Across Protocol Airdrop [Ethereum]

The ACX airdrop took place this week. Create an analysis of the Across protocol bridge volumes, airdrop distribution and TVL. Compare this to any other bridges, like Synapse or Hop. BONUS: post your findings on Twitter and tag @acrossprotocol

Acknowledgment and supplementary Information

I would like to show my sincere gratitude to the authors of the following dashboards (HBD1994, alik110, and jacktheguy) that helped me very much indeed to do my own analysis: * * *
Author: NSA2000
Twitter of the Author: @NSA2000C
Discord of the Author: NSA2000#5651
Data from FlipsideCrypto
Link to this dashboards tweet:

Summary

This dashboard aims to investigate the Across protocol bridge trends. Moreover, Across bridge compared to Synapse and Hop bridges in this dashboard.
The total number of claims/claimers is about 962.
The total volume of the ACX claimed as airdrop is about 3.6M.
The average ACX claimed per each claimer is about 3.74K.
The max volume of the ACX claimed per claimer is about 119.4K.
The number of ACX claims per day is about 240.5.
The volume of ACX claimed per day is about 899.8K.
The most popular ACX airdrop claimer according to its ACX volume claimed is 0x5d542fbf0c9c56f6f9d08b7fed3f53544b3b7902 (119.4K, 14%).
The claimers were mostly active on 28 Nov 2022 from 14:00 to 17:00. After this date and time, the trend of the claims is rather constant for transactions number and volume as well users numbers.
The max number of claims is recorded on 28 Nov 2022 (opening of the ACX airdrop) (number of users/transactions: 699, and transactions volume: 3.1M).
The number of users/transactions on 29 and 30 Nov as well as 1 Dec is about 209, 48, and 6 respectively.
The total transactions volume on 29 and 30 Nov as well as 1 Dec is about 395K, 94K, and 8K respectively.
The top 5 most popular destinations of airdrop receivers (ACX token, Across protocol: Hub pool, Uniswap , 1Inch and Balancer) with their claimed ACX according to the number of users and transactions constitute about 95% of the total share.
As far as the number of bridge transactions and users, as well as transactions volume (in USD), is concerned, Hop and Synapse have the upper hand over Across, but these metrics of Across bridge transactions regarding the shorter period of its launch are rather significant compared to the other two bridges.
As far as the bridges TVL is concerned, it can be said that the TVL of the Across bridge is rather negligible compared to the other two bridges (Synapse and Hop).
As far as the distribution of the bridge transactions volume (in USD) and number, as well as users’ numbers according to the token types for Hop, Synapse, and Across bridges, is concerned, ETH, WETH, and USDC have the upper hand by far.
The daily variation of the number of Across transactions and users as well as their volume on ETH shows a rather fluctuating trend since Jun 2022.
As far as the distribution of the number of Across transactions and users as well as their volume on ETH according to the most popular tokens is concerned, WETH and USDC have the upper hand by far.
The daily inflow volume of Across transactions on ETH is way more than daily outflow volume.

To draw a conclusion, it can be said that all the investigated data and trends in this dashboard for Across protocol are very promising and one can be very optimistic about the future of Across protocol compared to other bridges such as Hop and Synapse. Yet at the current time, the activity on the Hop and Synapse bridges is way more than Across bridge.

The daily variation of the volume of Across transactions (total, inflow, and outflow) on ETH shows a rather fluctuating trend since Jun 2022.
It is worth mentioning that daily inflow volume of Across transactions is way more than daily outflow volume.
As far as the distribution of the number of Across transactions volume on ETH according to the most popular tokens is concerned, USDC (429M, 59%%), WETH (263M, 36%), and DAI (21M, 2.85%) have the upper hand by far.

The distribution of the number of bridge transactions according to the 3 top tokens for Synapse bridge is: ETH (106.5K, 28.8%), nUSD (92.5K, 25%) and USDC (72.5K, 19.6%) have the upper hands.
The distribution of the number of bridge users according to the 3 top tokens for Synapse bridge is: WETH (21.5K, 23.1%), ETH (21.5K, 23.1%) and nUSD (18.4K, 19.7%) have the upper hand.
The distribution of the bridge transactions volume (in USD) according to the top 3 tokens for Synapse bridge is: USDC (5.6B, 38.8%), ETH (4.5B, 31.1%), and WETH (1.3B, 8.92%) have the upper hand.
As far as the distribution of the bridge transactions volume (in USD) and number, as well as users’ number according to the token types for Synapse bridge, is concerned, ETH, USDC, nUSD, and WETH have the upper hands by far.

