Introduction

• In this analysis, You will read about Axelar users. We want to take a step further and plot out user types and their behavior by leveraging Axelar's bridge. How often are people using Satellite - one-time transfers into IBC or more consistent/steady streams?

• Does this vary based on wallet size?

• Does this vary based on the ecosystem they are bridging from/to?

  
  Analyzed by Hess - Reading Time Almost 10 min. \n

Method

IMPORTANT NOTE: Tokens name and Token volume are credited to JacktheGuy.

• I used axelar.core.fact_msg_attributes and filtered ATTRIBUTE_KEY with destinationChain. Now, I have bridge transactions. Following that, the destination chain is recorded in the ATTRIBUTE_VALUE column. After that, I joined my findings to that table again and filtered ATTRIBUTE_KEY = 'spender' to find users. All I needed is the bridge amount per token. So, Again, I used that table with my findings and filtered MSG_TYPE = 'coin_spent'. I used the JacktheGuy method and calculated the amount and token.
• case when attribute_value like '%uaxl%' then 'AXL' when attribute_value like '%uusdc%' then 'USDC' when attribute_value like '%ibc/6F4968A73F90CF7DE6394BF937D6DF7C7D162D74D839C13F53B41157D315E05F%' then 'UST' when attribute_value like '%ibc/9117A26BA81E29FA4F78F57DC2BD90CD3D26848101BA880445F119B22A1E254E%' then 'ATOM' when attribute_value like '%weth-wei%' then 'ETH' when attribute_value like '%ibc/4627AD2524E3E0523047E35BB76CC90E37D9D57ACF14F0FCBCEB2480705F3CB8%' then 'LUNA' when attribute_value like '%wbtc-satoshi%' then 'WBTC' end as token_name

Bridge Users Behavior

I used my previous findings and examined their activities in the last 90 days.

• The first group of users that had the highest daily number of users is users with more than 10 bridge transactions. Remember that, The daily chart is not for new users and it is based on the daily unique users. Overall, The highest number of unique users belongs to the group of users with 1 Transaction.
• I can name two groups of users. Users with 1 bridge and 6-10 bridge transactions. It is interesting because the total daily number of users with 6-10 transactions increased after FTX crash. Users with 1 bridge were in September and October.

Wallet Size

First, Let’s take a quick look at users activities based on wallet size. Then, I’ll look at the relationship between a wallet size and the number of transactions.

• The highest number of transactions belongs to the group of users that bridged 1 US dollar. The daily share of transactions of this group increased from 20% to 52%. On the other side, The total daily share of transactions of users with +10K wallet size decreased from 23% to 15%.

Users Breakdown based on Wallet Size and Transactions

In my opinion, There is a direct relationship between a wallet size and the number of transactions per user.

• As you can see, Users with 1 transaction bridged up to 1 US dollar. More than 3.4K users had two transactions, bridged up to 1 US dollar. On the other side, Users with +10 transactions, bridged higher volume.

Chain

• Ki platform had the highest share of users with more than 10 bridges. Ethereum had the highest number of users with 1 and 2 bridges. Almost the total number of users with only 1 US dollar bridge is at the top list of each chain.
• Users with up to 59% of transactions belong to the group of users with 2 bridges.

What is 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.

What is Satellite?

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

  Using Axelar's SDKs, any smart contract developer can seamlessly call a contract on another supported chain with a simple asynchronous call. The simplest form of cross-contract calls is bridging.

Full Analysis

User’s Breakdown based on transactions

I divided my findings into two main categories. One is the user’s breakdown based on the total transactions since the beginning of the bridge and one is based on their activities in the last 90 days.

• The large group of users which is 30% of total users had only one bridge by Satellite bridge. The second large group of users (11.8K) that are 25.9% of total users have used the Satellite bridge twice.
• Based on my category, The highest number of transactions belong to the group of users that had more than 10 transactions via Bridge satellite. About 7.3% of total users have used Satellite more than 10 times.

I also examined the total bridge volume by different types of users.

The highest bridge volume (108M US dollars) belongs to the group of users that had more than 10 bridge transactions. Nearly 50% of the total Satellite bridge volume is transferred by this group of users. The second top group of users bridged 54M US dollars and belong to the group that had between 6 and 10 transactions since the beginning of Satellite.

A large group of users based on transactions ( 1 Bridge ) had the lowest volume in comparison to other groups.

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• The highest volume of the bridge was transferred by users that had more than 10 transactions. Nearly 82M US dollars were transferred by this type of user.
• The second top group of users was those that had between 6 and 10 transactions. This group of users bridged nearly 45M US dollars in the last 90 days.
• The lowest bridge volume was bridged by users that had only 1 transaction. This group of users transferred only 162K US dollars.
• Over time, The daily bridge volume increased by users that had 4 and 5 transactions.

It is normal that the group of users with +10 transactions had the highest number of transactions in comparison to the other types of users.

Based on Volume, For a short time, The difference between the top two groups of users decreased Until October 8. The total bridge volume of users with +10 Transactions was 38M US dollars and the total bridge volume of users with 6-10 transactions was 29M US dollars on October 9. But after that time, The bridge volume difference of users with more than 10 Transactions increased significantly.

• Between users with 4 transactions and 2 transactions was a competition. They had so many ups and downs but overall, The bridge volume of users with 4 transactions was more than the other group.

THANK YOU FOR READING!

ALL CODES AND CONTENTS WERE WRITTEN BY HESS.

:bird: Twitter: @hessaminanloo

:t-rex: Discord: hess#0890

:calendar: Analyze Date: 2022/NOV/26