What is Cosmos?

Cosmos (ATOM) is a cryptocurrency that powers an ecosystem of blockchains designed to scale and interoperate with each other. The team aims to "create an Internet of Blockchains, a network of blockchains able to communicate with each other in a decentralized way." Cosmos is a proof-of-stake chain.

What is Axelar?

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.

What is the Satellite Bridge?

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

Methodology

In this dashboard, we are looking at the activity on the satellite bridge. Additionally, we are looking to see what groups of users are most active on the bridge.

Sections

1. Satellite Bridge transfers by asset

2. Satellite Bridge transfers by chain

3. Bridge Activity by User Group

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Satellite Bridge transfers by asset

Satellite Bridge transfers by chain

Observations

• There have been over 233 Million of axlUSDC sent from the Satellite Bridge to other chains. This is more than 10x the volume of any other token sent from Axelar.
• The AXl token is sent the most to another chain but is generally sent in very low volumes.
• The activity on the Satellite Bridge peaked around Sep 10th, 2022.
• There are large fluctuations in token transfer sizes day to day.

Observations

• Ethereum is the destination of 10% - 30% of the Satellite Bridge transactions but makes up between 50% - 80% of the transaction volume.
• In August 30% - 50% of the transfer from Axelar went to Kujira
• Consistently Transfers to Ethereum are the largest transactions by to chain

Top Bridge users

Bridge Activity by User Group

Observations

• About 1/3rd of the wallets that have used the Axelar ridge have used it more than once
• The wallets that have used the bridge more than once made up over 99% of the transfer volume on the bridge
• All of the top 20 wallets have transferred over $1 Million using the Axelar bridge
• The top wallet made up 1/4th of the top 20 wallet transfer volume.

Conclusion

1. Satellite Bridge transfers by asset

   1. There have been over 233 Million of axlUSDC sent from the Satellite Bridge to other chains. This is more than 10x the volume of any other token sent from Axelar.
   2. The AXl token is sent the most to another chain but is generally sent in very low volumes.
   3. The activity on the Satellite Bridge peaked around Sep 10th, 2022.
   4. There are large fluctuations in token transfer sizes day to day.

2. Satellite Bridge transfers by chain

   1. Ethereum is the destination of 10% - 30% of the Satellite Bridge transactions but makes up between 50% - 80% of the transaction volume.
   2. In August 30% - 50% of the transfer from Axelar went to Kujira
   3. Consistently Transfers to Ethereum are the largest transactions by to chain

3. Bridge Activity by User Group

   1. About 1/3rd of the wallets that have used the Axelar ridge have used it more than once
   2. The wallets that have used the bridge more than once made up over 99% of the transfer volume on the bridge
   3. All of the top 20 wallets have transferred over $1 Million using the Axelar bridge
   4. The top wallet made up 1/4th of the top 20 wallet transfer volume.