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    Squid Competitive Analysis

    Key takeaways: 1. Hop Protocol is the most popular in terms of transaction count and active users, followed by Bungee and LiFi. 2. The Ethereum network is the most popular blockchain for all the analyzed platforms in terms of volume and the number of interactions. 3. Bungee has the highest total volume with $2 billion, followed by LiFi with $1.33 billion, and Hop Protocol with $863 million. 4. Squid is a newer platform compared to its competitors and has a long way to go to catch up with the other platforms in terms of user and transaction count. 5. March 2023 was the most volatile month for Squid, with the highest number of users and transactions recorded during that period.

    ✨Introduction
    🛠️ Method

    The purpose of this dashboard is to compare Squid's growth metrics against those of its competitors, including LiFi, Bungee, and Hop protocol, which are the major cross-chain bridges for swapping crypto assets.

    To gather the necessary data, we utilized the fact_token_transfers tables from top EVM blockchains, such as Ethereum, Polygon, Arbitrum, Optimism, and Binance Smart Chain (BSC). We first located the contract addresses for each platform and then evaluated transactions that were sent to those addresses as origin_to_address.

    To analyze Squid's performance, we leveraged the axelar.core.ez_squid and event_logs tables, which provided more detailed information about Squid's transactions and metrics.

    The contract addresses for Bungee, LiFi, and Hop protocol were sourced from their respective documentation, as follows: here for Bungee, here for LiFi, and here for Hop protocol.

    By presenting the data in an interactive dashboard, with relevant visualizations and context, users will be able to draw insights and make informed decisions.

    The all-queries start date is '2023-02-15' , the date of Squid cross-chain bridge swap's official launch.

    Squid Protocol, is a decentralized cross-chain swap and liquidity routing protocol that enables users to easily swap and transfer tokens between different blockchain networks.

    The protocol utilizes existing decentralized exchanges (DEXs) to enable these transactions and can be accessed through an SDK, front-end, or contracts directly.

    One notable feature of Squid is its use of Axelar's generalized message passing, which allows for seamless one-click transactions between any application and any user, using any asset. This means users can buy NFTs from any marketplace, use multi-chain DeFi, or play games on other chains without the need to sign multiple transactions or download multiple wallets[1].

    Supported chains

    • EVM chains: Ethereum, Arbitrum, Avalanche, Polygon, Moonbeam, Binance Chain, Fantom and Celo
    • Cosmos chains: Cosmos Hub, Crescent, Injective, Juno, Kujira, Osmosis, Secret Network, Terra-2, Agoric, AssetMantle, Axelar, Comdex, Evmos, Fetch, Ki, Regen and Umee [2].

    Bungee is a bridge aggregator powered by Socket. Bungee enables users to find the best route for bridging Token X on Chain A to Token Y on Chain B. It finds multiple bridging routes via supported DEXes & bridges, considering any swaps that may be needed before/after bridging[3].

    A data mesh of cross-chain liquidity sources: cross-chain liquidity networks, bridges, DEXs, bridges, and lending protocols. As a bridge and DEX aggregator, LI.FI can route any asset on any chain to the desired asset on the desired chain, thus providing a remarkable UX to their users.
    All of this will be made available on an API/Contract level which comes as SDK, iFrame solution (deprecated), and as a widget for other developers to plug directly into their products. No need for users to leave your dApps anymore[4].

    Hop is a scalable rollup-to-rollup general token bridge. It allows users to send tokens from one rollup to another almost immediately without having to wait for the rollup’s challenge period[5].