The distribution of the number of bridge transactions according to the 3 top tokens for Across bridge is: ETH (61K, 68.6%), WETH (21.5K, 24.1%) and USDC (5.5K, 6.18%) have the upper hands.
The distribution of the number of bridge users according to the 3 top tokens for Across bridge is: ETH (29K, 87.4%), USDC (3.25K, 9.8%) and DAI (415, 1.25%) have the upper hand.
The distribution of the bridge transactions volume (in USD) according to the top 3 tokens for Across bridge is: USDC (119.6M, 48.8%), ETH (87.5M, 35.7%), and WETH (28.9M, 11.8%) have the upper hand.
As far as the distribution of the bridge transactions volume (in USD) and number, as well as users’ number according to the token types for Across bridge, is concerned, ETH, USDC, and WETH have the upper hands by far.

The distribution of the number of bridge transactions and users according to the 3 top tokens for Hop bridge is: ETH (number of transactions: 356.4K, 75.3%-number of users: 203.5K, 81.4%), USDC (number of transactions: 64.8K, 13.7%-number of users: 19.6K, 7.83%) and MATIC (number of transactions: 19.92K, 4.21%-number of users: 12.65K, 5.06%) have the upper hands.
The distribution of the bridge transactions volume (in USD) according to the top 3 tokens for Hop bridge is: ETH (1.3B, 53.7%), USDC (815.14M, 33.8%) and USDT (122.64M, 5.08%) have the upper hands.
As far as the distribution of the bridge transactions volume (in USD) and number as well as users’ number according to the token types for Hop bridge is concerned, ETH and USDC has the upper hands by far.

Introduction

Across Protocol is built on UMA’s Optimistic oracle machine, which supports cross-chain round-trip transactions from Ethereum L1 to Ethereum L2. It combines Optimism oracles, repeaters, and single-sided liquidity pools to provide decentralized instant transactions between chains. The ACX currently supports networks such as Ethereum, Arbitrum, Optimism, and Polygon.

On November 28, MEXC Global Exchange opened and launched the Across Protocol (ACX) and ACX/USDT transactions.

Across Protocol allows users to borrow liquidity from decentralized repeaters to transfer tokens between different chains (layers) instantly and with low fees. Repeaters can pre-fund users for instant transfers between chains. In return for providing this service, repeaters can choose on-chain compensation from a single liquidity pool on the Ethereum network.

The following is a list of the supported tokens for each of the chains that ACX supports. In order to cross tokens from one chain to another, the token being crossed must be supported on both chains.

Across Protocol has currently integrated Ethereum Mainnet, Arbitrum, Optimism, and Polygon networks, and supports cross-chain transfers of ETH/WETH, WBTC, DAI, USDC, BOBA, BADGER, BALANCER, and UMA.

$ACX is the original asset issued by Across Protocol, with a total supply of 1 billion pieces. It is issued on November 28. The wallet addresses or ecosystem contributors who participated in Across cross-chain activities can get ACX airdrops. The total airdrop is 10 million pieces. Recently, Across Protocol received financing of $10 million at a valuation of $200 million, and Hack VC, Placeholder, and Blockchain Capital participated in the investment. MEXC is the world’s leading cryptocurrency exchange, providing one-stop services such as contracts, spot, ETF, NFT Index, etc., serving 10 million users worldwide with the philosophy of “User First, Change for You.” Currently, MEXC supports spot transactions of more than 1,700 tokens, contract transactions of more than 170 tokens, and ETF transactions of more than 350 tokens. MEXC is the exchange with the best liquidity, the most abundant trading pairs, and the fastest launch of popular projects. From UNI, DYDX to APE, and from OP, APT to ACX, these assets are all forstl listed on MEXC. [] \n

Methodology

The data in this dashboard is obtained from the following rtables:

ethereum.core.fact_event_logs
ethereum.core.ez_token_transfers
ethereum.core.dim_labels
ethereum.core.ez_eth_transfers
ethereum.core.ez_balance_deltas
ethereum.core.fact_transactions
optimism.core.fact_hourly_token_prices
optimism.core.fact_token_transfers
optimism.core.fact_transactions
polygon.core.fact_token_transfers
polygon.core.fact_transactions
arbitrum.core.fact_token_transfers
arbitrum.core.fact_transactions

==Aim of this analysis:==

This dashboard aims to investigate the Across protocol bridge trends for its transactions, users, volume, airdrop distribution, and TVL. Moreover, a comparison between Across bridge and Synapse and Hop bridges has been carried out.

