Try Quests to earn FLOWSol Down Bad after FTX collapse
👀 Observation 1
The following graphs show the various moving average (MA) that calculated by diference of present day and past 30,60,90 days for MA 30-day , MA 60-day , MA 90-day .
On the left chart, we can see the SOL price is currently below almost all moving average trend lines except its 7 days moving average. this can not be good situation for SOL token because the moving average acts like a resistance line for tokens’ price and it would be a little hard for SOL to pass these trend lines.
In addition, we can see the trend line of all moving averages is decreasing as time goes on.
👀 Observation 2
Based on the above and left and up charts, all of analysed tokens (and also almost all of other cryptocurrencies) has experienced massive price drop after 7th November (FTX and Alameda collapse day) and none of them were able to fully recover their lost value till today.
- Since November 7th Solana and Top market tokens have declined in value sparkly.
- The events of FTX seem to be the catalyst of the drop in the price of these tokens
- In the past 45 days, the tokens in the graph right indicate the return percent was in the range from 0.85% - 56.9% down in the past month.
- Solana price noted a 58.8% decline when the market took the heat from FTX’s collapse (Fell down from $32.65 in Nov 1th to $14.08 in Dec 15th)
👀 Observation 3
The graphs on the right show the swap volume in terms of bought, sold, and net swapped volumes of SOL.
- On the above data, we can see there was quite high volume of SOLs that have been swapped on DEXs during November. the net volume of swaps is -67.5 K SOL which is a significant amount and is another reason behind SOL price drop during recent days.
- Considering that the fear and panic of traders because of sell pressure of FTX drainers can be another cause of this massive sell amount.
- Based on the above charts, the most number and also volume of SOL sales has achived on 8th, 9th and 10th November, the same date of FTX and Alameda collapse. Also in all days, we can see both number and especially volume of swaps from SOL (selling it) to other tokens is more than swaps to SOL (buying it).
- Anyway, there is increasing activity of swaps to SOL (buying) during recent days and this can be good news for SOL.
👀 Observation 4
Attempts have been made in this section to track the transferred SOL.
- 81.2% (593.92 K) count of that transferred to CEX, and 18.8% (137.28 K) count of that transferred to NFT ,and 0.001% (2) count of that transferred to Operator.
- 99.9% (100.43 K) count of users that transfer to CEX, and 0.1% (68) count of users that transferred to NFT ,and 0.001% (1) count of users that transferred to Operator.
- 99.6% (176.72 M) volume of that transferred to CEX, and 0.4% (696.78 K) volume of that transferred to NFT ,and 0.001% (20) volume of that transferred to Operator.
📝 Introduction
:red_circle: What is Solana?
Solana is an open source project implementing a new, high-performance, permissionless blockchain. The Solana Foundation is based in Geneva, Switzerland and maintains the open source project.
🔴 Why Solana?
It is possible for a centralized database to process 710,000 transactions per second on a standard gigabit network if the transactions are, on average, no more than 176 bytes. A centralized database can also replicate itself and maintain high availability without significantly compromising that transaction rate using the distributed system technique known as Optimistic Concurrency Control [H.T.Kung, J.T.Robinson (1981)]. At Solana, we are demonstrating that these same theoretical limits apply just as well to blockchain on an adversarial network. The key ingredient? Finding a way to share time when nodes cannot rely upon one another. Once nodes can rely upon time, suddenly ~40 years of distributed systems research becomes applicable to blockchain!
🔴 Overview
The Solana docs describe the Solana open source project, a blockchain built from the ground up for scale. They cover why Solana is useful, how to use it, how it works, and why it will continue to work long after the company Solana closes its doors. The goal of the Solana architecture is to demonstrate there exists a set of software algorithms that when used in combination to implement a blockchain, removes software as a performance bottleneck, allowing transaction throughput to scale proportionally with network bandwidth. The architecture goes on to satisfy all three desirable properties of a proper blockchain: it is scalable, secure and decentralized.
The architecture describes a theoretical upper bound of 710 thousand transactions per second (tps) on a standard gigabit network and 28.4 million tps on 40 gigabit. Furthermore, the architecture supports safe, concurrent execution of programs authored in general-purpose programming languages such as C or Rust.
✍🏻 Methodology
- In this dashboard, i use 4 table:
solana.core.fact_token_prices_hourly→ used for Solana price history .ethereum.core.fact_hourly_token_prices→ used for some of Ethereum token’s price history.flow.core.fact_prices→ used for Flow price history .osmosis.core.dim_prices→ used for Atom price history .
📃 Purposes of dashboard
In this dashboard, Solana , Flow , Atom and some of Top Eth token price is analyzed :
- Total Sol price history and moving average price since 1st Nov.
- Compare Sol price vs Flow , Atom , BTC and some of ETH token price and their price change rate.
- Total and daily swap activity on Sol since 1st Nov.
- Total and daily swap activity on Sol since 1st Nov.
🔴 FTX collapse
Conversion of one cryptocurrency to another After a report by CoinDesk in early November 2022 highlighted potential leverage and solvency concerns involving trading firm Alameda Research, FTX abruptly shut down. While FTX was in the midst of a cash crunch and a search for rescue funding, rival exchange Binance considered purchasing a stake in the company but ultimately decided against it. The CEO of FTX resigned and the company declared bankruptcy on November 11th, 2022.
More than 600 million dollars have been stolen so far. FTX and FTX.USD were both affected by this hack.
After the hack news, the Tether foundation suspended the accounts of the possible hackers of this project and then blacklisted their accounts. Notably, these funds include about $4 million in Tether on the Avalanche network and over $27 million in Tether on the Solana network. CoinDesk independently verified the code used by Tether to block such addresses.
Conclusion
:green_square: Since November 7th Solana and Top other tokens have declined in value sparkly.
:green_square: We have seen that many tokens have lost their value after FTX collapse and solana price droped highst because of heavy investment of FTX on solana.
🟩 ETH token has lost 59% of its value (compared to 1st November) and its drop more than ATOM, FLOW ,BTC, BNB and MATIC.
🟩 The ETH balance of FTX hackers and also their selling activity has quite correlation vs solana token price that more sells then more price drop.
🟩 This behavior of hackers has also Instilled fear in traders and solana selling activity during November by traders especially during FTX collapse and also the same time when hackers were selling their drained solanas.
📃Contact Data
Discord : Abolfazl#2441
Email : Abolfazl.yeganeh77@gmail.com
Twitter : profile
Twite of this analyze : Link
thanks for MetricsDao and Flipsidecrypto team