Try Quests to earn AXL$AXL Token Recap
Introduction
- In This analysis, You will read about AXL token recap. We want to know, Since the $AXL token launch, how have wallets that bought $AXL used it? Are most wallets holding or trading? What is the average holding period for wallets buying $AXL in the last month? Also, we want to examine whether users have kept $AXL on exchange (in their Osmosis wallet) or bridged to other places.
Analyzed by Hess - Reading Time Almost 10 Min.
What is Axelar Token ?
- The AXL token supports four critical functions. AXL is a medium for transaction fees and any other fees for network usage, paid by users to the validators that run the network. AXL is used by holders and their proxies to stake and exercise governance over proposals (such as a parameter change or protocol upgrade).
Average Days of Holding
Let’s explain what average days of holding mean first. I extracted the first date that users held their AXL tokens. Then, I joined my findings with the Swap table and looked for the first date that AXL holders swapped their AXL for other tokens. I called the number of days since hold and sold the average days of holding.
- Overall, The average days of holding AXL tokens is 12.55. I should mention that some users didn’t sell their tokens and still hold their AXL. So, 12.55 days is based on users that actually sold their tokens.
- It seems The average days of holding AXL tokens are decreasing. In October, The average days of holding were around 15-20 days. But LAST MONTH, The average days of holding AXL tokens reached 3-5 days.
AXL holders on the Axelar chain
As I mentioned before, the AXL token is the native token of the Axelar chain. We don’t have the exact table for their balances, But I calculated their holdings based on their daily transfers in and out.
- I found that there are 3200K unique holders on the Axelar chain. As you have seen, around 2.4K wallets hold AXL on the Osmosis chain. So, I can say that more users hold their AXL on Axelar in comparison to Osmosis. 43.5% of holders are on Osmosis, and 56.5% are on Axelar.
- The large group of holders on Axelar hold up to 1 AXL token like the Osmosis chain. This group of users is 76% of total holders. The second large group of users holds between 100-1K Axelar tokens. In My opinion, There are more wallets with a higher amount of AXL on the Axelar chain than Osmosis.
Axelar Holder’s Activities on the Osmosis chain
First, I should mention that all these charts are based on Axelar holders and AXL tokens. We want to know how AXL holders spent their AXL.
- The total daily number of users decreased over time. Most users have used Bridge and Swap. However, Between September 27 and October 10, The highest number of activities were adding Liquidity.
- Overall, the Total number of users that swapped their AXL is 1220, and the number of users that bridged from Osmosis to Axelar is 1321. The third popular activity was Adding Liquidity which 748 users added liquidity.
OVERALL, 88.1% of AXL Holders had at least one transaction, and 11.9% of users didn’t have any transactions and just held their AXL.
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ALL CODES AND CONTENTS WERE WRITTEN BY HESS.
What is Osmosis?
- Established in 2021, Osmosis is a multi-chain AMM built for the Cosmos ecosystem. The DEX offers interoperability between blockchains using Inter-blockchain Communication Protocol (IBC) and Axelar, which facilitate the connection of blockchains within a decentralized infrastructure.
Method
Axelar Holders on Osmosis:
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I used the daily Osmosis balance table and filtered the current date and Axelar token address, which is
ibc/903A61A498756EA560B85A85132D3AEE21B5DEDD41213725D22ABF276EA6945E.
Average days of holding:
- I extracted the first date that users hold AXL tokens. Then, I joined my findings with the Fact swap table. I put the Axelar token address as from currency, and with the Datediff function, I calculated the number of days that users hold its AXL tokens.
Axelar Holders on Axelar chain:
- We don’t have the exact table for the user’s balance on the Axelar chain. I used the transfer table on Axelar. Then, I calculated the total in and out of wallets. After that, I calculated the current balance. This method is not 100% correct, but I got approximately the user’s balance on the Axelar chain.
Activities on Osmosis:
- I chose some key activities on Osmosis. Add/Remove Liquidity, Swap, Transfer, and bridge. As I mentioned before, I extracted Axelar holders from the daily balance table. I joined my findings to all mentioned activities and examined the total users, Transactions, and AXL amounts.
AXL token launch: September 2022
Full Analysis
AXL Holders on Osmosis
Due to the daily balance table on Osmosis, I analyzed the AXL holders completely on the Osmosis chain. Let’s start.
- Right now, There are 2470 Unique wallets on Osmosis that hold AXL in their wallets. These wallets hold nearly 3.94M AXL tokens. Based on the current price of AXL (0.5$), Nearly 2M US dollars is worth their tokens.
- The average amount of Axelar per wallet is 1599 AXL.
- In order to understand AXL distribution among holders, I counted users based on their balances, which you can see in the next parts.
