Try Quests to earn AXL\
What is Axelar?
For Web3, Axelar offers safe cross-chain communication. Secure signifies that Axelar is based on the tried-and-true proof-of-stake technology used by projects like Avalanche, Cosmos, Eth2, etc. With cross-chain communication, you can design a comprehensive user experience that enables users to interact with any asset or application on any chain with a single click.
What is Axelar Satellite?
A web application called Satellite is constructed on top of the Axelar Network. Users can move their crypto assets from one chain to another using the user-friendly interface it offers.
Approaches
In this dashboard, we went over the key metrics that the Axelar Satellite Bridge engaged in during the FTX Crash.
The following things would be covered:
- Axelar Satellite daily activities during FTX crash
- Axelar Satellite breakdown
Tables used in this dashboard:
- axelar.core.fact_transfers
- axelar.core.fact_msg_attributes
- osmosis.core.dim_prices
- crosschain.core.fact_hourly_prices
- crosschain.core.dim_asset_metadata
- ethereum.core.dim_labels
- ethereum.core.ez_token_transfers
- ethereum.core.ez_eth_transfers
Queries from and jacktheguy
Conclusion
-
We may infer from the statistics and graphs in this dashboard that, from the day of the FTX Crash until the present, 4,060 different users have spanned $55M in 16,000 different transactions using Axelar's Satellite Bridge. When we compare the number of bridgers, bridges, and volume of bridges in the days following the FTX Crash with those prior to it, we see a marked increase in the use of satellite.
-
We also noticed that, during the week of November 7–14, the Ethereum blockchain received the most bridges using Satellite Bridge. 36% of users have crossed to Ethereum over this time, totaling 8784 bridge transactions worth $53M. Additionally, the Ethereum, Osmosis, and Polygon ecosystems have become significantly more well-known since the FTX Crash up to November 14.
-
Finally, we can observe that in the early days of the FTX Crash, all 3 metrics—the number of users, the number of transactions, and the volume of transactions—included a sharp rise. This can be seen by monitoring the outflows from FTX to Ethereum. And even the average volume peaked on November 12 at $396K. And we discovered that Binance is the initial recipient of this outflow of funds to Ethereum, followed by Coinbase.
\
When looking at the cumulative number since FTX crash
- The charts above show that the Ethereum blockchain received the most bridges through Satellite Bridge during a single week (November 7–14). 36% of users have bridged to Ethereum during this time, totaling 8784 bridge transactions worth $53M.
- The number of users, the number of transactions, and the volume of transactions all experienced a sharp rise in the early days of the FTX Crash, as can be seen by monitoring the outflows from FTX to Ethereum. And even the average volume peaked on November 12 at $396K!
- The daily net outflow from FTX is also shown in the section below. Based on the quantity and frequency of transactions, Binance and then Coinbase are the first destinations of this outflow to Ethereum.
Scandal between Axelar and Binance
The two largest companies in the current cryptocurrency market, Binance and FTX, have long been at odds. Recently, these tensions reached a breaking point and spilled into the open.
Changpeng Zhao, CEO of Binance, revealed that the business had made the decision to liquidate all of its FTX (FTT) tokens as a result of "recent developments." The shocking news broke amid speculations of Alameda Research, a significant trading company closely associated with FTX, having financial issues. Since it turned out that Alameda has significant exposure to the FTT token, many people began to wonder if the company is solvent. Alameda Research CEO Caroline Ellison allayed market anxiety when the price of the token significantly dropped by stating that the company had additional assets on its balance sheet. Ellison further mentioned that Zhao's FTT tokens would be willingly purchased by Alameda.
The two industry titans of cryptocurrencies got into a heated exchange. Zhao clarified that Binance did not wish to sponsor "those that lobby against other industry players" in a subsequent tweet. Zhao was "truly the worst," according to Ryan Salame, co-CEO of FTX, in a critical tweet. The tokens could have been purchased over the counter, Salame continued, "to avoid any retail being hurt," but he choose to "create agony." The controversy intensified earlier today when FTX CEO Sam Bankman-Fried posted on Twitter. Bankman-Fried alleges that FTX's rival is trying to damage his business by circulating "false rumors." Bankman-Fried emphasized that business finances are in good shape. He continued, "FTX has enough to cover all customer holdings." Bankman-Fried stated in a different tweet that he would like to collaborate with Zhao for the benefit of the ecosystem.
Based on the chart, we can see that Daily number of users on Axelar Satellite witnessed a growth since FTX crash from less than 500 users per day to over 600 users per day
Based on the chart, we can see that Daily number of transactions on Axelar Satellite witnessed a growth since FTX crash from less than 1100 transactions per day to over 1800 transactions per day
Based on the chart, we can see that Daily amount of bridge volume on Axelar Satellite witnessed a growth since FTX crash from less than $1M per day to several
millions per day
Based on the chart, we can see that Cumulative number of users on Axelar Satellite witnessed a growth since FTX crash from just 3004 users on Nov 7 to 6566 users on Nov 13 .
Based on the chart, we can see that Cumulative number of transactions on Axelar Satellite witnessed a growth since FTX crash from just 7448 transactions on Nov 7 to over 17K transactions on Nov 13 .
Based on the chart, we can see that Cumulative amount of volume on Axelar Satellite witnessed a growth since FTX crash from just $10M on Nov 7 to over $56M transactions on Nov 13 .
Based on the chart, during the crash, a lot of funds moved from FTX when the net outflow on Nov 6 was $625M and on Nov 7 was $2.38B
Based on the charts above, we can see that
- Ethereum is the most popular chains among all used chains on Axelar Satellite
- Over 1/3 of all transactions per day, 1/3 of all users per day and around 80% of transacted volume per day on Axelar Satellite were to Ethereum
- This means over the uncertain period, Ethereum is the most trusted blockchain over other chains.