In this project we utilize PARSIQ Smart Triggers and Google Spreadsheets integration to track and visualize AXS token transfers on Ethereum and Binance Smart Chain that involves most liquid exchanges.
AXS is an Ethereum token that powers Axie Infinity, a blockchain-based game where players can battle, collect, and build a digital kingdom for their pets. AXS holders can claim rewards for staking their tokens, playing the game, and participating in governance. The token is available on multiple chains including Ethereum and Binance Smart Chain.
On April 28 2021 the game has made a significant update introducing Ronin Bridge, Axie Infinity Ethereum sidechain. The contract has since become the crucial link in the Axie Infinity ecosystem and largely contributes to the price action of AXS. With the update the bridge has become the only available option for Axie marketplace, breeding, and morphing contracts.
The idea for the project comes from the fact that on the Binance Exchange the highest earning product in Locked staking is AXS with an estimated APY of 131.25% far outperforming any similar prooduct on the exchange.
In order to justify such returns the company would usually rely on large inflows and minor outflows from the cryptocurrency. Therefore, monitoring the most liquid day-to-day endpoints provides an indicator of the success of the staking solution.
Apart from collecting the data from the transaction we collect data using Chainlink and CryptoRank.
There are 231 AXS token transactions in our ethereum dataset. Only 46 are from Ronin and Binance accounts.
Meanwhile, the rest 80% are coming to Ronin and Binance accounts.
There are also more transactions to the native staking solution rather than Binance by a factor of 2. Nevertheless, when we analyze the volume of outflows vs. inflows the sum of outflows dominate.
This would indicate more incoming users and one or few significant withdrawals from Binance. We look at the more granular data and notice that one account is responsible for such bleak snapshot of AXS flows.
Furthermore, we plot full ethereum dataset value of transactions against time. When plotted the inflows have a lot of spikes and more numerous for Binance.
While the outflows are more steady.
This picture is very similar for only AXS. With two spikes in Binance outflows against 0 in Ronin Bridge.
We would need to further incorporate more data in our analysis to determine the scope of weekly and monthly flows in AXS token.
In our BSC dataset we have 157 observations. The count of transactions is in favour of outflows from Binance Hot Wallets.
Whereas the sum of transferred AXS value out of Binance is nearly identical to the inflows.
The volume of transactions is much greater on Ethereum of AXS than on Binance Smart Chain.
In our AXS dataset on Ethereum we also obtained scores for addresses by using getScore in our trigger.What is interesting is that the system scores higher the Binance account (85) rather than Ronin Bridge (76). Besides, the average address that transacts to Ronin has score of 79. For Binance this figure is 80. For outflows the number is 79 for Ronin and 77 for Binance.