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].

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].

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].

The intention of this dashboard is to take a look at who's managing to escape from the FTX debacle mostly unscathed. The idea is to see if users are off-boarding through any other methods, exchanges, chains, or dapps seeing large increases in new users or trading volume.

In this particular analysis, we will focus on GMX, GNS and Dydx. The first one referring to Arbitrum chain, the second one to Polygon and the last one to Ethereum.

Then, to do so, we are gonna explore the following metrics:

• General metrics over the past month
  • Daily and cumulative number of transactions
  • Daily and cumulative active users
  • Distribution of trasnactions and active users by platform
• New users metrics
  • Daily and cumulative new wallets
  • Daily and cumulative transactions done by new users
  • Distribution of new users and its transactions by platform
• Trading volume
  • Daily and cumulative volume
  • Average daily volume
  • Cumulative volume
  • Distribution of volume by platform

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Global platform metrics

If we focus on the new users coming to each platform, we can similar trends. In this case, the amount of users has also increased during the days just after the FTX bad news.

In this case, we can see how during the days prior to the news, a higher number of users were joining GMX compared to the other dapps. However, Dydx and GMX experienced a similar increase in new users during those first days. Now it seems to have calmed down a bit but the numbers are still quite high compared to the days before the news and Dydx seems to continue to outperform GMX. In fact if we take a look at the cumulative data, we can see how the lines of both are crossing for the first month so far this month, so it seems that Dydx is starting to have more adoption than GMX.

However, looking at the transactions of these new users, we can see that GMX and GNS are more active than Dydx. In this case, Dydx registers the worst numbers. In this case, all three platforms have experienced a growth in the transactions of these new users since the FTX news.

In the distribution graphs, we can see how in both cases, Dydx has been gaining ground over the others for most of the month, going from having around 40% of new users and just over 20% of transactions to over 60% of users and around 50% of transactions.

Looking at the platform transactions, we can see how there has been an uptrend over the past 30 days. In fact, since November 7th, coinciding eith the date of FTX news, the amount of active users increased considerably in all of the platforms. During these days, the dapp with the major number of active users has been Dydx, and then, the most adoption since the FTX news is being experimented by Ethereum chain.

Looking at the active wallets, we can see something similar. The numbers spiked just after the FTX news, finding a higher growth for GMX that at some point surpassed the Dydx numbers. In the active users chart, we can see how the dsitribution experimented a change just after the FTX news when GMX gained some percentage with respect to Dydx.

Taking a look at the distributions, we can see that there is more difference between Dydx against other two in terms of transactions. However, in the case of active users, the differens is fewer.

New users coming to each platform

Trading volume in USD by platform

In this final section, we can see the trading volume of each of the platforms. In this case, we can see that the highest volume is on Dydx. It is clear that during the days of the FTX rumours and news, volume increased sharply from just over 2M between all platforms to values above 10M. The biggest difference was in Dydx, which alone managed to raise over 10M on November 9th. We can also see that the average volume is higher than the other platforms.

We can also see the cumulative volume, which was 7M on GNS, 13M on GMX and almost 40M on Dydx. In the cumulative volume distribution graph, we can see how Dydx has always been above the others, and that since the news, its percentage has increased.

• Since November 7th, coinciding with the date of FTX news, the amount of active users increased considerably in all of the platforms. During these days, the dapp with the major number of active users has been Dydx, and then, the most adoption since the FTX news is being experimented by Ethereum chain.
• The numbers of active wallets spiked just after the FTX news, finding a higher growth for GMX that at some point surpassed the Dydx numbers.
• Thee distribution of active users experimented a change just after the FTX news when GMX gained some percentage with respect to Dydx.
• The amount of new users has also increased during the days just after the FTX bad news.
• While during the days prior to the news, a higher number of users were joining GMX compared to the other dapps, Dydx and GMX experienced a similar increase in new users during those first days.
• If we take a look at the cumulative new users, we can see how the lines of both, GMX and Dydx are crossing for the first time so far this month, so it seems that Dydx is starting to have more adoption than GMX.
• GMX and GNS new users are more active than Dydx. All three platforms have experienced a growth in the transactions of these new users since the FTX news.
• Dydx has been gaining ground over the others for most of the month, going from having around 40% of new users and just over 20% of transactions to over 60% of users and around 50% of transactions.
• The highest volume is on Dydx. It is clear that during the days of the FTX rumours and news, volume increased sharply from just over 2M between all platforms to values above 10M. The biggest difference was in Dydx, which alone managed to raise over 10M on November 9th.

Introduction

Methods

Key insights