Introduction

• In this Analysis, You will read About the AXELAR satellite bridge. We want to know what are the top paths over Satellite by volume and $ amount>
• What is the most used token to transfer (USDC, wETH, wAXL, etc.)?

I went through Axelar and analyzed these parameters:

• Users/Transactions per chain and asset
• Volume and average volume per chain and asset
• Average transactions/volume per user

Method

IMPORTANT NOTE: Tokens name and Token volume are credited to JacktheGuy.

• I used axelar.core.fact_msg_attributes and filtered ATTRIBUTE_KEY with destinationChain. Now, I have bridge transactions. Following that, the destination chain is recorded in the ATTRIBUTE_VALUE column. After that, I joined my findings to that table again and filtered ATTRIBUTE_KEY = 'spender' to find users. All I needed is the bridge amount per token. So, Again, I used that table with my findings and filtered MSG_TYPE = 'coin_spent'. I used the JacktheGuy method and calculated the amount and token.
• case when attribute_value like '%uaxl%' then 'AXL' when attribute_value like '%uusdc%' then 'USDC' when attribute_value like '%ibc/6F4968A73F90CF7DE6394BF937D6DF7C7D162D74D839C13F53B41157D315E05F%' then 'UST' when attribute_value like '%ibc/9117A26BA81E29FA4F78F57DC2BD90CD3D26848101BA880445F119B22A1E254E%' then 'ATOM' when attribute_value like '%weth-wei%' then 'ETH' when attribute_value like '%ibc/4627AD2524E3E0523047E35BB76CC90E37D9D57ACF14F0FCBCEB2480705F3CB8%' then 'LUNA' when attribute_value like '%wbtc-satoshi%' then 'WBTC' end as token_name

• We know that the total bridge volume is around 400M US dollars. More than 50% of this volume bridged to the Ethereum chain. The volume of bridges to Ethereum increased over time. The second top chain is Polygon with 33M US dollars. Over time, The bridge volume to Kujira decreased since August. Others didn’t change too much.

Bridge per token

We already examined the bridges per chain. Now it’s time to examine which assets are more popular for Axelar bridge users.

• Based on the number of users, AXL and USDC are the two most popular tokens that users bridged. AXL token has a 51.7% share of users and USDC has a 44.8% share of users. ETH, Atom, and WBTC is less popular in comparison to other tokens.

Following the below charts, You can see which tokens are popular per chain. For example, Based on transactions and volume, 5 tokens bridged to the Ethereum chain. USDC, ETH, WBTC, AXL, and Atom. USDC had the highest volume in comparison to other tokens. The other example is Fantom. Users only bridged AXL and USDC tokens to that chain.

What is Axelar Satelite Bridge?

Satellite is a web app built on top of the Axelar network. Use it to transfer assets from one chain to another.

 Using Axelar's SDKs, any smart contract developer can seamlessly call a contract on another supported chain with a simple asynchronous call. The simplest form of cross-contract calls is bridging.

What is AXELAR chain?

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.

A Summary of the most important Findings

• Since July, 52K Unique wallets bridged their assets in 330K transactions. The total bridge volume is 401M US dollars.
• The average bridge volume per user is 11K US dollars.
• Ethereum, Polygon, and Osmosis are three popular destinations based on users and transactions.
• The highest volume bridged to the Ethereum chain with a huge difference from other chains.
• The most popular bridged asset is the AXELAR token based on users and transactions.
• Based on Volume, USDC is the most popular token.
• Luna has the highest average volume in USD.

Full Analysis

Bridge Overview

Bridge Destination

• Polygon and Ethereum chains are the most popular destinations for Axelar users. The weekly number of users shown between the beginning of August and late august number of users that bridged their assets to Kujira increased. But after that decreased and number of users that bridged their assets to Ethereum chain increased. Also, bridge users to Osmosis and Polygon decreased over time.

Based on transactions, The weekly share of Kujira decreased from 44% of transactions to 5-10% in October. In that time, The weekly share of Ethereum increased from 10-12% up to 30%. Another chain that increased was Osmosis. The weekly share increased from 14% up to 28% in October. Polygon shares didn’t change too much. Overall, 22% of tranasctions was bridges to Osmosis, 19% Ethereum and 17% of tranasctions

• The highest number of transactions per user bridged to the Osmosis chain. Users had an average of 10 transactions per week to the Osmosis chain. For a short time, average weekly transactions per user were bridges to Axelarnet. This chain is in second place.

The cumulative chart shows the top chain didn’t change over time. Based on transactions, Osmosis had the highest growth over time. Until late September, Polygon was the second most popular destination but after that time, Ethereum took Polygon's place and became second place based on transactions. Another chain that faced the highest growth was Kujira. After August 2022, bridge transactions to Kujira increased significantly. The average number of transactions per user is 5 tranasctions.

The highest average volume in USD bridged to Ethereum with 36K US dollars per user. The average volume to Moonbeam dropped from 900$ to 150$. It is interesting that the average bridge volume to Axelarnet increased from 1$ up to 2.2K US dollars since August 2022. The second top chain was Terra2 with an average of 5.88K per user and the third popular chain is Avalanche with 5.82K US dollars.

The weekly share of tokens didn’t change too much over time. AXL had 65% of the share in July and over time increased up to 70% in October. Overall, The total number of AXL transactions is 185K and USDC had 83K transactions.

• It is interesting that the transactions and volume didn’t have any relation. Based on Transactions, AXL was the most popular token but Based on Volume, USDC is the most popular token. Another interesting finding is the AXL token on September 25. The bridged volume of AXL increased up to 25M US dollars at that time. ETH with 29M US dollars is the second most popular token.

• Luna token had the highest average of bridge volume which was 48K US dollars. The second top token was ETH with 16K US dollars. USDC had the highest bridge volume. Based on average volume, USDC is in third place with 12K US dollars. Over time, The average weekly volume of tokens didn’t change too much.

• Cumulative charts show the growth of tokens perfectly. Based on Transactions, AXL and USDC had the highest transactions and didn’t change over time. Based on Volume, USDC had the highest growth in comparison to other tokens. The highlighted change was the AXL token which had significant growth since September and became the second top token.

Conclusion

I should mention that the DIM price tables of Osmosis are not complete and I couldn’t calculate the whole volumes.

• Over time, bridges to the Ethereum chain had the highest growth based on users and Kujira users decreased.
• Based on Transactions, the Osmosis chain had the highest number of transactions, and based on Volume, Ethereum has the highest Volume.
• AXL token had the highest growth in transactions and volume in comparison to other tokens.
• USDC had the highest bridge volume.

THANK YOU FOR READING!

THANKS to JACKTHEGUY for extracting token names and volumes.

:bird: Twitter: @hessaminanloo

:flying_disc: Discord: hess#0890

:calendar: Analyze Date: 2022/OCT/29