What is Axelar?

Axelar is the universal overlay network, securely connecting all blockchain ecosystems, applications, assets and users to deliver Web3 interoperability. It is a full-stack decentralized transport layer, meeting growing demand for cross-chain services with maximum blockchain security and composability.

Axelar has three components:

1. A decentralized network.
2. A set of gateway smart contracts that provide the connectivity between the Axelar Network and its interconnected external chains.
3. A software development kit (SDK) of protocols and APIs.

In short, Axelar is blockchain infrastructure that enables users who own assets on one blockchain to use these assets in any application on any other blockchains, securely. It allows developers to build on the best platform for their use case, providing connections to users, assets and data on every other ecosystem, without excessive gas fees, additional development costs or rolling out their own cross-chain infrastructure. Like the overlay networks that provide core internet infrastructure, Axelar provides an ecosystem with services that are otherwise unavailable, expensive or inefficient. It sits on top of other networks, and by virtue of having global “visibility” into other networks, it can provide better quality of service.

Section 1: How much total $axlUSDC has been generated via Satellite?

Methodology

• Table axelar.core.fact_msg_attributes have been used.
• For first step we had to find satellite bridge transactions. these transactions have been find from fact_msg_attributes by tracking transaction with ATTRIBUTE_KEY='destinationChain'.alsi the origin chains have been determined.
• We found out satellite take constant fee for each chain Independent of volume of bridging also there is no clear information about bridge fee in axelar tables. so we got the fees manually. after testing for different chain we determined the fees as below:

 case
when ATTRIBUTE_VALUE in ('Ethereum') then 10
when ATTRIBUTE_VALUE in ('Avalanche','agoric','assetmantle','aurora','Axelarnet','comdex','cosmoshub','crescent','e-money','evmos','fetch','juno','injective','ki','kujira','osmosis','regen','secret','stargaze',
'terra','terra-2','umee') then 0.5
when ATTRIBUTE_VALUE in ('binance','Fantom','Moonbeam','Polygon','arbitrum','celo') then 1 
else null end as bridge_fee

Notice: All values are in $axlUSDC

Section 2: What origin chains have generated the most fees?

✅Answer 2:

• Due to the high fee in the ETH ecosystem, the ETH consist of 60% of “The share of each blockchains in the total of bridge fee stream“.
• The volume of the ETH in this metric is more than 700K $axlUSCD!

The most of the generated fee has been originate from the ETH ecosystem

• The “Terra“, and “Polygon“ have the second and third place in this metric by the 134K, and 111K $axlUSDC volume, respectively.

• At the beginning of the fee generation, the “Terra“ is one of the blockchains with the very high “Fee generation“ share.

  As it clear the share of the “Terra“ is more than “ETH“ in some days.

• But after the “Terra crash“ the share of “Terra“ in this metric has been damped significantly!

• \

• The six blockchains has been play role in this metric up to the 16 May. After that the composition of the blockchains changed and new blockchains added to this composition and some of the old blockchains removed from this chart. The share of ETH increased to more than 90%, also.

• Osmosis had a stable daily fee. about 5% of all fees. Binance had a stable daily fee so.

What is Satellite?

Satellite**, one of the first ecosystem applications powered by the Axelar Network. Satellite is a decentralized cross-chain asset transfer application, which enables users to transfer assets they hold on a source chain to an address on a different destination chain.

Upon launch, Satellite will support the transfer of native Terra assets such as LUNA and UST between several EVM and non-EVM chains such as Terra, Avalanche, Polygon, Ethereum and Fantom, with Moonbeam added shortly thereafter. Multiple networks and assets will be added in the coming weeks and months.

Satellite is the first app to demonstrate that Axelar connects all Cosmos chains via IBC and its GCP protocol with multiple ecosystems. Axelar serves as the translation layer that allows Cosmos assets to flow freely to all Axelar-interconnected networks and back. Axelar supports routing, finalizing and executing transactions in different “languages”.

✅Answer 1:

• The total amount of bridge fee that generated in the satellite is ==1.173M== axlUSDC.
• The stream of the fee generation in the satellite has been visualized in two different chart.
  • Daily stream
  • Cumulative

Based on the charts above, the generation of the fee started from the ==December 30, 2021== by ==3==!

After that, there will be no more recordings until ==January 13, 2022==. At the end of this month, the steep uptrend in fee generation started and the two spikes that are too steep are seen on February ==2nd and 3rd==.

The generation of fees decreased a bit, but until ==February 23rd== the trend is upwards. After that the downtrend started and the fee generation dropped from more than ==13k== (==Feb 26==) to less than ==500== (==May 7==)! The "winter of the crypto market" is in this period!

After severe drop, a mini uptrend can be seen between ==May 9-12==. There are several mini-trends throughout the daily stream of the fee generation chart, such as ==June 13 - September 9, September 16 and September 27== and ... .

These facts can be confirmed and reflected by the cumulative chart.

We can explain the above fact by the slope of the cumulative graph.

References:

flipsidecrypto.com