Across Bridge

Across Protocol is built on UMA’s Optimistic oracle machine, which supports cross-chain round-trip transactions from Ethereum L1 to Ethereum L2. It combines Optimism oracles, repeaters, and single-sided liquidity pools to provide decentralized instant transactions between chains. The ACX currently supports networks such as Ethereum, Arbitrum, Optimism, and Polygon.

Across Protocol allows users to borrow liquidity from decentralized repeaters to transfer tokens between different chains (layers) instantly and with low fees. Repeaters can pre-fund users for instant transfers between chains. In return for providing this service, repeaters can choose on-chain compensation from a single liquidity pool on the Ethereum network.

ACX Token

$ACX is the original asset issued by Across Protocol, with a total supply of 1 billion pieces. It will be issued on November 28. The wallet addresses or ecosystem contributors who participated in Across cross-chain activities can get ACX airdrops. The total airdrop is 10 million pieces. Recently, Across Protocol received financing of $10 million at a valuation of $200 million, and Hack VC, Placeholder, and Blockchain Capital participated in the investment.

Scopes

1. $ACX Airdrop Claiming Stats
2. Holding and Swapping
3. Compare Across, Hop, and Synapse Bridges
4. Bridges TVL overtime

Method

• I use the ez_token_transfers table to look for claiming $ACX

• the airdrop contract address:

  0xe50b2ceac4f60e840ae513924033e753e2366487

• $ACX contract: 0x44108f0223a3c3028f5fe7aec7f9bb2e66bef82f

• bridges data is extracted by the bridges contract address transactions in

  fact_event_logs and transfers table

• the TVL data is extracted from ez_balance_deltas

Comparison

ACX Swapping Activity

🟠 Observations

• in the first four hours, the swapping volume was high and most of it was for selling the claimed airdrop
• most trades happened in uniswap pools, 84.3 percent ($2.43M) of trades volume is in uniswap pools and the balancer pool has $453.6K traded volume
• as of today, the sell volume ($1.35M) is higher than the buy volume ($813K)

🟠 Observations

• Across bridge volume spiked on Nov 23rd and 24th and peaked at $4.7M

• top assets to bridge across are USDC and ETH

• the Bridge to Arbitum has the highest volume in Across bridge

• ETH and USDC have the highest volume and are the main assets to bridge

• Arbitrum and Optimism are the top destinations to bridge in the Hop protocol

• Arbitrum is the main destination for Synapse users

• USDC has the highest volume in Synapse

🟠 Observations

• Hop and Synapse have so close TVL, HOP with $42M has the highest TVL as of today, and Synapse has $38M
• Across has the lowest TVL with $5.2M
• in Hop bridge, ETH with $19.3M, and USDC with $16M have the highest share
• gOHM with $25M has the highest share in Synapse TVL. USDT, and USDC with $3.9M and $3.5M are in the next place
• USDC with $3.58M has the highest share in Across TVL

🟠 Observations

• 40 percent of claimers still holding their airdrop
• 3.5M out of 115M ACX is claimed
• 50.6 percent of claimers claimed less than 500 ACX, and 15.9 percent claimed more than 5K
• ACX price was dropping since launch and reached from $0.099 to $0.04

💡 Conclusion

• 40 percent of claimers still holding their airdrop. 3.5M out of 115M ACX is claimed

• ACX price was dropping since launch and reached from $0.099 to $0.04

• in the first four hours, the swapping volume was high and most of it was for selling the claimed airdrop

• most trades happened in uniswap pools, 84.3 percent ($2.43M) of trades volume is in uniswap pools and the balancer pool has $453.6K traded volume

• as of today, the sell volume ($1.35M) is higher than the buy volume ($813K)

• top assets to bridge in Across are USDC and ETH. the Bridge to Arbitum with $97.87M has the highest volume in Across bridge

• Across Bridge Transaction count started to increase in October and could cross over the Synapse bridge count

• Synapse with $397.8M has the highest bridge volume in the last 4 months. HOP and Across have $230.62M and $125.69M

• Hop with 42.2K users has the highest user base. Across with 17.24K is higher than Synapse with 11.9K

• in terms of bridge count, Hop with 60K transactions is the top protocol, after that Across with 45.77K transactions is higher than Synapse with 22.68K

• Hop and Synapse have so close TVL, HOP with $42M has the highest TVL as of today, and Synapse has $38M. Across has the lowest TVL with $5.2M

🟠 Observations

• Across Bridge Transaction count started to increase in October and could cross over the Synapse bridge count
• Synapse with $397.8M has the highest bridge volume in the last 4 months. HOP and Across have $230.62M and $125.69M
• Hop with 42.2K users has the highest user base. Across with 17.24K is higher than Synapse with 11.9K
• in terms of bridge count, Hop with 60K transactions is the top protocol, after that Across with 45.77K transactions is higher than Synapse with 22.68K

TVL