What is the Question?🚨

The ACX airdrop took place this week. Create an analysis of the Across protocol bridge volumes, airdrop distribution and TVL.

Compare this to any other bridges, like Synapse or Hop.

Analyzed Topics:

1. Overall $ACX Airdrop Stats
2. Across & Hop & Synapse Comparison
3. Across & Hop & Synapse TVL Since November 1st

Introduction🚩

What is Across Protocol?

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.

Across has established a fund pool on the Ethereum mainnet. Cross-chain users will receive funds immediately after submitting cross-chain requests, and users who provide liquidity to the fund pool will be rewarded. The Optimistic Oracle of UMA, a decentralized financial contract protocol, was approved by It is used to ensure the speed and security of assets across chains.

More Info

$ACX Token

The ACX token governs the decisions that affect the function of Across Protocol as well as the decisions that manage the DAO’s treasury. It is an ERC-20 token. A token allows for decentralized ownership and control of the protocol. The ACX token will control Across Protocol, putting governance decisions in the token holders’ hands. Governance was “turned on” at token launch. The lifecycle of a proposal includes ideation, discussion, proposal, feedback, voting and execution. We use Forum and Snapshot as our governance platforms. Soon we’ll introduce an optimistic governance tool built in collaboration with UMA and Snapshot. In addition to governance, ACX also incentivizes liquidity providers and those participating in the Across Referral Link program.

Method⚡

In this dashboard, i analyzed Across’ recent airdrop with its native token $ACX that happened on November 28th and then i compared it to 2 other popular bridge platforms such as Hop and Synapse.

I mainly used ==“ethereum.core.ez_token_transfers”== table from ==Ethereum.core== database provided by Flipsidecrypto and filtered the airdrop data with its contract address: ==“0xe50b2ceac4f60e840ae513924033e753e2366487”==

and also used this address for $ACX token: ==“0x44108f0223a3c3028f5fe7aec7f9bb2e66bef82f”==

The airdrop happened on November 28th and also i didnt used any specific timeframe for the comparison.

Dashboard made on November 30th 2022.

1. Overall $ACX Airdrop Stats

Findings👀

• With a total supply of 1B, across protocol hosted an airdrop for its native token $ACX with 115M Claimable tokens in total.
• It seems by far 952 users claimed their air drop with 3.6M $ACX volume and over 111M volume has remained for others to come and claim their tokens.
• This event hosted on November 28th 14 PM and after 2 days that passed after that, only 3% of the whole claimable volume has been claimed by users.
• The majority of claims and claimed volume happened on the first hour of airdrop on 14:00 Nov 28th with 2.17M claimed $ACX volume by 344 users.
• Almost 97% of the whole airdrop have not been claimed so far.
• As we see in the hourly chart, we can conclude that most of the claims happened on November 28th, the first day of airdrop.

Findings👀

• We see that ==“0x5d542fbf0c9c56f6f9d08b7fed3f53544b3b7902”== wallet address was the biggest $ACX claimer with 119K claimed volume in total.
• According to what we see in the left pie chart, over 60% of claimers, 586 from 952 claimers didnt hold their claimed $ACX tokens and convert it to something else somehow.
• Over 50% of claimers (481 users) claimed less than 500 $ACX followed by more than 5000 claimed amount by 149 users and accounting 15.7% of all.

2. Across & Hop & Synapse Comparison

Findings👀

• In a general view, Hop protocol is more popular and bigger than Across and Synapse bridges, but our scope is on Across here in this bounty, so we can see that Across recorded 25.7K number of bridges on November 2022, almost 2x number of bridges more than its previous month October.
• The spike on Across number of bridges and bridgers that happened on November 2022 compared with other months is because of its airdrop that happened on November 28th for sure.
• Across is a newer bridge than Synapse and Hop so it is normal that it has smaller stats than the other 2.
• Although Across is a newer bridge than Synapse, but in past 2 months in recorded more number of bridges and bridgers than Synapse and seems like it is getting more popular day by day.
• In comparison of bridges and bridgers, we see that Hop protocol is in the lead with accounting over 60% of number of bridges and over 70% of number of bridgers over time followed by Synapse in the second place with 30% on bridges and 16% on bridgers.
• Synapse has recorded so much more bridge volume than other mentioned platforms and accounted the most amount of bridge volume on almost every month since its launch comparing to Hop and Across.
• Synapse is accounting almost 85% of all bridge volume compared to Hop and Across over time.
• Across recorded 25.7K number of bridges by almost 8K bridgers in November 2022.
• Hop Protocol recorded a huge spike on June 2022 with over 153K bridges that recorded by 121.9K bridgers.

3. Across & Hop & Synapse TVL Since November 1st

Findings👀

• This section as it named is showing daily TVL of Hop, Across and Synapse.
• We can see that Across experienced a huge spike after November 27th and even went above 10M when it launched its airdrop and it was mostly USDC and WETH.
• As we see nothing special happened to other 2 protocols on November except Across.
• In overall, Synapse and Hop have so much more TVL than Across because they are older and more popular than Across.

Conclusion💡

• Most number of Across airdrop claims and $ACX claimed volume happened on November 28th 14:00 right after its launch.
• It seems by far 952 users claimed their air drop with 3.6M $ACX volume and over 111M volume has remained for others to come and claim their tokens.
• This event hosted on November 28th 14 PM and after 2 days that passed after that, only 3% of the whole claimable volume has been claimed by users.
• Over half of the users didnt hold their claimed $ACX and swapped or bridged it something else.
• ==“0x5d542fbf0c9c56f6f9d08b7fed3f53544b3b7902”== wallet address was the biggest $ACX claimer with 119K claimed volume in total.
• Hop Protocol is in the lead in terms of bridge activity, Synapse take place in second and Across in third respectively.
• USDC and WETH were the most popular tokens to bridge and had the biggest TVL on Across protocol in November 2022.

Author: Sbhn_NP

Discord : Sbhn_NP#8717

Twitter : Sbhn_np

Instagram : Sbhn_NP

Thanks for your time!