Dashboard Introduction

In summary, in this dashboard, we are going to take a look at the activity over two main Axelar bridges, Squid and Satellite from 20th February till today, in order to realize the impact of the Interop summit on the bridges' volume. Moreover, I am going to analyze the activity of Squid bridgers via their swapped asset through this protocol.

What is Token Bridging?

Bridging refers to the process of connecting two or more blockchain networks, allowing assets to move between them. A bridge is a technology that enables interoperability between different blockchain networks, allowing users to access and use assets that exist on different chains.

Bridging is typically accomplished through the use of specialized protocols or platforms that facilitate the movement of assets between chains. For example, a user may want to move ETH to the Optimism Chain. In order to do so, they would need to use a bridge that connects the two chains, allowing the token to be transferred from one chain to the other.

Bridging can be an important feature for decentralized finance (DeFi) applications, as it allows users to access assets and liquidity across multiple blockchain networks. It can also be used to facilitate cross-chain interactions between different dApps, enabling the creation of more complex and interconnected decentralized systems.

Axelar

Axelar Network is a cross-chain communication protocol that aims to enable seamless interoperability between different blockchain networks. It is a decentralized network that allows users to transfer assets, data, and value between different blockchain ecosystems.

Axelar Satellite is a component of the Axelar Network that serves as a decentralized messaging and notification system. It enables the transfer of messages and notifications between different blockchain networks, providing a communication layer that allows users to interact with different chains.

Axelar Squid Router is another component of the Axelar Network that acts as a routing system for inter-chain communication. It routes messages and transactions between different chains using a decentralized routing algorithm that ensures reliability, security, and efficiency.

The main difference between Satellite & Squid is that on Satellite, users can transfer an asset from 1 chain to another chain, but on Squid, users can transfer an asset from 1 chain to ANOTHER ASSET on another chain. Together, these components enable the Axelar Network to provide a seamless and decentralized way for users and developers to interact with different blockchain networks.

Interop Summit

The Interop Summit is blockchain’s first-ever universal gathering point for builders creating dApps that span Web3. The 2-day event brought together the best minds from every ecosystem as speakers and educators in workshops, panels and private VIP events.

Instead of thinking primarily about the ecosystem, Axelar thinks of the user primarily, delivering any desired function or connection, and welcoming any user asset or authentication. They think of architecture and infrastructure, too, building and running programs in the location that is best for their rapid development and secure, scalable execution.

That's why Axelar presented the Interop Summit, as a place for builders in this emerging cross-chain future to come together and learn from each other.

The Interop Summit took place at ETHDenver's BUIDLweek, Feb. 27-28, 2023.