What is the Question?🚨

Recently, Circle announced the implementation of an IBC-native USDC, inserting itself into an ecosystem where axlUSDC currently dominates.

Let's look at how pervasive axlUSDC is within IBC. Track Satellite bridge activity strictly related to axlUSDC transfer. Which app-chains have the most/least flows of axlUSDC? Looking at Osmosis specifically, analyze how dominant axlUSDC has become compared to both ATOM and other USDC assets in trading and pools.

Analyzed Topics:

1. axlUSDC Overall Stats on Satellite Bridge
2. Monthly axlUSDC Stats on Satellite Bridge
3. axlUSDC Transfer Paths on Satellite Bridge
4. Monthly Swaps of axlUSDC VS ATOM and other Stablecoins
5. Liquidity Pools

Introduction🚩

Axelar is like Stripe for Web3. Axelar delivers secure cross-chain communication for Web3. Our infrastructure enables dApp users to interact with any asset or application, on any chain, with one click.

Satellite Bridge:

Satellite is a web app built on top of the Axelar network. Use it to transfer assets from one chain to another.

Method⚡

In this dashboard, we are going to mainly analyze the activity of the ==axlUSDC== token on the ==Axelar Satellite bridge== and then, on ==Osmosis Swaps==, and ==Liquidity Pools==. In addition, We are going to compare axlUSDC dominant vs other assets and specifically with other famous stablecoins such as ==USTC, USDT (axlUSDT), grvUSDC, UST, DAI (axlDAI), and Frax and also ATOM tokens==. the main purpose is to see how popular is axlUSDC in the ==Cosmos ecosystem.==

I extracted the data from ==Osmosis.core== and ==Axelar.core== Databases provided by Flipsidecrypto and used ==“axelar.core.fact_transfers”== (Satellite Bridge), ==“osmosis.core.fact_swaps”== (Swaps) and ==“osmosis.core.fact_liquidity_provider_actions”== (Liquidity Providing Actions) tables.

• ==axlUSDC== contract address = ==‘ibc/D189335C6E4A68B513C10AB227BF1C1D38C746766278BA3EEB4FB14124F1D858’==

I used Log Scale on some charts to make them more understandable.

This dashboard made on ==2022-11-04==

Findings👀

• In these charts i showed axlUSDC Bridge stats divided by their type (IN & OUT) on Satellite Bridge.
• As we see axlUSDC or uusdc with over 52K transfers after AXL or uaxl and UST or uusd is in the third place of asset transfers on Satellite Bridge.
• axlUSDC and UST (Terra Stablecoin) have the highest amount of Transfer Volume and after May Terra Collapse, UST got cancelled and axlUSDC reached to it over time.
• axlUSDC in general has so much more IBC_TRANSFER_IN volume than IBC_TRANSFER_OUT volume. It has 192M volume IN and only 2.8M volume out.
• Over 93% of axlUSDC transfers were IBC_TRANSFER_IN.
• It looks like bridgers normally bridges between 100$-1000$ amount of axlUSDC over time.
• over 42K (Over 90%) of bridgers usually bridge between 10$ and 10000$.

1. axlUSDC Overall Stats on Satellite Bridge

2. Monthly axlUSDC Stats on Satellite Bridge

Findings👀

• In these charts i showed axlUSDC transfer stats like the previous part but the monthly version this time.
• We see that after May 2022, the month that Terra crashed, axlUSDC transfers started to increase and recorded an all-time high on October with over 10K IN transfers and over 3K OUT transfers.
• axlUSDC had its highest total volume on October too and by far after 5 days did very well on November too.
• It seems that this token had a hype in October and recorded more than 3K transfers than its previous month.
• It is interesting that there were so many Out transfers on October for axlUSDC on Satellite Bridge, looks like users are moving their axlUSDC to somewhere else from Axelar Satellite.

Findings👀

• As we see in these charts i tried to show what chains are the axlUSDC tokens going on a monthly basis.
• As we observe, on August most of them were going to Kujira and Polygon and day by day they gave their place to ethereum.
• On the previous month, October, most of the axlUSDC sent to Polygon and Ethereum chains by number of transfers.
• In the Monthly USD Volume chart, we see that a huge amount of axlUSDC sent to Ethereum chain on every month and its getting bigger month to month, for example over 78M$ amount of axlUSDC sent to Ethereum in just Ocotber and it was more than every other months.

