USD on December 12, 2022. From there, AXL will initiate an upward trend, eventually reaching a price of 0.7 USD in February 2023. The high trading volume of Delegate at 770m far outweighs the volume of Undelegate at 79m. The third week of September saw the highest trading volume for Delegate at 287m. Long-term investors seem keen to invest in Axlar, as seen in the daily chart. Furthermore, the delegation net volume chart illustrates mostly positive net volume, with occasional negative values.The Axelar network has been steadily growing in popularity and adoption, with a total transaction count of 24.4 million and a user base of 19.1k.
The surge in asset transfers to the network indicates that it is highly sought after, and the IBC volume chart reveals that the Terra network is the largest contributor to the Axlar network's volume.
Additionally, Polygon is the most popular blockchain for transactions and user activity, followed by Avalanche and Ethereum.
Despite fluctuations in price, AXL is expected to reach a value of 0.7 USD in February 2023, and long-term investors appear to be interested in the network.
These results suggest that the Axelar network is on a positive trajectory and could become a significant player in the blockchain space.
Axelar is a decentralized network built to connect various blockchain platforms and enable the seamless transfer of digital assets and data across different chains. The network uses Inter-Blockchain Communication (IBC) protocol to allow blockchains to communicate with each other in a secure and decentralized way. Axelar is designed to be blockchain-agnostic, meaning it can connect with any blockchain platform, including public, private, and consortium chains.
The key features of Axelar include:
- Interoperability: Axelar enables seamless communication between different blockchain networks. This allows for the transfer of digital assets, data, and applications across different chains.
- Security: Axelar uses a decentralized network to ensure that the transfer of assets and data is secure and transparent. It employs cryptography and other security protocols to protect user data and assets.
- Scalability: Axelar's architecture is designed to be scalable, which means it can handle a large volume of transactions across different blockchains.
Axelar's General Message Protocol (GMP) is a standardized messaging protocol used to facilitate communication between different blockchains. GMP is designed to be blockchain-agnostic, which means it can work with any blockchain platform that supports IBC.
Axelar is still in development, and its mainnet launch is planned for Q2 2023.
References
Axelar website: https://axelar.network/Axelar whitepaper: https://axelar.network/Axelar_Whitepaper_v1.0.pdf
Inter-Blockchain Communication Protocol (IBC) specification: https://cosmos.network/docs/spec/ibc/core/overview.html
General Message Protocol (GMP) specification: https://github.com/axelarnetwork/gmp-specification
About
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This dashboard aims to analyze the growth and adoption of the Axelar network, a cross-chain decentralized platform for interoperability. The analysis uses transaction data from the Axelar network on Flipside Crypto. The methodology includes analyzing the total transaction count, unique addresses, and daily charts to understand the user behavior and adoption rate of the network.
To understand the transaction behavior, the dashboard analyzes the IBC volume entering and leaving the Axelar network, which includes asset transfer and withdrawals. Also I analyzed the IBC volume imported and exported from different networks such as Terra, Osmo, and Kujira.
The dashboard further analyzes the popularity of different networks in the blockchain space, based on the number of bridge transactions and user base, also examines the price trend of AXL, the native token of the Axelar network, to understand the investor sentiment and market behavior.
Finally, the trading volume of Delegate and Undelegate to understand the user behavior towards staking and delegating on the Axelar network are analyzed and the net volume chart to understand the overall investor sentiment towards the Axelar network examined.
The methodology includes data analysis, visualization, and interpretation to provide insights into the growth and adoption of the Axelar network. The results can help stakeholders and investors make informed decisions about the network's future prospects and potential.
