Try Quests to earn AXLNot Your Keys [Axelar]
Axelar Network
With the help of the Axelar network, which links other blockchains, worldwide Web3 interoperability is made possible. Proof-of-stake consensus is used to protect the network, and permissionless protocols are used for message translation and routing. Axelar can be compared to Stripe for Web3. For Web3, Axelar offers safe cross-chain communication. Users of dApps may engage with any asset or application on any chain with only one click thanks to our technology.
In order to provide composability between blockchains, Axelar includes a collection of software development kits (SDKs) and application programming interfaces (APIs), a decentralized network of validators, safe gateway contracts, consistent translation, and routing architecture. In addition to having access to users, assets, and applications in every other ecosystem, this enables developers to build on the platform that is best for their use case. rather than pairwise.
The Axelar SDKs offer a complete package for creating Web3 applications, making sure that developers get the resources they want. Developers may create dApps that are quickly deployable across all Axelar-connected ecosystems by using these tools and APIs in conjunction with the Axelar network and its SDKs. Axelar reduces cross-chain interoperability to a minimal number of API queries, to put it another way. Adoption is absolutely dependent on this, as the developer experience for deploying Web3 applications must be similar to that of Web2 developers today, where the deployment considerations specific to each ecosystem and underlying networking are largely abstracted away.
Purpose and Methodology ⚡
In wake of the issues surrounding FTX, the old adage "not your keys, not your crypto" reinforces itself. Here in this dashboard it is tried to 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?
To find an answer to the questions above, the following tables were used as a database to extract the data:
- axelar.core.fact_msg_attributes
- ethereum.core.ez_eth_transfers
- ethereum.core.ez_token_transfers
\n
The following metrics are going to be deeply analyzed:
- Bridges
- Number of Bridges
- Number of bridges
- Volume of Bridges
- Active wallets & Transactions
- Destination blockchains
- Outflows
- Considering the daily number of bridgers, it is seen that there is a spike in the number of bridgers after FTX insolvency. The highest number of bridgers has recorded as 584 bridgers on Nov 9, 2022, i.e. one day after the FTX insolvency.
- The average number of bridger has also increased after FTX event, so that the average number of bridgers is 2.83 bridgers per day in average before insolvency, while it has increased to 34 bridgers per day after FTX event.
- Regarding the total number of bridgers, it is also seen that total number of bridgers is considerably high after FTX insolvency and has reached to 4019 bridgers in total, while this number one week before the event was 1339 bridgers. That is, there is a about triple increase.
- Therefore, it can be concluded that FTX insolvency has had an effect on the number of bridgers.
- Considering the number of bridges, it is seen that there is also a considerable increase in the number of bridges after FTX event. The highest number of bridges is 5097 bridges on Nov 9, 2022.
- Regarding the total number of bridges, it is seen that total number of bridges after FTX event is considerably high (36,844 bridges), while this number is 13,404 bridges before the FTX event. That is, there is about a triple increase in the number of bridges after FTX insolvency.
- Comparing the average users count and transaction count, it is seen that both of these metrics have experienced an increase after FTX event.
- Therefore, it can be said that FTX insolvency has had its bad effect on this metric as well.
\
- Considering the daily volume of bridges, it is seen that the volume of bridges has had a spike after FTX event, It is seen that the highest volume of bridges is 19.30M on Nov 9, 2022.
- Regarding the total volume of bridges, it is also seen that total volume of bridges is considerably higher after FTX event, so that total volume after event is 78,253,191, while it was 19,910,470 before the FTX event. That is there is more that six times increase in the volume of bridges after FTX insolvency.
- Considering the daily and average volume of bridges, it is also seen that both of them has experienced an increase after FTX insolvency.
- The cumulative volume of bridges has also followed an ascending trend, so that it has increased from 2M on Nov 1, 2022 to 49M on Nov 18, 2022.
- Regarding the Number of wallets before and after FTX insolvency, a considerable increase is seen after FTX collapse on Nov 8, 2022, so that the highest number of wallets has reached to 949 wallets on Nov 9, 2022.
