Introduction

Welcome to the On-Chain Data Dashboard for Axelar's Squid! As you may know, Squid is a cross-chain liquidity router that recently launched as Axelar's first ecosystem project. Our dashboard provides a comprehensive analysis of Squid's first week of activity by utilizing the relevant contracts found on the Axelar network. The data displayed here includes metrics such as the total unique users, average USDC transfer amount, most popular source/destination chains, most popular pathways, total unique tokens swapped, and total volume transferred. These metrics provide valuable insights into the usage and performance of Squid and its role in the larger cross-chain ecosystem. Stay tuned for updates as we continue to track and analyze Squid's growth and impact.

What is squid

Squid is a cross-chain liquidity routing protocol developed by Axelar. It allows users to swap native tokens between different blockchain networks, such as Ethereum and Binance Smart Chain, with ease and efficiency. Squid leverages existing decentralized exchanges (DEXs) to facilitate these swaps and utilizes USDC as the bridge currency to ensure seamless transfer of assets across chains.

Squid uses Axelar's general message passing capability to enable cross-contract calls using any token without requiring users to sign a second transaction on the destination chain. This makes it possible for users to execute complex cross-chain transactions with a single click, without having to download multiple wallets or sign multiple transactions.

The architecture of Squid includes a smart contract, API, and SDK stack,

which developers can utilize to build their own cross-chain solutions. The messages sent across chains with Squid have three main components: a request to the axlUSDC bridge, swap instructions to be executed on the destination chain, and further logic to be executed after the swap. In summary, Squid provides a simple and secure way for users to access and use assets on different blockchain networks, enabling a more connected and interoperable cross-chain ecosystem.

Definition Section:

Total Unique Users: The number of distinct users who have used Squid to swap tokens or transfer assets across chains.

Average USDC Transfer Amount: The average amount of USDC transferred in each transaction, which acts as the bridge currency for cross-chain transfers.

Most Popular Source/Destination Chains: The most frequently used chains as the source or destination for cross-chain transfers.

Most Popular Pathways: The most frequently used combinations of source and destination chains for cross-chain transfers.

Total Unique Tokens Swapped: The number of distinct tokens that have been swapped using Squid.

Total Volume Transferred: The total amount of assets, in USDC, transferred using Squid.

Analysis:

The data shows that 157 wallets have used Squid to transfer over 162,000 worth of assets from Ethereum to other blockchain networks. The most popular chains that assets were sent to, in terms of volume and number of users, were Fantom and Moonbeam. This highlights the growing demand for interconnectivity between Ethereum and these popular blockchain networks. It is also noteworthy that 88% of Squid transfers from Ethereum, other than those using USDC, started with ETH as the starting asset in the swap. This indicates that Squid is allowing users to easily interface with the protocol, as ETH is the most popular asset on Ethereum. This ease of use is likely a significant factor contributing to the growing popularity of Squid and the demand for cross-chain liquidity solutions. The data provides a clear picture of the growing importance of cross-chain solutions like Squid in the rapidly evolving blockchain ecosystem. The popularity of Fantom and Moonbeam as destination chains highlights the demand for interconnectivity between Ethereum and these networks, and the high volume of transfers suggests that Squid is fulfilling a critical need for cross-chain liquidity.

Analysis:

The data shows that 403 wallets have used Squid to transfer over 95,100 worth of assets from Polygon to other blockchain networks. The most popular chains that assets were sent to, in terms of volume, were Fantom and Avalanche, while the most popular chains in terms of number of users were Fantom and Binance. This highlights the growing demand for interconnectivity between Ethereum and these popular blockchain networks. It is also noteworthy that 83% of Squid transfers from Polygon, other than those using USDC, started with MATIC as the starting asset in the swap. This indicates that Squid is allowing users to easily interface with the protocol, as MATIC is the most popular asset on Polygon. This ease of use is likely a significant factor contributing to the growing popularity of Squid and the demand for cross-chain liquidity solutions. The data provides a clear picture of the growing importance of cross-chain solutions like Squid in the rapidly evolving blockchain ecosystem. The popularity of Fantom, Avalanche, and Binance as destination chains highlights the demand for interconnectivity between Polygon and these networks, and the high volume of transfers suggests that Squid is fulfilling a critical need for cross-chain liquidity.

