Conclusion

The Vela Exchange On-Chain Analytics Dashboard provides valuable insights into the deposit activity on the Vela Exchange, a decentralized exchange built on the Arbitrum blockchain. The dashboard also provides an overview of the overall activity of the Squid Router, a cross-chain cryptocurrency bridge that plays a crucial role in the ecosystem by allowing users to send crypto from one blockchain to another. The data analyzed in the dashboard highlights the growing popularity of the Squid Router as a tool for facilitating cross-chain transfers, with a total of 3.8 million worth of tokens transferred using the Squid Router. The most popular destination for transfers facilitated by the Squid Router is the Moonbeam blockchain, while the most popular starting point for transfers using the Squid Router is the Polygon blockchain. Since its release in February 2023, the swap volume facilitated by the Squid Router has been continually growing, with over $200,000 worth of transfers happening every day. The data also provides an overview of the deposit activity into the Vela Exchange using the Squid Router. A total of 1.1K users have made deposits, and the total deposit volume is 227,000. The deposit activity into the Vela Exchange peaked at the beginning of March, but has since declined. The number of deposit events into the Vela Exchange makes up between 5% and 63% of all Squid Router transactions, while the deposit volume into the Vela Exchange makes up between 38% and 4.5% of all Squid Router transaction volume. These numbers indicate that while the Vela Exchange is a significant player in the ecosystem, it is not the only destination for transfers facilitated by the Squid Router and not the only source of value in the ecosystem. In conclusion, the Vela Exchange On-Chain Analytics Dashboard provides valuable insights into the deposit activity on the Vela Exchange and the overall activity of the Squid Router. The growing popularity of the Squid Router as a tool for facilitating cross-chain transfers and the deposit activity into the Vela Exchange demonstrate the growing demand for these services.

Vela Integration Effect on Squid