- The average number of wallets has also had an increase after FTX insolvency. The average number of wallets before the event was 515, while it has reached to 582 after the event.
- Considering total number of wallets, it is seen that this number is higher after FTX event, so that it has reached to 6993 wallets one week after insolvency, while it was total 3094 wallets one week before insolvency.
- Therefore, it can be concluded that FTX insolvency has also affected this metric in a negative way.
- Regarding the number of transactions, it is also seen that there is a spike on this metric after FTX insolvency, so that the highest number of transactions has recorded on Nov 9, 2022 up to 2813 transactions.
- The average number of transactions has also increased after the event, The average number of transactions has been 1302 before FTX insolvency, while it has increased to 1,534 transactions after insolvency.
- Total number of transactions also shows an increase after the event, so that total number of transactions was 7813 transactions before the event, while it has increased up to 18413 transactions about one week after FTX insolvency.
- Therefore, it can be said that there is an effect of FTX insolvency on this metric as well.
- Regarding destination blockchains in terms of transactions, it is seen that the highest bridging transactions have been to Ethereum blockchain with 7038 transactions, followed by Osmosis with 5303 transactions and Polygon with 3450 transactions, respectively.
- Therefore, the share of Ethereum from bridging transactions is the highest (32.3%), followed by Osmosis (24.4%) and Polygon (15.8%).
\
- Regarding outflows from FTX to Ethereum, it is seen that there is a spike in the volume of outflows after FTX insolvency. The highest volume of outflows is 2.51B Nov 7, 2022 exactly in the spread of FTX collapse.
- The total volume of outflows also shows an increase in the volume of outflows after FTX event, so that the total volume of outflows is $4,247,053,852 one week after insolvency, while it was $2,864,406,277 one week before insolvency.
Conclusion
The following results was obtained from analyzing the key metrics on Axelar satellite bridges that shows the negative effect of FTX insolvency on this platform. The results are summarized in the following to give a overall view to the users.
-
bridgers
-
there is a spike in the number of bridgers after FTX insolvency. The highest number of bridgers has recorded as 584 bridgers on Nov 9, 2022, i.e. one day after the FTX insolvency.
-
The average number of bridger has also increased after FTX event, so that the average number of bridgers is 2.83 bridgers per day in average before insolvency, w
-
Total number of bridgers is considerably high after FTX insolvency and has reached to 4019 bridgers in total, while this number one week before the event was 1339 bridgers. That is, there is a about triple increase. Therefore, it can be concluded that FTX insolvency has had an effect on the number of bridgers.
-
-
Bridgers
- There is also a considerable increase in the number of bridges after FTX event. The highest number of bridges is 5097 bridges on Nov 9, 2022.
- Total number of bridges after FTX event is considerably high (36,844 bridges), while this number is 13,404 bridges before the FTX event. That is, there is about a triple increase in the number of bridges after FTX insolvency. Therefore, it can be said that FTX insolvency has had its bad effect on this metric as well.
-
Volume of bridges
- The volume of bridges has had a spike after FTX event, It is seen that the highest volume of bridges is 19.30M on Nov 9, 2022. Total volume of bridges is considerably higher after FTX event, so that total volume after event is 78,253,191, while it was 19,910,470 before the FTX event. That is there is more that six times increase in the volume of bridges after FTX insolvency.
- Considering the daily and average volume of bridges, it is also seen that both of them has experienced an increase after FTX insolvency.
- The cumulative volume of bridges has also followed an ascending trend, so that it has increased from 2M on Nov 1, 2022 to 49M on Nov 18, 2022.
\
-
Wallets & transactions
- Regarding the Number of wallets before and after FTX insolvency, a considerable increase is seen after FTX collapse on Nov 8, 2022, so that the highest number of wallets has reached to 949 wallets on Nov 9, 2022.
- The average number of wallets has also had an increase after FTX insolvency. The average number of wallets before the event was 515, while it has reached to 582 after the event.
