what is axelar

Blockchain technology has become one of the most talked-about technologies today. Especially when blockchain technology allows us to work and earn more money without boundaries, the arrival of Axelar was a welcome addition. Imagine everything is seamless, and you can trade or make the exchange in the different platforms as you like. How great is that be! And because Axelar is designed to solve operational challenges, the ability to work on the blockchain becomes limitless. In addition, it’s compatible with a variety of blockchain systems. As the number of platforms continues to grow, Axelar’s arrival has become a significant benefit to both users and developers.

Axelar will make blockchain cross-platform communication seamless and more flexible. The universal interoperability of Axelar platform uses a decentralized network, a set of protocols, and APIs to link all blockchains together. Whether you’re interested in blockchain technology or trade crypto and NFTs, you’ve definitely heard about the ‘Axelar’ project. However, others may believe that a project with a futuristic name like Axelar has an idea that is too complicated for non-technical individuals. On the other hand, you may readily comprehend how Axelar works even if you are not IT knowledgeable or technically adept. We’ll introduce you to the Axelar world and provide a basic explanation of the concepts and benefits that regular users like you and me who are non-technical can easily understand.

Introduction

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:

Make it easy for blockchain developers to plug in and communicate with other chains.
Provide decentralized application (dApp) developers with cross-chain composability.
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.

Axelar Stack

On a high level, the Axelar network is a permissionless system which anyone can join to participate in various roles. The network is designed specifically to handle cross-chain requests with high safety, robustness, liveness, and governance. At the start, the network will power two foundational decentralized protocols:

Cross-Chain Gateway Protocol (CGP) is responsible for cross-chain routing and delivery across autonomous blockchains that may run based on different consensus protocols and finality rules, heterogeneous tech stacks, and even blockchains without smart contracts.
Cross-chain Transfer Protocol (CTP) is an application level protocol that serves as the gateway, allowing applications to perform simple queries via a unified API (think FTP, HTTP/HTTPS) to facilitate cross-chain operations. Dapps can send CTP queries to special gateways hosted on various blockchains, and CGP is responsible for their cross-chain delivery to the correct destination blockchains, and returning the results to the sending applications.

Summary and Conclusion

The highest peak of Axelar Satellite Bridge and Bridgers activity was during February and March 2022 and after that the activity over this bridge decreased significantly but there is again increasing activity over Satellite after October.
An average bridger performs 4 bridge transactions via Satellite.
The majority of bridgers have totally done 2-5 bridge transactions and there are only 5.78% of total bridgers who have done more than 10 bridges.
the wallet address 0x16c5d5ef8e8d41ad626ecb0d2f7b8179f4ae856e (Polygon) has performed the most number of bridge transactions via Satellite bridge.
Among the top 10 bridgers with most number of bridges, the source chain of majority of them was Axelar network.
The average number of bridges on with Axelar Network as source and Ki Network as destination is more than other chains.
The time between bridge transactions with Avalanche as source chain and Terra as destination chain is less than other chains which shows the high frequency of bridges by bridgers within these chains.
The wallet balance of bridger seems to have quite positive correlation with number of bridges on Satellite bridge. Wallets with more balance (can be called "Whales") have performed bridge transactions more frequently.
On the other hand, the users with less than $100 balance in their wallet have the least average number of bridges.

According to the above charts, the average time between bridgers’ bridges on Satellite is 7.69 days (almost 1 week). Moreover, we can see the Avalanche (as source chain) and Terra (as destination chain) have the highest frequency of bridges (lowest bars which show the lowest time difference between bridge transactions) among other networks.

in this part I found the different part of the consistent and IBC in the user number.

as you see in the first of the year IBC user number is too more than consistent and by the time every thing change and you see that at the end user number of the consistent increase and IBC user number decrease with low amount, but as you see the user number of the IBC is more than other.

so in this part we see that by the time user number of the consistent increase,

and user number of the IBC decrease by low amount,

as a total view user number of the IBC is more than consistent in all time.

and in 17 Sep user number of the consistent start to increase up to now.

so in this part I compare the user number and after this part I want to compare the transaction number.

📌Methodology

In this dashboard, We are going to check the frequency of bridges on Axelar’s Satellite by bridges.

For this, we are going to mainly use axelar.core.fact_msg_attributes table to extract the activity over the satellite bridge.

We have to use attribute_key column in order to extract data about the origin and the destination of bridges.

As far as I understood, the data about the source wallet address of bridger is not contained within axelar.core.fact_msg_attributes table but the actual destination wallet address of bridger (as well as its chain) is included in this table. So, I am going to consider the destination wallet address as the bridger wallet address in this dashboard.

To calculate wallet balance, I had to use ethereum.core.ez_current_balances and osmosis.core.fact_daily_balances tables for Ethereum and Osmosis chains since there is no daily balance table for other chains, Anyway, we can expand the results to the other chains too.

overview of Axelar Satellite bridge and bridgers

Based on the above data, there are almost 89k unique wallets who have bridged their assets via Axelar Satellite bridge with total number of 372K transactions which worth 1.574B
Moreover, we can see the most number of bridge activity has achieved during February and March 2022. (as a proof, based on the official Axelarscan website, February 2022 was the highest peak of bridging activity on Satellite).
Also, we can see the most number of bridgers were active during February and March 2022 and their number decreased significantly after March. But again and after October 2022, we can kinda see increasing activity of bridge and bridgers activity over time.

in this part I want to analyze the balance of the user.

as you see most of the user had low than 10 $ in their wallet by the 30 % of the total, and after that about 57% of the user had between 10-1000 $ in their wallet and by the 12 % of the wallet had about between 1k -100 K $ in their wallet and just 0.59 % of the user had more than 100K $ in their wallet.

so, in this part we see that most of the user of the AXL related to the amount 10-1000 $ by more than half of them and just low than 1 % of the user had more than 100K $ in their wallet.

so, in this part I analyze the balance of the AXL and at the final step I want to analyze the token that had most of the bridge.