Introduction

Axelar delivers secure cross-chain communication for Web3. Secure means Axelar is built on proof-of-stake, the battle-tested approach used by Ethereum, Cosmos, Avalanche, and more. Cross-chain communication means you can build a complete experience for your users that lets them interact with any asset, any application, on any chain with one click [RefA].

In this dashboard, we are going to check Axelar users and their activities. We aim to check Axelar users and their activities. The main activity of users in Axelar is leveraging Axelar's bridge. In the following, we will examine how users are active in this regard and its changes over time. We also analyze the source and destination ecosystems and introduce the most popular ones among users.

Definitions

Axelar

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 [RefC].

Satelite

Satellite is a web application built on top of the Axelar Network. It provides an easy to use interface which enables users to transfer their crypto assets from one chain to another [RefD].

References

[RefA] https://docs.axelar.dev [RefC] https://moonbeam.network/community/projects/axelar [RefD]

Please checkout this dashboard on twitter:

Persistence of Users

This section focuses on the retention of users and their assiduity in using Axelar. In order to evaluate users in this way, we define several metrics and measure them in the context of Axelar users' activities. In the continuation of this dashboard, we evaluate these metrics on Excel users and depict them in the form of graphs.

Source/Destination Ecosystems

Through Axelar, it is possible to transfer tokens between two different blockchains. In this section, we check the source and destination blockchains of user bridges. In general, about 27 blockchains have been used in Axelar bridges. In the following, we evaluate the source and destination blockchains of user’s bridges separately.

Axelar Bridging Overview

In this section, we will have a general look at Axelar. We have displayed the trend of users' activity over time with the number of transactions. The daily graph of the number of transactions from the start of Axelar's activity until today is presented. Also, the total number of Axelar unique users as well as the total USD value of the tokens transferred through Axelar to date are also provided. The average daily activity of Axelar users is also analyzed in the graphs below.

Changes in the volume of bridges made on Axelar over time in order to identify the trend of users' activities are presented in the following graph. This chart is drawn for the last month and displays the USD value of tokens transfered. Also, the normalized chart is provided according to the type of token transfered.

Users By Destination Chain

In this section, we examine the destination blockchains for bridges via Axelar. The following time charts show the number of daily transactions of Axelar bridges. These transactions are separated by the destination blockchain and the frequency of transactions from each destination blockchain is reported on a daily basis. We have also presented the normalized graph over time. Time charts are reported for the most recent month. In addition, the total number of transactions with the destination of different blockchains is plotted and presented in the pie chart during the whole network activity time.

Users By Source Chain

The following time charts show the number of Axelar Bridge transactions on a daily basis. These transactions are separated by the source blockchain and the frequency of transactions from each blockchain is determined on a daily basis. A normalized graph over time is also provided. Time charts are drawn for the last month. In addition, totally, the number of transactions with the origin of different blockchains has been drawn and compared in the pie chart during the entire network activity period.

Duration between two bridges

Every time the user uses Axelar bridge, it is important to be able to come back and use the system again. The duration of time between two user uses of the Axelar bridge can be evaluated as an important metric. We have evaluated these times during Axelar network activity. For all the durations between the two times the user uses Axelar, the distribution of these times is depicted in the front graph. As expected, short times are more abundant, which is a good sign. This means that users are more inclined to use Axelar again after using it every time.

Key Findings

• The average return time of users to use Axelar again is much less than one day, which shows the popularity of Axelar among its users.
• The frequency distribution of the duration between users' usage shows well that short return times have a much higher frequency. This issue shows the desire of users to use Axelar again.

The number of days the user has been active

The total number of days that a user has been active can be defined as another important metric in evaluating the behavior of users in using Axelar. We have drawn the frequency distribution of the number of active days of users in the graph on the left. In the range of the number of days less than 18 days, the frequency density is higher and in the higher ranges we have fewer users. The average number of active days and its maximum value are also provided.

Key Findings

• On average, each Axelar user has been active for 21 days. Activity means applying the bridge transaction on Axelar.

• The top record belongs to a user who has been active on Axelar for 317 distinct days.

• The frequency of days less than 18 in the distribution is very high. From this number, along with the average of 21 days, you can have a good assessment of the users retention, and Axelar gets a good score in this metric.

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The number of times the user uses Axelar bridge

The number of users using Axelar means the number of bridges that each user has made on Axelar. We evaluate this metric in this section. For this purpose, we categorize users according to the number of their bridges and count the number of users in each category. In the following, the total number of user bridges is presented separately for each category. Also, the number of users according to source and destination blockchains is also drawn in the graphs below.

Out of 26 destination blockchains that have been active in Axelar, five blockchains can be identified as the main destinations of users' bridges. Clearly, Ethereum can be introduced as the most popular destination for users' bridges, while a quarter of users' bridges are made to this blockchain. Polygon, Kujira, Osmosis, and Avalanche are also popular destination blockchains of users in the next ranks.

Among the 27 blockchains that form the origin of users' bridges, it can be said that we have seven main blockchains from which most of the bridges are made, and other blockchains are much less popular among users as origin blockchains. Ethereum, Aurora, Avalanche, Polygon, Moonbeam, Binance and Fantom are the main source blockchains in Axelar bridges.

Key Findings

• On average, it can be said that tokens worth more than 3 million dollars are transferred daily through Axelar. During Axelar's activity, nearly one billion dollars of tokens have been transfered through this network. Considering the short period of activity of this network, this is a significant amount.

• This network has more than 43 thousand unique users who, on average, have done more than 1300 transactions on the network daily.

• The activity trend of users during the last month shows a temporary growth. Chronologically, these days coincide with the FTX crisis. It can be said that as a result of the FTX crisis, the volume of transfers in Axelar network has increased.

  > FTX is a centralized exchange for digital currencies. The exchange was founded in 2019 and as of February 2022 had over one million users. FTX has become one of the largest exchanges with high turnover in this field during the three years of its existence. In the past days, there were rumors about the bankruptcy of this exchange. A sharp drop in the price of the token related to this exchange, namely FTT, confirmed these rumors, and then this exchange faced a sharp drop in the value of assets and liquidation, which led to the bankruptcy of this exchange.

Key Findings

• Ethereum, Avalanche and Polygon are highly popular in source and destination. One can add to the popular sources is Phantom, Osmosis and Kujira have also been popular destinations of users.
• The distribution of the number of bridges of users shows that more than 60% of users have done more than 10 bridges.
• Users with only one bridge make up less than 5% of the total users and have a minimal number.