==Important note: The ACX airdrop took place on 28 Nov 2022.==

Results and Discussion

The daily variation of the number of bridge users shows a rather constant trend from Jul to Nov 2021. After Nov 2021, this trend is rather increasing for all of the investigated bridges in this dashboard with some spikes between 1 to 27 Jun 2022.
The total number of bridge users since Jul 2021 for Hop, Synapse, and Across is about 313.2K (70.4%), 80.9K (20.4%), and 40.7K (9.15%), respectively.
As far as the number of bridge users is concerned, Hop has the upper hand compared to Synapse and Across, but the number of Across bridge users regarding the shorter period of its launch is rather significant compared to the other two bridges.

The daily variation of the number of bridge transactions shows a rather constant trend from Jul to Nov 2021. After Nov 2021, this trend is rather increasing for all of the investigated bridges in this dashboard with some spikes between 1 to 27 Jun 2022.
The total number of bridge transactions since Jul 2021 for Hop, Synapse, and Across is about 462.5K (60.7%), 231.6K (30.4%), and 68K (8.91%), respectively.
As far as the number of bridge transactions is concerned, Hop has the upper hand compared to Synapse and Across, but the number of Across bridge transactions regarding the shorter period of its launch is rather significant compared to the other two bridges.

The daily variation of the number of Across transactions on ETH shows a rather fluctuating trend since Jun 2022.
As far as the distribution of the number of Across transactions on ETH according to the most popular tokens is concerned, WETH (96.5K, 92.5%) and USDC (6.1K, 5.86%) have the upper hand by far.

The daily variation of the number of Across users on ETH shows a rather fluctuating increasing trend since Jun 2022.
As far as the distribution of the number of Across users on ETH according to the most popular tokens is concerned, USDC (4.8K, 73%), WETH (754, 11.5%), and DAI (675, 10.3%) have the upper hand by far.

The following table shows the general information about Across protocol airdrop. Moreover, the chart shows the most popular ACX airdrop claimers according to their claimed ACX volume.

The total number of claims/claimers is about 962.
The total volume of the ACX claimed as airdrop is about 3.6M.
The average ACX claimed per each claimer is about 3.74K.
The max volume of the ACX claimed per claimer is about 119.4K.
The number of ACX claims per day is about 240.5.
The volume of ACX claimed per day is about 899.8K.
The top 10 most popular ACX airdrop claimers according to their ACX volume claimed is as follows:
- 0x5d542fbf0c9c56f6f9d08b7fed3f53544b3b7902: 119.4K (14%)
- 0x837cbc7335fce902e1709f64456756cd99dfcb6d: 112.9K (13.3%)
- 0xa7a9e6137d2582fc8bddad6a6daeb8fb985396f2: 102.2K (12%)
- 0x24902fc7a499784a48aa8737a3162bf1171b716f: 100.1K (11.8%)
- 0xf916719c7251e109cf3d1a977b6cad198b630c32: 89.4K (10.5%)
- 0xf85d8b1db1f0820cdaa99db3dd75559960e322c1: 80.2K (9.4%)
- 0xb193da6f9f2252be679fd5b020c22ded01f4ec8d: 72.6K (8.5%)
- 0x88c429f2dc923e625837baed07c29f3d990b0fd4: 65.3K (7.7%)
- 0x27099c76408a157c934a1d41e98ec545f5d1d77b: 54.3 (6.4%)
- 0x3e350c44f4dc2160a203573fc8fe3868375eeca6: 53.6 (6.31%)

The following charts show the hourly variation of the number of ACX airdrop claim transactions and users as well as the hourly variation and total volume of the ACX airdrop claim transactions.

The following charts show the daily variation of the number of ACX airdrop claim transactions and users as well as the daily variation of the total, average, and median volume of the ACX airdrop claim transactions.

The hourly variation of the number of ACX airdrop claim transactions and users as well as ACX airdrop claim transactions volume shows that users mostly was active on 28 Nov 2022 from 14:00 to 17:00. After this date and time, the trend of the claims is rather constant for transactions number and volume as well users numbers. The max number of claims is recorded on 28 Nov 2022, 14:00 (number of users/transactions: 344, and transactions volume: 2.17M)
As already mentioned total volume of the ACX airdrop claim transactions is about 3.6M.

The daily variation of the number of ACX airdrop claim transactions and users as well as ACX airdrop claim transactions volume shows that users mostly was active on 28 Nov 2022 (as the first day of the ACX airdrop). After this date and time, the daily variation trend of the claims is significantly decreasing for transactions number and volume as well users numbers.
The max number of claims is recorded on 28 Nov 2022 (opening of the ACX airdrop) (number of users/transactions: 699, and transactions volume: 3.1M).
The number of users/transactions on 29 and 30 Nov as well as 1 Dec is about 209, 48, and 6 respectively.
The total transactions volume on 29 and 30 Nov as well as 1 Dec is about 395K, 94K, and 8K respectively.

