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    Squid Launch Analysis

    Squid’s first week of activity

    Introduction

    Axelar’s first ecosystem project, Squid, launched January 31st as a cross-chain liquidity router. The purpose of this dashboard is to analyze Squid's first week of activity.

    The following metrics will be considered during the work:

    • 🦑 Total Unique Users
    • 🦑 Average USDC transfer amount
    • 🦑 Most popular source/destination chains
    • 🦑 Most popular pathways
    • 🦑 Total Unique Tokens swapped
    • 🦑 Total Volume transferred
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    Methodology

    Database: Flipsidecrypto database

    For all chains following filter was used: Squid Router = '0xce16f69375520ab01377ce7b88f5ba8c48f8d666'. Also, was used filter token = USDC, since the cross-chain swap goes through USDC - axlUSDC.

    Analyzed period: the first week after the launch (31.01.23-06.02.23)

    Also I used only successful transactions

    • Ethereum - ethereum.core.ez_decoded_event_logs table where event_name = 'ContractCallWithToken'

    • Arbitrum - arbitrum.core.fact_transactions, arbitrum.core.fact_token_transfers

    • Avalanche - avalanche.core.fact_transactions, avalanche.core.fact_token_transfers

    • Polygon - polygon.core.fact_transactions, polygon.core.fact_token_transfers

    • Binance Chain - bsc.core.fact_transactions, bsc.core.fact_token_transfers

    As for Ethereum all information was taken from decoded_log json column, as for other chains - to extract destination_chain was used try_hex_decode_string function on "input_data" column

    What is Squid?

    As mentioned above, Squid is a cross-chain swap and liquidity routing protocol on Axelar Network. It is needed in order to very quickly and easily swap tokens between blockchains. This process happens through existing DEXs using via Squid's SDK, Front End or Contracts directly.

    The following chains are currently supported link:

    • 🦑 EVM chains: Ethereum, Arbitrum, Avalanche, Polygon, Moonbeam, Binance Chain, Fantom and Celo
    • 🦑 Cosmos chains: Cosmos Hub, Crescent, Injective, Juno, Kujira, Osmosis, Secret Network, Terra-2, Agoric, AssetMantle, Axelar, Comdex, Evmos, Fetch, Ki, Regen and Umee

    On this dashboard, the following chains will be analyzed as source chains: Ethereum, Arbitrum, Avalanche, Polygon, Binance Chain

    The main point of what Squid is and what it is for has been conveyed. For a deep dive into details (especially from the technical side), you can go to the documentation page, or read this article

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