What is Alameda Research?

Alameda Research is a quantitative cryptocurrency trading firm that provides liquidity in cryptocurrency and digital assets markets.

What is FTX?

FTX is a Bahamian cryptocurrency exchange. FTX is incorporated in Antigua and Barbuda and headquartered in The Bahamas. As of February 2022, the exchange has over one million users. FTX operates FTX.US, a separate exchange available to US residents.

What is Osmosis?

Osmosis is a DEX protocol, which means it uses smart contracts to determine the price of digital assets, to produce liquidity via a peer-to-peer (P2P) methodology, and to exact trades between users. This approach to an exchange platform is known as an AMM — a DEX protocol that prices crypto assets in liquidity pools.

What is Axelar?

Axelar provides a decentralized network and tools that help connect dApp builders with multiple blockchain ecosystems, applications, and users for frictionless cross-chain communication. Axelar consists of a protocol suite, tools, and APIs, designed to break down the barriers to cross-chain communication.

What is the Satellite Bridge?

Satellite is a web app built on top of the Axelar network. Use it to transfer assets from one chain to another.

Methodology

In this dashboard, we are looking at the token outflows of FTX wallets in early November and we are comparing it to the bridge active to the Axelar satellite Bridge. we will also look to see what wallets received FTX outflow tokens and have been active on the satellite bridge.

Sections

• Satellite Bridge transfers by chain
• FTX Token Solana flows
• FTX Token Ethereum flows
• FTX/satellite bridge Overlap

Satellite Bridge transfers by chain

Observations

• Ethereum is the destination of 10% - 30% of the Satellite Bridge transactions but makes up between 50% - 80% of the transaction volume.
• Consistently Transfers to Ethereum are the largest transactions by chain.
• When the FTX event happen on November 8th there was a large spike in the activity on the satellite bridge. Most of this activity was transferring assets to Ethereum and Osmosis
• Most of the value transferred in the satellite bridge in the recent spike was USDC.

FTX Token Solana flows

Observations

• The 3 Tokes with the most inflows and outflows from FTX on Ethereum in the past week have been USDT, USDC, and SOL
• Drastic Token Outflows From FTX on Solana Stated on November 6th
• In the past 7 Days, FTX has had $600 million of outflows on Ethereum
• Most days between $300 million and $1 billion of stablecoins are sent in and out of Ftx/Alameda wallets
• The stablecoin with the largest volume in Ftx/Alameda is USDC
• Since October 19th over $700 Million worth of stablecoins have been withdrawn from Ftx/Alameda wallets on Ethereum

FTX/satellite bridge Overlap

FTX Token Ethereum flows

Observations

• The vast majority of IBC transfers and volume of axlUSDC from OSMO are to AXL.
• Starting in July Evmose axlUSDC has dropped off a lot.
• Most days there has been between 500K and 1 Million of axlUSDC transfer volume from OSMO
• During the FTX Bank run, IBC transfers from Osmo of axlUSDC almost hit its all-time high.

Conclusion

• Satellite Bridge transfers by chain
  • Ethereum is the destination of 10% - 30% of the Satellite Bridge transactions but makes up between 50% - 80% of the transaction volume.
  • Consistently Transfers to Ethereum are the largest transactions by chain.
  • When the FTX event happen on November 8th there was a large spike in the activity on the satellite bridge. Most of this activity was transferring assets to Ethereum and Osmosis
  • Most of the value transferred in the satellite bridge in the recent spike was USDC.
• FTX Token flows
  • The 3 Tokes with the most inflows and outflows from FTX on Ethereum in the past week have been USDT, USDC, and SOL
  • Drastic Token Outflows From FTX on Solana Stated on November 6th
  • In the past 7 Days, FTX has had $600 million of outflows on Ethereum
  • Most days between $300 million and $1 billion of stablecoins are sent in and out of Ftx/Alameda wallets
  • The stablecoin with the largest volume in Ftx/Alameda is USDC
  • Since October 19th over $700 Million worth of stablecoins have been withdrawn from Ftx/Alameda wallets on Ethereum
• FTX/satellite bridge Overlap
  • The vast majority of IBC transfers and volume of axlUSDC from OSMO are to AXL.
  • Starting in July Evmose axlUSDC has dropped off a lot.
  • Most days there has been between 500K and 1 Million of axlUSDC transfer volume from OSMO
  • During the FTX Bank run, IBC transfers from Osmo of axlUSDC almost hit its all-time high.