The following charts show the popular destination of airdrop receivers with their claimed ACX according to the number of transactions and users.

As far as the most popular destination of airdrop receivers with their claimed ACX according to the number of users and transactions is concerned, the top 5 ones have the upper hand by far (about 95% of the total share).
The top 5 most popular destination of airdrop receivers with their claimed ACX according to the number of users and transactions are ACX token (number and share of users: 613, 53.9%-number and share of transactions: 753, 55.7%), Across protocol: Hub pool (number and share of users: 246, 21.6%-number and share of transactions: 267, 19.8%), Uniswap (number and share of users: 152, 13.4%-number and share of transactions: 176, 13%), 1Inch(number and share of users: 49, 4.31%-number and share of transactions: 51, 3.77%), and Balancer(number and share of users: 30, 2.64%-number and share of transactions: 40, 2.96%).

This part of the analysis aims to compare the Across protocol with Hop and Synapse bridges in the following terms:

- the number of transactions,

- The number of users,

- The volume of transactions,

- TVL,

- The most popular bridge users for each bridge,

and their trends and variations thereof.

The following charts show the daily variation of the number of bridge transactions and users as well as the daily variation of TVL and bridge transactions volume in USD.

The following charts show the most popular bridge users for each bridge according to the number and volume (in USD) of the bridge transactions.

The following charts show the distribution of the number of bridge transactions and users as well as bridge transactions volume (in USD) according to the token types for three investigated bridges in this dashboard (Hop, Synapse, and Across)

The daily variation of the volume of bridge transactions shows a rather constant trend from Jul to Sep 2021. After Oct 2021, this trend is rather fluctuating for all of the investigated bridges in this dashboard.
The total volume of bridge transactions since Jul 2021 for Hop, Synapse, and Across is about 14.43B (84.4%), 2.4B (14.1%), and 245.3M (1.44%), respectively.
As far as the volume of bridge transactions is concerned, Hop has the upper hand compared to Synapse and Across, but the volume of Across bridge transactions regarding the shorter period of its launch is rather significant compared to the other two bridges.

The daily variation of the bridge TVL for Hop and Synapse shows a rather bell-like trend Since Jul 2021. he max amount of bridge TVL for Hop and Synapse bridges is recorded between Sep 2021 to Jun 2022.
The daily variation of the bridge TVL for Across shows a rather fluctuating trend since May 2022.
The total TVL since Jul 2021 for Synapse, Hop, and Across is about 21.9B, 10.2B, and about 22M, respectively.
The total current TVL for Synapse, Hop, and Across is about 48.33M, 44.25M, and about 204.74K, respectively.
As far as the bridges TVL is concerned, it can be said that the TVL of the Across bridge is rather negligible compared to the other two bridges (Synapse and Hop).

The most popular bridge user for Synapse bridge according to the number of bridge transactions is 0x230a1ac45690b9ae1176389434610b9526d2f21b by far (121.7K).
The most popular bridge users for Hop bridge according to the number of bridge transactions are 0x710bda329b2a6224e4b44833de30f38e7f81d564 (54.3K), 0xa6a688f107851131f0e1dce493ebbebfaf99203e (37.6K), and 0x9137a628546e2b1bc26f60a5d1262fb6d58ea44a (11.13K) by far.
The most popular bridge user for Across bridge according to the number of bridge transactions is 0x15652636f3898f550b257b89926d5566821c32e1by far (21K).

The most popular bridge user for Synapse bridge according to the volume (in USD) of bridge transactions is 0x230a1ac45690b9ae1176389434610b9526d2f21b by far (6.25B).
The most popular bridge users for Hop bridge according to the volume (in USD) of bridge transactions are 0xa6a688f107851131f0e1dce493ebbebfaf99203e (431.4M), 0x710bda329b2a6224e4b44833de30f38e7f81d564 (337.4M), and 0x9137a628546e2b1bc26f60a5d1262fb6d58ea44a (96M) by far.
The most popular bridge user for Across bridge according to the volume (in USD) of bridge transactions is 0x92998fc501d619a93a9339c8e1b37acbb86cc19cb48by far (37.5K).

The following tables investigate the activity of the Across protocol on the Ethereum Network by the following terms:

The daily variation and distribution of the number of Across transactions on ETH according to the most popular tokens.
The daily variation and distribution of the number of Across users on ETH according to the most popular tokens.
The daily variation and distribution of the volume of Across transactions (total, inflow, and outflow) on ETH according to the most popular tokens.

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