Bounty Question:

Create a dashboard that mirrors the KPIs of the main landing page of axelarscan.io; however, provide an additional data point for Total Token Transfers (bridged token transfer volume + token transfer volume via GMP). In addition to this metric, your dashboard should provide the following: Total Transactions Subsections: Assets Transfers vs. GMP calls Total Token Transfers (above) Subsections: Assets Transfer Volume vs. GMP Volume % of token transfer volume that is GMP-based in last 30, 60, 90 days Cumulative Volume Growth Compare Axelar Bridge growth vs. GMP growth

✨Introduction

Axelar connects blockchain networks securely, scalablely, and decentralizedly. It allows blockchains to communicate and share assets and data. Proof-of-Capacity, a decentralized consensus mechanism, enabling secure, high-throughput transaction processing on the network.

Axelar's General Message Passing (GMP) allows token-based cross-chain contract calls. GMP provides one-click multi-step swaps without an exchange or intermediary. It simplifies token transfers between blockchains without smart contract writing.

GMP connects smart contracts on different blockchains by routing messages. Cryptography ensures message validity and integrity. The Axelar network relies on GMP for secure, efficient token transfers across blockchains.

🛠️ Method

To create a dashboard to analyze the question’s metrics, I gathered data from the Flipsidecrypto ‘s database.

These are the key performance indicators I monitored:

1. The sum of all GMP calls from EVM networks and Axelar network transactions is what we call "total transactions."
2. Tokens sent via GMP calls are not included in this total because they are not technically assets.
3. The total volume of tokens exchanged via GMP calls was used to arrive at this figure.
4. Sum the volume of token transfers made via GMP and bridged to arrive at the total volume of token transfers.
5. Amount of Assets Moved is determined in the same manner as Assets Moved.
6. Similar to how GMP Calls may be determined, GMP Volume can be computed using only the number of GMP messages sent and received.
7. percentage of total token transfers based on GMP: In order to see developments over time, this was determined by averaging the daily, weekly, and monthly volumes of token transfers made through GMP during the past 30, 60, and 90 days.
8. A cumulative volume increase was determined by charting the overall volume of token transfers over time and tallying up the results. Line graphs were helpful for this purpose.
9. The development of the Axelar Bridge is measured by charting the increasing number of token transfers made through the platform over time. When doing this, I turned to line graphs.
10. Increase in Token Transfers via GMP This has been determined by keeping a graph of the daily token transfers via GMP and observing their steady increase over time. That's why I turned to line graphs.
11. We can learn a lot about the development and expansion of the Axelar network and GMP by keeping an eye on these parameters over time.

🌡️ Analysis 🔥

🔎 Findings:

The charts above show the total transferred volume in dollars, total transactions, and Bridgers counts in both the Axelar network and via GMP calls (in log scale).

As can be clearly seen, the distance between these two is far too great, and GMP has a long path to get close to the Axelar network. 

The following graphs show these metrics over time by weekly.

🔎 Findings:

These graphs depict the transferring metrics over time on a weekly basis.

Even though the metrics for transferring in the Axelar network are much higher than those for GMP calls, the trend for GMP calls has been up in terms of user traffic and transactions, but this rise is too slow and can be ignored in terms of dollars transferred.

The charts below depict the growth momentum of these metrics; as can be seen, the momentum of transaction count is clearly increasing, but the momentum of transferred volume has not increased significantly since July.

⏳ GMP-Based Token Transfer Metrics in Last 90 days

🔎 Findings:

This section deals with GMP-based tokens transferred via GMP calls over the past 90 days. \n Although there has been an occasional spike in transferring metrics since last December, an explosion in transaction count, transferrers, and transferred volume were visible in the late January and early February weeks, with these metrics reaching their highest points on February 1 and 6. \n The USDC is the most popular coin in terms of all three metrics in the two forms of USDC and axlUSDC, accounting for more than 70% of all transferred volume.

⏳ GMP-Based Token Transfer Metrics in Last 60 days

⏳ New User

The graphs below reveal that 87K and 2880 new wallets transferred tokens using the Axelar Bridge and GMP calls, respectively. The Axelar Bridge is used more than GMP calls, showing its usefulness at bridging tokens between chains. Axelar Bridge activities spiked in January 2022 and GMP called in September and February 2022 and 2023. This may be due to improved infrastructure, marketing, or the release of Squid for GMP. Axelar Bridge usage has steadily increased since the initial boom. Competition or user preferences may be to blame. The Axelar Bridge's growing popularity shows its value as a token-bridging tool. The data analysis sheds light on Axelar Bridge usage and uptake. These findings can inform future development and enhancement initiatives and show the community the potential and benefits of the Axelar Bridge.

🔎 Findings:

In the current section the GMP-based tokens transferred via GMP calls have been assessed over the past 60 days.The results are as same as the previous sections findings.

Besides of the USDC, the meaningful finding is the third place of transferred token are belong to wAVAX with $170K volume that has been executed by approximately 700 transactions over past 60 days.

⏳ GMP-Based Token Transfer Metrics in Last 30 days

🔎 Findings:

The trend of transfer metrics over the last 90 and 60 days has accelerated in the last 30 days and reached its peak.

In my view, the largest number of transactions that have been executed to transfer the stablecoins tell us that the majority of crypto users saved their profits on the crypto "tiny summer," or in my opinion, "crypto spring," and can be said to indicate that the market has expected a price correction.

✍🏻 Conclusion

In summary, the data analysis reveals that while the Axelar network has significantly higher transaction and transfer volumes than GMP calls, the trend for GMP calls is increasing in terms of user traffic and transactions. However, this rise is too slow to compete with the Axelar network in terms of transferred volume in dollars. The majority of users are transferring stablecoins, particularly USDC and axlUSDC, indicating a preference for stable assets in a volatile market. The Axelar Bridge is being used and adopted at a higher rate than GMP calls, proving its usefulness as a mechanism for connecting tokens between chains. Notable peaks in activity for both Axelar Bridge and GMP calls occurred at different times, which may be attributed to increased marketing and user interest in these technologies. These findings can be utilized to guide future development and enhancement initiatives for the Axelar network and its features.

Hey there 👋!

Firstly, I appreciate you sticking with it until the conclusion.

I'm Hamed, a civil engineering Ph.D.

student interested in data analysis.

I've made many similar dashboards and visualizations since I started at Flipside in January.

Please take a look at my various contact details and let me know what you think.

About:

• Author: HaM☰d

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• Discord: 0xHaM☰d#8391

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• Twitter: @arjmandi_hamed

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• Email: h_arjmandi2012@yahoo.com