Picasso: An IBC Story
In terms of transfer volume in the past 30 days, it can be clearly seen that ATOM, TIA, OSMO and USDC are the top tokens traded on Osmosis. And by transfer count, TIA and OSMO are both seen to have the most engagement followed by DYM and INJ.
Following their historical trend, trading volume and transfer count(mostly) has been on the bullish run. Also, the cummulative charts indicates atremendious growth in both trading volume and transfer count in recent days.
These tokens are seen to be trading at hundreds of millions daily in USD showinf a great substantial amount of users engaging and using the platform for their transactions.
Checking IBC transfers between Axelar, Cosmos, Osmosis and Terra (all IBC enabled chains), it was discovered that ATOM, TIA and USDC are the top traded tokens on the selected chains by transfer count with ATOM having the highest transfer count i the past 30 days.
OSMO, DYM and INJ are seen to be the next tokens doing okay in terms of transfer count on the selected chains.
Osmosis is seen to be the go to blockchain amongst all the blockchains with the hishest transfers in the past 30 days and is seen to dominate even in terms of daily transfers over time with Cosmos giving it a good competition.
Growth of usage of these IBC enabled chains for transfers has been seen to be growing with time and can be seen to not showing any signs of slowing don anytime soon.
Looking at tokens bridged into Solana, in the past 30 days, most users are bridging their Ethereum Ecosystem tokens into the Solana chain. Tokens like the wrapped form of ETH, MATIC, AVAX, BNB amongst others. Stable coins like USDC, USDT, DAI etc and even the wrapped version of the king token BTC are also bridged into the chain.
The need for the bridging can be seen to be at a great decline over time but in recent times, growth can be seeen to be on the bullish trend and can be attributed to the current bullish market in the crypto-verse.
This has caused the need for individuals to have access to their funds accross multiple chains quite important for seamless transactions and this is the problem Picasso using IBC platform aims to solve.
To better understand the users that bridged and why they are bridging, we looked at the other programs users that bridged interacted with within the past 30 days.
From our analysis, I discovered that DEFI and DEX are the favourite stops for our bridgers, The can be seen to also engage in DAPPs, NFTS and Games.
Checking the exact top projects these users are interacting with, Jupiter, Drift and Tensorswap are seen to be the top projects these users interacted with, a lot of the users also interacted with Staratlas and metaplex is seen to be the top go to place for anything NFTs by the bridgers..