What is Axelar Satellite?

Satellite is a web application that is developed on the Axelar Network. It provides an easy-to-use interface for transferring crypto assets from one chain to another.

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What is Axelar?

The Axelar network is a blockchain that connects other blockchains, allowing for global Web3 interoperability. Proof-of-stake consensus is used to secure the network, and communications are routed and translated using permissionless protocols. Axelar is similar to Stripe for Web3. Axelar provides Web3 with secure cross-chain communication. With a single click, our infrastructure allows dApp users to engage with any asset or application on any chain.

Methodology

We will investigate activity over Axelar's Satellite Bridge from its beginnings to the present in this dashboard. The main table that we will use for this is axelar.core.fact transfers.

Satellite bridge has two transfer types: 'IBC_TRANSFER_IN' and 'IBC_TRANSFER_OUT'. Therefore, we have to remove the transfer type "Axelar", which represents native transfer on Axelar from the axelar.core.fact transfers table. To get the average USD price of each currency on each day, we have to utilize osmosis.core.dim_prices.

Covered parts

1. Asset transfers by asset type overview
2. Popular transfers path
3. What’s the most used tokens to transfer via Axelar Satellite

According to the chart, majority of transfers via satellite bridges were done during January - March 2022. After that especially till May 2022, we can see huge decreasing trend over time.

After may and till now, there is a very slight increasing trend in number of transfers.

As we see, USD and Luna (before May 2022) and USDC have the majority of incoming transfers to Axelar.

Before May 2022 and luna crash, UUSD (UST) had the most share of transfers on Axelar satellite brdige but after this date, we can see huge increasing share of USDC in these transfers.

AXL token’s share is also increasing since its launch on September.

According to the charts, a huge volume of transfers with high spike on incoming bridges occured on May 2022 and this can be mainly because of Luna crash on this month. After that, We can see almost constant trend over time and USDC has the lead in almost all days.

Similar to the previous chart, The share of UST volume was more than all other assets before but after Luna crash, USDC has the lead.

1. Asset transfers by asset type overview

2. Popular transfers path

According to the charts, the UAXL asset has the most bridges by users and the majority of its transfers are outgoing.

UUSD and UUSDC have the most satellite transfer in bridges, while Luna is the second most popular asset in this regard.

In terms of volume, USDC and UST have the most bridges, with the vast majority of transfers being incoming. In this regard, ULuna is the next most popular asset.

• Terra to Axelar is the path with the most transfers and the next most popular path is OSMO to Axelar transfers.
• Similar to the number of transfers, the path with the largest volume of transfers is Terra to Axelar, with Osmo to Axelar ranking second.
• The Terra-Axelar bridge was the most popular until May 2022. However, following this month and due to the massive Luna project crash, we will see no trace of this path beyond May 2022.Following this date, we should expect to witness an increasing share of Osmo to Axelar transfers over time.

3.What’s the most used tokens to transfer via Axelar Satellite

Conclusion

• Prior to May 2022, a large portion of bridges belonged to UST and Terra assets, however since the Luna crash, AXL and USDC became the most popular tokens on the Axelar Satellite bridge.

• The majority of transfers were made using satellite bridges between January and March 2022.

• On May 2022, there was a large volume of transfer on incoming bridges, which could be attributed to the Luna crash that month

• AXL accounts for the majority of outgoing transfers on the Satellite bridge.

• Before the Luna project's demise, Terra => Axelar was the most common satellite bridge path; however, since then, Osmo => Axelar has been the most popular satellite bridge way.