INTRODUCTION

Axelar is an overlay network that uses proof-of-stake and permissionless protocols to achieve Turing-complete message passing. Using Axelar, programmers may build decentralized applications (dApps) that securely connect users, features, and resources over the decentralized web. Enhanced security: Before performing requests on the destination chain, Axelar , a decentralized network, may certify that the USDC is successfully burned on the source chain in addition to Circle's CCTP. The Axelar network's native token is called AXL. The AXL token is capable of four crucial tasks. AXL is a means by which users may pay transaction fees and other network use costs to the validators who manage the network.

A blockchain that links other blockchains is called Axelar. Axelar Network uses the tried-and-true proof-of-stake consensus method to conduct this safely. New blocks are created by network validators, who also take part in multiparty signing and cast votes on external chain states. The AXL token is staked by token holders, who allocate tokens to a validator's staking pool and get rewards, less the validator's commission. Stakeholders can exercise governance over proposals, such as a parameter modification or protocol update, using the AXL token, which is utilized for governance. Users of the Axelar network are not required to retain the token, but it is used to pay network transaction fees to validators and stakeholders. Users only need to pay gas once, in the source-chain token, because conversions into AXL tokens and destination-chain tokens are handled on the back end.

Since the $AXL token launch, how have wallets that bought $AXL used it? Are most wallets hodling or trading? What is the average holding period for wallets buying $AXL in the last month?

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Generally speaking, have users kept $AXL on exchange (in their Osmosis wallet) or have they bridge to other places? Analyze $AXL balances on Osmosis as compared to native on Axelar. How have these balances changed over time?

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METHODOLOGY

Initially, the volume of the transfers in the Axelar network using the AXL token is charted with time, and also with the new users are also charted. Then the net output on the transactions with the osmosis and the Axelar network is also charted with time. Then the activity such that the type of the transactions in the Axelar network is considered such that to see the total events and the volume are also considered. Now the different actions of the transactions, users as well as AXL volume in USD is charted with time. The actions considered here include swaps, bridging as well as transactions. Now, the Average AXL holding time of the users in the past two months is also charted. Then the top 10 tokens that are swapped by selling more AXL tokens are also charted. Now, we also have seen that there are transfers to other chains and so here the transactions involved in other chain transactions are also counted, and also the volume is considered. Finally, the holding time on average with the users’ count is also charted. With all these here a good recap on the AXL token can be determined.

The chart here shows the trend on the send and the received volume in USD over time and it is seen that both follow the same trend. It is also seen that sometimes the received volume is a bit lower than the sent amount even though the trend is the same. For better visualization, the y-axis is expressed in Log Scale.

The chart here shows the comparison of the AXL tokens transferred in both Osmosis and Axelar network itself and it is seen that the Osmosis network has made way more in the volume than the Axelar network itself.The chart here is accounted for the past two months.

The charts here show the different transactions type in the Axelar network with two constraints such that volume and the number of transactions. It is seen that by considering the number of transactions, it is seen that IBC transfer out is the most used which means that most users wish to have more transfers out. Now looking into the volume, Axelar network itself holds the highest volume comparing the other transfer types.

The total Aggregate Users in the AXL network is charted with time and it is seen that since two months the charts is completely decreasing over time.

The transactions, as well as the volume of the transfers in the Axelar network over time, are charted here and it is seen that both the transactions and the volume seem to follow the same trend which is seen that more transactions yield more volume.

DIfferent actions with the users, transactions and the volume is charted here. AXL token involved transactions are the only accounted data points. Log-Scale visualization is chosen for better representation. It is seen that the Swap volume is higher than other while the bridging users are the highest along with the transactions.

Holding time?

Why two months?

Indeed yes, as all we accounted is for two months.

Note: The time is in days, this is an average hence it varies on different days.

The right colorful representation is created by aggregating the total users and grouping them by the time period on average they hold the AXL tokens.

The charts here show the top 10 other tokens that the users preferred by selling AXL. By considering the highest number of transactions, Cosmos is the highly preferred but USD Coin seems to have a high value in considering the volume. It’s interesting!!!!

The similar way of analysis on different receiver chains is also charted here and it is seen that OSMO is the biggest chain while cosmos holds the second by the number of transactions that are involved in sending AXL to other chains. Now by taking into account the volume, it is seen that OSMO holds the first but that swth is the second here and not cosmos.

Wondering here!! SO SWTH with less transactions and more volume.

Let’s Conclude

Analysis done:

• the way in which the users used the AXL tokens is charted.

• Then the holding time of the tokens is also calculated.

• Comparison of Axelar and Osmosis

• Other receiver chains

• Activities such as swaps, liquidity, etc

• Top tokens swapped

• Time-dependent trends

  Hence this gives an overview of the $AXL token recap in the Axelar network.i

Data used: Flipside crypto

Tables accessed: Osmosis-core, Axelar -core

Submmited by: sarath#5345

Twitter handle: @sssnand98