INTRODUCTION

In this dashboard, we are going investigate the effect of the ongoing FTX/Alameda crisis which started on the 6th of November, 2022 on the Axelar network's bridging activities (especially the bridging outflow) and the inflow into the network from Ethereum through outflows from the FTX exchange in the past 7 days.

The following questions would be answered:

1. Did bridge activity spike over the last 7 days? If so, to what ecosystems?
2. At a more granular level, track net outflows from FTX onto Ethereum. Did any of these outflows flow across Satellite to another destination chain?

METHODOLOGY

1. Only the axelar.core.fact_transfers table was used to obtain the data required to answer question 1 i.e. Did bridge activity spike over the last 7 days? If so, to what ecosystems?

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2. A combination of the ethereum.core.dim_labels, ethereum.core.fact_transactions, ethereum.core.fact_token_transfers and ethereum.core.ez_eth_transfers tables were used to obtain data associated with FTX outflows onto Ethereum and see if any of these outflows flow across the Axelar's Satellite platform through Ethereum's Axelar gateway address i.e. 0x4F4495243837681061C4743b74B3eEdf548D56A5. This answers the second question.

RESULTS

Did bridge activity spike over the last 7 days? 

1. From the 8th to the 10th of November 2022, increases in bridge volume for the three consecutive days can be observed, with the highest volume occuring on the 9th of November.
2. A percentage increase in the average of the daily bridge volume compared to before the crisis (i.e. November 6th, 2022) is 14%.
3. Yes, bridge activity has spiked during this FTX crisis compared before the crisis

If so, to what ecosystems?

1. A total of 19 ecosystems were bridged to during the crisis.
2. Osmosis network (osmo) is the most bridged to ecosystem, with 30.1% of the total bridge outflow volume during the crisis. Followed by Kujira network with 10.1% of the total brige outflow volume.
3. The least ecosystem brigded to during the crisis is Carbon Network (swth) with 0.343% of the total brigde outflow volume.

At a more granular level, track net outflows from FTX onto Ethereum. Did any of these outflows flow across Satellite to another destination chain?

1. WETH or ETH token/coin has the largest percentage of FTX outflow volume during the crisis, with 40.4% of the total outflow transaction volume. Next is hop protocol token, with 17.8% of the total transaction volume. USDC token the third highest transaction outflow volume, with 9.81% of the total outflow volume.

2. The second line shows an area chart and a donut with outflow address labelled "Others" having the largest outflow volume from FTX, with 66.7% of the total outflows during the crisis. The "Others" address is a group of addresses not labelled in the Ethereum tables or not belonging to known establishments like CEXes, DEXes, DAPPs e.t.c.

3. The third line shows an area chart and a donut without the outflow address labelled "Others", this is so we can focus on the data associated with labelled outflow addresses. Binance addresses has the most outflow volume from FTX during the crisis with 44.5% of the total outflow volume. Next is Coinbase with 15.6% of the total outflow volume.

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4. It can be observed that a lot of the outflow addresses belong to CEXes (Central Exchanges).

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5. It can be observed the Axelar gateway address, (which was labelled "Axelar Gateway" In the SQL query) doesn't show up among the outflow addresses from FTX. This means none of the outflows flowed across Axelar's Satellite platform during the crisis.

CONCLUSION

1. Bridge activity spiked during the FTX crisis from the 9th to the 11th of November, 2022.

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2. Osmosis network has the highest bridge transaction outflow volume during the crisis.

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3. None of the outflows from FTX onto Ethereum flowed across Axelar's Satellite platform during the crisis.