Methodology

Metrics in multiple areas such as token prices, transactions, transfers, swaps, and NFT sales were measured to compare the three blockchains in November. All the values for prices and volume were converted to USD for better comparability. All the data for each blockchain were selected from the tables under their Core schema and respective databases. To also calculate the extent of changes in the measured metrics, the percentage changes of the value on each day were determined compared to the previous day. It is worth mentioning that the selected blockchains are all considered mid-cap networks, and in a sense are considered rivals. Therefore, their comparison aimed to provide a better understanding of how they are situated in contrast to one another.

NEAR

The price action data of the NEAR token were selected from the fact_prices table by filtering using the wNEAR symbol. The number of transactions, users, and the amount of fees were selected from the fact_transactions table by filtering only the successful ones. For the analysis of NEAR token transfers, the data on the fact_transfers table was used. The swaps data were selected from the ez_dex_swaps table and the USD value for swapped volume from each token was calculated using the prices table. The NFT sales data on NEAR were selected from its transactions table by filtering the JSON tx column with a nft_buy method.

Algorand

The Algorand price data were selected from the ez_price_pool_balances table. The number of transactions, users, and the amount of fees were selected from the fact_transaction table. The ALGO transfers data were selected from the ez_transfer table. The swap data on Algorand were selected using the fact_swap table under the DeFi schema due to the core version not being updated to the present date. The price of different assets was selected from the ez_price_swap in combination with the previously mentioned table for the price of ALGO. Due to the existence of some outliers, transactions with a swap_from_amount higher than 100,000 were filtered out. The data for the NFT sales were selected from the ez_nft_sales table.

Solana

The price data of Solana were selected from the fact_token_prices_hourly table by filtering using the SOL symbol. The number of transactions, users, and the amount of fees were selected from the fact_transactions table by filtering only the successful ones. The transfer data of SOL tokens were selected from the fact_transfers table. The swaps data on Solana were selected from the fact_swaps table. The price of tokens involved in the swaps was also calculated from the swaps of those tokens with either USDC or USDT. Again, due to the existence of some outliers, transactions with a price value of higher than 21,000 were filtered out. The NFT sales data on Solana were selected from the fact_nft_sales table.

NFT Sales

The analysis of NFT sales activity on NEAR, Algorand, and Solana has shown that in the wake of the FTX collapse, the sales on Solana decreased to new lows. Algorand has had a relatively stable NFT sales activity since the start of November, and although it was affected by the incident as a member of the industry, it has been able to preserve a substantial portion of its sales. The NFT segment in NEAR is close to none, and interestingly, it saw an increase in its number of sales during the incident. From the price perspective, NFTs of both Solana and Algorand have dropped to lower levels, presenting a great opportunity for the fans of particular collections to get a hand on their favorite NFTs.

Conclusion

In conclusion, the comparison of three blockchains of NEAR, Algorand, and Solana in the wake of FTX collapse during November has demonstrated that overall, NEAR has not been quite successful in weathering the crisis that happened following the insolvency of FTX compared to Algorand. Even though NEAR has not been affected similarly to Solana, its token price has still dropped substantially. Meanwhile, ALGO has tanked the event slightly better. The number of transactions dramatically decreased on Solana since November 8th, while NEAR and Algorand have only had a downtrend since the start of the month. The native token transfer volume on each chain was at its peak between November 8th and 9th, with NEAR being the most volatile of the three probably due to NEAR and SOL price volatilities during the incident. While NEAR and Algorand have preserved some of their activity after their peak, Solana’s token transfers have continued to be at their new lower levels. The swap activity on all three chains drastically increased between the 8th and 9th of November. The activity has nearly returned to its previous levels after the incident on all three networks. The changes in the swaps of Solana were higher than NEAR higher than Algorand, indicating that Algorand was more successful in dodging the side effects of FTX collapse and due to the relative price stability of ALGO, its users did not have the urge to swap their holdings. Last but not least, the NFT sales activity has shown that Algorand has remained relatively stable since the start of November, and although it was affected by the incident as a member of the industry, it has been able to preserve a substantial portion of its sales. The NFT segment in NEAR is almost non-existent, and interestingly, it saw an increase in its number of sales during the incident. The NFT sales volume on Solana has kept decreasing to new lows, even after the incident. From the price perspective, NFTs of both Solana and Algorand have dropped to lower levels, providing their fans a great opportunity to have a chance to finally snatch one of their desired digital collectibles.

Introduction

The crypto industry experienced one of its hardest hit and saw a major sell-off in November triggered by the collapse of the crypto exchange FTX and investing firm Alameda Research, Sam Bankman-Fried’s business empire, which days later were filed for bankruptcy. The ripple effects of this collapse have affected other blockchains and the price of their tokens as the contagion of the FTX collapse spreads. Solana has quite fallen in the market cap ranking and is now a mid-cap blockchain.

In this dashboard, the state of NEAR and Algorand, as two other mid-cap blockchains, has been investigated during November to see how they were affected by the news of FTX collapse and the sell-off of Solana.

Price Action

The analysis of the daily price action of NEAR, ALGO, and SOL since the start of November has indicated that the price of all of these tokens has moved in accordance with one another, and the whole crypto market. The percentage change in the price of these tokens has also shown that SOL experienced a volatile period, especially between November 8th and 11th. Overall, ALGO has done a better job in preserving its price compared to NEAR and SOL.

Transactions

The response of NEAR and Algorand was completely different from Solana during the incident between November 8th and 11th. While the number of transactions on Solana massively dropped, its number of users was at its peak in November, indicating a panic state among users. NEAR and Algorand were the opposite and witnessed an increase in their transactions during that period. Their number of users has had a gradual downtrend, following the whole industry. Once again Solana observed huge volatility during the past two weeks. While NEAR and Algorand have been able to slightly balance their activity in the last few days, the number of Solana users has remained near its lows after the FTX collapse.

Native Token Transfers

The native token transfer volume on each chain was at its peak between November 8th and 9th, with NEAR being the most volatile of the three probably due to higher NEAR and SOL price volatilities during the incident. The volume on NEAR and Solana has dramatically dropped since, while Algorand has preserved a relatively high ALGO transfer volume. All three blockchains experienced a major percentage change in their number of token senders, either positive or negative at some point during the incident. Their changes have been more aligned with each other, especially after the collapse.

Swaps

The analysis of swap activity in November has demonstrated that the volume of the swap on all three chains drastically increased between the 8th and 9th of November. The activity has nearly returned to its previous levels after the incident on all three networks. Overall, November 8th had the highest percentage change for the number of swaps and swappers, as well as the volume of the swap. It is worth mentioning that the changes in Solana were higher than NEAR were higher than Algorand, indicating that Algorand was more successful in dodging the side effects of FTX collapse and due to the relative price stability of ALGO, its users did not have the urge to swap their holdings.