Axelar is a cross-chain network that enables seamless communication between different blockchain networks. It allows users to transfer digital assets and data between various chains without any friction, thereby unlocking the full potential of Web3. Axelar operates through its proprietary technology known as the Axelar Protocol, which is built on top of existing blockchain infrastructure.

The Axelar network supports a wide range of bridges, including its native Satellite Bridge and Squid Bridge. These bridges enable the transfer of digital assets and data between different blockchain networks, including Ethereum, Osmosis, Polygon and more. The Axelar network aims to create a decentralized ecosystem where users can interact with different blockchain networks without any intermediaries.

To assess the level of cross-chain activity in the Web3 ecosystem, it is essential to look at various metrics such as the volume of cross-chain transactions, transactions over time, the most active cross-chain pairs, which bridges have fluctuated the most in transaction activity, and which areas of Web3 have the most cross-chain activity.

In this report, we will analyze these metrics to gain a deeper understanding of the cross-chain activity in the Web3 ecosystem. By doing so, we hope to identify emerging trends and opportunities in the cross-chain space and help developers build more innovative cross-chain applications.