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What is the 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?
Analyzed Topics:
- Axelar Satellite Bridge
- FTX Outflows
Introduction🚩
What is Axelar?
Axelar network is a blockchain that connects blockchains, enabling universal Web3 interoperability. The network is secured using proof-of-stake consensus, and messages are routed and translated using permissionless protocols. As an analogy, Axelar is like Stripe for Web3. Axelar delivers secure cross-chain communication for Web3. Our infrastructure enables dApp users to interact with any asset or application, on any chain, with one click.
What is Satellite Bridge?
Satellite is a web app built on top of the Axelar network. Use it to transfer assets from one chain to another.
Method⚡
In this dashboard, at first i take a look at Axelar Satellite bridge activity before and after FTX’s collapse that happened on November 7th especially in the past week to see that what changes happened to it. Then i analyzed FTX outflows on a daily basis and explored where did that outflows go from FTX exchange.
I mainly used ==“axelar.core.fact_transfers”== table from ==Axelar.core== database provided by Flipsidecrypto for Satellite Bridge stats and ==“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).
Dashboard made on ==2022-11-18==
Findings👀
- Above charts are showing Satellite bridge activity since the beginning of November divided by FTX’s Collapse that happened on Nov 7th.
- We see that after November 7th the bridge activity in all cases such as bridges, bridgers and bridge $volume increased dramatically.
- The highest bridge activity on Satellite was on November 9th that 584 bridgers recorded over 5K bridges with over 19M volume in US Dollars.
- In overall, Axelar Satellite bridge stats were bigger in past 10 days after FTX’s collapse than before that incident.
Findings👀
- In above charts, i showed Axelar Satellite number of bridges and bridge $ volume since the beginning of November divided by destination chains.
- As i mentioned earlier, most of the Satellite bridge activity was on November 9th and as we see here, most of the bridges went to Ethereum chain and for $volume, the bridges spread to Ethereum and Osmosis.
- Ethereum and Osmosis had the largest amount of cumulated number of bridges and $volume in November between all chains.
Findings👀
- Above charts are showing destination chains by number of bridges, bridgers, total volume and average volume.
- As i told earlier, Ethereum with over 5.7K number of bridges recorded by 653 bridgers with a $volume of 19.5M and 15K average volume is in the lead followed by Osmosis with 4444 bridges recorded by 290 people with 1.5M total volume and 2.5K average USD volume over time.
- Most popular destinations for Satellite users in November were Ethereum, Osmosis and Polygon.
Findings👀
- In these charts i showed Axelar Satellite bridges and Bridge $volume and also average $volume divided by assets in 2 before and after FTX’s collapse timeframes.
- As we see, AXL accounted most of number of bridges both before and after FTX’s collapse followed by USDC in the second place.
- Unlike number of bridges, in bridge $volume, USDC is in the lead in both before and after FTX’s collapse followed by WETH in the second place.
- Over 8.7K number of bridges recorded by AXL before collapse and over 14K recorded after that while USDC recorded 1.4K before and 2.5K after collapse.
- Number of bridges, bridge $volume and average bridge $volume are bigger after the collapse in November by far.
- USDC and WETH have pretty close average bridge $volume in both before and after FTX’s collapse on Axelar Satellite.
Findings👀
- Above charts are showing daily outflows from FTX to Ethereum chain divided by before and after its collapse on Nov 7th.
- As we observe, number of outflows, ouflowers and ouflow volume experienced a huge spike on November 7th and a huge amount of funds moved out from FTX on that day.
- Over 2.5B funds has moved out from FTX by over 30K users on November 7th.
Findings👀
- In these pie charts, we see top 10 most popular destinations in terms of number of transactions and volume.
- It is obvious that Binance is in the lead among the top 10 with over 21K number of outflows from FTX with a volume of 1B followed by Coinbase in the second place with almost 7K outflows and 280M volume in total.
Conclusion💡
- After November 7th the bridge activity in all cases such as bridges, bridgers and bridge $volume increased dramatically.
- The highest bridge activity on Satellite was on November 9th that 584 bridgers recorded over 5K bridges with over 19M volume in US Dollars.
- In overall, Axelar Satellite bridge stats were bigger in past 10 days after FTX’s collapse than before that incident.
- most of the Satellite bridge activity was on November 9th and as we see here, most of the bridges sent to Ethereum chain and for $volume, the bridges spread to Ethereum and Osmosis.
- Ethereum with over 5.7K number of bridges recorded by 653 bridgers with a $volume of 19.5M and 15K average volume is in the lead followed by Osmosis with 4444 bridges recorded by 290 people with 1.5M total volume and 2.5K average USD volume over time.
- Most popular destinations for Satellite users in November were Ethereum, Osmosis and Polygon.
- AXL accounted most of number of bridges both before and after FTX’s collapse followed by USDC in the second place.
- Unlike number of bridges, in bridge $volume, USDC is in the lead in both before and after FTX’s collapse followed by WETH in the second place.
- Over 8.7K number of bridges recorded by AXL before collapse and over 14K recorded after that while USDC recorded 1.4K before and 2.5K after collapse.
- Number of bridges, bridge $volume and average bridge $volume are bigger after the collapse in November by far.
- Over 2.5B funds has moved out from FTX by over 30K users on November 7th.
- Binance is in the lead among the top 10 outflow destinations with over 21K number of outflows from FTX with a volume of 1B followed by Coinbase in the second place with almost 7K outflows and 280M volume in total.
- In general, there were lots of bridge activity happened on Axelar Satellite after FTX’s collapse especially in past week and a lot of users mainly new ones interacted with Satellite and made November a hot month not only for crypto community but for Satellite and its community too.
