Try Quests to earn AXL$AXL Token Recap
Question:
Since the $AXL token launch, how have wallets that bought $AXL used it? Are most wallets hodling or trading? What is the average holding period for wallets buying $AXL in the last month?
Generally speaking, have users kept $AXL on exchange (in their Osmosis wallet) or have they bridge to other places? Analyze $AXL balances on Osmosis as compared to native on Axelar. How have these balances changed over time?
Overview of analysis:
In this investigation, the balance of $AXL token on Axelar and Osmosis networks has been determined. Also, the application of $AXL token on Osmosis has been investigated by various actions.
This analysis contains these major parts named:
- Tracking $AXL on Axelar network
- Track $AXL on Osmosis
- Balance on $AXL
- Buying $AXL token on Osmosis
- Application of $AXL on Osmosis
Methodology:
The data provided by Flipside has been used to handle this analysis.
This following parts used to handle this investigation:
- Step 1: Track the $AXL token on Axelar network
- Balance of $AXL token and holders
- Satellite bridge for $AXL token
- Step 2: Track the AXL token on Osmosis network
- Balance of $AXL token and holders
- How people buy $AXL on Osmosis
- Metrics related to trade
- Popular assets swapped for $AXL
- Application of $AXL token on Osmosis
- HODL
- Transfer
- Swap
- Adding liquidity
About Axelar and AXL token:
Axelar network is a scalable cross-chain communication platform. Blockchain platform builders can use it to seamlessly plug-in their blockchains to all other blockchain ecosystems. Application developers can choose the best blockchain to host their applications and use Axelar’s cross-chain communication protocols to lock, unlock, and transfer assets, as well as communicate with applications on any other chain. By connecting dapps with multiple blockchain ecosystems, the Axelar platform empowers users to interact with all applications across the ecosystem directly from their wallets.
The Axelar network serves as the infrastructure for inter-chain exchanges. Axelar acts as both a bridge and a platform for cross-chain communication between smart contract protocols. Axelar bridging makes it possible to send tokens across different blockchains, while Axelar second feature allows decentralized applications to run on different networks.
The Native token of Axelar network called $AXL and $AXL holders can stake tokens in the Staking Pools to receive rewards and transaction fees from others.
Findings:
- Most of the holders held under 5 $AXL token in their wallets.
- Since the final week of September 2022, the number of holders and volume of held $AXL tokens increased as can be seen.
- The most popular destinations for sending $AXL token is Ethereum network and Osmosis.
- September 27 has the highest volume of transfer over the past 90 days and dominated by Ethereum and Osmosis as target chains.
Findings:
The balance of $AXL token on Osmosis network investigated in this part:
- About 4 million $AXL tokens held by 2470 unique holders on Osmosis.
- The balance of $AXL token on Osmosis increased dramatically since September 26 as can be seen.
- Most of the holders on Osmosis network held under 5 $AXL tokens in their wallets and the second rank belong to 5-100 $AXL token.
- The over time share of held $AXL reveals that about 50% of holders held under 5 $AXL token over time.
Part 2-2: Buying $AXL token on Osmosis
Findings:
Now lets dive deeper on how users buy $AXL token on Osmosis:
- The highest count of buy and unique traders occurred on September 28 by 802 unique traders.
- The most popular asset swapped for $AXL token in Volume is USDC token and the second rank belong to ATOM.
- From the count of buy and unique traders point of view, the ATOM and OSMO token have been dominated the swapped from asset for buying $AXL token on Osmosis.
Part 2-3: Actions done by $AXL token on Osmosis
Part 2-1: Balance of $AXL token on Osmosis
Findings:
- About half of the $AXL buyers on Osmosis transfer it and HODLing $AXL and swapping it are in the next ranks respectively.
- For the volume of bought $AXL token, it can be seen that over 9.2 million $AXL tokens used for transferring while about 6.85 million of it swapped to other assets.
- Adding liquidity via $AXL token has the lowest share among actions done by $AXL token on Osmosis.
Conclusion:
By aggregating the outcomes of the previous parts related to the activity of $AXL token on Axelar and Osmosis networks, the following conclusions have been drawn:
- The balance of held $AXL on Axelar network is more than Osmosis network. Also, the count of $AXL holders on Axelar network is higher compared to Osmosis.
- The USDC, ATOM and OSMO tokens are used to buy $AXL token on Osmosis more than other assets.
- The most popular action done by $AXL buyers is transferring it but a notable share of buyers hold their $AXL token in their wallets.
Useful links:
Author:
Credited by MZG
Discord handle: m.zamani#0361
Twitter handle: @GargariZamani
