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In wake of the issues surrounding FTX, the old adage "not your keys, not your crypto" reinforces itself. Let's see how this played out during the fallout. Did bridge activity spike over the last 7 days? If so, to what ecosystems? At a more granular level, track net outflows from FTX onto Ethereum. Did any of these outflows flow across Satellite to another destination chain? BONUS: Post your dashboard on Twitter and tag @flipsidecrypto and any relevant accounts!
Quick introduction
What is Axelar?
Axelar delivers secure cross-chain communication for Web3. Secure means Axelar is built on proof-of-stake, the battle-tested approach used by Avalanche, Cosmos, Eth2, etc. Cross-chain communication means you can build a complete experience for your users that lets them interact with any asset, any application, on any chain with one click.
What is Satellite?
Satellite is a web application built on top of the Axelar Network. It provides an easy to use interface which enables users to transfer their crypto assets from one chain to another.
🤜 Fight of Between FTX and Binance Escalates:
The long-simmering tensions between Binance and FTX, the two biggest players in today's cryptocurrency industry, recently reached a boiling point and spilled out into the open. As reported by U.Today, Binance CEO Changpeng Zhao confirmed Sunday that the company had decided to liquidate all of its FTX (FTT) tokens due to "recent revelations." The bombshell announcement came amid rumors about the alleged financial troubles of Alameda Research, a major trading firm closely linked to FTX. Many started speculating whether Alameda is solvent since it turned out that it had very heavy exposure to the FTT token. After the price of the token took a big dive, Alameda Research CEO Caroline Ellison alleviated the market's concern by clarifying that the firm had additional assets on its balance sheet. Moreover, Ellison stated that Alameda would be willing to buy FTT tokens from Zhao.
A back-and-forth between the two cryptocurrency giants escalated. In a follow-up tweet, Zhao clarified that Binance did not want to support "people who lobby against other industry players." In a scathing tweet, FTX co-CEO Ryan Salame said that Zhao was "literally the worst." Salame went on to say that he was offered to buy the tokens via an over-the-counter desk "to avoid any retail being hurt," but he chose to "cause pain." FTX boss Sam Bankman-Fried himself took to Twitter earlier today, adding more fuel to the drama. Bankman-Fried claims that FTX's competitor is attempting to go after his company by spreading "false rumors." Bankman-Fried stressed that the company's financial situation is fine. "FTX has enough to cover all client holdings," he added. In a separate tweet, Bankman-Fried said that he would like to work with Zhao for the sake of the ecosystem.
Methods
☑️ In this dashboard, we discussed the activities of Axelar's Satellite Bridge in important metrics during the FTX Crash. The 3 desired metrics in this dashboard are:
- Number of Users
- Number of Transactions
- Volume ($USD)
Note that the calculations are from the day of the FTX Crash (November 7) ==to== a week after that (November 14), but in some parts, to better understand the changes, I considered the time from the beginning of November and displayed it on the chart.
💲 All the prices in this dashboard are calculated in $USD, I used the price of tokens using the osmosis.core.dim_prices table, plus the price of stablecoins ($1). (codes A & B):
:a::
with prices as (
select
date_trunc('day', recorded_at) as date,
lower (symbol) as Symbol,
avg (price) as Price
from
osmosis.core.dim_prices
group by
1,
2
UNION ALL select date_trunc('day', recorded_at) as date, 'uusdt' as Symbol, 1 as Price from osmosis.core.dim_prices group by 1, 2
UNION ALL select date_trunc('day', recorded_at) as date, 'usdt' as Symbol, 1 as Price from osmosis.core.dim_prices group by 1, 2
UNION ALL select date_trunc('day', recorded_at) as date, 'cusdc' as Symbol, 1 as Price from osmosis.core.dim_prices group by 1, 2
UNION ALL select date_trunc('day', recorded_at) as date, 'uusdc' as Symbol, 1 as Price from osmosis.core.dim_prices group by 1, 2
UNION ALL select date_trunc('day', recorded_at) as date, 'dai' as Symbol, 1 as Price from osmosis.core.dim_prices group by 1, 2
UNION ALL select date_trunc('day', recorded_at) as date, 'uusd' as Symbol, 1 as Price from osmosis.core.dim_prices group by 1, 2
)
:b::
CASE
WHEN currency in ('uusdt', 'usdt', 'cusdc', 'uusdc', 'dai', 'uusd') Then (amount / POW (10, decimal))
ELSE (amount / POW (10, decimal)) * Price
END AS Amount_USD
➡️ I also compared the average of the above metrics :spiral_calendar:one week before the FTX Crash and one week after the FTX Crash and displayed the result on the chart.
📝 Next, I examined the top blockchains that were the destination of Satellite Bridge users from November 7 to 14 (during the FTX Crash) and I also displayed their changes on a daily basis.
