Introduction

Across is a cross-chain bridge for L2s and rollups secured by UMA's optimistic oracle. It is optimized for capital efficiency with a single liquidity pool, a competitive relayer landscape, and a no-slippage fee model. The ACX airdrop took place this week. In this dashboard, first we aim to analyze the airdrop process, then we will provide an analysis of the Across protocol bridge volumes and TVL. We also try to provide a comparison between the Across protocol and other similar protocols including Synapse and Hop.

Across

Across is a cross-chain bridge for L2s and rollups secured by UMA's optimistic oracle. It is optimized for capital efficiency with a single liquidity pool, a competitive relayer landscape, and a no-slippage fee model [RefC].

Synapse

Synapse Protocol is a cross-chain automated market maker (AMM) and an asset bridge. The protocol operates as a universal cross-chain communication infrastructure that allows users to swap assets between independent blockchains and layer-2s [RefE].

Hop

Hop protocol is a mechanism for transferring tokens over a shared layer 1 network quickly and without trust. It provides customers with a two-pronged token bridge for Ethereum's layer 2 network. The solution aims to facilitate the rapid movement of a token between layer 2 and a scaling solution's governance token [RefD].

Across Protocol Airdrop details

A total of 1,000,000,000 $ACX will be minted at inception and 125,000,000 $ACX will be distributed through an airdrop to users who have contributed to Across [RefA].

Community Member - 20,000,000 $ACX

Community members who have meaningfully contributed to Across prior to the community snapshot (September 1, 2022). This includes a discord role-based allocation as well as a bonus allocation for many community members who went above and beyond.

** \n Bridge Traveler Program - 10,000,000 $ACX**

Active bridge users identified by the Bridge Traveler program who have not used Across prior to September 1, 2022. These users need to complete a bridge transfer on Across ahead of the ACX token launch to become eligible. The amount of ACX committed to this program is 10MM. Users who complete a bridge transfer will share these tokens with some allocation variability depending on past bridge activity.

Early Bridge User - 15,000,000 $ACX

Users who bridged assets before the Across Referral Program (July 18th, 2022). These tokens will be allocated to wallets pro-rata by the volume of transfer completed. A minimum transfer amount is required and a maximum airdrop size will be applied.

Liquidity Provider - 70,000,000 $ACX

Liquidity providers who pool ETH, USDC, WBTC or DAI into the Across protocol before the token launch. The amount of rewards to LPs are pro-rated by size and a fixed amount of tokens will be emitted at each block since the inception of the protocol [RefB].

The process of token distribution over time is also drawn in the above graphs, which shows that the most distribution happened in the first hour and more than 2 million $SCX tokens were transferred to users.

Comparison of Across, Synapse and Hop

In this section, we compare the Across protocol with two other well-known bridgind protocols including Synapse and Hop. These protocols are also created to bridge tokens to other blockchains. In order to compare these protocols, we use three metrics: the number of users, the number of bridge transactions, and the volume of bridges. In the following, we have calculated these three metrics for all protocols totally during the time of their activity.

Key Points

• The volume of bridge transactions in the monthly trend is increasing for Across, and it has a higher volume than the others by a large margin. Both Hop and Synapse are experiencing a slow upward trend in recent months on the monthly time frame.
• The trend in the number of bridge transactions in recent months has been upward for all three protocols. Hop followed by Across are the fastest growing and Synaops has been growing at a slow rate in the last month.
• The trend of the number of users in recent months is very similar to the trend of bridge transactions. It has been bullish for all three protocols. Hop is growing with the steepest slope, followed by Across with a good slope. Synaops has also been growing slowly in the last month.

References

[RefA] [RefB] [RefC] https://docs.across.to [RefD] https://beincrypto.com/learn/hop-protocol [RefE] [RefF]

Bridges Count over Time

The graphs below plot the number of bridge transactions over time on a weekly time frame.

Users Count over Time

The three presented time charts plot the number of users who have interacted with each protocol and sent transactions on a weekly basis.