Analysis:

The data shows that 34 wallets have used Squid to transfer over 3,500 worth of assets from Arbitrum to other blockchain networks. The most popular chains that assets were sent to, in terms of volume, were Ethereum and Polygon, while the most popular chains in terms of number of users were Polygon and Binance. This highlights the growing demand for interconnectivity between Arbitrum and these popular blockchain networks. It is also noteworthy that 79% of Squid transfers from Arbitrum, other than those using USDC, started with ETH as the starting asset in the swap. This indicates that Squid is allowing users to easily interface with the protocol, as ETH is the most popular asset on Arbitrum. This ease of use is likely a significant factor contributing to the growing popularity of Squid and the demand for cross-chain liquidity solutions. The data provides a clear picture of the growing importance of cross-chain solutions like Squid in the rapidly evolving blockchain ecosystem. The popularity of Ethereum, Polygon, and Binance as destination chains highlights the demand for interconnectivity between Arbitrum and these networks, and the high volume of transfers suggests that Squid is fulfilling a critical need for cross-chain liquidity.

Analysis:

The data shows that 268 wallets have used Squid to transfer over 167,000 worth of assets from Avalanche to other blockchain networks. The most popular chains that assets were sent to, in terms of volume, were Moonbeam and Fantom, while the most popular chains in terms of number of users were Polygon and Fantom. This highlights the growing demand for interconnectivity between Avalanche and these popular blockchain networks. It is also noteworthy that 87% of Squid transfers from Avalanche, other than those using USDC, started with AVAX as the starting asset in the swap. This indicates that Squid is allowing users to easily interface with the protocol, as AVAX is the most popular asset on Avalanche. This ease of use is likely a significant factor contributing to the growing popularity of Squid and the demand for cross-chain liquidity solutions. The data provides a clear picture of the growing importance of cross-chain solutions like Squid in the rapidly evolving blockchain ecosystem. The popularity of Moonbeam, Fantom, Polygon, and Binance as destination chains highlights the demand for interconnectivity between Avalanche and these networks, and the high volume of transfers suggests that Squid is fulfilling a critical need for cross-chain liquidity.

Conclusion:

The On-Chain Data Dashboard for Axelar's Squid provides a comprehensive analysis of the first week of activity for this cross-chain liquidity router. The data highlights the growing demand for cross-chain solutions in the rapidly evolving blockchain ecosystem and the importance of Squid in fulfilling this need. The popularity of Ethereum, Polygon, Fantom, Moonbeam, Avalanche, Binance, and Arbitrum as source and destination chains, as well as the ease of use demonstrated by the high volume of transfers, suggests that Squid is providing users with a simple and secure way to access and use assets on different blockchain networks. The data provides valuable insights into the usage and performance of Squid and its role in the larger cross-chain ecosystem. The analysis shows that Squid is fulfilling a critical need for cross-chain liquidity and enabling users to access a wider range of applications and services across different blockchain networks. As the blockchain ecosystem continues to grow and evolve, cross-chain solutions like Squid will play an increasingly important role in connecting different blockchain networks and enabling seamless transfer of assets and information.

Analysis:

The data shows that 145 wallets have used Squid to transfer over 49,900 worth of assets from Binance to other blockchain networks. The most popular chains that assets were sent to, in terms of volume and number of users, were Moonbeam and Polygon. This highlights the growing demand for interconnectivity between Binance and these popular blockchain networks. The popularity of Moonbeam and Polygon as destination chains suggests that users are leveraging Squid to transfer assets between Binance and these networks to take advantage of different applications and use cases. The data provides a clear picture of the growing importance of cross-chain solutions like Squid in the rapidly evolving blockchain ecosystem. The high volume of transfers suggests that Squid is fulfilling a critical need for cross-chain liquidity and enabling users to access a wider range of applications and services across different blockchain networks.

Analysis:

Since the release of Squid, there has been a significant uptake in usage, with 1235 unique users executing 2690 swaps. The total volume of these swaps amounts to 497,000 USD, demonstrating the growing demand for cross-chain liquidity solutions. The data suggests that the most popular pathway in terms of volume is Ethereum to Fantom, with a significant number of users utilizing this route to transfer assets between these two chains. This highlights the strong demand for interconnectivity between Ethereum, the largest smart contract platform, and Fantom, a fast and scalable blockchain network. When looking at the source chains, the data shows that Ethereum, Avalanche, and Polygon are the chains with the highest from volume, further emphasizing their popularity and importance in the cross-chain ecosystem. On the other hand, the chains with the highest to volume are Fantom, Moonbeam, and Polygon, highlighting the growing demand for these networks as destinations for cross-chain transfers.Overall, the data provides a clear picture of the growing importance of cross-chain solutions like Squid in the rapidly evolving blockchain ecosystem. The popularity of Ethereum and Polygon as source and destination chains, as well as the high volume of swaps between these chains, suggests that Squid is fulfilling a critical need for interconnectivity in the blockchain space.