🎗Introduction

• 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.
• How Axelar Works

1. Beyond bridges

   Axelar goes far beyond sending wrapped assets with General Message Passing, which carries any payload securely cross-chain. Applications can call any function on any connected chain, and deliver a one-click experience for users on any other connected chain. This is a new kind of dApp development that puts users first and lets developers build on the platform best suited to their use case.

• Secure cross-chain communication

  Cross-chain communication is easy. Secure cross-chain communication is hard. Most solutions today are permissioned multisigs, based on proof-of-authority, which has lost hundreds of millions in security exploits. Axelar network security is based on delegated proof-of-stake: a permissionless, dynamic validator set applies a consensus approach that is similar to the networks Axelar connects.

• What does bridge mean in crypto? The blockchain bridge by Binance serves as a bidirectional bridge between Ethereum and the main Binance chain. It also utilizes specific features of the Ethereum-compatible BNB Smart Chain for wrapping token assets. Therefore, it can help in transferring assets to Ethereum from Binance.

📖 Reference

• Axelar's photo
• Bridge photo

📏 Methodology

• In this dashboard, we are going to examine the activity of the bridge according to FTX problems.
• According to the question, we have divided our dashboard into several parts and each part has answered a question.
• In this dashboard, with the help of jackguy's codes, we have considered the 30-day period and the time frame of the payment, and we have compared the collapse time of FTX with the previous one.
• We hope that reading this dashboard can help with this issue and that you enjoy reading it.

Did bridge activity spike over the last 7 days?

• In this section, we examine the activity of the bridge in the last month in terms of the number of bridges.
• On October 28 and before the collapse of FTX, we see the highest number of bridges.
• On November 7th, exactly the day of the collapse, 2594 bridges were made. But in the following days, this number increased and it shows that the bridge activity increased after the collapse.
• In the donut chart, we can see that after the collapse, about 40% of the number of bridges has been allocated to it, and according to the 30-day interval, we can see the increase in bridge activity.
• Also, in the graph of the top days in terms of the number of bridges, we can see that 5 days of them happened after the collapse of FTX, which is a relatively high number considering the one-month period since the collapse.

• In this section, we examine the bridge activity in terms of the number of bridgers.
• The highest number of bridgers was on November 9, just 2 days after the collapse of FTX.
• On the day of collapse, on November 7, this number was 252 bridgers.
• Also, the number of bridgers is increasing after the collapse.
• 41% of this number were after the collapse, and considering the 30-day period, it is a high number.
• In the graph of the top days with the most bridgers, we see that it is 5 days after the collapse
• All these statistics show us that bridge activity has been increasing in terms of the number of bridgers.

• In this section, we examine the bridge activity in terms of volume in the last 30 days.
• The highest volume occurred on October 28.
• On November 7, which is the day of collapse, there was not much change compared to the previous days, but in the following days, this volume was increasing.
• Also, in the graph of the top days with the largest volume, we can see that about 4 days after the collapse, it was among the top 10 days in the 30-day period.
• In the graphs of the average volume, this increase in activity is well known.

If so, to what ecosystems?

• In this section, we examine the purposes of bridging from FTX to other chains.
• As we can see in the graphs, the most bridge destination was the Ethereum chain.
• After Ethereum, osmosis and polygon chains have the most bridge destinations.
• Also, most bridgers have chosen the Ethereum chain to bridge.
• In fact, 755 bridgers have done about 6623 bridges to Ethereum.
• Almost every bridger has done about 8 bridges.

• In this section, we examine the bridge volume from FTX to other chains.
• As we saw in the previous section, the number of users and most of their transactions were destined for the Ethereum chain. In this section, we also see that.
• About 80% of the bridge volume was from FTX to Ethereum chain.
• After Ethereum, Osmosis and Polygon chains have allocated the largest volume.
• Also, in the graph of the average volume of bridge, it is clear that Ethereum chain was the most popular chain for bridge.

Net outflow from FTX to Ethereum

TOKENS

• In this section, we take a brief look at the status of tokens in FTX during the collapse.
• The largest volume of the token that was bridged through Axelar Bridge at the time of FTX's fall is the USDC token with 87% of the volume, which is a large volume.
• The number of bridge tokens at the time of the fall is related to AXL token with 68% of the number and then the USDC token with 27% of the number, which has a large volume with the same number.
• Also, at the time of collapse, the largest number of bridge tokens is related to AXL token with 50% of the number.

• In this section, we want to check the net outflow from FTX to Ethereum.
• At first, we put the daily number of users of outgoing transactions from FTX to Ethereum in check mode.
• As you can see in the charts above, on the day of collapse, November 7, we see the highest daily number of outgoing transaction users.
• About 29139 users have performed these outgoing transactions.
• According to the 30-day period, we see that 26.2% of this number has been allocated since the collapse.
• In the top 10 days in terms of the number of outgoing transaction users, we also see that on November 7th, it ranks first among the top 10 days with 24% of this number.
• But in the daily number of outgoing transactions from FTX to Ethereum, we see that about 49,144 transactions were recorded on November 7, the same day when we had the largest number of users.
• We can also see that after the collapse, 31.5% of the transactions in this 30-day period were allocated to it, which is significant.
• Also, on November 7, with 28.3% of the number of transactions among the top 10 days, it ranks first in terms of the number of transactions in this 30-day period.
• In the daily volume of outgoing transactions from FTX to Ethereum, on November 7, at the same time as the announcement of the collapse of FTX, and according to the number of users and the number of transactions, we see the highest volume of outgoing transactions from FTX to Ethereum on this day.
• Also, we see the top 10 days in terms of output volume to Ethereum, which is on November 7 with 23% of the volume, and also in this 30-day time return after the collapse, we see that it has 24.5% of the volume.

• In this section, we obtain the output volume and the number of output transactions from FTX to Ethereum destinations with the help of ALI3N.
• As you can see in the charts above, the largest number and volume of output from FTX was destined for Binance and it is by a large margin compared to the others.
• Binance has 54.2% of the number of transactions and 50.3% of the output volume.
• This can be completely related to the FTX bankruptcy story and its story with Binance.
• In the charts above, we can also see the top 10 destinations in terms of volume and number of transactions. In the volume section, we also see that after Binance, the largest volume is owned by Alameda, whose story with FTX and Binance has already been told.

Conclusion

• Bridge activity has increased after the collapse of FTX.
• Ethereum is the most popular destination chain for bridge from FTX.
• Among the destinations of Ethereum, Binance has the largest volume and number of outgoing transactions.
• The highest number of transactions and output volume occurred on November 7th at the same time as the collapse.