Overview

FTX is a cryptocurrency exchange built by traders, for traders. FTX offers innovative products including industry-first derivatives, options, volatility products and leveraged tokens. We strive to develop a platform robust enough for professional trading firms and intuitive enough for first-time users [1].

\n

Alameda Research is a leading principal trading firm, working as a quantitative cryptocurrency trading firm that provides liquidity in cryptocurrency and digital assets markets [2].

\n

The Alameda Research have tried to buy the FTT tokens available on Binance but Binance CEO Changpeng Zhao (CZ) isn’t interested in selling his company’s FTX Tokens in an OTC deal with Alameda [3]. \n

\n

Methods

In this dashboard, we will try to analysis what has been happening in the Solana defi ecosystem since and how has the recent tumult surrounding FTX and Alameda impacted SOL and the Solana ecosystem. \n

\n The idea is to explore if the activity increased or decreased and also try to find some possible factor, dApp or whatever that may be the affected by this event.

The main metrics evaluated are:

• Defi events both global and by platform
• Defi users both global and by platform
• Staking events
• Pool staking events
• Number of stakers
• Transfers from and to CEX
• Transferers and receptors to/from CEX

In this first charts we can see the global DeFi activity. In blue we have the data before the FTX/Alameda news and in orange the data after the news.

In the first chart we can see how the events started to decrease just after the news, passing from around 9M to below 5M these last days. However, the amount of users interacting with DeFi platforms spiked during the the days after the FTX/Alameda news.

DeFi activity analysis

If we take a look at the numbers by platforms, we can see how the main cause of the decrease of the activity is due to the activity on Serum and Jupiter has decreased.

On the one hand, the amount of events on Serum has dropped from around 5M to less than 2M. Something similar has occurred with Jupiter but in a lower scale, passing from around 1M to less than 300k events per day.

In terms of users, in this case it seems that the general activity was increasing over the days before the news. When the news come true, the events spiked but afterthat the activity started to drop. Mainly, the activity on Jupiter suddenly dropped just after the news. We can see that the red part practically has been null over the past few days. However, we can see how other platforms have been also affected and their activity also decreased, such as Serum again.

Staking activity analysis

Considering the staking activity, we can see how in terms of actions the situation is clear. The activity has spiked over the past days just after the news. The number of actions practically has been doubled. If we consider the averages of each metric, we can see how in the case of daily average transactions, it has increased from 1113 to more than 2.5k, while the amount of average users also increased from 894 to almost 2k.

Here the question is… are users delegating or undelegating during these days when the activity has spiked? Looking at the current bear market and the sudden drop on the SOL price, we can corroborate that what has happened here is that the panic on the people has been shown and the undelegating activiy spiked.

Transfers from/to CEX

In this final section, there is a comparison between the activity from and to CEX before and after the FTX/Alameda event. In both cases, we can see a decrease on the transfers activity during the days after the news. So we can corroborate that after the FTX/Alameda event, the activity on the CEX has decreased. However, we can see as well that the major decrement on the activity was with the transfers to CEX, that has been dropping days prior to the news.

Key insights

• The DeFi events started to decrease just after the news, passing from around 9M to below 5M these last days. However, the amount of users interacting with DeFi platforms spiked during the the days after the FTX/Alameda news.
• The main cause of the DeFi decrease of the activity is due to the drop in the Serum events and that the major of the users stopped their interactions with Jupiter.
• Other platforms have been also affected and their activity also decreased a little bit, such as Serum.
• The amount of events on Serum has dropped from around 5M to less than 2M. Something similar has occurred with Jupiter but in a lower scale, passing from around 1M to less than 300k events per day.
• The staking activity has spiked over the past days just after the news. The number of actions practically has been doubled. Looking at the current bear market and the sudden drop on the SOL price, we can corroborate that what has happened here is that the panic on the people has been shown and the undelegating activiy spiked.
• The major of the staking activity over the pools has been altered.
• The pools with major loses has been Lido.
• We can see a decrease on the transfers from/to CEX during the days after teh FTX/Alameda news.
• We can see as well that the major decrement on the activity was with the transfers to CEX, that has been dropping days prior to the news.

Staking activity by pool

Looking at the staking actions by pool, we can see how both, the staking and unstaking amounts jumped since November 8th to November 10th. However, a big spike was shown on unstaking actions specifically on November 9th and 10th.

In the case of staking actions, the distribution seems similar over pools, but in terms of unstaking actions, the Lido has the highest number with difference.

In fact, if we take a look at the netflow staking transactions over time, we can see how since the event, the staking netflow turned negative for some of the pools. In concrete Lido, Socean and Daopool, while for the rest since to not be altered.

In terms of stakers netflow, we can see something similar as the previous metric shown. In this case, the amount of stakers seemed to be increasing over time, but since the bad news, the trend went on the other way around. In terms of unstakers, we can see how there is basically one affected pool: Lido, which has experimented a huge spike on the number of daily unstakers during November 8th to November 11th.

If we take a look at the netflow users by each pool, we can see how the unique pool that has lost stakers over this period has been the Lido pool.

To sum up this part, we can see the three charts situated above where we can see how the most affected pools since the FTX news have been Lido and Marinade, not only in number of actions and stakers but also in volume. In fact, the most important metrics and the most affected one has been the volume where the difference between inflows and outflows is more notorious in this pools. Jpool has also lost a lot of volume.