Analysis

The first graph shows that most of the tokens transferred into the Axelar blockchain are worth between two to three million dollars. A significant portion of these tokens are coming from Osmosis, Evmos, and Terra. This indicates that Axelar is attracting a large volume of assets from a variety of other networks and ecosystems, which could help to increase the overall liquidity and activity on the platform. Additionally, the fact that a significant portion of these transfers are coming from well-established platforms like Osmosis and Terra highlights the growing recognition of Axelar as a leading player in the bridging and GMP space. Since June 2022, there has been a continual growth in the volume of tokens transferred into Axelar via IBC. The volume has grown from about 10 million dollars a day of transfer volume to over 20 million dollars a day. This suggests that there is a growing demand for Axelar as a hub for token transfer and exchange, and that the platform is becoming increasingly popular among users. The steady growth in transfer volume over the past eight months highlights the growing trust and confidence that users have in Axelar as a secure and reliable platform for token transfer. The large spike in IBC transfer volume out of Axelar in October 2022 could indicate several things. It could mean that there was a significant influx of new users who were attracted to the platform by its growing reputation and capabilities. Alternatively, it could mean that existing users increased their activity on the platform, either by transferring more tokens or by conducting more transactions. Either way, the spike in transfer volume highlights the growing popularity and demand for Axelar as a hub for token transfer and exchange. In terms of GMP activity, there have been two large spikes of activity, one in September 2022 and one starting in February 2023. During these spikes, there have been between 600 and 1,000 GMP events per week. This indicates a high level of engagement and usage of Axelar's GMP capabilities, which are designed to facilitate communication and interaction between different networks and ecosystems. The two most popular chains to send GMP messages from are Polygon and BSC, which highlights the growing popularity of these networks among users and the increasing recognition of Axelar as a hub for GMP activity. At the start of February 2023, the Squid protocol was launched, which allows people to send and swap tokens from one blockchain to another using Axelar's GMP. The Squid protocol has been live for about a month and has already had 2k swappers and 1.2 million in swap volume. This 2k swappers is about 25-33% of all the swappers that have used General Message Passing on Polygon, Ethereum, BSC, Avalanche, and Arbitrum. This suggests that there is a strong demand for GMP capabilities among users, and that the Squid protocol has been well-received by the market. The launch of the Squid protocol also highlights Axelar's commitment to providing cutting-edge solutions for token transfer and exchange, and its dedication to helping to bridge the gap between different networks and ecosystems.

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