- Considering total number of wallets, it is seen that this number is higher after FTX event, so that it has reached to 6993 wallets one week after insolvency, while it was total 3094 wallets one week before insolvency. Therefore, it can be concluded that FTX insolvency has also affected this metric in a negative way.
- Regarding the number of transactions, it is also seen that there is a spike on this metric after FTX insolvency, so that the highest number of transactions has recorded on Nov 9, 2022 up to 2813 transactions.
- The average number of transactions has also increased after the event, The average number of transactions has been 1302 before FTX insolvency, while it has increased to 1,534 transactions after insolvency.
- Total number of transactions also shows an increase after the event, so that total number of transactions was 7813 transactions before the event, while it has increased up to 18413 transactions about one week after FTX insolvency. Therefore, it can be said that there is an effect of FTX insolvency on this metric as well.
-
Destination Blockchains
- Regarding destination blockchains in terms of transactions, it is seen that the highest bridging transactions have been to Ethereum blockchain with 7038 transactions, followed by Osmosis with 5303 transactions and Polygon with 3450 transactions, respectively.
- Therefore, the share of Ethereum from bridging transactions is the highest (32.3%), followed by Osmosis (24.4%) and Polygon (15.8%).
- Regarding destination blockchains in terms of users, it is seen that the highest bridging transactions have been to Ethereum blockchain with 799 users, followed by Polygon blockchain with 473 users and Osmosis with 366 users, respectively.
- Therefore, the share of Ethereum from bridging transactions is the highest (33.6%), followed by Polygon (19.9%) and Osmosis (15.4%).
- Regarding destination blockchains in terms of volume, it is seen that the highest bridging transactions have been to Ethereum blockchain with $23.31M , followed by Osmosis with $1,63M and Polygon with $1.56M , respectively.
- Therefore, the share of Ethereum from bridging transactions is the highest (80%), followed by Osmosis (5.61%) and Polygon (5.39%).
-
Outflows
- Regarding outflows from FTX to Ethereum, it is seen that there is a spike in the volume of outflows after FTX insolvency. The highest volume of outflows is 2.51B Nov 7, 2022 exactly in the spread of FTX collapse.
- The total volume of outflows also shows an increase in the volume of outflows after FTX event, so that the total volume of outflows is $4,247,053,852 one week after insolvency, while it was $2,864,406,277 one week before insolvency.
- Regarding outflows from FTX to Ethereum in terms of transactions, it is seen that there is a spike in the number of outflow transactions after FTX insolvency. The highest volume of outflows is 52.32k on Nov 7, 2022 exactly in the spread of FTX collapse.
- The total number of outflow transactions also shows an increase after FTX event, so that the total number of outflow transactions is 114096 one week after insolvency, while it was 66288 one week before insolvency.
\
Contact Info.
Twitter: @neginkh90
Discord: negin.kh#7590
Email: khallaghi.negin20@gmail.com
Thank you for reading
\
-
Regarding destination blockchains in terms of users, it is seen that the highest bridging transactions have been to Ethereum blockchain with 799 users, followed by Polygon blockchain with 473 users and Osmosis with 366 users, respectively.
-
Therefore, the share of Ethereum from bridging transactions is the highest (33.6%), followed by Polygon (19.9%) and Osmosis (15.4%).
\
\
- Regarding destination blockchains in terms of volume, it is seen that the highest bridging transactions have been to Ethereum blockchain with $23.31M , followed by Osmosis with $1,63M and Polygon with $1.56M , respectively.
- Therefore, the share of Ethereum from bridging transactions is the highest (80%), followed by Osmosis (5.61%) and Polygon (5.39%).
\
- Regarding outflows from FTX to Ethereum in terms of transactions, it is seen that there is a spike in the number of outflow transactions after FTX insolvency. The highest volume of outflows is 52.32k on Nov 7, 2022 exactly in the spread of FTX collapse.
- The total number of outflow transactions also shows an increase after FTX event, so that the total number of outflow transactions is 114096 one week after insolvency, while it was 66288 one week before insolvency.