EXAMINING CROSS CHAIN FLOWS

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    Cross-blockchain transfers are essential for achieving interoperability between different blockchain networks, allowing them to communicate and interact with each other. The ability to transfer digital assets across different blockchains opens up new possibilities for decentralized applications (dApps) and services, as it allows for the seamless exchange of value and information between different blockchain ecosystems. It can also enable more efficient and cost-effective transactions, as users can bypass centralized exchanges or intermediaries, and directly transfer digital assets between different blockchains.

    Axelar's Satellite is a cross-chain communication network that enables blockchain networks to connect and interact with each other. It uses a decentralized network of nodes to facilitate cross-chain transactions and communication. Axelar aims to solve the issue of interoperability between different blockchain networks by providing a universal interoperability protocol that can be integrated into any blockchain. The Axelar Satellite network supports a wide range of blockchain protocols, including Bitcoin, Ethereum, Binance Smart Chain, and Cosmos, among others. By using Axelar Satellite, developers can build decentralized applications (dApps) that can operate across different blockchain networks, thereby increasing their reach and potential user base.

    This dashboard dives into the data for axellar covering basic metrics like users, transaction and USD volume transfers.

    INTRODUCTION
    TRANSACTION VOLUME
    TRANSACTION ACTIVITY
    USER ACTIVITY
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    Over 41.8 users have transacted on Axellar, with the main source chains for users being Osmosis, Ethereum, Terra, Kujira, Juno, Cosmos, Cre, Axelar in respective descending order, among others. While the main destination chains for users by choice so far are Osmosis. Ethereum, Others, Polygon, Kujira, Avalanche, Binance and Axelarnet in respective descending order.

    While Osmosis users dominated the platform in the beginging (March 18-May 10 2022), this has since changed with Osmosis taking the lead in Market share from then till date. there has been relatively plateaud user growth across all indexed source chains however, other lesser known chains are begining to grow in user activity.

    On the other hand, looking at destination chains by user activity, the other unindexed chains combined accounted for majiroty of the activity, followed by Avalanche, which has since lost dominations. Since early May 2022, Osmosis, Ethereum and Polygon have emerged and maintained marketshare in terms of destination chains by choice for users.

    A total of 984.8million USD in trading volume has beeen recorded on Axelar. This is accounted for by Ehtereum, with the majority of the usd transfered from as the source chain, followed by Osmosis, Avalanche, Terra, Kujira, Cre, Axelar and Cosmos among others. On the opposite end, Ethereum is still the largest destination chain followed by Osmosis, Terra, Others, Polygon, Kujira, Avalanche and Kava in descending order.

    As records show, Osmosis did initially emerge as the market leader in USD transacted, however, Ethereum quickly emerged to have the highest transaction volume. Avalanche soon emerged from early December, coinciding with Ethereum's loss of marketshare, untill mid February when this activity died off.

    On the other hand, Other chains were the main destination for the usd volume sent to, however, Osmosis and Ethereum have since emerged at top destination chains by volume. Kujira, Terra, Polygon, Avalanche and a new entrant Kava have emerged to compete for marketshare.

    A total of 136.8k transactions have been recorded by satellite, with majority of the of these transactions being generated on Osmisis (over50%), followed by Ethereum, Kujira, Terra, Others, Juno, Cosmos and Axelar in descending order. On the other hand, the top destination chains for these transactions have been Osmosis, Ethereum, Others, Polygon, Kujira, Avalanche, Binance, Axelarnet among others.

    In the begining of the recoed, transactions recorded are dominated on Cosmos and Ethereum before the emergence of new rival chains. Osmosis has since emerged as the dominant chain for generation of transactions. This has been followed by Ohters, Juno, Terra, Ethereum, Osmo, Cre and Cosmos.

    The top destination chains for these transactions are Osmosis,Ethereum, Polygon, Avalanche, Binance and Cre among others in descending order.

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