Squid Launch Analysis
Squid is the cross-chain swap and liquidity routing protocol on Axelar Network. In this dashboard, the performance of the Squid platform is evaluated.
What is Squid❓
Squid is the cross-chain swap and liquidity routing protocol on Axelar Network. Squid utilises existing DEXs to swap and send any native token between chains. This can be done via SDK, Front End or Contracts directly. Swaps are composable with Axelar's generalised message passing, so Squid can enable one-click transactions between any application and any user, using any asset.
🧱Strategy
In general, Squid supports two types of chains, which are:
1️⃣ EVM chains:
Ethereum, Arbitrum, Avalanche, Polygon, Moonbeam, Binance Chain, Fantom and Celo
2️⃣ Cosmos chains:
Cosmos Hub, Crescent, Injective, Juno, Kujira, Osmosis, Secret Network, Terra-2, Agoric, AssetMantle, Axelar, Comdex, Evmos, Fetch, Ki, Regen and Umee.
Considering that only the data of Ethereum, Arbitrum, Avalanche, BSC and Polygon chains are available in the Flipsidecrypto database. Therefore, we consider these 5 chains as source chains and analyze currency swaps from these chains to other EVM chains. Note that Cosmos chains are not considered in this dashboard.
✨Methodology
In this dashboard, some tables in the Flipsidecrypto database are used to extract data. These tables are:
1️⃣ ethereum.core.fact_token_transfers
arbitrum.core.fact_token_transfers
avalanche.core.fact_token_transfers
polygon.core.fact_token_transfers
bsc.core.fact_token_transfers
-> Using the table related to each chain, the status of transfers from the same chain to other networks was evaluated.
2️⃣ ethereum.core.fact_decoded_event_logs
arbitrum.core.fact_event_logs
arbitrum.core.fact_event_logs
arbitrum.core.fact_event_logs
arbitrum.core.fact_event_logs
->These tables are used to find destination chains.
All the data are displayed in the daily time frame, on the other hand, it is from January 25 onwards.
To identify transactions related to currency swaps from each of the source chains to other chains, we have used: to_address='0x0000000000000000000000000000000000000000'
and contract_address -> 'Axelar USDC: axlUSDC Token'
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