Observation
- Using the above charts, we can observe that the Total Value Locked (TVL) of the Synapse bridge was more than that of the other two bridges on the majority of days.
- Also, in the case of total TVL, Synapse has the lead with more than 2M, followed by Hop, while Across share of total TVL is negligible, which was predictable as it is a much newer platform than others.
Observation
- According to the above statistics, the largest peak of bridge activity for these protocols in terms of both active and total bridges occurred in June 2022, primarily due to high spikes on the Hop bridge. However, in terms of volume, we can see that Synapse bridge was primarily responsible for the biggest peak of bridges on these protocols in January 2022.
- Overall, we can observe a declining tendency in the bridge activity, volume, and average volume over time on all 3 bridges.
- Hop typically has the most bridges and active bridgers, but Synapse has a much higher volume of bridges than the other 2 protocols.
- The newest bridge among these protocols is across, and as can be shown, it has the lowest percentage of shares throughout all days, however, it has recently started to absorb some Synapse bridges. Nevertheless, the volume of bridges on this protocol is still much lower than that of the other two.
- According to the above figures, HOP protocol is the largest bridge, with more users and bridge transactions than Across and Synapse combined.
- However, we can see that Synapse protocol has the biggest volume of bridges in terms of volume.
Observation
- According to the above statistics, a large portion of the airdropped $ACX was claimed within the first hour of distribution. As time passes, there is a decline in eligible users' claim activity.
- Additionally, like many other airdrops on the cryptocurrency market, the $ACX token activity decreased after the distribution as most users claimed and sold their tokens immediately.
$ACX Airdrop Claim Activities
Observation
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A maximum of $1,000,000,000 $ACX was minted at launch.53.5% is designated for the Across DAO Treasury, 25% for strategic partnerships and fund-raising, 12.5% for airdrop distribution, and 10% for protocol rewards. Of this amount, 115,000,000 (12.5%) are designated for the Airdrop distribution.
According to the above data,
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Of the 115 million $ACX distributed through an airdrop, only 3.59 million $ACX have been claimed. Therefore, a total of 111.4 million $ACX tokens have not been claimed, and the claim percentage of ACX is 3.12%. so,most of the $ACX tokens assigned for the airdrop have still not been claimed by qualified users.
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TVL Comparison
Bridge Activities
Conclusion
- Launched with $1 billion $ACX. 125,000,000 (11.5%) are for Airdrop. Only 3.59 million $ACX have been claimed from 125 million airdropped. 121.4 million $ACX tokens are unclaimed, making the claim percentage 2.87 percent. Most of the airdropped $ACX tokens haven't been claimed. The airdropped $ACX was claimed quickly. Claim activity declines over time. Like many other cryptocurrency airdrops, $ACX token activity dropped after distribution as most users claimed and sold their tokens. 0x5d542fbf0c9c56f6f9d08b7fed3f53544b3b7902 airdropped 119k $ACX. Most $ACX claimants (33.2%) have made between 100 and 1000 $ACX, followed by 1000-10000 $ACX (30.1%).
- Most days, Synapse's TVL was higher than the other two. Synapse leads overall TVL with more than 2M, followed by Hop, while Across's share is negligible, as it's a younger platform.
- In June 2022, both active and total bridges peaked due to high spikes on the Hop bridge. Synapse bridge caused the largest volume of bridges on these protocols in January 2022. Synapse has more bridges than Hop and Active Bridgers. The newest protocol, Across, has the lowest daily sharing percentage. It's been absorbing Synapse bridges. This protocol has fewer bridges than the others. HOP has more users and transactions than Across and Synapse combined. Synapse has the most bridges.
- WETH has the most bridges per asset. USDC is the most bridged asset on Across and Synapse; however, on HOP, WETH is.
Introduction
The Across Bridge and ACX
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Across is a cross-chain bridge for L2s and rollups secured by UMA's optimistic oracle. It is optimized for capital efficiency with a single liquidity pool, a competitive relayer landscape, and a no-slippage fee model. Across is a bridging protocol that connects chains together using trustlessly enforced, short-term financial contracts.
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Designed by the engineers who built UMA, Across was the result of approaching bridging not only as a technical concern but as a financial engineering concern.
ACX Token
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There is to be an initial supply of 1 billion Across tokens (ACX), minted on mainnet.
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ACX token holders will control protocol parameters and approve upgrades. They will also be responsible for DAO treasury management and diversification.
The Airdrop
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The ACX token will be airdropped according to a matrix of criteria measuring early support. These include strategic support in the community, liquidity provision, as well as those who led the way by testing the Across protocol when it was new.
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115MM ACX for Airdrop
This includes:
- Community, 20MM ACX
- Early Bridge Users (Bridged before July 19th, 2022 at midnight UTC), 15MM ACX
- Liquidity Providers (Provided liquidity before November 27nd, 2022 at midnight UTC), 70MM ACX
- Bridge Traveler Program (Program ran from October 11th 2022 to November 8th, 2022), 10MM ACX
Methodology
- The ACX airdrop took place this week. This dashboard will use the Ethereum.core.ez_token_transfers to get deep into the ACX airdrop and its claimers. Then, we will create an analysis of the Across protocol bridge volumes, airdrop distribution, and TVL and compare it to Synapse and Hop.
We will use the following parameters:
- $ACX Airdrop Claim Activities
- TVL Comparison
- Bridge Activities
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