Introduction

Axelar Network

Axelar network is a blockchain that connects blockchains, enabling universal Web3 interoperability. The network is secured using proof-of-stake consensus, and messages are routed and translated using permissionless protocols. As an analogy, Axelar is like Stripe for Web3. Axelar delivers secure cross-chain communication for Web3. Our infrastructure enables dApp users to interact with any asset or application, on any chain, with one click.

Axelar is composed of a decentralized network of validators, secure gateway contracts, uniform translation, routing architecture, and a suite of software development kits (SDKs) and application programming interfaces (APIs) to enable composability between blockchains. This allows developers to build on the best platform for their use case, while being able to access users, assets and applications in every other ecosystem. Instead of pairwise cross-chain bridges, they can rely on a network architecture that provides a uniform code base and governance structure.Axelar’s ultimate goal is to build the underlying infrastructure for onboarding the next billion people onto Web3. In order to achieve this goal, Axelar will:

1. Make it easy for blockchain developers to plug in and communicate with other chains.
2. Provide decentralized application (dApp) developers with cross-chain composability.
3. Allow users to interact seamlessly with applications across multiple ecosystems.

The Axelar SDKs provide a rich suite for developing Web3 applications, ensuring that developers have the tools they need for building. With these tools and APIs, developers can use the Axelar network and its SDKs to write dApps that can be easily deployed across all Axelar-connected ecosystems. In other words, Axelar distills cross-chain interoperability down to a simple set of API requests. This is absolutely central to adoption, as the developer experience around deploying Web3 applications must be like the experience today for Web2 developers, where the underlying networking and ecosystem-specific deployment considerations are largely abstracted away.

Satellite Bridge:

Satellite is a web app built on top of the Axelar network. Use it to transfer assets from one chain to another.

What is Osmosis?

Osmosis is Layer-1, Proof-of-Stake (PoS) blockchain built using the Cosmos SDK that has optimized its design to be a sandbox for automated market makers (AMMs). The chain enables developers to design and deploy customized AMMs by using its various modules and leveraging Osmosis' on-chain governance system.

Methodology

In this dashboard, We are going to analyse Axelar Satellite Bridge Activity To (and also from) Osmosis network.

We are going to analyse which assets are being bridged more than other assets to the Osmosis via Axelar satellige Bridge. (mainly using ==axelar.core.fact_transfers== table)

• To extract the origin and destination chains, I have used “REGEX” command to filter out the chain from the sender or receiver’s wallet address.
• In some cases, I have also analysed the estimade volume of bridges via satellite but the result may not be so accurate. since the amount written on amount column in fact_transfers table is the native’s currency amount, we have to use osmosis.core.dim_prices to extract the average USD price of each currency on each day, But, the currency column on transfers table is not the same as the symbol column on dim_prices table. So, we have to: 1- make dim_prices symbols lower case to match with some currencies on transfers table. 2- remove some extra characters such as “u” from the currency column on transfer table and again match them with symbol column on prices table. 3- some assets such as USDC,USDCT, UUSD, … are not listed on dim_labels so I have added them manually to the results (since their price is 1 USD always, our work is easy without having to join them with price table) 4- some other currencies are not listed and unfortunately we have to ignore them (Only for Volume analysis).

And then, We are going to analyse the activity of Osmosis bridgers on Osmosis, after bridging their asset to Osmosis. (using ==osmosis.core== table).

in All steps, I am only considering succesful transfers (TX_SUCCEEDED = 'TRUE')

According to the left chart, there are total 243.4k bridge transactions done on Axelar Satellite bridge and made by 240.3k unique wallets.

And on the left chart, we can see the average daily number of bridges from Osmosis to the other chains is more than incoming flow to the Osmosis.

In an average day, there are 61.86 bridges to the Osmosis made by average number of 19.77 users.

According to the left chart, majority of bridges to Osmosis via axelar satellite bridge come from the Axelar chain.

Also, we can see majority of bridges has been started from Septemer and before that, we can see way low number of bridges from other chains to Osmosis.

Totally in all days, as mentioned, Axelar is the major origin of bridges to the Osmosis chain.

On the left charts, Firstly we can see the number and also volume of bridges and bridgers from Osmosis to other chains is way more than bridges from other chains to Osmosis.

We can see more than 80% in terms of number of bridges and more than 96% in terms of number of bridgers have bridged from Osmosis to the other chains.

Till today (9 November), there were total 11.568k bridges to Osmosis via Axelar Satellite bridge.

Bridges From/To Osmosis Via Axelar Satellite Bridge

Origins

Assets

Based on the left charts (are logarithmic), AXL is the most bridged asset from other chains to the Osmosis chain. On the next ranks, we have some other assets such as USDC, WETH, WBTC, OSMO and DOT.

On the other hand, we can see USDC is the most bridge asset from Osmosis to the other chains via satellite bridge.

According to the left charts, AXL has the most average daily share of bridges from other chains to the Osmosis and USDC, WETH and WBTC are on the next ranks.

On the above charts, as mentioned above, Firstly we can see increasing bridges activity to the Osmosis via Axelar satellite bridge since September. Before this date, almost 100% of all bridges to the Osmosis was belong to the AXL, but after this date, we can see increasing share of assets such as USDC,, WETH and WBTC as time goes on but still they are not even close to the AXL token.

