Introduction

On October 13th, Circle, the company behind USDC, announced that Cosmos will soon support native USDC. Currently, USDC is supported on Cosmos using the Axelar version of USDC, called axlUSDC. This token is currently the dominant stablecoin on Cosmos.

In this dashboard, we’ll track all activity related to axlUSDC. We’ll analyze the activity of axlUSDC on the largest bridge on Axelar called Satellite Bridge and analyze which app chains have the most and least flows of axlUSDC.

We’ll also look at how dominant axlUSDC has become on Osmosis, compared to ATOM and other USDC assets

Methodology

In this dashboard, the following tables were used:

• axelar.core.fact_msg_attributes , in order to get data about Satellite Bridge activity.
• crosschain.core.dim_asset_metadata , for cross-chain price data.
• osmosis.core.dim_prices , for token prices of ATOM and OSMO
• osmosis.core.fact_liquidity_provider_actions for comparing liquidity actions of axlUSDC and other stable coins and ATOM
• osmosis.core.fact_swaps for comparing swap activity of axlUSDC and other stables coins and ATOM.

Further methology is provided in each section.

axlUSDC activity on Satellite Bridge

Daily transfer volume - Analysis

On the right, we can see the total axlUSDC that was transferred using Satellite Bridge by destination chain. It is clear that there is a spike on October 9th, when almost 13M axlUSDC was transferred to Ethereum. We can also see that Ethereum dominates when it comes to volume. This is also reflected in the distribution chart, which shows that Ethereum is the destination chain for 68% of the transferred axlUSDC via Satellite Bridge.

Daily number of transfers - Analysis

Interestingly, Ethereum does not dominate when in comes to the number of transfers. In fact, Ethereum is ranked 3rd behind Kujira and Polygon. When looking at the daily chart, we can see that especially between August and September 2022, a large number of axlUSDC transfers were done to Kujira.

Daily average transfer size - Analysis

Ethereum has by far the largest average transfer size of axlUSDC, but not because it has consistently larger transfer sizes. Judging by the daily graph, the average transfer size is mainly increased by October 9th, where the daily average transfer size was over 400k axlUSDC.

After Ethereum, we have chains like Juno, Crescent and Avalanche that have the largest average transfer size.

axlUSDC swap dominance on Osmosis

In this section, we’ll compare swap activity for axlUSDC, ATOM and other stable coins.

These transactions were found using the osmosis.core.fact_swaps table. We compare the following stablecoins: 'DAI.axl','DAI.grv','USDC.axl','USDC.grv','USDT.axl','USDT.grv', 'USTC' and the ATOM token.

We look at transactions after 2022-1-1.

Findings

• ATOM token has been dominant in terms of the number of swaps since 2022. Prior the crash of Terra in May 2022, USTC was the only other stablecoin that was used. However, after the crash axlUSDC quickly gained the market share of USTC.

  Currently axlUSDC accounts for around 40% of all the ATOM + stable coin swaps.

• In terms of USD volume, axlUSDC accounts for around 40% of the total volume of other stables + ATOM.

  However, we can see that USTC still has some USD volume, especially before the crash. This is why USTC still accounts for 49% of all the swap volume in USD amount ATOM and other stable coins since 2022.

• In terms of the number of swappers, ATOM is very dominant. Currently, around 65% of all swappers of stable coins and ATOM are ATOM swappers. However, axlUSDC is second with about 33%.

Key findings

• Ethereum is the destination chain for 68% of the transferred axlUSDC via Satellite Bridge with over 185M axlUSDC. Number 2 is Polygon with only 24M axlUSDC
• In terms of the number of axlUSDC transfers via Satellite Bridge, Kuijira and Polygon rank slightly above Ethereum.
• The average transfer size of axlUSDC is the largest on Ethereum. This is mainly due to a very large transfer on October 9th of about 400k axlUSDC.
• In terms of swaps on Osmosis, the ATOM token is very dominant with more than 50% of swaps among stable coins and ATOM.
• It is also clear that axlUSDC has replaced USTC in terms of swap dominance after the Terra collapse.
• In terms of the number of swappers, ATOM is also very dominant. Currently, around 65% of all swappers of stablecoins and ATOM are ATOM swappers. However, axlUSDC is second with about 33%.
• There has been a decrease in LP transactions among all pools after March 2022.
• After the Terra Collapse in early May 2022, the transactions for axlUSDC / OSMO pool increased quickly and now account for around 60% of all LP transactions among these table coins and ATOM pools.

Number of axlUSDC transfers per app-chain

Transfer volume per app-chain

Average size of axlUSDC transfers per app-chain

Swaps - USD Volume

Swaps - Number of unique swappers

axlUSDC liquidity pool dominance on Osmosis

In this next section, we’ll look at the dominance of axlUSDC in liquidity pools on Osmosis by comparing the number of LP transactions, liquidity added in USD and number of LP’ers for the following pools:

• 'ATOM / OSMO' 'axlUSDC / OSMO' DAI / OSMO' 'USTC / OSMO' 'USTC.grv / OSMO' 'USDT.grv / OSMO'
• The transactions for these pools were selected using the osmosis.core.fact_liquidity_provider_actions table in combination with action = ‘pool_joined’ and currency = ‘uosmo’
• We select all transactions after 2022-1-1

Findings

• We can see a clear decrease in LP transactions among all pools after March 2022
• After the Terra Collapse in early May 2022, the transactions for axlUSDC / OSMO pool increased quickly and now account for around 60% of all LP transactions among these table coins and ATOM pools.
• In terms of liquidity added to the pools, there does not seem to be a clear trend. Just that on most days the axlUSDC / OSMO accounts for most of the liquidity added
• There is also a clear decline in the number of LP’ers. It is highly correlated with the number of LP transactions.