Try Quests to earn AXLNot Your Key
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?
2022-11-18
Introduction
What is Axelar Crypto?
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 [1].
What is Satellite?
Satellite is a cross-chain asset transfer application built on Axelar. Using Axelar’s sample bridge app, Satellite, and other bridges built on Axelar, cryptocurrency holders can transfer their assets from any connected chain, to any connected chain. This opens up new possibilities for ways to use their cryptocurrencies, without swapping them for other tokens.
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An overview of this article
In this article, we will focus on Axelar and its bridge, Satellite. The purpose of this work is to conduct a detailed study on the impact of FTX bankruptcy on Axelar and secondly on its Bridge, i.e. Satellite. Furthermore, in the following, we are going to check the destination of the assets withdrawn from the FTX exchange.
This article has three main parts. In the first part, the status of the Axelar network before and after the bankruptcy of the FTX exchange will be discussed, and in the next two parts, the status of the Satellite bridge will be discussed. In detail, in the continuation of this article, we will have the following sections:
1- AXELAR-general information
2- Satellite Bridges-general information
3- Satellite Bridges- The most bridged assets
4- Satellite Bridges-Assets destinations
5-Satellite Bridges-Daily Assets destinations
6- Top 10 Destinations From FTX To Ethereum
7-Daily Outflow From FTX to Ethereum
Methodology
All these data are extracted from Flipsidecrypto tables.
- To extract Axelar transactions data
“ axelar.core.fact_transactions"table will be used. - To extract Sattelite transactions “
axelar.core.fact_msg_attributes“ table will be used. - To extract Ethereum’ data “
ethereum.core.dim_labels",“ethereum.core.ez_token_transfers“ , and“ethereum.core.ez_eth_transfers“ tables will be used. - In order to better understand the results, all charts are plotted in two time periods before and after the FTX’ insolvency i.e. '2022-11-06'.
2- Satellite Bridges-general information
3- Satellite Bridges- The most bridged assets
4- Satellite Bridges-Assets destinations
Observations
- After the bankruptcy of the FTX exchange, the number of satellite users increased significantly, especially on November 9, when it reached its maximum and then decreased again.
- After the bankruptcy of the FTX exchange, the number of satellite bridge transactions increased significantly.
- After the bankruptcy of FTX exchange, the daily Satellite bridge volume has increased, especially on November 9, when it reached its peak.
- After the bankruptcy of the FTX exchange, the average Satellite bridge volume has increased and peaked on November 9.
Observations
- After the bankruptcy of the FTX exchange, based on four different parameters, including the number of transactions, the number of users, the total volume, and the average volume, Ethereum has been the most popular destination of all Satellite bridge transactions.
- After the bankruptcy of the FTX exchange, Ethereum, Osmosis, and Polygon have been the three chains that Satellite Bridge users have transferred their assets to them.
Observations
- After the bankruptcy of the FTX exchange, the native token of the network i.e. AXL has been the most popular bridged token based on the number of transactions and the number of bridging users.
- After the bankruptcy of FTX exchange, in terms of bridged volume, USDC has been the most popular bridged asset by users.
- All in all, USDC, AXL, and Eth are the top three bridged assets after the bankruptcy of the FTX exchange.
5- Satellite Bridges-Daily Assets destinations
Observations
- After the bankruptcy of FTX exchange, on November 9th, the number of transactions and active users of Satellite Bridge have reached their peak.
- Regarding the volume of transactions, on November 9th and 10th, most of the volume of various assets on this platform was bridged.
- As it is known, three Ethereum chains, Polygon and Osmosis have had the highest number of inflows from the Satellite bridge almost all the days after FTX's bankruptcy.
7- Daily Outflow From FTX to Ethereum
Observations
- After the bankruptcy of FTX exchange, the volume and number of outgoing transactions from this platform has increased greatly.
- After the bankruptcy of the FTX exchange, the number of users who have withdrawn their assets from this exchange has increased greatly.
- November 7 was the most active day for users to withdraw their funds from FTX.
- From November 12 until today, the situation of asset withdrawal from the FTX has decreased sharply and has reached its lowest level.
6- Top 10 Destinations From FTX To Ethereum
Observations
- After the bankruptcy of FTX exchange, Binance exchange has gained the most profit.
- Based on all three main parameters, i.e. the total transferred volume, the average transferred v,olume and the number of transactions, the largest amount of output from the FTX exchange has entered the Binance.
- After the Binance exchange, most of the assets transferred from the FTX exchange have entered the Coinbase exchange.
1-AXELAR-general information
Observations
- After the bankruptcy of the FTX exchange, the number of Axelar network transactions has increased slightly, especially on November 9, when it reached its maximum and then decreased again.
- After the bankruptcy of the FTX exchange, the number of Axelar users has not changed much.
- After the bankruptcy of FTX exchange, the transaction fee has increased slightly.
- After the bankruptcy of the FTX exchange, the transfer of the native token, AXL, has increased slightly.
Conclusion
- After the bankruptcy of the FTX exchange, the number of Axelar transactions increased slightly, especially on November 9, when it reached its maximum and then decreased.
- After the bankruptcy of the FTX exchange, the number of Axelar users has not changed much.
- After the bankruptcy of FTX exchange, the transaction fee has decreased slightly.
- After the bankruptcy of the FTX exchange, the transfer of the native token, AXL, has increased slightly.
- After the bankruptcy of the FTX exchange, the number of satellite users increased significantly, especially on November 9, when it reached its maximum and then decreased.
- After the bankruptcy of the FTX exchange, the number of satellite bridge transactions increased significantly.
- After the bankruptcy of FTX exchange, the daily Satellite bridge volume has increased, especially on November 9, when it reached its peak.
- After the bankruptcy of the FTX exchange, the average Satellite bridge volume has increased and peaked on November 9.
- After the bankruptcy of the FTX exchange, the native token of the network i.e. AXL has been the most popular bridged token based on the number of transactions and the number of bridging users.
- After the bankruptcy of FTX exchange, in terms of bridged volume, USDC has been the most popular bridged asset by users.
- All in all, USDC, AXL, and Eth are the top three bridged assets after the bankruptcy of the FTX exchange.
- After the bankruptcy of the FTX exchange, Ethereum has been the most popular destination of all Satellite bridge transactions.
- After the bankruptcy of the FTX exchange, Ethereum, Osmosis, and Polygon have been the three chains that Satellite Bridge users have transferred their assets to them.
- After the bankruptcy of FTX exchange, on November 9th, the number of transactions and active users of Satellite Bridge have reached their peak.
- Regarding the volume of transactions, on November 9th and 10th, most of the volume of various assets on this platform was bridged.
- As it is known, three Ethereum chains, Polygon and Osmosis have had the highest number of inflows from the Satellite bridge almost all the days after FTX's bankruptcy.
- After the bankruptcy of FTX exchange, Binance exchange has gained the most profit.
- Based on all three main parameters, i.e. the total transferred volume, the average transferred v,olume and the number of transactions, the largest amount of output from the FTX exchange has entered the Binance.
- After the Binance exchange, most of the assets transferred from the FTX exchange have entered the Coinbase exchange.
- After the bankruptcy of FTX exchange, the volume and number of outgoing transactions from this platform has increased greatly.
- After the bankruptcy of the FTX exchange, the number of users who have withdrawn their assets from this exchange has increased greatly.
- November 7 was the most active day for users to withdraw their funds from FTX.
- From November 12 until today, the situation of asset withdrawal from the FTX has decreased sharply and has reached its lowest level.
Contact information of the author
Discord: sami-1990#2840
Tweeter: Samiiiiii12122
