INTRODUCTION

What is the Axelar network? Axelar is the universal overlay network, securely connecting all blockchain ecosystems, applications, assets and users to deliver Web3 interoperability. Axelar is composed of a decentralized network of validators, secure gateway contracts, uniform translation, routing architecture, and a suite of software development kits (SDKs) and application programming interfaces (APIs) to enable composability between blockchains. This allows developers to build on the best platform for their use case, while being able to access users, assets and applications in every other ecosystem. Instead of pairwise cross-chain bridges, they can rely on a network architecture that provides a uniform code base and governance structure. Axelar’s ultimate goal is to build the underlying infrastructure for onboarding the next billion people onto Web3. In order to achieve this goal, Axelar will:

• Make it easy for blockchain developers to plug in and communicate with other chains.

• Provide decentralized application (dApp) developers with cross-chain composability.

• Allow users to interact seamlessly with applications across multiple ecosystems.

  The Axelar SDKs provide a rich suite for developing Web3 applications, ensuring that developers have the tools they need for building. With these tools and APIs, developers can use the Axelar network and its SDKs to write dApps that can be easily deployed across all Axelar-connected ecosystems. In other words, Axelar distills cross-chain interoperability down to a simple set of API requests. This is absolutely central to adoption, as the developer experience around deploying Web3 applications must be like the experience today for Web2 developers, where the underlying networking and ecosystem-specific deployment considerations are largely abstracted away.

WHAT ARE WE DOING?

This dashboard wants to:

• Know if bridge activity spiked over the last 7 days?
• If so, to what ecosystems?
• Try to track net outflows from FTX onto Ethereum.
• And know if any of these outflows flow across Satellite to another destination chain?

METHODOLOGY

In this dashboard we will look at the activity of USDC, AXL, ETH, ATOM, WBTC, and LUNA sent out from the Axelar network using the Satellite Bridge. We are looking to see what chains have the most bridge activity and what tokens are being used the most on the bridge. The data for this dashboard will come from the axelar.core tables of Fipside’s database. The data for this dashboard starts October 18, 2022.

Sections

1. Satellite Bridge chain transfer lookup
2. Satellite Bridge transfers by asset
3. Satellite Bridge transfers by chain
4. Inflow, Outflow and Netflow from FTX to Ethereum

SQL credits goes to

jacktheguy Ecosystem Entrances.

His methodologies were used in the satellite bridging analysis

SATELLITE BRIDGE CHAIN TRANSFER LOOKUP

KEYNOTES✍

This is an overall statistics of all transactions and amount that has moved over the axelar satellite bridge

CONCLUSION

Satelite bridging activities increased after Nov 7 and Ethereum is the top location for this bridging activity

FTX outflow ws massive and all of its holdings were emptied after the FTX saga

Binanace was the main location where tokens flowed out to

SATELLITE BRIDGE TRANSFERS BY ASSET

KEYNOTES✍

Oct 28 was a notable date with a lot of activities, transactionwise and in amount also. ut our focus is not on these events so we will not be looking deeply at these activities

Yes, bridging activities rose starting from Nov 7 and peaked at Nov 9 after which a decline is seen.

Amongst the sample tokens, Axelar and USDC saw the most active in terms of transactions while USDC and ETH were on top based amount bridged

Its also obvious that a lot of USDC was bridged after FTX saga

SATELLITE BRIDGE TRANSFERS BY CHAIN

KEYNOTES✍

Based on transaction count and volume(amount), Ethereum is the top place where transfers and satellite bridges are interacting with the most over the time range

INFLOW, OUTFLOW AND NETFLOW FROM FTX TO ETHEREUM

KEYNOTES✍

Massive Inflows and Outflows are seen to have occured from FTX to Ethereum on Nov 7

Overall netflow is negative as seen at netflow and cumulative netflow

Massive transfers(outflow) of USDC was done after FTX saga

Binance is top location for transfers

WRITTEN BY: iddanny