Axelar Network node operators validate cross-chain transactions. They currently take a cut of transfer fees (supply-side fees).

Axelar Network is an interoperability protocol that allows for decentralized transfers of data and assets between blockchains. Axelar Network was founded by Sergey Gorbunov and Georgios Vlachos, and was launched in 2022. This dashboard currently only includes data for the following chains: Arbitrum, Avalanche, Base, BNB Chain, Celo, Ethereum, Fantom, Optimism, and Polygon.

AXL tokenholders own and govern the protocol. They currently take a cut of transfer fees paid by transfer senders (revenue). Axelar Network’s investors include Polychain Capital, Dragonfly Capital, North Island Ventures, etc.

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Axelar Network

# Axelar Network Transaction volume Methodology

## 1. Overview

Axelar transaction volume measures the daily USD value of tokens transferred through Axelar's General Message Passing (GMP) protocol across supported blockchain networks. This metric captures cross-chain interoperability activity by tracking both token transfers that accompany messages and standalone token transfers that occur alongside message-only transactions. The calculation focuses on officially deployed Axelar tokens to ensure data quality and protocol-specific relevance.

## 2. Data sources

The calculation relies on several blockchain data sources:

- **Axelar Gateway contract events**: Parsed `Gateway_ContractCallWithToken_event` logs from Axelar Gateway contracts across Arbitrum, Avalanche, Base, BSC, Celo, Ethereum, Fantom, Optimism, and Polygon networks for transactions that include both messaging and token transfers
- **Axelar Gateway message events**: Parsed `Gateway_ContractCall_event` logs from the same Gateway contracts for message-only transactions
- **Token deployment events**: Parsed `Gateway_TokenDeployed_event` logs from Axelar Gateway contracts to identify officially deployed tokens
- **Blockchain transaction records**: Transaction data from all nine supported networks to obtain user addresses and transaction context
- **Token transfer event logs**: Parsed token transfer events from all supported chains to capture token amounts for message-only transactions
- **Token metadata**: Reference data containing token symbols, addresses, and decimal configurations
- **End-of-day price feeds**: Daily token price data for USD conversion

## 3. Step-by-step calculation

### Component A: Transaction identification and processing

- **Purpose**: Identifies all Axelar GMP transactions and extracts token transfer amounts
- **Logic**: The system processes two distinct types of Axelar Gateway transactions across nine blockchain networks. For `Gateway_ContractCallWithToken_event` transactions, token symbols and amounts are extracted directly from the event parameters (`symbol` and `amount` fields). For `Gateway_ContractCall_event` transactions (message-only), token transfer amounts are identified by joining with token transfer logs that occur immediately after the gateway event (specifically, transfer logs with `log_index` equal to the gateway event's `log_index + 1`). Both transaction types are enriched with user addresses by joining with blockchain transaction records using the `transaction_hash`. All transactions are classified under the interoperability business segment with product identifier `axelarnetworkv1`.
- **Key fields**: `block_timestamp` for timing, `transaction_hash` for transaction identification, `symbol` for token identification, `amount` for transfer value, `chain` for network identification, and `user_address` from transaction records

### Component B: Token allowlist creation

- **Purpose**: Creates a comprehensive allowlist of officially deployed Axelar tokens
- **Logic**: Processes `Gateway_TokenDeployed_event` logs from Axelar Gateway contracts across all supported chains to build a mapping of legitimate token symbols to their deployed contract addresses on each network. This allowlist serves as a quality filter to ensure only officially recognized Axelar tokens are included in volume calculations.
- **Key fields**: `token_symbol` for token identification, `token_address` for contract address, and `chain` for network specification

### Component C: Transaction filtering and validation

- **Purpose**: Filters transactions to include only allowlisted tokens and validates data quality
- **Logic**: Joins the transaction data with the token allowlist using both `chain` and `token_symbol` as matching criteria. This inner join ensures that only transactions involving officially deployed Axelar tokens are retained for volume calculation. The filtering step eliminates potentially invalid or unofficial token transfers that might occur through the Gateway contracts.
- **Key fields**: Maintains all original transaction fields while adding `token_address` from the allowlist for downstream processing

### Component D: USD conversion and decimal correction

- **Purpose**: Converts token amounts to USD values with proper decimal handling
- **Logic**: Applies the `convert_to_usd_and_correct_decimals` macro to transform raw token amounts into standardized USD values. The conversion process corrects for token-specific decimal places (e.g., converting from 18-decimal USDC amounts to standard units) and multiplies by end-of-day USD prices. The macro handles various token standards and ensures consistent decimal representation across different tokens and chains.
- **Key fields**: Transforms the `amount` field into `transaction_volume` denominated in USD

### Final aggregation

- **Combining components**: Processed transaction data flows through the `finalize_metric_transaction_volume` macro which applies standardized aggregation and validation logic
- **Currency conversion**: All amounts are converted to USD using end-of-day price feeds with proper decimal correction applied before price multiplication
- **Time aggregation**: Transaction timestamps are truncated to daily boundaries using `timestamp_trunc(block_timestamp, day)` to create daily volume totals
- **Final calculation**: The metric represents the sum of all USD-converted token transfer values that occur through Axelar's GMP protocol on each day, grouped by chain and other protocol identifiers. The finalization process includes schema validation, gap filling with zero values where no transactions occurred, and application of chain availability filters to ensure data completeness across the supported network portfolio.

*This methodology was automatically generated by Token Terminal's methodology analyzer.*

Total USD value of transactions processed by the application.

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Transaction volume

Transaction volume

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