Across Protocol Airdrop

    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.

    Introduction

    Across is a cross-chain bridge for L2s and rollups secured by UMA's optimistic oracle. It is optimized for capital efficiency with a single liquidity pool, a competitive relayer landscape, and a no-slippage fee model.

    Across has established a fund pool on the Ethereum mainnet. Cross-chain users will receive funds immediately after submitting cross-chain requests, and users who provide liquidity to the fund pool will be rewarded. The Optimistic Oracle of UMA, a decentralized financial contract protocol, was approved by It is used to ensure the speed and security of assets across chains. (Read More…)


    $ACX Token

    The ACX token governs the decisions that affect the function of Across Protocol as well as the decisions that manage the DAO’s treasury. It is an ERC-20 token. A token allows for decentralized ownership and control of the protocol. The ACX token will control Across Protocol, putting governance decisions in the token holders’ hands. Governance was “turned on” at token launch. The lifecycle of a proposal includes ideation, discussion, proposal, feedback, voting and execution. We use Forum and Snapshot as our governance platforms. Soon we’ll introduce an optimistic governance tool built in collaboration with UMA and Snapshot. In addition to governance, ACX also incentivizes liquidity providers and those participating in the Across Referral Link program.

    Based on the official Across airdrop landing page, a total of 1,000,000,000 $ACX will be minted at inception and 115,000,000 $ACX will be distributed through an airdrop to users who have contributed to Across.

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    Methodology

    1- In the first part, We are going to perform some analysis of $ACX airdrop and its claimers. For this, We need $ACX airdrop distributor contract address which is 0xe50b2ceac4f60e840ae513924033e753e2366487 and also $ACX token contract address which is 0x44108f0223a3c3028f5fe7aec7f9bb2e66bef82f. The main table that we are going to analyze the airdrop distribution activity is ethereum.core.ez_token_transfers. As mentioned above and also based on airdrop details on $ACX Docs, 115,000,000 $ACX will be distributed to users who have contributed to Across. The strange thing here is that on the Airdrop landing page, this is written that 125,000,000 $ACX will be distributed through an airdrop to users but if we sum the allocated amount for each group, the total amount will be 115,000,000 ! (70M LPers + 15M Early Bridgers + 10M Bridge Traveler Program + 20M Community Member = 115M), Also based on the $ACX Docs, there are 115M $ACX for the airdrop, So, i Just assume the 115M number for the total airdrop amount

    The data for this part is set to get refreshed once a day so you can come back later and check the airdrop claiming status !


    2- In the second part, We are going to compare Across Protocol bridge vs Hop and Synapse bridges on Ethereum. For this, we need following contract addresses:

    • Across Bridge: 0x4D9079Bb4165aeb4084c526a32695dCfd2F77381
    • Hop Bridge: '0xb8901acb165ed027e32754e0ffe830802919727f', '0x3666f603cc164936c1b87e207f36beba4ac5f18a', '0x3e4a3a4796d16c0cd582c382691998f7c06420b6', '0x3d4cc8a61c7528fd86c55cfe061a78dcba48edd1', '0x22b1cbb8d98a01a3b71d034bb899775a76eb1cc2'
    • Synapse Bridge: 0x2796317b0ff8538f253012862c06787adfb8ceb6

    The main tables that we are going to use for this part are ethereum.core.fact_event_logs (for identifying bridge transactions), ethereum.core.ez_eth_transfers (for ETH bridges), ethereum.core.ez_token_transfers (for non-ETH tokens bridges). For calculating the TVL for each bridge, I have used ethereum.core.ez_current_balances and ethereum.core.ez_balance_deltas tables with setting the user_address equal to the bridges contract addresses.

    For Across, I have filtered the data by removing the transactions from the relayer address (0x428ab2ba90eba0a4be7af34c9ac451ab061ac010) and also the address '0xf7bac63fc7ceacf0589f25454ecf5c2ce904997c' which has a different logic causing the decoding to output wrong values.

    Hop Protocol is a mechanism for transferring tokens over a shared layer 1 network quickly and without trust. It provides customers with a two-pronged token bridge for Ethereum's layer 2 network. The solution aims to facilitate the rapid movement of a token between layer 2 and a scaling solution's governance token.

    Synapse is a cross-chain bridge protocol that aims to interface blockchain networks at all levels - whether Layer 1, Layer 2, or sidechain. Specifically, it enables users to seamlessly swap assets from one blockchain network to another.

    Part 1: $ACX Airdrop (Refreshing Once a Day)

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    There are total maximum of 1,000,000,000 $ACX minted at the inception. 53.5% is allocated for the Across DAO Treasury, 25% is allocated to Strategic Partnership and Fund-Raise, 11.5% is allocated to the Airdrop distribution and %10 is allocated for the Protocol Rewards.

    115,000,000 (11.5%) of this total number is allocated for the Airdrop distribution. From this amount, 70M is for the Liquidity Providers, 20M is for Community Members, 15M is for the Early Bridge Users and 10M is for the Bridge Traveler Program.

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    • Based on the above data, at the time of this writing (30th November 2022), The majority of allocated $ACX token for the airdrop is not still claimed by eligible users.
    • You can also see the total, maximum, minimum, average and median claimed $ACX volume by eligible users.

    Based on the above charts, At the time of this writing (30th November 2022), a significant volume of airdropped $ACX was claimed during the first hour of distribution and as the time goes on, we can see decreasing claiming activity by eligible users over time.

    Also, similar to the many other airdrops activity on Cryptocurrency market, $ACX token has dropped off after the distribution because the majority of claimers usually claim and immediately sell their claimed token.

    At the time of this writing, 0x5d542fbf0c9c56f6f9d08b7fed3f53544b3b7902 has claimed the most $ACX from airdrop (119k $ACX).

