What ecosystem did users bridge to?

In this section, we’ll analyze the chains that users bridged to. We compare the chains by the number of transactions to the chain, the number of unique bridgers and the total USD volume.

Findings

• Ethereum is the largest in terms of all metrics. It accounts for 28% of the total transactions, 30% of the unique users and 81% of the total USD volume.
• Regarding the total number of transactions, Ethereum and Osmosis are quite close. Ethereum is beating Osmosis by the a couple hundred transactions.
• Polygon is second regarding the number of unique bridges at around 1500 users

Satellite Bridge Activity

In this section, we examine the bridge activity for Satellite using different metrics such as USD volume, unique users and number of transactions to grasp the impact of the FTX collapse.

In blue, we see the stats for the days before the collapse and in orange the situation after the collapse. We plot 10 days before and after November 8th.

Findings

• The number of transactions, number of unique users and USD volume all increased in the days following the collapse of FTX.
• Especially November 8th, 9th and 10th show the biggest increase on all metrics.

Introduction

On Nov 6th, Binance CEO Changpeng Zhao (CZ) announced on Twitter that they will be liquidate the native token of the FTX crypto exchange: FTT. This tweet set in motion a number of events that would ultimately lead to the collapse of FTX and the FTT token on November 8th. It became clear that the CEO of FTX, Sam Bankman-Fried (SBF), used customer funds to trade and make investments. Therefore, users were not able to withdraw their funds.

In this dashboard, we’ll analyze the impact of the collapse by analysing the activity on the Satellite Bridge on Axelar. The following topics will be discussed:

• Bridge activity using metrics like USD volume, unique users and number of transactions.
• Which chains most users bridged to.
• Outflows of FTX to Ethereum.

Methodology

Satellite Bridge activity data was collected using a number of tables.

• axelar.core.fact_msg_attributes for bridge transactions
• crosschain.core.fact_hourly_prices.id for finding price data to calculate USD volume.
• Time of the select transactions is between 2022-10-29 and 2022-11-17
• We choose November 8th as the day of the collapse as that was the day the FTT token saw its first major decrease in price.

Outflows from FTX to Ethereum were calculated using the following tables:

• ethereum.core.dim_labels for finding ETH addresses related to FTX.
• ethereum.core.ez_token_transfers to find the transfer transactions.

FTX to Ethereum outflows

In this last section, we'll analyze the outflows of funds from FTX to Ethereum. We’ll look at the total outflows in USD, the cumulative outflow and the USD outflow per token.

Findings

• Most USD outflows were two days prior to the actual collapse of the FTT token on November 8th. This likely due the fact that users were concerned if their funds were safe on FTX after the tweet of CZ on November 6th.
• A total of $2.1B were withdrawn from FTX to Ethereum
• ETH accounts for by far the largest outflows of FTX, second the stable coins USDC and USDT and third the FTT token itself.

Key findings

• The number of transactions, number of unique users and USD volume all increased in the days following the collapse of FTX.
• Especially November 8th, 9th and 10th show the biggest increase on all metrics.
• Ethereum is the largest in terms of all metrics. It accounts for 28% of the total transactions, 30% of the unique users and 81% of the total USD volume.
• Regarding the total number of transactions, Ethereum and Osmosis are quite close. Ethereum is beating Osmosis by the a couple hundred transactions.
• Polygon is second regarding the number of unique bridges at around 1500 users.
• Most USD outflows were two days prior to the actual collapse of the FTT token on November 8th. This likely due the fact that users were concerned if their funds were safe on FTX after the tweet of CZ on November 6th.
• A total of $2.1B were withdrawn from FTX to Ethereum
• ETH accounts for by far the largest outflows of FTX, second the stable coins USDC and USDT and third the FTT token itself.