In the last part of the dashboard, I also checked the net outflow from ==FTX to Ethereum and displayed the flows on a daily basis and obtained the top destinations in terms of the number of transactions and the dollar volume of transactions.
↘️ Get the FTX addresses using the code below:
with FTX_Addresses as (
select
*
from
ethereum.core.dim_labels
where
label ilike '%ftx%'
or address_name ilike '%ftx%'
)
🔢 Tables used in this dashboard:
> :one: axelar.core.fact_transfers > > :two: axelar.core.fact_msg_attributes > > :three: osmosis.core.dim_prices > > :four: crosschain.core.fact_hourly_prices > > :five: crosschain.core.dim_asset_metadata > > :six: ethereum.core.dim_labels > > :seven: ethereum.core.ez_token_transfers > > :eight: ethereum.core.ez_eth_transfers
Conclusion
-
By analyzing the data and charts of this dashboard, we can conclude that, from the day of the FTX Crash until today, about $55M have been bridged by 4,060 unique users in 16,000 transactions through Axelar's Satellite Bridge. In the following, when we compare the number of bridgers, the number of bridges and the volume of bridges after the FTX Crash with the days before it, we notice a significant increase in the use of satellite.
-
We also saw that, the averages of the days after the FTX Crash are higher than before the FTX Crash, for example, the average volume before the FTX Crash was $1.5M, but during the days after the FTX Crash, this number was about It has reached 4.5 times that is $6.8M.
-
We also observed that, the most bridges through Satellite Bridge during one week (from November 7 to 14) were to the Ethereum blockchain. During this period, 36% of users have bridged to Ethereum during 8784 bridge transactions worth $53M. And after the FTX Crash until November 14, the Ethereum, Osmosis and Polygon ecosystems have been much more popular.
-
And finally, by tracking the outflows from FTX to Ethereum, we can see that in the first days of FTX Crash, in all 3 metrics, the number of users, the number of transactions, and the volume of transactions included a sudden and significant increase. And even the average volume has reached its peak of $396K on November 12. And we realized that, the first destination of this outflow to Ethereum, is Binance and then Coinbase.
\
Thanks for reading!
This analysis was created on 2022–11–19 for a bounty at Flipside Crypto by Hesam to answer the following questions: #Axelar - In wake of the issues surrounding FTX, the old adage "not your keys, not your crypto" reinforces itself. Let's see how this played out during the fallout. Did bridge activity spike over the last 7 days? If so, to what ecosystems? At a more granular level, track net outflows from FTX onto Ethereum. Did any of these outflows flow across Satellite to another destination chain?
BONUS: Post your dashboard on Twitter and tag @flipsidecrypto and any relevant accounts!
All data used are from Flipside Crypto.
Twitter:
Based on Number of ==Users
Based on Number of ==Transactions
Based on ==Volume ($USD)
Daily Average Volume ($USD)
:chart: Analyze
According to the statistics above, from the day of the FTX Crash until today, about $55M have been bridged by 4,060 unique users in 16,000 transactions through Axelar's Satellite Bridge. Next, when we compare the number of bridgers, the number of bridges and the volume of bridges after the FTX Crash with the days before it, we notice a significant increase in the use of satellite. Also, according to the Cumulative charts, especially the USD volume chart, we can see these increases:chart_with_upwards_trend:. In the last part, we can also see that the averages of the days after the FTX Crash are higher than before the FTX Crash, for example, the average volume before the FTX Crash was $1.5M, but during the days after the FTX Crash, this number was about It has reached ==4.5== times that is $6.8M.
Based On ==Average Users
Based On ==Average Transactions
Based On ==Average Volume
Based on Number of ==Users
Based on Number of ==Transactions
Based on ==Volume ($USD)
:chart: Analyze
According to the above charts, the most bridges through Satellite Bridge during one week (from November 7 to 14) were to the Ethereum blockchain. During this period, 36% of users have bridged to Ethereum during 8784 bridge transactions worth $53M.
According to the daily charts, we can see that after the FTX Crash until November 14, the Ethereum, Osmosis and Polygon ecosystems have been much more popular:heavy_check_mark:
:bar_chart: Daily
:bar_chart: Daily
:bar_chart: Daily
Based on Number of ==Transactions
Based on ==Volume ($USD)
:chart: Analyze
Good! By tracking the outflows from FTX to Ethereum, we can see that in the first days of FTX Crash, in all 3 metrics, the number of users, the number of transactions, and the volume of transactions included a sudden and significant increase. And even the average volume has reached its peak of $396K on November 12!
In the following, you can also see the net outflow from FTX on a daily basis. Based on the number of transactions and the volume of transactions, the first destination of this outflow to Ethereum, is Binance and then Coinbase.
Based on Number of ==Users
Based on Number of ==Transactions
Based on ==Volume ($USD)
Based on Average ==Volume ($USD)
Daily Inflow/Outflow== (To/From FTX - From/To Ethereum)