METRIC

• Daily Number of Satellite Bridges Before and After FTX Collapse
• Daily Number of Satellite Bridgers Before and After FTX Collapse
• Daily Volume of Satellite Bridges Before and After FTX Collapse
• Daily Inflow/Outflow and Netflow To/From FTX From/To Ethereum During FTX Collapse
• Average Daily Number of Satellite Bridges and Bridgers Before and After FTX Collapse
• Average Daily Volume of Satellite Bridges Before and After FTX Collapse
• Destinations Chains Via Axelar Satellite Bridge During FTX Collapse(number fo bridges and brigers)
• Destinations Chains Via Axelar Satellite Bridge During FTX Collapse(volume of bridges)
• Average Daily Number of Satellite Bridges Breakdown by Chain Before and After FTX collapse
• Average Daily Volume of Satellite Bridges Breakdown by Chain Before and after FTX collapse
• Daily Volume of Outflow Transactions From FTX To Ethereum
• Daily Number of Outflowers From FTX To Ethereum
• Daily Number of Outflow Transactions From FTX To Ethereum
• Top 10 Outflower From FTX to Ethereum By Volume
• Top 10 Outflower From FTX to Ethereum By TX Count
• Outflows Destinations From FTX To Ethereum (By Volume)
• Outflows Destinations From FTX To Ethereum (By TX Count)

METHOD

In this table, Firstly, We are going to check the activity around Axelar Satellite’s Bridge during the FTX & Alameda collapse.

Then, We are going to track outflows from FTX exchange wallets to the Ethereum chain.

Then, We are going to check if any of these outflows from FTX flow across the Satellite to another destination chain.

For this purpose, I am going to analyze data over the last 7 days and also 14 days (on over-time and average charts in order to be able to compare data before and after collapse).

The main table that we are going to use to analyse activity over satellite’s bridge is axelar.core.fact_msg_attributes.

The main tables to track outflows from FTX into Ethereum are ethereum.core.ez_eth_transfers (for ETH transfers), ethereum.core.ez_token_transfers (for other tokens transfers) and ethereum.core.dim_labels (for identifying the FTX wallets)

• In the first bar chart, which compares the inflow, outflow, and net flow of FTX to Ethereum, we can see that even before the collapse on November 7, the net flow of FTX had already started to fall below the critical level since November 5.
• in the last two charts above the bridges volumes and number of bridgers has shown before and after collapse happening;and Volume After collapse increased unlike number of bridgers and bridges.

satelite bridges and bridgers before and after FTX collapse:

According to 3 bar charts above it can be seen that they all are increasing right after collapse happened and reached their maximum in 9th November 2022,but they came back to their normal rate since 12th November.

it is worth mentioning that all 3 bar charts above had highest amount in 28th October 2022(in period of time has shown of course).

Destination chains via satellite bridge during FTX collapse:

bar charts above show the destinations that people choose for bridging to it, even at the first sight it is obvious that the most popular chain is Ethereum and on the second place is Osmosis on both number of people who bridged and volume of bridges ;and polygon is in the third place.

in the two bar charts above the changes to each chain before and after collapse has shown; although some chains had drastic changes in volume like cosmoshub and stargaze,but it is fair to say that almost every chain went hype after collapse.

Ethereum as an example almost trippled in Volume(1.99M to 5.81M),osmosis went almost double and half times on Volume (164.9k to 403k).

Here, the first three column forms demonstrate the transfer of funds from FTX to Ethereum.

As you can see, many FTX customers attempted to flee the crash in order to preserve their funds.

When we examine at these graphs, we can observe that the volume, quantity, and outflow of transactions from FTX to Ethereum peaks on November 7th and then gradually declines until November 12th, when there are hardly any transactions remaining.

The top 10 outflowers by volume are on the left of the next four graphs, while those by TX count are on the right.

The next thing we do is look at where money is leaving Ethereum from FTX.

When we talk about consumers fleeing FTX, it is clear to look at the destinations.

And as you can see in the column forms, BINANCE is the top and most reliable location among the ones mentioned, both in terms of Tx count and volume.

Conclusion

We can observe how many users with what amount of cash choose to migrate their funds here as user fear in the cryptocurrency markets continues, especially for FTX users.

Most of the time, we were able to keep a watch on the satellite bridges, and we noticed that different individuals utilized them often to travel to various destinations.

Ethereum, polygon, and my beloved osmosis are the first three most popular locations, in that order.

AXL and USDC are the two tokens that have been transferred across these bridges the most often by number, but in terms of volume, we can observe that USDC

Source

A huge thanks to Jack The Guy and alik110 for codes and method.

DEFINITION

Scalable cross-chain communication platform is Axelar network. It may be used by developers of blockchain platforms to effortlessly connect their blockchains to other blockchain ecosystems. Application developers may select the appropriate blockchain to host their apps on and can connect with applications on any other chain using Axelar's cross-chain communication protocols to lock, unlock, and transfer assets. The Axelar platform enables users to interact with all applications throughout the ecosystem straight from their wallets by linking dapps with various blockchain ecosystems.

Stack by Axelar

The Axelar network is essentially a permissionless system that anybody may join and take part in a variety of roles in. In order to manage cross-chain requests with the highest levels of safety, robustness, liveliness, and governance, the network was particularly created. The network will initially support two fundamental decentralized protocols:

The Cross-Chain Gateway Protocol (CGP) handles cross-chain routing and delivery across autonomous blockchains that may operate using various consensus protocols and finality laws, heterogeneous tech stacks, and even blockchains without smart contracts.

The Cross-chain Transfer Protocol (CTP) is an application-level protocol that acts as a gateway and enables apps to execute basic activities via an uniform API (see FTP, HTTP/HTTPS). CGP is in charge of ensuring that CTP queries are sent across chains to the appropriate destination blockchains and delivering the results to the sending applications.( Dapps can submit CTP)