Introductions

How Did FTX Fail?

FTX filed for bankruptcy on Nov. 11 after a surge of customer withdrawals earlier in the month. CEO Sam Bankman-Fried admitted that the company did not have sufficient assets in reserve to meet customer demand.

Did FTX Get Hacked?

Within hours of filing for bankruptcy, FTX was hacked. The exchange noted "unauthorized transactions" which may have stolen close to $500 million in assets, and which were spotted by Elliptic. The hacker continued to drain wallets for several days using what analysts called "on-chain spoofing." The hacker reportedly then invested those funds into ether.

The aim of this article

The main focus of this dashboard is to create a single chart that shows trading volume in dydx, gmx and gns to show how people are exiting ftx and entering margin trading dapps. For this purpose, unique charts will be drawn for each of these three apps in three sections, and these charts will be compared at the end.

The headings that we will discuss in the rest of this article are:

1-DYDX status

2- GNS status

3- GMX status

4- Comparison of DYDX,GMX, and GNS

Methodology

• To extract GNS data “polygon.core.fact_event_logs" table will be used.
• To extract DYDX data “ethereum.core.ez_token_transfers “ table will be used.
• To extract GMX data’ data “arbitrum.core.fact_event_logs“ table will be used.
• All these data are extracted from Flipsidecrypto tables.

2- GNS status

1-DYDX Status

Charts insights

• The volume and number of GNS transactions has increased significantly after the FTX’ insolvency.
• The number of active users on GNS has increased significantly since the FTX’ insolvency.
• The average transactions per wallet on GNS has not changed significantly after the FTX’ insolvency.

Charts insights

• The volume and number of DYDX transactions has increased significantly after the FTX’ insolvency.
• The number of active users on DYDX has increased significantly since the FTX’ insolvency.
• The average transactions per wallet on DYDX increased significantly after the FTX’ insolvency.

3- GMX status

Charts insights

• The volume and number of GMX transactions has increased significantly after the FTX’ insolvency.
• The number of active users on GMX has increased significantly since the FTX’ insolvency.
• The average transactions per wallet on GMX increased significantly after the FTX’ insolvency.

Conclusion

• The volume and number of DYDX transactions has increased significantly after the FTX’ insolvency.
• The number of active users on DYDX has increased significantly since the FTX’ insolvency.
• The average transactions per wallet on DYDX increased significantly after the FTX’ insolvency.
• The volume and number of GNS transactions has increased significantly after the FTX’ insolvency.
• The number of active users on GNS has increased significantly since the FTX’ insolvency.
• The average transactions per wallet on GNS has not changed significantly after the FTX’ insolvency.
• The volume and number of GMX transactions has increased significantly after the FTX’ insolvency.
• The number of active users on GMX has increased significantly since the FTX’ insolvency.
• The average transactions per wallet on GMX increased significantly after the FTX’ insolvency.
• In all the days after the bankruptcy of FTX, most of the assets removed from FTX have entered the DYDX platform. This platform is ahead of the other two platforms by a huge margin in all parameters including transactions, volume, and new users.
• In terms of the number and volume of transactions, the GMX platform is higher than the GNS platform.
• Therefore, we can say with certainty that the DYDX platform has been more successful than other platforms (GNS , GMX) in attracting FTX’s escapers, and FTX users have transferred their assets to this platform the most.

4- Comparison of DYDX,GMX, and GNS

Charts insights

• In all the days after the bankruptcy of FTX, most of the assets removed from FTX have entered the DYDX platform. This platform is ahead of the other two platforms by a huge margin in all parameters including transactions, volume, and new users.
• In terms of the number and volume of transactions, the GMX platform is higher than the GNS platform.
• Therefore, we can say with certainty that the DYDX platform has been more successful than other platforms (GNS , GMX) in attracting FTX’s escapers, and FTX users have transferred their assets to this platform the most.