Try Quests to earn AXLNot Your Keys
Introduction
What is Axelar?
> Axelar delivers secure cross-chain communication for Web3. Secure means Axelar is built on proof-of-stake, the battle-tested approach used by Avalanche, Cosmos, Eth2, etc. Cross-chain communication means you can build a complete experience for your users that lets them interact with any asset, any application, on any chain with one click.
What is Satellite?
> Satellite is a web application built on top of the Axelar Network. It provides an easy to use interface which enables users to transfer their crypto assets from one chain to another.
FTX
> A cryptocurrency exchange headquartered in The Bahamas that caters to countries outside the U.S. Within the U.S., customers use FTX.US. Founded in 2019 by Sam Bankman-Fried and Gary Wang, FTX gained prominence when it acquired the Miami Heat's basketball stadium in 2021 and renamed it FTX Arena. In the same year, FTX acquired naming rights to the TSM e-sports organization, which was renamed Team SoloMid FTX.
Method
In the current dashboard I used axelar.core.fact_transfers table to track transactions that performed to transfer asset To/From chains to each others during the FTX fallout’s week (block_timestamp::date BETWEEN '2022-11-05' and '2022-11-16') . Also I tried to calculate the volume of transferred assets in $USD by helps of osmosis.core.dim_prices table.
To find the chains I used the first words of sender addresses as receiver chains and senders addresses as sender chains.
I excluded CURRENCY ilike any ('factory%', 'gravity%') to offer a more nice charts and ignored those because of their low transferred volume.
Also, the ORIGIN_TO_ADDRESS = lower('0x4F4495243837681061C4743b74B3eEdf548D56A5') filter, was used as Axelar: Gateway to find bridging transactions through Ethereum to Axelar.
The axelar.core.fact_msg_attributes used to find the EVM chains by MSG_TYPE = 'axelar.evm.v1beta1.ConfirmDepositStarted'.
At the last part of this dashboard I deals with Outflow volume from FTX to Ethereum chain and track who many of outflowed volume went to Satellite during the FTX fallout’s week.
✍🏻 Conclusion
As Findings above:
- During FTX fallout’s week, there was a surge in activity at satellite bridges, with Ethereum being the chain with the most inflow bridges. Osmosis being a decentralized exchange platform that acquired greater popularity because of the Centralized Exchanges issue and fear of insolvency, was the 2nd preferred destination of bridges via Satellite.
- USDC and with a high difference from it, ETH are by far the most bridged asset via Satellite during the collapse timespan and in terms of number of bridges, AXL is the most popular asset.
- The number of bridges with high volume likewise increased after the collapse timespan while on the other side there was decreasing percentage of low-volume bridges after this timespan.
- After the FTX crash, Ethereum's market share on bridging destinations risen further, maybe as a result of investors' apprehension about the potential loss of their asset, such as Luna blockchain.
- FTX outflow has surged dramatically over its collapse timespan and the majority of outflows’ destnations is other exchanges such as Binance & Coinbase.
- About One-Third of transferrers from FTX to Ethereum, transferred subsequently their assets from Ethereum to Axelar by Satellite during FTX fallout’s week.
And finally, I’m glad to share this research with those who care about this issue via Twitter link, and will be pleased by your comments.
About:
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Author: HaM☰d
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Discord: 0xHaM☰d#8391
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Twitter: @arjmandi_hamed
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Email: h_arjmandi2012@yahoo.com
Axelar and FTX bankruptcy
In wake of the issues surrounding FTX, the old adage "not your keys, not your crypto" reinforces itself. Let's see how this played out during the fallout.
Did bridge activity spike over the last 7 days? If so, to what ecosystems?
At a more granular level, track net outflows from FTX onto Ethereum. Did any of these outflows flow across Satellite to another destination chain?
Hey there 👋!
Firstly, I appreciate you sticking with it until the conclusion.
I'm Hamed, a civil engineering Ph.D.
student interested in data analysis.
I've made many similar dashboards and visualizations since I started at Flipside in January.
Please take a look at my various contact details and let me know what you think.
:mag_right: Findings:
In this section ate first calculated the outflow/inflow into FTX fallout’s week.
In the first chart right can be seen that in Nov 7th the transferred volume from FTX to Eth peaked at $2.5B against to $2.04B volume from Ethereum to FTX.
So the net transferred volume was $464.1M from FTX to Ethereum in this day.
In the next chart can be observed the volume transferred by transferrers== from FTX to Ethereum increased from $11.92K in Nov 6th to $377.23K in Nov 9th, that was the most transferred volume by Satellite during FTX fallout’s week that FTX transferrers bridged.
:mag_right: Findings:
The visuals in the current part present the overall view of transferring transactions on Satellite during the FTX fallout’s week.
as of chart right can be observed the count of unique Bridgers reached the highest count at 163 on Nov 8th, the day after FTX bankruptcy.
and as of chart right below the tranferring transactions count peaked at 764 in Nov 9th, two day after the FTX fallout.
In the other hand, the bridged volume on satellite went up to over $927.5K in Nov 11th, from $40.5K in Nov 7th.
So, its observable that the fud of FTX bankruptcy affect the investors in the following days, and Satellite affected by the huge volume of assets to transfer.
:mag_right: Findings:
As of charts above and right we can found that Nov 8, 9 & 10th was the most volatile days for the Satellite platform, and the highest volume of transferrers and transactions count took place on this Nov 8 & 10th, respectively.
Most of transferrers tends to transfer USDC with 55% of total transferring count, also the count of Bridgers tends to bridge their UDSC peaked at 466 unique Bridgers in Nov 9th, during FTX event.
Top asset of most used to transfer in terms of transactions count was the USDC, too. In Nov 9th, 1090 transactions took place to bridge their USDC to other chains, 40.5% in total that followed by axl with 34.5%, respectively.
Bridging Volume
The charts right show the transferred volume in $USD by Satellite during the FTX fallout’s week.
As can be observed bridging volume peaked at about $800K in Nov 9th.
40.5% of transferred volume belongs to WETH that followed by axl with 25.5%, WBTC 17.3% and 16.7% to inj tokens.
The following line charts show the cumulative volume of most bridged tokens by Satellite during the FTX fallout’s week.
As can be seen over $1.74M Weth tokens transferred in total during the FTX fallout’s week that followed by WBTC with $797.6K.
The most transfer transactions count took place to transfer USDC with 5.12K on this week.
Overall, its observable bridging metrics dramatically increased on Satellite during the FTX fallout’s week.
As of above chart right, Transferring transactions count from FTX to Ethereum and then to Satellite by same transferrers peaked at 60 and 20, respectively, in Nov 8th.
:hourglass_flowing_sand: Outflows flow to another destination chain from FTX during FTX fallout’s week
As excepted Binance was the main destinations of transferred assets from FTX to Ethereum with 47.6% of total transactions count and 52.1% of all transferrers.
Overall, Centralized exchanges and Alameda Research wallets are by far the majority of outflows from FTX to the Ethereum.