Try Quests to earn cryptoHow is it going for AXL?
Tracking AXL swaps and pool activities on osmosis.zone
What is Axelar Chain?
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.
With the help Axelar users on Osmosis can use some erc20 tokens like BTC,ETH,USDC, DAI and also bridge them to many different chains using Axelar’s mainnet platform on satellite.money
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What is the AXL Token?
AXL is the native token of the Axelar network. The AXL token supports four critical functions.
- AXL is a medium for transaction fees and any other fees for network usage, paid by users to the validators that run the network.
- AXL is used by holders and their proxies to stake and exercise governance over proposals (such as a parameter change or protocol upgrade).
- AXL enables incentives to support the decentralized Proof-of-Stake consensus that secures the network and validates transactions on chain. Validators receive AXL rewards as incentives to continue to secure the network. These incentive rewards are distributed programmatically, per rules encoded in network protocols, and are inflationary, i.e., each protocol reward increases the total token supply.
- AXL is used to reward ecosystem builders and community contributors.
Hello! In this dashboard we are tracking AXL token activity on Osmosis.zone, at first let’s get familiar with Axelar:
Methodology
In this dashboard tracking AXL token price and the possible correlation with other crypto assets like BTC,ETH or ATOM, in the next step we are taking a look to AXL swaps activity and the possible changes in recent week and also do the same think for OSMO/AXL pool (Currently there is only these pool is directly related to AXL in osmosis.zone) to find out how AXL is performing on Osmosis, and finally the AXL interactors share on whole osmosis chain.
Note: Our time frame for this bounty is the AXL listing day on Osmosis (27 September)
By comparing above charts, we can see a correlation between AXL and BTC and ETH price unit 8th October, but after that date AXL acted completely different from these tokens. so recently the AXL price correlation with BTC and ETH has been decreased.
As we see the volume of the AXL swaps has been slightly decreased in some days after listing on Osmosis, total volume of 4.48M of AXL tokens has been purchased by the users by swapping other tokens on AXL and also 4.06 AXL token has been swapped to other assets on Osmosis.
But how about recent week?
Do people in Osmosis are buying more AXL tokens or selling it and getting other assets instead?
For answering this question, we are comparing overall stats of AXL swaps volume with the swaps in recent week:
As we see, in recent week (pink diagram) the rate of the AXL inflow (swapping other asset to AXL) has been increased by 1.8% and the reason can be the good performance of AXL in keeping its price growing recently. (which we saw in before part)
By looking to the chart we can see, the AXL purchasers had higher dominance before October but after that the gap between buying AXL for Osmosis has been decreased, here we can have a better vision on wallets behavior changes in recent week:
As we said in above, the rate of AXL buyer addresses has been decreased here, which means in recent 7 days, selling AXL tokens by unique wallets has been more popular than buying them.
But in previous part we see a increase in swapping in volume in AXL swaps. this means although fewer users are buying AXL recently, but this users are buying higher volumes than before which increased the swapping volume.
Atom with 688 swap counts is the main choice to swapping to AXL and after that OSMO with 471 swaps are the next one.
USDC.axl (which is beringed by Axelar Network to the Osmosis) is the 3rd choice here.
The left chart tells us, AXL has been swapped to USDC.axl more than any asset in recent week this and can be because of some profit taking from AXL bullish wave recently!
And Atom and OSMO are the next choices for AXL holder to swap.
Part 1: AXL Price
Part 2: Swaps
Part 3 : OSMO/AXL Pool
Again here the gap between inflows and outflows is decreased, but not as much as the AXL transfers volume and it has decreased less than 5%, in other words few wallets left the pool but they left with sizable amounts (which decreased the inflow rate from 84% to 62!)
As we see, the volume of deposited AXL in AXL/OSMO pool is more than 5x than the removed volume in overall and the huge part of this deposits had happened on the first day of this pool’s activation, now let’s see how it’s going on in recent week:
The data tells us the deposit rate of AXL in OSMO/AXEL pool is decreasing recently. In this week the Inflow rate has dropped to 68.2% which means people are removing AXL from the pool more often, comparing to the first days of this pool’s activation.
Just like the volume, the depositor wallets rate is much more then the remover wallets, 618 wallets has deposited AXL to the pool, which is more than 5 from the liquidity remover wallets.
What percent of osmosis users have interacted with AXL in this week?
2920 wallets have been used AXL in their swaps (to or from) in recent 7 days, this users are 3.96% of total osmosis active wallets in this period, and 0.6% of osmosis users have interacted with OSMO/AXL pool, we can see swapping AXL is much more popular than making liquidity actions currently.
Conclusion
- AXL price correlation with BTC and ETH is low at current time, as it made some green candles during BTC and ETH price was bearish.
- AXL swapping in volume has increased recently but the swappers count has decreased this, means although fewer users are buying AXL recently, but this users are buying higher volumes than before which increased the swapping volume.
- Atom with 688 swap counts is the main choice to swapping to AXL in recent 7 days , and AXL itself has been swapped to USDC.axl more than any token.
- The AXL inflow rate to the OSMO/AXL rate is decreasing, Although the deposit volume of AXL in the is still more than withdraw volume.
- Swapping AXL (to or from other assets) is much more popular than making liquidity actions currently, as 3.96% of total osmosis active wallets in are interacting with AXL in swaps, while 0.6% of osmosis users have interacted with OSMO/AXL pool.