Try Quests to earn AXLNot Your Keys
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?
Introduction:
What is Axelar Blockchain:
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.
What Is a Blockchain Bridge:
A blockchain bridge is a connection that allows the transfer of tokens and/or arbitrary data from one chain to another. Both chains can have different protocols, rules and governance models, but the bridge provides a compatible way to interoperate securely on both sides.
What is Axelar bridge:
Axelar native bridge is called satellite. Axelar is a permisionless network and gateway that enables you to build secure cross-chain applications. Satellite is a web app built on top of the Axelar network. Use it to transfer assets from one chain to another.
What is cosmos hub:
The Cosmos Hub is the first of thousands of interconnected blockchains that will eventually comprise the Cosmos Network. The primary token of the Cosmos Hub is the ATOM, but the Hub will support many tokens in the future.
What is IBC:
The Inter-Blockchain Communication (IBC) protocol allows different blockchain networks to communicate. IBC was the final part in the development of the three major components of the Cosmos technology to be released. The other two components being the Tendermint Core and the Cosmos SDK (software development kit).
What is EVM:
The Ethereum Virtual Machine or EVM is a piece of software that executes smart contracts and computes the state of the Ethereum network after each new block is added to the chain. The EVM sits on top of Ethereum's hardware and node network layer.
Methodoloy:
In this dashboard I will analyse satellite bridge activity over the past two weeks to find out how FTX news affec it.
Used Tables:
- axelar.core.fact_transfers
- axelar.core.fact_msg_attributes
Satellite bridge make it possible to bridge your assets between Cosmos ecosystem and EVM chains. For cosmos I used transferred tables and used attribute tables to find EVM related metrics.
Overview:
In this dashboard we wil take a look at:
- Daily bridge users and activity
- Daily average bridge users and activity
- Popular IBC/ EVM destination chains
- Top IBC/ EVM assets briged through
- \
Observations:
Charts on the left side shows both bridge usere and their activity decreased after FTX news. And highest bridge activity was on Nov 6th
IBC:
EVM:
Observations:
Above charts clearly shows the difference between bridge users and their activity before and after FTX news where current date excluded to get more accurate results because data is not complete. We can see bridge users and their activitis reduced in both IBC and EVM ecosystems.
Observations:
Usdc from Ethereum is the Most popular asset to send through satellite bridge over the past week on EVM ecosystems. Axl is the Most popular asset to send through satellite bridge over the past week on IBC ecosystem. We can see Ethereum share of bridge destinations decreased and polygon and bsc shares increased on EVM chains. On IBC we can see osmosis, kujira and share of bridge destinations decreased while juno, ki gain more popularity.
Observations:
On the left chart which shows daily inflow, ouflow and netflow from FTX. To Ethereum over the past two weeks we can see that outflow volume increased over time and reached its highest amount on Nov 6th. Daily Number of outflow Transaction and ouflowers are also incresed over time. But as you can see there is no users who removed her/his assets from Ftx to Ethereum and then try using satellite bridge to send it to other chains.
Conclusions:
In total we can say satellite bridge users and their activitis decreased after FTX related news in both IBC and EVM ecosystems. Some chains like juno, ki, polygon and bsc gain more popularity as destination and we see some chains like ETHEREUM, osmo and kujira lost their share. There were no user among FTX outflowers who try to send their assets through satellite bridge over the past week.
tweet link :