axellar fee generation

    AXL is the native token of the Axelar network. The AXL token supports the following critical functions:

    1. AXL is a medium for transaction fees and any other fees for network usage, paid by users to the validators that run the network.

    2. AXL is used by holders and their proxies to stake and exercise governance over proposals (such as a parameter change or protocol upgrade).

    3. AXL enables incentives to support the decentralized Proof-of-Stake consensus that secures the network and validates transactions on chain. Validators receive AXL rewards as incentives to continue to secure the network. These incentive rewards are distributed programmatically, per rules encoded in network protocols, and are inflationary, i.e., each protocol reward increases the total token supply.

    4. AXL is used to reward ecosystem builders and community contributors.

      AXL is designed to help the Axelar network achieve four outcomes as a universal connector of blockchain ecosystems:

    5. Security: providing incentives to encourage a wide set of validators to participate.

    6. Decentralization: wide distribution among token holders, delegating to validators, and participating in network governance decisions.

    7. Longevity: incentives that encourage maintenance of the network.

    8. Ecosystem growth: incentives for developers to use Axelar SDKs and APIs to build cross-chain capabilities into their applications.()

    Axelar is a decentralized network that can attest that the USDC is correctly burnt on the source chain in addition to Circle's CCTP before executing requests on the destination chain.

    Axelar Wrapped USDC (axlUSDC) is a cryptocurrency and operates on the BNB Smart Chain (BEP20) platform. Axelar Wrapped USDC has a current supply of 0. The last known price of Axelar Wrapped USDC is 1.00070259 USD and is down -0.04 over the last 24 hours. It is currently trading on 14 active market(s) with $45,194.52 traded over the last 24 hours. 

    In this bounty we were asked to calculate total $axlUSDC has been generated via Satellite and find the origin chains that have generated the most fees.

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    In the above charts, you can see the total count of transfers and volume of transfers from satellite to each chain, in the last 180 days.

    Osmosis, Ethereum, Polygon, Kujira and Avalanche were the destination of most transfers based on count of transfers via satellite in last 6 months.

    Based on volume, Ethereum was by far, the bridge that the highest volume of transfers via Satellite was sent to that chain. This volume was greater than 300 M. Polygon, Osmosis, Kujira and Avalanche were the chains in the next ranks, which had the volume less than 30 M.

    As Ethereum, Osmosis, Polygon, Kujira, Avalanche had the highest count and volume of transfers, I limited the analysis to these destination chains to see what axl-tokens were bridged most from this paths.

    Osmosis, Ethereum, Polygon, Kujira, Avalanche were the most destination from Satellite based on count of transfers.

    AXL was the most bridged asset to these destinations based on count of transfers. USDC is in the second rank. ETH is in the third rank on Ethereum and Osmosis.

    Until August, count of transfers for each token was less than 1 K in each day, but from Aug 1st, it changed between 1 K to 2 K in most of the weeks. There were two big spiks in count of AXL transfers in the last days of Oct and the last day of Nov. Count of USDC transfers was less than 300 in most of the days.

    Ethereum, Polygon, Osmosis, Kujira, Avalanche were the most destination from Satellite based on volume of transfers.

    USDC was the most bridged asset to these destinations based on volume of transfers. ETH is in the second rank. AXL is in the third rank on Ethereum, Osmosis and Kujira.

    Volume of transfers to these chains was less than 4 M in each day, in most of the days. On Oct 9th, 28th and Nov 9th there was big spikes in the volume of transfers for USDC.

    Volume of transfers for AXL was less than 0.5 M in all the days, but on Sep 27th and 29th it reached to about 10 M and 6 M, respectively.

    Volume of transfers for ETH was less than 0.5 M in all the days, but on Sep 10th and Oct 28th it reached to about 3 M and 2.5 M, respectively.

    Ethereum, Osmosis, Avalanche , Polygon and Kujira, were the most destination from Satellite based on average volume of transfers.

