Date: 2022-12-02

This analysis is focused on behavior of wallets that bought $AXL on Axelar and Osmosis.

All data is from the beginning until now.

Quick introduction

What is Axelar?

Axelar delivers secure cross-chain communication for Web3. Secure means Axelar is built on proof-of-stake, the battle-tested approach used by Avalanche, Cosmos, Eth2, etc. Cross-chain communication means you can build a complete experience for your users that lets them interact with any asset, any application, on any chain with one click.

What is AXL Token?

The AXL token is the key to the proof-of-stake consensus that secures the Axelar network. This token went live on the Axelar network on 27th September 2022. More than this, AXL enables functionality that other cross-chain networks can’t duplicate – like instant, any-to-any routing and one-time deposit addresses that match onramps centralized exchanges use. These features are possible because Axelar is a blockchain connecting blockchains.

Users can also stake their AXL to contribute to the security of Axelar network. AXL has other uses, too: it is a chain-agnostic token. Built on Cosmos SDK, it is compatible with any IBC chain. And it can be easily wrapped as an ERC-20 compatible token (wAXL) for trading and other uses

Methods

📝 In this dashboard, we intend to evaluate the behavior of buyers and $AXL holders and also give full answers to the following 5 questions:

1. How have wallets that bought $AXL used it?
2. Are most wallets hodling or trading?
3. What is the average holding period or wallets buying $AXL in the last month?
4. have users kept $AXL on exchange (in their Osmosis wallet) or have they bridge to other places?
5. Analyze $AXL balances on Osmosis as compared to native on Axelar. How have these balances changed over time?

↘️ First, I analyzed the main activities that are popular with $AXL wallets, then we checked to see how many wallets trade with $AXL and how many wallets are holders. The code for grouping users' activities is given below:

case
    when trader in (
        select
            sender
        from
            Transfers
    ) then 'Transferring Within Osmosis'
    when trader in (
        select
            liquidity_provider_address
        from
            Data
    ) then 'Liquidity Providing (LP)'
    when trader in (
        select
            trader
        from
            Event_Trade
    ) then 'Trade'
    when trader in (
        select
            sender
        from
            Bridges
    ) then 'Bridging'
    else 'Hold'
end as Events

↘️ In the following, I calculated and displayed the average number of days holding $AXL by the wallets in the :calendar:last month. I also grouped the number of wallets according to the number of hold days with the following code:

case
    when "Average Holding Period" < 1 then '0 Less Than 1 Day'
    when "Average Holding Period" >= 1
    and "Average Holding Period" < 7 then '1 Day - 1 Week'
    when "Average Holding Period" >= 7
    and "Average Holding Period" < 14 then '1 Week - 2 Weeks'
    when "Average Holding Period" >= 14
    and "Average Holding Period" < 21 then '2 Weeks - 3 Weeks'
    when "Average Holding Period" >= 21
    and "Average Holding Period" < 31 then '3 Weeks - 4 Weeks'
    else 'More Than 1 Month'
end as average_holding_period

:arrow_right: In the second part of the dashboard, I discussed $AXL in Osmosis and compared it with Axelar. First, I examined the balance of $AXL in Osmosis, then the number of $AXL holders in both blockchains, and finally the grouping of holders based on the balance of $AXL tokens. The code for grouping $AXL holders based on balances:

case
    when balance < 5 then 'Less Than 5 $AXL'
    when balance >= 5
    and balance < 20 then '5 - 20 $AXL'
    when balance >= 20
    and balance < 100 then '20 - 100 $AXL'
    when balance >= 100
    and balance < 500 then '100 - 500 $AXL'
    when balance >= 500
    and balance < 5000 then '500 - 5000 $AXL'
    when balance >= 5000
    and balance < 10000 then '5000 - 10000 $AXL'
    else 'More Than 10000 $AXL'
end as Balances

☑️ In the last part of the dashboard, attention has been paid to the status of $AXL transfers in Osmosis and Axelar. and in 3 separate graphs to compare Axelar vs. Osmosis based on 3 transfer modes (Inner Transfers, IBC TRANSFER IN and IBC TRANSFER OUT) over time.