3. axlUSDC Transfer Paths on Satellite Bridge

Findings👀

• These charts are showing the axlUSDC transfer paths on Satellite bridge.
• As we see, OSMO to Axlear is the most popular path in terms of both number of transfers and transfer volume with over 31K transfers and over 136M volume.
• We have Kujira to Axelar and Terra to Axelar in the next places, As we know, Terra got cancelled on May because its crash and Kujira to axelar took its place on number of transfers but it didnt take its place on transfer volume yet.
• After May, users started to use mostly OSMO to Axelar path instead of Terra to Axelar for transferring their axlUSDC.

4. Monthly Swaps of axlUSDC VS ATOM and other Stablecoins

Findings👀

• In this section, we are seeing the axlUSDC swap activity and compare it with ATOM and other stablecoins.
• It seems axlUSDC is the second asset in terms of Swap volume after ATOM with 428M swap volume and the third one in terms of number of swaps after ATOM and USTC with over 638K number of swaps over time.
• After May that Terra and its stablecoin USTC or UST got cancelled, users started to swap axlUSDC more than usual and after 5 months it got so close to USTC in number of swaps, however it already crossed USTC in swap volume.
• After ATOM, axlUSDC is the second most swapped asset between ATOM and all the stablecoins on Osmosis.

5. Liquidity Pools

Findings👀

• In the above charts, i compared the pool activity of axlUSDC and compared it to other tokens on Osmosis.
• As we see, axlUSDC has low share of LPs in terms of number of actions and users.
• The dominance of axlUSDC on Osmosis Liquidity providing actions is not high as its dominance on Axelar Satellite Bridge.
• We see that this token is the third after ATOM and Terra USTC in pool activity.
• Most of axlUSDC pool stats such as LP transactions, LPers and LP volume are pool_joined.

Findings👀

• In this section, i showed OSMO/axlUSDC pool overall and monthly stats and compared it to ATOM pools and other stablecoins.
• We can see the OSMO/axlUSDC did very well after May and Terra crash and slowly coming to take the USTC/OSMO’s place and be the second pool in terms of pool activity after ATOM/OSMO, the most popular and the first pool on Osmosis.
• In October and after 4 days of November, OSMO/axlUSDC pool recorded more pool activity such as number of LP transactions, number of LPers and LP volume and even coming to beat the most popular pool on Osmosis in the future, but it has a long way to go.
• axlUSDC/OSMO is accounting almost 7% between these pools in terms of number of LPs and LPers and over 5% in LP volume.
• The most popular pools on Osmosis are ATOM/OSMO, OSMO/USTC and OSMO/axlUSDC respectively in these pools that i compared.

Conclusion💡

• axlUSDC or uusdc with over 52K transfers after AXL or uaxl and UST or uusd is in the third place of asset transfers on Satellite Bridge.
• axlUSDC and UST (Terra Stablecoin) have the highest amount of Transfer Volume and after May Terra Collapse, UST got cancelled and axlUSDC reached to it over time.
• axlUSDC in general has so much more IBC_TRANSFER_IN volume than IBC_TRANSFER_OUT volume. It has 192M volume IN and only 2.8M volume out.
• over 42K (Over 90%) of axlUSDC bridgers usually bridge between 10$ and 10000$.
• We see that after May 2022, the month that Terra crashed, axlUSDC transfers started to increase and recorded an all-time high on October with over 10K IN transfers and over 3K OUT transfers.
• In overall, axlUSDC is the third one on almost all of my comparisons.
• Over 78M$ axlUSDC was sent to Ethereum chain in terms of bridge volume on October 2022 and this amount is getting bigger and bigger month to month.
• OSMO to Axlear is the most popular path in terms of both number of transfers and transfer volume with over 31K transfers and over 136M volume.
• After May, users started to use mostly OSMO to Axelar path instead of Terra to Axelar for transferring their axlUSDC.
• After May that Terra and its stablecoin USTC or UST got cancelled, users started to swap axlUSDC more than usual and after 5 months it got so close to USTC in number of swaps, however it already crossed USTC in swap volume.
• After ATOM, axlUSDC is the second most swapped asset between ATOM and all the stablecoins on Osmosis.
• The dominance of axlUSDC on Osmosis Liquidity providing actions is not high as its dominance on Axelar Satellite Bridge.
• Most of axlUSDC pool stats such as LP transactions, LPers and LP volume are pool_joined.
• In October and after 4 days of November, OSMO/axlUSDC pool recorded more pool activity such as number of LP transactions, number of LPers and LP volume and even coming to beat the most popular pool on Osmosis in the future, but it has a long way to go.
• axlUSDC/OSMO is accounting almost 7% between these pools in terms of number of LPs and LPers and over 5% in LP volume.

Author: Sbhn_NP

Discord : Sbhn_NP#8717

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Thanks for your time!