Introduction

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. Powered by a decentralized open network of validators; anyone can join the network, use it, and build on it.

The Axelar network makes cross-chain communication as simple as using HTTP/HTTPS protocols on the web. Platform developers can plug-in their blockchains to other ecosystems, and application builders can leverage a simple protocol and API to access global liquidity and communicate with the entire ecosystem. The Axelar team has deep roots in distributed systems, consensus, and cryptography. The venture is backed by Binance X, Coinbase Ventures, DCVC, Lemniscap, Collab+Currency, North Island Ventures, Divergence Ventures, Cygni Labs, and others.

Question

Since the $AXL token launch, how have wallets that bought $AXL used it? Are most wallets hodling or trading? What is the average holding period for wallets buying $AXL in the last month?

Methodology

• We have investigated the activity on the satellite bridge.
• We display the most active users on the bridge

In this case, we have used the following tables:

axelar.core.fact_msg_attributes

crosschain.core.fact_hourly_prices

crosschain.core.dim_asset_metadata

osmosis.core.fact_swaps

osmosis.core.dim_prices

AXL Token Transfers on Satellite Bridge by Target Chain

Observations

• The destination of almost 30% of AXL satellite bridge transactions is Ethereum, which constitutes about 50-80% of the transaction volume.

• The most popular chains for sending AXL are Ethereum, Polygon, Kujira, and Osmosis

• In August 30% - 50% of the transfer from Axelar went to Kujira

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AXL Token Transfers on Satellite Bridge by Target Chain

Observations

• The majority of IBC transfers from Axelar to Osmosis are transferring the AXL token

• The approximate amount of the transfer of IBC from Axelar to Osmosis was more than 20 million dollars.

• The largest transfer volume of IBC to Axelar to Osmosis is UCDC

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AXL/OSMO Swap Activity

Observations

• Since the launch of AXL/OSMO Pool, more than 30k transactions have been made by more than 6k wallets.
• Most of the swaps using the AXL/OSMO Pool also used another Osmosis pool in the same swap

Conclusion

1. AXL Token Transfers on Satellite Bridge by Target Chain
   • The destination of almost 30% of AXL satellite bridge transactions is Ethereum, which constitutes about 50-80% of the transaction volume.
   • The most popular chains for sending AXL are Ethereum, Polygon, Kujira, and Osmosis
   • In August 30% - 50% of the transfer from Axelar went to Kujira
2. AXL Token Transfers on Satellite Bridge by Target Chain
   • The majority of IBC transfers from Axelar to Osmosis are transferring the AXL token
   • The approximate amount of the transfer of IBC from Axelar to Osmosis was more than 20 million dollars.
   • The largest transfer volume of IBC to Axelar to Osmosis is UCDC
3. AXL/OSMO Swap Activity
   • Since the launch of AXL/OSMO Pool, more than 30k transactions have been made by more than 6k wallets.
   • Most of the swaps using the AXL/OSMO Pool also used another Osmosis pool in the same swap

THANK YOU FOR READING!

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