Introduction

Axelar network is a blockchain that connects blockchains, enabling universal Web3 interoperability. The network is secured using proof-of-stake consensus, and messages are routed and translated using permissionless protocols. As an analogy, Axelar is like Stripe for Web3. Axelar delivers secure cross-chain communication for Web3. Our infrastructure enables dApp users to interact with any asset or application, on any chain, with one click.

Axelar is composed of a decentralized network of validators, secure gateway contracts, uniform translation, routing architecture, and a suite of software development kits (SDKs) and application programming interfaces (APIs) to enable composability between blockchains. This allows developers to build on the best platform for their use case, while being able to access users, assets and applications in every other ecosystem. Instead of pairwise cross-chain bridges, they can rely on a network architecture that provides a uniform code base and governance structure.Axelar’s ultimate goal is to build the underlying infrastructure for onboarding the next billion people onto Web3. In order to achieve this goal, Axelar will:

1. Make it easy for blockchain developers to plug in and communicate with other chains.
2. Provide decentralized application (dApp) developers with cross-chain composability.
3. Allow users to interact seamlessly with applications across multiple ecosystems.

The Axelar SDKs provide a rich suite for developing Web3 applications, ensuring that developers have the tools they need for building. With these tools and APIs, developers can use the Axelar network and its SDKs to write dApps that can be easily deployed across all Axelar-connected ecosystems. In other words, Axelar distills cross-chain interoperability down to a simple set of API requests. This is absolutely central to adoption, as the developer experience around deploying Web3 applications must be like the experience today for Web2 developers, where the underlying networking and ecosystem-specific deployment considerations are largely abstracted away.

Methodology

In this Dashboard, We are going to check if any of these ==outflows== from ==FTX== flow across the ==Satellite== to another destination chain. Then, We are going to track ==outflows== from ==FTX== exchange wallets to the Ethereum chain. Then, We are going to check the ==activity== around ==Axelar Satellite’s Bridge== during the ==FTX & Alameda collapse==. For this purpose, I am going to analyze data over the ==last 30 days== (on over-time and average charts in order to be able to compare data before and after collapse).

The main table that we are going to use to analyse activity over satellite’s bridge is axelar.core.fact_msg_attributes==. The main tables to track outflows from FTX into Ethereum are ethereum.core.ez_eth_transfers (for ETH transfers), ethereum.core.ez_token_transfers (for other tokens transfers) and ethereum.core.dim_labels (for identifying the FTX wallets)

• Satellite bridge is another one of transferring currency in crypto world and at bottom we can see how many bridges were made after the collapse.
• After the Collapse on the Nov 7th we can see a rise in all the charts.
• The daily number of bridges and volume rise to their maximum on Nov 9th and after that they slowly drop to their usual rate before the collapse.

And based on the chart above, centralized exchanges and Alameda Research wallets account for the vast majority of FTX to Ethereum outflows.

• The metrics above depicts the details of Satellite bridge volume since the start of November.
• The bridge volume skyrocketed during the timespan of FTX and Alameda’s collapse.
• Furthermore, the average volume per transactions increased significantly to around 3,000 USD per bridging transaction.

Conclusion

• The panic of users in the cryptocurrency markets continue, specially for the FTX users and here we can see how many users with what volume of currency chose to relocate their savings.

• Mostly we managed to keep an eye on the satellite bridges and we have seen these bridges were used in numerus counts to different destination by different users.

• The first three top destinations are in order, Ethereum, polygon and my dear osmosis.(most of the articles on my dashboard cover the detail of Osmosis thats why im so excited about it:D)

• 5 networks include Ethereum, Osmosis, Polygon, Kojira and Avalanche.

• The most changes are approximately between the 7th and 14th of November.

• The highest average volume of satellite bridges breakdown is related to Ethereum, Terra-2, Osmosis and Crescent, and the rest of the bridges have not changed much in their status.

• More than 86% of the volume of satellite bridges is from before the collapse of FTX.

• Number of satellite bridges increased on Nov. 8th and decreased and increased again on Nov. 12th and does not have a stable trend.

• The Total USD Volume Before collapsing was about 8.8M and consisted of 18.5%.

• The Total USD Volume After collapsing was almost 39M and consisted of 81.5%.

• The total number of wallet before collapsing was 2350 and consisted of 31.6%.

• The total number of wallet after collapsing was 4580 and consisted of 68.4%.

• The total number of transaction before collapsing was about 7.81K and consisted of 30.8%.

• The total number of transaction after collapsing was 17.8K and consisted of 69.2%.