Bridgers Analysis

Based on the above charts, Firstly we can see majority of bridgers to the Osmosis has totally done only 1 bridge transactions (more than 62.1% of total bridges to the Osmosis). On the 2nd rank, we have users who have performed 2-5 bridges to this chain.

Moreover, we can see majority of assets such as DAI, LUNA, MKR, OSMO, USD and AXL, have bridged only once by a bridger to the Osmosis chain. But the bridgers of some assets such as ATOM and USDT, have bridged these assets 2-5 times to the Osmosis.

Emitted Messages

Now on this part, I am going to get help from Osmosis.fact.core tables to analyse the bridgers behavior after bridging their asset to the Osmosis. I have done this in 2 ways and 2 methods:

Firstly, I am going to analyse the emitted messages by these bridgers to the Osmosis via Axelar satellite bridge. For this, I am going to analyse data for all emitted events after the Bridge and and also the FIRST emitted event after bridging to the Osmosis with joining osmosis.core.fact_msgs and osmosis.core.fact_transactions tables.

According to the above data, in terms of number of transactions, Message, TX, Coin Received and Coin Spent are the most emitted messages by the bridgers to the Osmosis after bridging to this chain.

In terms of number of users, we can see Coin Received, Transfer and Message are the most emitted messages by these newly bridgers.

But in terms of FIRST emitted event after briding, We can see TX and Message are by far the most emitted events by the newly bridgers to the Osmosis chain. the next FIRST emitted events in this ranking are Coin spent, Coin Received, Transfer and token swapped.

Action Types

Now in this part, the results are more comprehensible. Here, I have used almost all users action-related tables on the osmosis.core table to specify the action type of users after their bridge to the Osmosis ecosystem. In this purpose, I have used osmosis.core.fact_governance_proposal_deposits for ==Governance Deposit== Actions, osmosis.core.fact_governance_submit_proposal for ==Governance Propose== actions, osmosis.core.fact_governance_votes for ==Governance Vote== actions, osmosis.core.fact_liquidity_provider_actions for ==Liquidity Providing== actions, osmosis.core.fact_locked_liquidity_actions for ==Locked Liquidity Providing== actions, osmosis.core.fact_staking for ==Staking== actions, osmosis.core.fact_superfluid_staking for ==Suprefluid Staking== actions,

osmosis.core.fact_swaps for ==Swapping== actions and osmosis.core.fact_transfers for ==Transfer== actions,

Same as emitted message, I am going to analyse all actions + First actions after users’ bridge to the Osmosis.

According to the above charts, Majority of bridgers to the Osmosis chain, perform Swap and Transfer actions after bridging.

Almost 50% of all transactions done by bridgers to the Osmosis after bridging belong to the Swapping actions. But, in terms of users count, we can see swapping share is 33.3% and Transfer actions is the second popular with 31.1% share.

On the next ranks, we can see Staking and LP actions as the most performed action after bridging to the Osmosis.

In terms of FIRST done action after the bridging, we can see Swapping is by far the most popular.

So, the majority of users are performing swap actions on Osmosis after bridging.

As mentioned above, almost 75% of all FIRST transactions and also bridgers have interacted with the Osmosis swap program. The difference between Swap and Transfer is so far (compared to the previous non-first actions charts)

On the above charts, we can see there are almost equal share of top emitted messages (TX, Message, Coin Spent, Coin Received and IBC transfer) in majority of days over time on the Osmosis chain.

And according to the above charts, we can see Transfer action had the lead on the first months of the chart, but after a while and especially after July, we can see huge increasing share of Swap actions by the newly bridgers to the Osmosis over time. Totally, we can see these 2 actions (swap and transfer) have the most share in all days and the other actions have almost equal share in all days.

Based on the left chart , the user address osmo1x3z2vepjd7fhe30epncxjrk0lehq7xdqe8ltsn is by far the most active bridger to the Osmosis via Axelar satellite bridge**.** This user has by far performed the most number of bridges from other chains to the Osmosis chain.

Summary and Conclusion

• The number of bridges from other chains to Osmosis is way less than bridges from Osmosis to the other chains.
• AXL is by far the most popular bridged asset to the Osmosis chain and assets such as USDC, WETH, WBTC and OSMO come on the next ranks which their share is increasing as time goes on but still have a long way to get close to the AXL token.
• The majority of bridges to the Osmosis have been occurred after September 2022.
• Axelar network is the chain with the most inflow to the Osmosis. Terra is on the second rank with very high difference.
• The user address osmo1x3z2vepjd7fhe30epncxjrk0lehq7xdqe8ltsn is by far the most active bridger to the Osmosis via Axelar satellite bridge**.**
• The majority of users have bridged only 1 time to the Osmosis. Most number of assets (including AXL and USDC as the top assets) have also bridged only once per bridger.
• TX and Message are the most emitted message by the newly bridgers to the Osmosis and other messages such as Coin Received and Coin Spent are on the next ranks.
• Swap and Transfer actions are by far the most performed actions by the newly bridgers to the Osmosis.
• In terms of the FIRST action, Swap is by far the most performed action after bridging to the Osmosis.

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