🔢 Tables used in this dashboard:

> :one: axelar.core.fact_transfers > > :two: osmosis.core.dim_prices > > :three: osmosis.core.fact_swaps > > :four: osmosis.core.fact_liquidity_provider_actions > > :five: osmosis.core.fact_transfers > > :six: osmosis.core.fact_daily_balances

Conclusion

• By examining and analyzing the data and charts of this dashboard, we can conclude that most of the $AXL buyers (4772 wallets) have traded their tokens and only 5.34% of the tokens are held. About 2,719 users, including 54% of users, have bridged $AXLs in user activities.
• Also, by analyzing the holding time of the wallets, it can be said that they have held $AXL for an average of 4 days in the last month. Among the holders, 46% have held less than one day and about 30% have been holders between 1 day and 1 week.
• In the following, we saw that, the balance of $AXL on Osmosis has grown significantly in the past weeks, reaching its peak in early November. By comparing the number of holders in Axelar and Osmosis, we can see that most of the holders, which include 3823 holders, are in Axelar and 2465 holders have preferred Osmosis. By looking at the holder groups, it is easy to understand that holders with more balance choose Osmosis for holding.
• Finally we observed that since the transfer in Osmosis started (in September), the reception and volume of transfers have gone to Osmosis. So far, 3.13M of $AXL in Osmosis and 1B of $AXL in Axelar have been transferred internally, although it should be said that the transfers in Osmosis have just started.

Thanks for reading!

This analysis was created on 2022–12–02 for a bounty at Flipside Crypto by Hesam to answer the following questions: #Axelar - 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? Generally speaking, have users kept $AXL on exchange (in their Osmosis wallet) or have they bridge to other places? Analyze $AXL balances on Osmosis as compared to native on Axelar. How have these balances changed over time?

BONUS: Post your dashboard on Twitter and tag @flipsidecrypto and any relevant accounts!

All data used are from Flipside Crypto.

Twitter:

💠 How have wallets that bought ==$AXL used== it:question:

Based on Number of Users

Based on Number of Transactions

💠 Are most wallets ==hodling or trading:question:

💠 What is the ==average holding period== or wallets buying $AXL in the last month:question:

:chart: Analyze

Good! According to the charts above, it can be said that most of the $AXL buyers (4772 wallets) have traded their tokens and only 5.34% of the tokens are held. About 2,719 users, including 54% of users, have bridged $AXLs in user activities.

==But how long have holders held $AXLs in the past month?== 4 days on average

Among the holders, 46% have held less than one day and about 30% have been holders between 1 day and 1 week.

$AXL balances on :purple_circle:smosis

:bar_chart: Daily:

:bar_chart: Weekly:

:bar_chart: Monthly:

💠 Number of AXL ==Holders== (Axelar vs. Osmosis)

Grouping $AXL Holders on ==Axelar== Based on Balances

Grouping $AXL Holders on ==Osmosis== Based on Balances

:chart: Analyze

As you can see, the balance of $AXL on Osmosis has grown significantly in the past weeks, reaching its peak in early November.

By comparing the number of holders in Axelar and Osmosis, we can see that most of the holders, which include 3823 holders, are in Axelar and 2465 holders have ==preferred Osmosis==.

By looking at the holder groups, it is easy to understand that ==holders with more balance choose Osmosis for holding!==

💠 $AXL ==transfers on Axelar== vs. $AXL ==transfers on Osmosis

$AXL transfers on Axelar

$AXL transfers on Osmosis

:bar_chart: Weekly $AXL ==Inner Transfers== (Axelar vs. Osmosis)

:bar_chart: Weekly $AXL ==IBC TRANSFER IN== (Axelar vs. Osmosis)

:bar_chart: Weekly $AXL ==IBC TRANSFER OUT== (Axelar vs. Osmosis)

:chart: Analyze

By observing and comparing the above charts and especially examining the changes over time, it can be said that since the transfer in Osmosis started (in September), the reception and volume of transfers have gone to Osmosis.

So far, 3.13M of $AXL in Osmosis and 1B of $AXL in Axelar have been transferred internally, although it should be said that the transfers in Osmosis have just started.