Introduction

What is Solana?

Solana is a highly functional open source project that implements a new, permissionless and high-speed layer-1 blockchain

Solana’s third-generation blockchain architecture is designed to facilitate smart contracts and decentralized application (DApp) creation. The project supports an array of decentralized finance (DeFi) platforms as well as nonfungible token (NFT) marketplaces.

Bankruptcy of FTX

At its peak, FTX was valued at $32 billion. The company filed for bankruptcy on Nov. 11 after competing offshore crypto exchange, Binance, backed out of a deal to acquire it and users withdrew around $6 billion in funds. FTX's Sam Bankman-Fried, who often goes by SBF, stepped down as CEO.

The collapse of FTX comes a week after Bankman-Fried sought billions of dollars to save his company after customers rushed to pull their assets out of the business.

Bankman-Fried had sought $6bn to $8bn to stem a liquidity crunch.

Destinations of USDC on Solana

1 month before FTX bankruptcy :arrow_down::arrow_down::arrow_down::arrow_down:

After the bankruptcy of FTX :arrow_down::arrow_down::arrow_down::arrow_down:

The chart opposite shows the daily volume of USDC outflow and inflows on Solana.

On November 7, we see an increase in USDC volume on Solana, where the output volume is slightly higher than the inflow.

This increase in USDC volume on Solana happened due to the news of FTX bankruptcy, and after that we are faced with a decrease in volume.

The charts above show the daily volume of USDC outflow on Solana along with USDC destinations.

I compared USDC outflow volume on Solana before the FTX bankruptcy and after the FTX bankruptcy.

A noteworthy point is the removal of FTX wallets as the destination of USDC after November 8 and replaced by Binance and Coinbase wallets as the main destination of USDC on Solana.

As you can see, 1 month before FTX bankruptcy, 9.3% of USDC destinations on Solana were for FTX wallets, While After the bankruptcy of FTX, FTX wallets No longer a destination for USDC.

The percentage of USDC on Solana destinations in Binance and Coinbase wallets has increased.

USDC on Solana

USDT on Solana

Destinations of USDT on Solana

1 month before FTX bankruptcy :arrow_down::arrow_down::arrow_down::arrow_down:

After the bankruptcy of FTX :arrow_down::arrow_down::arrow_down::arrow_down:

The chart opposite shows the daily volume of USDT outflow and inflows on Solana.

On November 18, we see a significant increase in the volume of USDT, where the volume of inflow is greater than the volume of outflow.

About 2B USDT inflows were on Solana and about 1 B USDT were outflowed on the same day.

After November 18, we see a significant decrease in USDT volume on Solana.

Of course, it is much less compared to the volume of USDC.

The charts above show the daily volume of USDT outflow on Solana along with USDT destinations.

I compared USDT outflow volume on Solana before the FTX bankruptcy and after the FTX bankruptcy.

A noteworthy point is the removal of FTX wallets as the destination of USDT after November 8 and replaced by Binance wallets(Hot wallet ) as the main destination of USDT on Solana.

As you can see, 1 month before FTX bankruptcy, about 8% of USDT destinations on Solana were for FTX wallets, While After the bankruptcy of FTX, FTX wallets accounted for only 3.3% of USDT destinations.

The percentage of USDT on Solana destinations in Binance wallets has increased.

Method

Considering the recent events in the cryptocurrency area, including the bankruptcy of FTX and its effect on the price of Solana and FTT, as well as the news about the closing of USDC on Solana, I decided to analyze the volume (inflow, outflow) and destinations Outflow USDC and USDT on Solana, before this news and after this news (Nov.11).

For this, I used the solana.core.fact_transfers table and the following filters for USDC and USDT:

• USDC=> mint='EPjFWdd5AufqSSqeM2qN1xzybapC8G4wEGGkZwyTDt1v
• USDT=> mint='Es9vMFrzaCERmJfrF4H2FYD4KCoNkY11McCe8BenwNYB'