What is the Question?🚨

Who's managing to escape from the FTX debacle mostly unscathed?

Create a single chart showing trading volume on dydx, gmx, and gns to show how people are exiting ftx and entering margin trading dapps.

Are they off-boarding through any other methods? Are any particular exchanges, chains, or dapps seeing large increases in new users or trading volume?

Analyzed Topics:

1. Daily & Overall Trading Activity on dYdX, GMX, GNS
2. FTX Users Joining DEXs?
3. FTX Outflows

Introduction🚩

What is Margin Trading?

Margin trading is a method of trading assets using funds provided by a third party. When compared to regular trading accounts, margin accounts allow traders to access greater sums of capital, allowing them to leverage their positions. Essentially, margin trading amplifies trading results so that traders are able to realize larger profits on successful trades. This ability to expand trading results makes margin trading especially popular in low-volatility markets, particularly the international Forex market. Still, margin trading is also used in stock, commodity, and cryptocurrency markets.

More Info

What is FTX?

FTX is a Bahamian cryptocurrency exchange. FTX is incorporated in Antigua and Barbuda and headquartered in The Bahamas. As of February 2022, the exchange has over one million users. FTX operates FTX.US, a separate exchange available to US residents.

What is dYdX?

dYdX is a decentralized exchange (DEX) platform that offers perpetual trading options for over 35 popular cryptocurrencies including Bitcoin (BTC), Ether (ETH), Dogecoin (DOGE) and Cardano (ADA).

What is GNS?

Gains Network is the company behind gTrade, a leveraged trading platform built on Polygon (and soon on Arbitrum). Gains offers a wide variety of tradable assets. Beyond major cryptocurrencies, the platform also supports large-cap U.S. stocks, including popular tech names like AMZN, AAPL, AMD, among others.

What is GMX?

GMX is a decentralized, permissionless perpetual swap and spot exchange. Traders can use it to easily trade cryptocurrency on-chain just by connecting their wallets. GMX has a native token called GMX, which functions as a governance, utility, and value-accrual token for the GMX protocol.

Method⚡

In this dashboard, i will analyze where are FTX users are going and which platform they are moving their funds to. Are they going to DEXs?CEXs?Dapps? We’ll see!

At first i analyze dYdX, GMX and GNS daily trading activity to see that any changes happened to them after November 7th (FTX’s Collapse Day) or not, then i take a look at escaped FTX users and where are they going and in the end i will analyze FTX Outflows and where are they going since the beginning of November 2022.

I extracted data from ==Arbitrum.core== & ==Polygon.core== and ==Ethereum.core== databases provided by Flipsidecrypto and used their transfer tables to gather the needed data. I also used these contracts to filter the mentioned platforms data:

1. ==GMX Protocol==
   • “0x3d6ba331e3d9702c5e8a8d254e5d8a285f223aba”
   • “0xb87a436b93ffe9d75c5cfa7bacfff96430b09868”
2. ==Gains Network (GNS)==
   • 0xd8d177efc926a18ee455da6f5f6a6cfcee5f8f58
   • 0x65187fec6ecc4774c1f632c7503466d5b4353db1
   • 0xf8a140db8b05bec52c7e86d0d40d72f8e54fe559

And i found dYdX data from Ethereum lable table.

All the data and charts are since the beginning of November because FTX’s collapse happened on November 7th, I decided to analyze the whole November, since its first day until today ==2022-11-16==

Findings👀

• Above charts are showing dYdX & GMX & GNS platforms trading stats since the beginning of November.
• As we see, their trading activity increased after November 7th that FTX collapsed and it seems like FTX users joined these platforms mostly GMX in terms of trades and traders and dYdX in terms of Trade volume in USD for margin trading.
• Over 50% (160) of FTX users has joined dYdX among these 3 exchanges.
• Nov 9th & 10th have the highest number of trades, traders and trade volume on these 3 platforms since the beginning of November by far.
• GMX experienced a huge traffic of new users and number of trades after Nov 7th and after FTX’s collapse.
• GMX and dYdX have recieved more FTX users and activity than GNS in past 2 weeks.
• We can say because of the popularity of GMX and dYdX, these platforms gained more users than GNS.