In order to make it possible to compare the trend of changes in the three protocols for the introduced metrics, the following long-term graphs in the monthly time frame introduce the metric value for all three protocols.

Distribution of $ACX Amounts

Different users do not receive the same amount of $ACX tokens in the airdrop procedure. The frequency distribution of the amount of tokens received by the users is drawn in the front graph. The largest number of users have received less than 10,000 tokens (by the time of writing this dashboard, more than 800 users). A few users have also received about one hundred thousand tokens.

Top Receivers

In this section, we introduce the top $ACX token recipients in Across protocol airdrop. The top 10 receivers are presented in the chart on the right. The highest number of received tokens was related to the account (0x5d542fbf0c9c56f6f9d08b7fed3f53544b3b7902) that received aboun 120 thousand $ACX tokens. So far, four users have received more than 100,000 tokens.

Total Value Locked (TVL)

In simple terms, TVL measures the total value of all assets locked into DeFi protocols. TVL includes all the coins deposited in all the functions that DeFi protocols offer, including staking, lending, and liquidity pools [RefF]. The TVL value of all three introduced protocols is presented in the graph above.

What is clearly stated in the presentation is that the amount of TVL available in Across is much lower than others. Synapse and Hop have more than $40 million in balance, and Across has less than $100,000 in balance.

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Overview

In this section, we take a general look at the airdrop process. Considering the amount of announced tokens, i.e. 125 million ACX tokens, it is clear that the airdrop process has not yet been completed and is ongoing. For the queries in this section, we have enabled automatic updating so that if the airdrop process continues, the updated results will be displayed in the charts below. The progress percentage of the airdrop process until the moment of writing this dashboard is close to 3%.

Up to this moment, almost 3.5 million tokens have been distributed among users, and on average, about 3,770 $ACX tokens have been transferred to each wallet. The highest amount of distribution per day also corresponds to the first day, when about 3 million and one hundred thousand $ACX tokens were distributed.

Key Findings

• Hop has a higher number of users than other protocols, it has also performed more bridge transactions, but the overall volume of bridge transactions is lower than the others. This shows that the bridge transactions performed on the Hop have lower amounts.
• In contrast, Synapse and Across, despite having fewer users and transactions, have had larger volume in bridge transactions.
• The volume of Across transactions is significant compared to the number of transactions, and more voluminous transactions have been made on this protocol than others.
• The charts presented in this section are totally and include all data related to the duration of activity of these protocols. It can be said that the calculated metrics are a function of the duration of the activity. In the front graph, the activity duration of all three protocols is presented in days. Across is newer and its duration of activity is less than half of others, but nevertheless, it competes well with others in terms of the number of bridge transactions and the volume of bridges.

The Trend Changes over Time

In order to provide a more accurate comparison of the three introduced protocols, in this section we examine the trend of changes in the mentioned metrics. For this purpose, time charts have been drawn in the weekly time frame for all three protocols. In order to identify the trend of changes, the 7-day moving average of the metric value is also drawn in each chart.

Volume of Bridge Transactions

The three graphs below plot the volume of bridge transactions performed by all three protocols over time.

Key Points

• The volume of bridge transactions on Across has clearly increased in recent weeks compared to the initial weeks of its activity. In the case of Synapse and Hop, we are facing a downward trend in the volume of bridge transactions.

• The volume of bridge transactions in recent weeks for Across has been much higher than Hop and Synapse. About 10 times more than Synapse and 20 times more than Hop

Key Points

• The trend of the number of bridge transactions in Across and Hop is upward, but in Synapse, the trend of the number of transactions has been decreasing
• in recent months. On November 21, the number of bridge transactions related to Across (as well as the volume of transactions) has grown significantly, which indicates a special event on this day.

Key Points

• The number of weekly active users on Across is increasing and this means the increasing acceptance of users on Across.
• In Hop, the trend of the number of users is increasing.
• In Synapse, after a drop, in recent months we see almost a constant trend.