Try Quests to earn SOLWhat's Going on with FTX?
What is the Question?🚨
It's been a hectic few days in crypto — especially when it comes to FTX. Show us what's been going on on-chain by analyzing relevant data and presenting it in an original dashboard.
This is an open-ended bounty, what we call a Free Square, and it’s an opportunity for you to show us what you’ve got.
Any topic under this heading is fair game; The goal here is to explore the data in creative ways and use it to show what has been happening in recent days.
Analyzed Topics:
- Total & Daily Stabelcoins & Other Tokens Inflow / Outflow / Netflow
- Daily & Total Outflows From FTX by Destination
Introduction🚩
What is Alameda Research?
Alameda Research is a quantitative cryptocurrency trading firm that provides liquidity in cryptocurrency and digital assets markets.
What is FTX?
FTX is a Bahamian cryptocurrency exchange. FTX is incorporated in Antigua and Barbuda and headquartered in The Bahamas. As of February 2022, the exchange has over one million users. FTX operates FTX.US, a separate exchange available to US residents.
Methodâš¡
In this dashboard im going to take a look at what happened and what is happening right now to FTX exchange and how did it behave recently.
I used ==Ethereum.core== and ==Solana.core== database provided by Flipsidecrypto.
At first i analyzed total and daily stablecoins and other tokens netflows and then went deeper in outflows from FTX and find out where are the tokens going in past 3 days and past month.
I analyzed most of the data for the last 30 days and went more deeper on some charts and used 3 days ago timeframe since November 7th.
This dashboard made on ==2022-11-09==
Findings👀
- These charts are showing stablecoins and other tokens inflow and ouflow from/to ftx wallets on ethereum and solana chains.
- There were 5 different stablecoins on ethereum in ftx wallets and 2 different stabelcoins on solana such as USDC and USDT, the most popular stabelcoins of crypto community.
- It looks like USDC is the most popular stablecoin among both chains and its outflow was more than its inflow in the past month.
- USDC recorded a total of 5.76B inflow and 5.96 Outflow in the past month on ethereum from/to ftx/alameda wallets.
- This coin also recorded 661M inflow and over 1.1B outflow on solana.
- As we see, USDC has so much more outflows on solana than ethereum.
- USDC is at the first place by total flows, then USDT and BUSD will place after it respectively.
- The left charts say to us that after mid Oct, the FTX stablecoins balance started to decrease and users started to move their stabelcoins from that exchange. This event’s speed increased so fast day by day and in past 3 or 4 days the ftx wallets balances practically reached to almost zero total stablecoin balance and got so close to insolvency.
- Stablecoins accounts over 20% of FTX wallets and most of them is USDC.
- FTX native token (FTT) is accounting almost half of FTX wallets space, USDC and USDT will place after FTT in second and third place respectively.
- FTX recorded -163M total netflow since November 7th, only 2 days.
Findings👀
- In these charts we are seeing the daily and share of stablecoins outflows from FTX/Alameda wallets by destination.
- It is obvious in the charts that most of the ouflows on ethereum (Over 78%) recently were to Binance exchange and this event peaked on November 1st, Binance received over 240M stablecoins on ethereum from FTX.
- Coinbase and Bitfinex exchanges were the most popular destinations for ftx stabelcoins after Binance.
Findings👀
- In this section, i exactly analyzed the previous part’s stats but this time for Solana chain.
- We can see most of the FTX stablecoins on solana were sent to gate.io and coinbase with almost 80% of all the exchanges.
- These past 3 days were bad days for FTX because so many stablecoins moved out from that exchange because the things happened on twitter and social media as i mentioned earlier.
- In past days, almost most of the stablecoins sent to Coinbase exchange.
- FTX native token aka FTT, dropped almost 75% in past 2 days.
- FTX used its native token as collateral and now it is getting close to insolvency because of that.
Findings👀
- Above charts are showing the distribution of outflow destinations from FTX.
- As we see, Binance with accounting over 65% of destinations is in the lead with 374M received token volume from FTX.
- We see in hourly chart that most of FTX outflows on November 7th and 8th were to Binance and on November 9th to Coinbase.
- Binance, Coinbase and Kraken were the most popular destinations in terms of FTX Ouflows.
Conclusion💡
- FTX native token aka FTT, dropped almost 75% in past 2 days.
- There were 5 different stablecoins on ethereum in ftx wallets and 2 different stabelcoins on solana such as USDC and USDT, the most popular stabelcoins of crypto community.
- It looks like USDC is the most popular stablecoin among both chains and its outflow was more than its inflow in the past month.
- After mid Oct, the FTX stablecoins balance started to decrease and users started to move their stabelcoins from that exchange. This event’s speed increased so fast day by day and in past 3 or 4 days the ftx wallets balances practically reached to almost zero total stablecoin balance and got so close to insolvency.
- Stablecoins accounts over 20% of FTX wallets and most of them is USDC.
- FTX native token (FTT) is accounting almost half of FTX wallets space, USDC and USDT will place after FTT in second and third place respectively.
- FTX recorded -163M total netflow since November 7th, only 2 days.
- most of the ouflows from FTX on ethereum (Over 78%) recently were to Binance exchange and this event peaked on November 1st, Binance received over 240M stablecoins on ethereum from FTX.
- We can see most of the FTX stablecoins on solana were sent to gate.io and coinbase with almost 80% of all the exchanges.
- Binance with accounting over 65% of destinations is in the lead with 374M received token volume from FTX.
- Most of FTX outflows on November 7th and 8th were to Binance and on November 9th to Coinbase.
- Binance, Coinbase and Kraken were the most popular destinations in terms of FTX Ouflows.
- In general, huge amounts of stablecoins and other tokens were moved out from FTX, its native token dropped 75% and the company got so close to insolvency and Terra’s fate.
