Across Protocol Airdrop

    Introduction

    • In this Analysis, You will Read about the Across protocol. Recently, Across launched its native token called ACX and distributed it to its early users. We want to know how users claimed their airdrops. Also, You will read about Across comparison with Hop protocol and its TVL.

    • So, I went through Across protocol and Analyzed these parameters:

    • Token Distribution

    • Tokens breakdown

    • Across users activity

    • Across Vs. Hop TVL

    • Across Vs. Hop Bridge

    Analyzed by Hess - Reading Time Almost 12 Min.

    What is Across protocol?

    • Across Protocol allows users to borrow liquidity from decentralized repeaters to transfer tokens between different chains (layers) instantly and with low fees. Repeaters can pre-fund users for instant transfers between chains.

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    What is Hop Protocol?

    • Hop protocol is a mechanism for transferring tokens over a shared layer 1 network quickly and without trust. It provides customers with a two-pronged token bridge for Ethereum's layer 2 network. The solution aims to facilitate the rapid movement of a token between layer 2 and a scaling solution's governance token

    Across Airdrop Criteria

    • A total of 1,000,000,000 $ACX will be minted at inception and 125,000,000 $ACX will be distributed through an airdrop to users who have contributed to Across.

    • Community members who have meaningfully contributed to Across prior to the community snapshot (September 1, 2022). This includes a discord role-based allocation as well as a bonus allocation for many community members who went above and beyond.

    • Active bridge users identified by the Bridge Traveler program who have not used Across prior to September 1, 2022. These users need to complete a bridge transfer on Across ahead of the ACX token launch to become eligible. The amount of ACX committed to this program is 10MM. Users who complete a bridge transfer will share these tokens with some allocation variability depending on past bridge activity.

    • Users who bridged assets before the Across Referral Program (July 18th, 2022). These tokens will be allocated to wallets pro-rata by the volume of transfer completed. A minimum transfer amount is required and a maximum airdrop size will be applied.

    • Liquidity providers who pool ETH, USDC, WBTC or DAI into the Across protocol before the token launch. The amount of rewards to LPs are pro-rated by size and a fixed amount of tokens will be emitted at each block since the inception of the protocol.

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    Full Analysis

    Method

    • I found the ACX token contract address which is 0x44108f0223a3c3028f5fe7aec7f9bb2e66bef82f. Then, I used Fact token transfer and put the Across token contract as the contract address. I found out that Airdrop was sent by this address 0xe50b2ceac4f60e840ae513924033e753e2366487. So, I put this address as from_address too. ACX token decimal is 18. I converted the Raw amount and then examined the hourly distribution.

    ACX Airdrop

    Before I examine the claim activities by users, I should mention that so many users reported that Across Airdrop wasn’t fair. As they said, Due to the price of the ACX token, The granted amount wasn’t enough. For some users, The claim fees were higher than the value of Airdrop.

    • Let’s take a look at ACX airdrop until now. Since November 28, Users were able to claim their ACX airdrop. As you can see, Most users claimed their Airdrop at the beginning of November 28. When Claiming the ACX token became active. Overall, 930 Unique wallets claimed their Airdrop until December 1.
    • Also, Users claimed nearly 3.5M ACX tokens in the last three days. Most of them claimed their ACX tokens when claiming became active. More than 60% of ACX tokens were claimed at the beginning of November 28. Still, users are claiming their Airdrop.

    Let’s Check some facts about Across ACX token airdrop.

    • The average ACX amount per user is 3820 tokens. Right now, The price of ACX tokens is around 0.04. So, The average value of Airdrop was 150 US dollars. The median ACX amount was 592 which is worth 23 US dollars.
    • The highest amount of Airdrop was 119K ACX which was claimed in the first hour. The lowest amount of Airdrop was 0.003 until now. The Fee price was higher than this amount.
    • Over time, Most users with a large amount of ACX tokens claimed their Airdrop became hour by hour the average and max amount decreased. Right now, The average ACX token decreased to 1192 which is worth 47 US dollars.

    Unlike some users, A lot of users earned more than 17K ACX tokens. I examined the top 50 wallets based on the total claimed ACX. As you can see, Only four users claimed more than 100K. The lowest amount of ACX tokens in the top 50 addresses, was 17K ACX.

    Overall, Less than 10 users claimed a huge amount of ACX. Others were less than that.


    In order to understand better, I broke the number of users based on their Airdrop amounts.

    • The large group of users claimed 100-1K ACX tokens. The second top users belong to the category with 1K-10K ACX tokens.
    • Only 4 wallets hold more than 100K ACX tokens.
    • If we ignore the ACX whales, The lowest amount of airdrops was belong to the group of users with 50-100 ACX.

    Across User balances

    I put users into two main categories. Normal users Vs. Whales. Users that hold more than 100K US dollars in their wallets I called whales.

    • Only 1.6% of claimers were whales. Others were Normal users. As you can see, only 15 unique wallets have more than 100K US dollars.
    • The large group of users had 10-100 and 100-1K US dollars in their wallets. There were 50 unique wallets that had up to 1$ in their wallets.