    On the other hand, we can see currently the majority of $ACX claimers have totally gained 100 - 1000 $ACX.

    And based on the left charts, swap programs such as Uniswap, 1inch and 0x are the most popular destination of $ACX token claimers after the $ACX token contract address itself.

    As it was predictable, most number of $ACX aidrop claimers did not hold their claimed $ACX.

    Across vs Hop vs Synapse Bridges

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    Based on the above charts, HOP protocol is the most active bridge and has higher number of bridges and bridgers than Across and Synapse.

    But in terms of volume, we can see Synapse protocol in all terms (total, average, median and maximum) has the highest volume of bridges.

    Moreover, we can see the majority of bridges on Synapse are done with more than $10000 volume which can be the main reason behind that high volume of bridges on this protocol. On the other hand, the most number of Across bridges are done with $100 - $1000 volume while the majority of bridge transactions on HOP are done with $10 - $100 volume.

    Based on the above charts, first of ally we can see the highest peak of bridge activity on these protocols in terms of number of bridges and also active bridges was during June 2022 and mainly because of high spikes on Hop bridge. But in terms of volume, We can see January 2022 was the highest peak of bridges on these protocols and mainly because of Synapse bridge. Totally, we can see decreasing trend of Bridges activity and also volume and average volume of bridges over time as time goes on on all 3 bridges. In majority of days, Hop has the most number of bridges and active bridgers but the volume of bridges on Synapse is way more than other 2 protocols. Across is the newest bridge among these protocols and we can see this bridge has the lowert share in all days among these bridges bu its number of bridges is kinda increasing especially during recent days to the extent that its absorbing the number of Synapse bridges but the volume of bridges on this protocol is still way less than other 2.

    According to the above charts, despite higher number of bridges and bridgers on Hop protcol, we can see the average number and also volume of bridge by an Synapse bridges is more than other 2 bridges.

    Also, we can see the most number of Synapse bridgers have totally done more than $10000 bridge volume. On the other hand, the majority of Across bridgers have done $100 - $1000 volume of bridges and there is almost an equal share of users with $100 - $1000 and $10 - $100 bridge volume on Hop protocol.

    Moreover, we can see that most numebr of bridges on all 3 protocols have only done 1 bridge transactions. But the share of more active bridgers on Synapse is more than other 2.

    According to the left charts and as it was predictable, Total Value Locked (TVL) of Synapse bridge is more than other 2 bridges.

    Also we can see in majority of days, the TVL of Synapse was more than other 2 bridges.

    Totally, we can see massive decline in TVL of all bridges after May Terra collapse.

    Overall Comparison

    Daily, Weekly and Over-Time Stats

    In an average day, the total number of bridges and active bridgers on Hop protocol is more than Synapse and Across.

    But in terms of volume and as mentioned eariler, Synapse has by far the most average daily volume of bridges among these bridge protocols.

    Bridgers Stats

    Summary and Conclusion

    • From a total 1B maximum supply of $ACX token, 115M is allocated for the airdrop and was distributed through eligible users since 28th November. At the time of this writing on 30th November 2022, more than 90% of total allocated $ACX for airdrop is still not claimed by eligible users.
    • After airdrop, the majority of claimers are not holding their claimed $ACX and destinations such as swap programs (Uniswap, 1inch, 0x, …) are the most popular destinations of claimers with their $ACX token.
    • Across Protocol has the lowest bridging activity compared to the HOP and Synapse protocols.
    • In terms of the number of bridges and bridgers, Hop is the top one among these protocols but in terms of volume, Synapse has by far the most total volume of bridges in all days.
    • Across is way newer than the other 2 bridges and the evolution of its brdiges count was kinda satisfying and is almost absorbing the number of Synapse bridges but its total volume of bridges and also TVL is way less than other 2 protocols.
    • WETH (in terms of the number of bridges) and USDC (in terms of volume) are the most popular bridged assets through these protocols.
    • Despite the higher number of bridges and bridgers on Hop, Synapse bridgers were more active and of course more worthy than bridgers on the other 2 protocols.
    • Totally, Across has a long way to reach its competitors’ level and its bridging activity and also the volume of bridges is still way less than Hop and Synapse.

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    External Sources:

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    On the left charts, we can see the total number and also volume of bridges on these 3 protocols breakdown by bridged asset.

    As we see, in terms of number of bridges, WETH is the most bridged asset through these 3 protocols.

    But in terms of bridges volume, on Across and Synapse, USDC is the top bridged asset but on HOP, WETH is still the top bridged asset through this protocol.

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    Based on the above charts, the wallet address 0x15652636f3898f550b257b89926d5566821c32e1 has by far done the highest number of bridges on Across protocol with more than 20k bridge transactions. The most active bridger on Hop protocol is user address 0x710bda329b2a6224e4b44833de30f38e7f81d564 with more than 53k bridges and the most active Synapse bridger is 0x230a1ac45690b9ae1176389434610b9526d2f21b with more than 121k bridges ! Totally, we can see high difference between most active bridger and other top bridgers on all 3 protocols.

    In terms of volume, the wallet address 0x9a8f92a830a5cb89a3816e3d267cb7791c16b04d has bridged the most volume over Across (more than 54M USD). Top bridger on Hop is 0xa6a688f107851131f0e1dce493ebbebfaf99203e who have bridged more than 431M USD. on Synapse, the difference between Top bridger with others is way too high ! the wallet address 0x230a1ac45690b9ae1176389434610b9526d2f21b which was also the most active bridger have done more than 6B USD bridgers through Synapse !

    Assets

    Across Vampire Attack!

    The Across Protocol somehow Vampire Attacked rival projects! if a user works with a number of competing bridges including Hop they have the possibility to receive the Across’s $ACX token!