Overview

Axelar provides a decentralized network and tools that help connect dApp builders with multiple blockchain ecosystems, applications, and users for frictionless cross-chain communication. Axelar consists of a protocol suite, tools, and APIs, designed to break down the barriers to cross-chain communication.

Axelar, can be described as a secure cross-chain communication infrastructure provider that several chains including Osmosis DAO are using as a bridge to connect with not only the Ethereum ecosystem but other important chains. With Axelar, Osmosis supports swaps with Ethereum, Avalanche, Binance Smart Chain, Polkadot, and Polygon ecosystems, creating the first permissionless, one-click application for universal cross-chain swaps.

Methodology

This dashboard has been built with the goal to look at the activity of the axlUSDC token across the Cosmos ecosystem.

To do so, we are gonna try to analyze the following metrics:

• axlUSDC Satellite Bridge transfers
• Satellite axlUSDC Bridge transfers by chain
• Osmosis axlUSDC IBC Transfers comparison against ATOM and other USDC assets

Looking at the weekly axelar transfers, we can see that it was increasing during the first w aeeksnd then remained quite similar over the next weeks from mid August to finals Ocotber. Since Nivember, the transfers seems to be increased a little bit.

Looking concretely on the axlUSDC transfers, we can see how the percentage was at around 20% during the first weeks and become steady from August to October. However, the percentage has decreased to 13% since October.

Finally, looking at the amount transferred per each token bridged, we can see how in this case, axlUSDC token is over the average. In all of the cases, it seems that the amount transferred decreased over time. But while the amount of axlUSDC has been between 3k and 7k, the average on other tokens has been below 1k.

Key insights

• Axelar transfers were increasing during the first w aeeksnd then remained quite similar over the next weeks from mid August to finals Ocotber. Since Nivember, the transfers seems to be increased a little bit.
• axlUSDC transfers represents around 20% during the first weeks and become steady from August to October. However, the percentage has decreased to 13% since October.
• The amount transferred per each token bridged, axlUSDC token is over the average. In all of the cases, it seems that the amount transferred decreased over time. But while the amount of axlUSDC has been between 3k and 7k, the average on other tokens has been below 1k.
• The amount of axlUSDC transfers have increasing during the first weeks thanks to Kujira chain. However, its transfers decreased over time. Something similar occurred with Polygon. However, on Ethereum it happened on the other way around, the amunt of transfers has been increasing over time. In terms of percentages, we can see that Kujira passed from almost 50% to less than 10% of the transfers, while Ethereum passed from less than 20 to more than 25%. Regarding the amount transferred, we can see how in this case, the Ethereum chain has been the most dominant from the beginning until now. In fact, if we take a look at the distribution of amount transferred, we can see how the percentage on Ethereum has increased from around 60% to more than 80%.
• Looking at thet tokens transferred on Osmosis, we can see how it increased dramatically since Janauary 2022. Splitting the transfers per token, we can see how basically the amount has been registered thanks to ATOM. axlUSDC token transfers started to appear on Osmosis on mid April. Since that, the amount of transfers has increased but in a lower numbers. The rest of USDC tokens have less transfers than axlUSDC.
• While the other axlUSDC represents less than 1% in comparison to ATOM and axlUSDC, axlUSDC represents more than 5%. The rest is for ATOM.
• Something similar occurs with the amount transferred, but in this case, the percentage of axlUSDC is higher representing more than 35%. The average amount transferred has increased for axlUSDC and now has the highest numbers in compairison to the other tokens.

Now, we are gonna look the weekly axlUSDC transfers per chain. In this case, we can see how there are several available chains from which axlUSDC can be bridged.

On the first charts, we can see how the amount of transfers increasing during the first weeks thanks to Kujira chain. However, its transfers decreased over time. Something similar occurred with Polygon. However, on Ethereum it happened on the other way around, the amunt of transfers has been increasing over time. In terms of percentages, we can see that Kujira passed from almost 50% to less than 10% of the transfers, while Ethereum passed from less than 20 to more than 25%.

Regarding the amount transferred, we can see how in this case, the Ethereum chain has been the most dominant from the beginning until now. In fact, if we take a look at the distribution of amount transferred, we can see how the percentage on Ethereum has increased from around 60% to more than 80%.

Kujira in this case has also experimented a dropped from 20% of the amount to less than 5%. Other chains like Osmosis represents aorund 5%.

Looking at thet tokens transferred on Osmosis, we can see how it increased dramatically since Janauary 2022. Splitting the transfers per token, we can see how basically the amount has been registered thanks to ATOM. axlUSDC token transfers started to appear on Osmosis on mid April. Since that, the amount of transfers has increased but in a lower numbers. The rest of USDC tokens have less transfers than axlUSDC.

In terms of percentages, while the other axlUSDC represents less than 1% in comparison to ATOM and axlUSDC, axlUSDC represents more than 5%. The rest is for ATOM.

Something similar occurs with the amount transferred, but in this case, the percentage of axlUSDC is higher representing more than 35%. The average amount transferred has increased for axlUSDC and now has the highest numbers in compairison to the other tokens.