    USDC was the most bridged asset to these destinations based on average volume of transfers. ETH is in the second rank. WBTC is in the third rank on Ethereum and Osmosis.

    Average volume of transfers to these chains was less than 100 K in each day, in most of the days. On Oct 9th and Sep 10th there was big spikes in the average volume of transfers for USDC and ETH, respectively.

    Now lets focus on axlUSDC:

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    axlUSDC was most bridged to Polygon, Ethereum, Kujira, Osmosis and Avalanche based on count of transfers.

    In mid of August, count of transferring axlUSDC increased sharply specially on Kujira. On Sep 9th count of transfers had spike on Polygon and Ethereum and Avalanche and Osmo.

    axlUSDC was most bridged to Ethereum, Polygon, Osmosis, Kujira, and Avalanche based on volume of transfers.

    The total volume of transferred axlUSDC to chains was less than 1 M in most of the days. On Oct 9th, 28th and Nov 9th there was spike in the volume of transferring axlUSDC to Ethereum and Polygon.

    axlUSDC was most bridged to Ethereum, Juno, terra2, and Avalanche based on average volume of transfers.

    The total average volume of transferred axlUSDC to chains was less than 100 K in most of the days. On Oct 9th, 28th and Nov 9th there was spike in the average volume of transferring axlUSDC to Ethereum and Polygon.

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    In the last part, you can see the daily volume of earned fees for transferring to each chain seperately.

    Daily volume of fees was less than 40 K in most of the days. It reached to more than 80 K in total, only in 7 days.

    As you see, the highest volume of fee was paid for transferring to Ethereum, Polygon, Osmosis, Kujira and Avalanche respectively. The total volume of earned fee for transferring to Ethereum was 2.5 M, while the total volume of earned fee for transferring to other top chains was less than 0.3 M.

    Volume of earned fee from transfers to Ethereum, was less than 40 K in most of the days, but had spikes on Oct 9th and the last week of Oct and Nov 8th to 11th, that the volume of fee was bigger than 60 K. On Oct 9th there was a big spike which reached to higher than 129 K.

    Volume of earned fee from transfers to Polygon, was less than 4 K in most of the days, but had spikes on Aug 9th, Sep 14th, Oct 8th and 28th and Nov 8th which reached to higher than 6 K. On Oct 28th it was more than 12 K.

    Volume of earned fee from transfers to Osmosis was less than 3 K in most of the days but reached to more than 7 K on Sep 9th and Oct 28th and Nov 10th. On Oct 28th this volume was more than 9 K.

    Volume of earned fee from Kujira was in its highest levels during August and then it decreased sharply.

    Conclusion

    Osmosis, Ethereum, Polygon, Kujira and Avalanche were the destination of most transfers based on count of transfers via satellite in last 6 months.

    Osmosis, Ethereum, Polygon, Kujira, Avalanche were the most destination from Satellite based on count of transfers.

    AXL was the most bridged asset to these destinations based on count of transfers. USDC is in the second rank. ETH is in the third rank on Ethereum and Osmosis.

    Ethereum, Polygon, Osmosis, Kujira, Avalanche were the most destination from Satellite based on volume of transfers.

    USDC was the most bridged asset to these destinations based on volume of transfers. ETH is in the second rank. AXL is in the third rank on Ethereum, Osmosis and Kujira.

    axlUSDC was most bridged to Polygon, Ethereum, Kujira, Osmosis and Avalanche based on count of transfers.

    axlUSDC was most bridged to Ethereum, Polygon, Osmosis, Kujira, and Avalanche based on volume of transfers.

    The highest volume of fee was paid for transferring to Ethereum, Polygon, Osmosis, Kujira and Avalanche respectively. The total volume of earned fee for transferring to Ethereum was 2.5 M, while the total volume of earned fee for transferring to other top chains was less than 0.3 M.

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