• Number of $AXL holders: shows total number of wallets that hold any amount of AXL token on their wallets on Osmosis blockchain which are 2,450 wallets.
• Volume of held $AXL tokens: shows total AXL volume of wallets that users hold their wallets on Osmosis blockchain which is 3.94M AXL.
• Average volume of held $AXL token by each holder: shows average AXL volume held by each holder on Osmosis blockchain which is 1,606 AXL for each holder.

Overview

Axelar Network is a decentralised network that securely connects all blockchain ecosystems, dapps, assets and users to provide Web3 interoperability by building a network that unlocks cross-chain composability and liquidity.

The Axelar team launched its mainnet in phases at the end of January and also launched Satellite, the first dApp that allows users to transfer assets between multiple blockchains, including Ethereum, Cosmos, Terra, Avalanche, Polygon, Fantom, Moonbeam, etc.

$AXL is the native utility token that powers the Axelar network, built using the Cosmos SDK. As an interoperability network, the AXL token is a chain-agnostic asset that has representations on multiple blockchains. Its ERC-20 representations will live on all connected chains, including Ethereum [1].

AXL is a means to collect transaction fees and any other fees for using the network, paid by the user to the validator operating the network. Incumbents and their proxies use AXL to gamble and exercise governance on proposals (e.g. parameter changes or protocol updates). Moreover, AXL enables decentralised proof-of-stake consensus-enabled incentives that help secure the network and validate blockchain transactions. Validator receives AXL rewards as an incentive to continue securing the network.

Methodology

Since the $AXL token launch, the activity on different networks may have changed. But, the question is… how? What type of users has $AXL token? Which network is being used the most?

For this reason, we are gonna explore how have wallets that bought $AXL used it, what is the average holding period for wallets buying $AXL in the last month, as well as if users have kept their $AXL on exchange (in their Osmosis wallet) or have they bridge to other places.

To do so, the following metrics will be computed through this analysis:

• Number of holders comparison: Axelar vs Osmosis
• Amount of $AXL holded: Axelar vs Osmosis
• Average $AXL holded per wallet: Axelar vs Osmosis
• Distribution of holders by balance range: Axelar vs Osmosis
• Distribution of $AXL holdings by balance of holders: Axelar vs Osmosis
• Number of $AXL buyers
• Volume of $AXL bought
• $AXL buyers behavior
• Most common action done after $AXL buys

In these other charts, we can see the evolution of holders and its holdings over time. Here we have seen that there are more proportion of users holding less than 1$AXL on Axelar than in Osmosis. In fact, the proportion of users are so different but the volume shows a big difference. While the major of the volume on Axelar comes from users who are holding less than 1$AXL, or between 10 and 100 AXL or more than 10k AXL, in Osmosis the volume comes from less than 10 AXL holders or those who are holding more than 10k AXL.

Key insights

• All transfer types of $AXL token on both networks has been decreasing in similar rates.

. $AXL volume of top 10 holders has been increasing on Axelar but has been decreasing on Osmosis which means these top wallets has been removing their $AXL from Osmosis into Axelar.

• There are more proportion of users holding less than 1$AXL on Axelar than in Osmosis. In fact, the proportion of users are so different but the volume shows a big difference.
• While the major of the volume on Axelar comes from users who are holding less than 1$AXL, or between 10 and 100 AXL or more than 10k AXL, in Osmosis the volume comes from less than 10 AXL holders or those who are holding more than 10k AXL.
• Over the past month, there were around 2k users who bought $AXL. These users bought more than 3M of $AXL with an average of 531 AXL per swap.
• It can be seen that there are like waves of movements were more $AXL are bought with a minimal treshold of 25k $AXL in a day. The minimum number of daily buyers is over 70 with a highest record of 232.
• The average holding period for users who bought $AXL over the past month has been over 15 days.
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• Osmosis, Kujira, Ethereum, and Polygon have been the most popular chains to send AXL to

Average transferred volume of AXL within Axelar is ==9538==, and within Osmosis is equal to ==935==.

Average transferred volume for Axelar is about ==10.2== times bigger than Osmosis.

Maximum average transferred volume within Axelar occurs Oct 13, 2022 and it is equal to ==433.227K==, and transferred volume within Osmosis occurs Nov 4, 2022 and it is equal to 5338.

Donut chart above shows volume of $AXL wallets that has joined or exited pools on Osmosis network in which as we see volume of wallets that has joined pools is 3.3 times more than volume of wallets that exited pools which means Osmosis network has been successful on attraction of more volume of $AXL to join it’s pools.