    In order to know Across protocol users better, I examined their balances and their holding tokens. Are they Stablecoin persons or other tokens?

    • Across users hold nearly 2.25M cbETH in their wallets. Also, They are holding 288 stETH and 845K ETH. Based on these three tokens, I can say Across users are ETH persons. However, The second top token held by Across users is USDC with 2.1M US dollars. I can see USDT and DAI in their wallets too.

    Across User Activities

    After three years of experience in Cryptocurrencies and more than one year in Airdrops, I didn’t see any tokens that users hold more than sell. I mean most Airdrop users sold their tokens in the first hour after the claim. This theory was the same for Across Protocol Airdrop. 41% of Users hold their Airdrops until December 1 and others sold their tokens.

    • I can see 33% of users transferred their Airdrops to the second wallet. Most of them, Used Uniswap after transferring their Airdrops to other wallets. It seems they swapped their tokens on Uniswap.

    I examined the Across protocol user activities before Across Airdrop to know the user’s type better.

    • Until June 2022, Across users have activities in NFTs. About 25-32% of transactions were in Opensea by Across users. But After June, Their activities on Opensea decreased and for the last 3 months, I can not see any other activities on Opensea. However, Remember that I filtered the top 10 daily projects. Maybe Opensea wasn’t in the top 10 daily anymore after June.
    • Uniswap was always popular for Across users. They had a 20-35% share on Uniswap since January 2022.
    • The interesting finding is that About 4-6% of Transactions on some days were Gitcoin donates.
    • Over time, Their activities on Hop Protocol and Coinbase increased. Also, Their activities on Sushiswap decreased since January 2022.

    Top Projects by Across Users:

    • Uniswap → DEX and Liquidity
    • Opensea → NFTs
    • Hop Protocol → Bridge
    • Coinbase → CEX
    • ENS → Domain

    Chains Activity

    Metamask and Trust wallets are the two most popular wallets that users use every day. The user address on most chains is similar. So, Based on that, We can track Ethereum user’s activity on other chains too. I examined Across user’s activities and compared their activities on a different chain.

    • Polygon is the most popular chain for Across users. They had more than 250K transactions in that chain.
    • Until April 2022, BSC was the most popular chain Across users. Nearly 40% of their transactions were in that chain but over time, the daily shares decreased and reached 5% on some days.
    • Users had the lowest activities on the Avalanche chain. Only 43K transactions were recorded for this chain.
    • Since May 2022, User’s activities increased on the Optimism and Arbitrum chain. These two chains became the top 3 chains for Across users.

    Across TVL ( On-Chain and Off-Chain data)

    I couldn’t find the correct TVL of Across based on on-chain data. Until May 20, The TVL was correct but after that USDC shares decreased. However, the pattern is correct.

    I checked Across and Hop TVL from https://defillama.com/ website. Based on this website, The current TVL of Across is 80M US dollars and Hop Protocol is 70M US dollars. Across has 10M more in comparison to Hop.

    • Based on Across Competitors, Only 2 protocols have more TVL. Stargate with 342M and Synapse with 153M US dollars. Other competitors had less Volume than Across.
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    Across Vs. Hop Bridge

    There are three popular destinations for Ethereum users to bridge. Polygon, Optimism, and Arbitrum. I analyzed bridges from Ethereum to these chains by Across and Hop Users.

    • The total daily number of users on the Hop protocol was 5x higher than the Across protocol until November. But after that, The total daily number of Across bridge increased. In the past few days, The total daily number of Across users became similar to the Hop protocol.
    • Overall, Across had 15.5K Unique users and Hop had 36K Unique users Since August 2022.
    • At the beginning of August, Nearly 40% of user’s transactions were on Across and 60% on Hop but day by day, The daily share of transactions on Hop protocol increased and reached 92% in October. Again, After that, The daily share of Across increased. Overall, 78.5% of transactions were on Hop and 21.5% were on Across.

    As you have see, Hop Protocol had more users and more transactions in comparison to Across. Let’s examine the volume comparison.

    • It seems until September, More volume bridged on Across in comparison to Hop Protocol but after that Hop Protocol volume increased. In the past recent days, The Across volume increased again and became higher than Hop Protocol. Overall, Users bridged around 100M US dollars with Across and 167M US dollars with Hop.

    Chains and Tokens

    Conclusion

    • With 80M US dollars TVL, Across is one of the top protocols on Ethereum and other popular chains. they were just born yesterday! It was too soon to launch their native tokens. They were less popular and famous in comparison to other top protocols. Their Airdrop mechanism was awful in my opinion. As you can see the price of their tokens dropped more than 50% in three days. The average amount of Airdrop is worth 100 US dollars right now.
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    THANK YOU FOR READING!

    ALL CODES AND CONTENTS WERE WRITTEN BY HESS.

    Across bridge part credit to the old dashboard of #kipto

    :bird: Twitter: @hessaminanloo

    :t-rex: Disocrd: hess#0890

    :calendar: Analyze Date: 2022/NOV/30