1. Daily & Overall Trading Activity on dYdX, GMX, GNS

2. FTX Users Joining DEXs?

3. FTX Outflows

Findings👀

• These charts as the topic says are showing FTX Outflows since the beginning of November.
• Over 50% of FTX outflows in terms of number of trasnactions and volume is for Binance exchange Followed by Coinbase with almost 16%.
• Most of the ouflows from FTX recorded on November 7th and most of them were sent to binance.
• Binance received over 22K transactions and over 1.1M volume of outflows from FTX in past 2 weeks and most of them happened Nov 6th & 7th & 8th.
• ==“0x98c3d3183c4b8a650614ad179a1a98be0a8d6b8e”== wallet address is the biggest outflower from FTX in terms of number of transactions with over 2K transactions by itself.
• ==“0x3507e4978e0eb83315d20df86ca0b976c0e40ccb”== wallet address is the biggest outflower from FTX in terms of volume with almost 450M outflowed volume by itself.

Findings👀

• In this section, i showed different metrics that tell us which DEX FTX users are joining the most.
• We can see DEXs transactions and number of users and also USD volume saw a massive increase after Nov 7th because of the FTX’s collapse.
• Over 55% of FTX users joined Uniswap and 1inch DEXs.
• In overall, Uniswap recorded more transactions by FTX users and gained more FTX users since the beginning of November, but 1inch recorded more volume in USD by FTX users.
• We see that in first few days after FTX’s collapse most volume has been sent to Uniswap but after Nov 8th this fact changed and most of the volume sent to 1inch and peaked on Nov 10th.

Conclusion💡

• dYdX, GMX and GNS Trading activity increased after November 7th that FTX collapsed and it seems like FTX users joined these platforms mostly GMX in terms of trades and traders and dYdX in terms of Trade volume in USD for margin trading.
• Over 50% (160) of FTX users has joined dYdX among these 3 exchanges.
• Nov 9th & 10th have the highest number of trades, traders and trade volume on these 3 platforms since the beginning of November by far.
• GMX experienced a huge traffic of new users and number of trades after Nov 7th and after FTX’s collapse.
• GMX and dYdX have recieved more FTX users and activity than GNS in past 2 weeks.
• We can say because of the popularity of GMX and dYdX, these platforms gained more users than GNS.
• DEXs transactions and number of users and also USD volume saw a massive increase after Nov 7th because of the FTX’s collapse.
• Over 55% of FTX users joined Uniswap and 1inch DEXs.
• In overall, Uniswap recorded more transactions by FTX users and gained more FTX users since the beginning of November, but 1inch recorded more volume in USD by FTX users.
• Over 50% of FTX outflows in terms of number of trasnactions and volume is for Binance exchange Followed by Coinbase with almost 16%.
• Most of the ouflows from FTX recorded on November 7th and most of them were sent to binance.
• Binance received over 22K transactions and over 1.1M volume of outflows from FTX in past 2 weeks and most of them happened Nov 6th & 7th & 8th.
• ==“0x98c3d3183c4b8a650614ad179a1a98be0a8d6b8e”== wallet address is the biggest outflower from FTX in terms of number of transactions with over 2K transactions by itself.
• ==“0x3507e4978e0eb83315d20df86ca0b976c0e40ccb”== wallet address is the biggest outflower from FTX in terms of volume with almost 450M outflowed volume by itself.
• In overall, Users started to leave on November 7th after FTX’s collapse and between DEXs, most of them went to Uniswap and 1inch, between CEXs they mostly went to Binance and Coinbase and between dYdX, GMX and GNS, most of them went to dYdX and GMX because they are more popular than GNS.

Author: Sbhn_NP

Discord : Sbhn_NP#8717

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Thanks for your time!