what is Axelar ?

Axelar Network is a solution for cross-chain communication that works to meet the needs of both platform developers and application builders, without the need for integration and instead delivered through a simple protocol and API for global liquidity and communication. The network consists of a decentralized network that bridges blockchain ecosystems to make it easy for applications to perform cross-chain requests.

A component of the network is the underlying decentralized protocols. The network uses validators to maintain and run the Axelar Network nodes that are responsible for securing Axelar's blockchain. These validators are elected through a delegation process by the users, and validators receive the voting power pro-rata according to the stake delegated to them. These validators are then required to reach consensus on the state of multiple blockchains the platform is connected to, and are responsible for maintaining and running the cross-chain routing and transfer protocols.

The network follows a delegated proof-of-stake (DPoS) model to elect validators who must bond their stake to participate in the consensus and maintain high-quality service. This is intended to allow for the maintenance of large decentralized validator sets and robust incentives to guarantee validators maintain bridges and share cryptographic threshold schemes

Question

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?

Methodology

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)

First and foremost we have the daily number of satellite bridges and bridge users in the last 2 weeks.

As we can see the numbers and columns in the first two graphs start to rise from the first day collapse and get to the peek amount on Nov 9th. On Nov 9th we have 584 bridge users and 5097 bridges created.

In the daily volume of satellite bridges and daily average volume, same as the first two graphs, we can see the volume amount reaches to the peek on Nov 9th.

The daily number and volume of bridges with the bridge users all rise after the collapse.

This phenomena represents the users who escaped FTX through the bridges.

What we can learn from the distribution of bridge volumes is that after the collapse over 47% of the bridges have less than $10 worth of volume.

The next closest spot is more than $10000 volume bridges which surprisingly conclude a noticeable portion of the bridge volumes column.

Also the least amount of volume belongs to bridges with $10-$100 worth of volume.

At the top of this text box we have two images which represent the destination of these Axelar satellite bridges with the number of them and the amount of volume they carried to the destination.

For example we have Ethereum in the first spot with 7376 number of bridges and volume of 31.8M.

The bridges transferred not only raw volume but a number of tokens which are shown on the left.

In the first we have the Tx count of the tokens and the second graph shows the amount of volume these tokens had.

The daily average number of bridges are distributed in different destinations in the first image before and after the collapse, we can see after the event Ethereum is still the first most bridge owner by number and the closest second is Osmosis.

In the average volume columns also we can see that before the FTX destruction the second place in the chart after Ethereum is Polygon but after the collapse Osmosis takes it place.

In this section we have the same info as the last text box and graphs, but the overall information is broken down into different segments which give us the average daily number, volume and bridge users per day in the last two weeks.

If you want to comparison specific destinations with each other or wish to turn of some of the elements you can click on the legend options and toggle them on and off.

Also with double click you can chose a single destination to be the only one active in the graph.

Same as what we saw in the previous part the Ethereum dominates in every graph shown here.

FTX Outflows To Ethereum

The daily inflow/outflow that is shown on this image, together they create the final net flow of FTX to Ethereum during the collapse.

As you can see Nov 4th is the only time that the net flow is positive in the whole time span.

Daily number and volume of outflow transactions are here alongside the users who made the outflow transactions.

What is obvious here is that Nov 7th most of the transactions and volume happened by the peek amount of users who made these outflow transactions.

Except the volume and number of bridges that are created on Nov 9th, most of the outflow transactions and amounts are made on Nov 7th.

Top ten outflow transaction makers by number and volume are shown in the graphs above.

The number one by Tx count has 2120 transactions and by volume it has 318M worth.

Conclusion:

In the information we reviewed in this article we understood the amount of volume and transactions that happened from FTX to other platforms during the collapse of FTX alamda.

One of the safest and most popular way’s that people used to move their currency is Axelar satellite bridge and we saw how many bridges were made by how many users and their amount of volume.

The most trusted platforms that people chose to move to are first Ethereum and secondly Osmosis which in my opinion are safest bets for them and to back up my theory I have some other articles that are about Osmosis and Ethereum with the way that work.

What is interesting is that even after the collapse a percentage of outgoing volume from FTX went to the Alamada project even though FTX and Alamada were synced in some ways.

The total side effects of this sudden shut down of FTX are still to be seen in the future and I think it might even cause some centralization in some different platforms like Ethereum itself.

The outflows from FTX to Ethereum are shown with their destinations and the TX count and volume of the transactions.

As you can see in the first wheel over 46% of transactions happened towards Binance.

Also in the second wheel we have Binance in the first spot with owning 53% of total volume.

The code and method are copied from the following link:

And some codes are copied from :

Jack The Guy