As you may notice, Osmosis is not the main chain of AXL tokens, but some AXL whales and normal users are on the Osmosis chain. Let’s see the top 30 wallets that hold the highest amount of AXL right now. Also, I compared the current holders with holders in September ( When the AXL token launched)
- I can see only 6 wallets that hold more than 100K in their wallets. Two of them, Hold above 1M AXL tokens in their wallets. The current value of these two wallets is 1M US dollars in total.
- From the Top 30 wallets, Almost 62% of AXL tokens hold by two wallets. One of these wallets had 400K AXL tokens when AXL launched. The other one wasn’t at the top list when the AXL token launched.
- The top wallets have held 400K since the beginning of the AXL token. From my findings, Almost 80% of top holders have changed since September 2022. It means the top wallets
change over time. Only 20% of top wallets still are at the top list in December.
Let’s take a look closely at AXL token holders and review some key facts.
- The min balance is below 0.0001 AXL token. The highest amount of AXL that hold by one wallet is 1.09M AXL tokens.
- The median user’s balance is 2.54 AXL tokens.
- The large group of users holds below 1 AXL. This number of users is 40% of the total holders. The second large group of holders holds 1-10 AXL. This group of holders is 21% of the total holders.
- Also, I examine the AXL whales. Based on the current price of AXL, I filtered those wallets that hold more than 200K AXL tokens which is worth 100K US dollars. I found only 3 whales based on this criteria.
I calculated the daily price of the AXL token and compared it with the growth of holders and their balances.
- Based on AXL amounts, Until November 1, when AXL tokens were 0.77 US dollars, Users hold 1.9M AXL tokens in total. Day by Day, The average price of AXL decreased and on the other side, The total AXL balance increased. Until November 4, The total user’s balance became 2x higher in three days. Users hold nearly 4M AXL since November and didn’t change too much until now.
- Based on the number of holders, The total daily number of holders increased significantly when the AXL token was launched. The total number of holders increased from 237 wallets in September to 2465 unique holders in December.
I examined the daily share of wallets and user’s balance changes.
- Based on the total number of wallets, The daily share of holders based on their balance didn’t change too much. On the first days, The total number of wallets that hold 1-10 AXL increased by 5%, but after that, The daily share didn’t change too much.
- Based on The amount of AXL, The group of users that hold 10K-100K increased their balances until October 27, but after that, It seems they increased more and became to +100K group. On November 4, The share of +100K AXL increased by 25%, and the 10K-100K balance decreased dropped by 15-25%.
In order to understand AXL holders better, I examined their other token balances based on the number of wallets and the amount in USD.
- Based on the total number of AXL holders, Most holders hold Osmo two. Almost each AXL holders have Osmosis too. The second top token is Atom. More than 80% of AXL holders hold Atom tokens too. The third top token is Evmos which 70% of AXL holders have Evmos tokens too.
- Based on the balance in USD, AXL holders hold 60M US dollars in Osmo in their wallets. With a huge difference from the top token, The second most popular token is WBTC with 1.24M US dollars. The third top token is Atom, with a 1M US dollar value.
Based on the below data, I can say that more than 50% of users still hold their AXL tokens and didn’t sell at all. A large group of users holds their AXL for less than a week. The second large group of users holds their AXL tokens for more than two weeks. 158 unique wallets sold their tokens when they grab them. It doesn’t mean that users sold their whole AXL tokens. They could be swapped a small amount of their holdings.
There is only one changes between the categories of holders. Users that hold 10-100 AXL increased and took a group of users that hold 1K-10k AXL tokens.
The daily share of transactions shows that since September 27, about 26-40% of transactions were adding liquidity. Over time, The daily share of liquidity decreased, and Bridge shares increased. Overall, 43% of transactions were swaps and 32% of transactions were bridged, unlike the total number of users that bridged most.
The highest AXL amount spent on Swap. Users swapped 6.2M AXL tokens for other tokens. The second popular activity was Bridge with 4.3M AXL. Also, I can see that users transferred 2.9M AXL. AXL holders added 678K AXL to liquidity.
- The large group of users had only one transactions based on different activities. I can see that there were 20 users that bridged more than 25 times, and there were 20 users that had more than 25 swaps. Overall, 46% of users had only one transaction.
The highest number of activities belongs to the group that spent 10-100AXL and 100-1K AXL. Most of these amounts went through Swap, Bridge, and Adding Liquidity. 31% of users spent 10-100 AXL in their activities.
Since AXL token launch, 1321 Users bridged 4.3M AXL token from Osmosis to Axelar. These number of users bridged that amount in 5080 transactions.
Conclusion
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So far, I have examined the AXL token. This token launched about two months ago, and since then, nearly 2.4K users have held it on Osmosis and 3.4K on the Axelar chain. It is true that the total number of holders and balances increased significantly in the last two months, but the average days of holding are decreasing quickly.
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Most AXL holders bridged their AXL from Osmosis to Axelar or Swapped their tokens for other tokens.