Introduction of Axelar

Axelar provides a decentralized network and tools that help connect dApp builders with multiple blockchain ecosystems, applications, and users for frictionless cross-chain communication. Axelar consists of a protocol suite, tools, and APIs, designed to break down the barriers to cross-chain communication. Powered by a decentralized open network of validators; anyone can join the network, use it, and build on it.

The Axelar network makes cross-chain communication as simple as using HTTP/HTTPS protocols on the web. Platform developers can plug-in their blockchains to other ecosystems, and application builders can leverage a simple protocol and API to access global liquidity and communicate with the entire ecosystem. The Axelar team has deep roots in distributed systems, consensus, and cryptography. The venture is backed by Binance X, Coinbase Ventures, DCVC, Lemniscap, Collab+Currency, North Island Ventures, Divergence Ventures, Cygni Labs, and others.

About the Integration Axelar’s new general message passing (GMP) allows smart contracts to communicate with each other across chains. This allows developers to build cross-chain connected applications on Moonbeam that can tap into functionality from Polkadot, Ethereum, Avalanche, Cosmos, and beyond.

What is Satellite?

Satellite is a web-based application on top of Axelar network that enables users to easily transfer assets across chains through an intuitive web-based UI. This writeup is a step-by-step walkthrough of how you can use Satellite to make such transfers.

At the time of this writing, Axelar supports nearly two dozen blockchains across EVM and Cosmos-based ecosystems, and the list of supported assets and blockchains is expected to grow.

Methodology

After the bankruptcy of the FTX , now we want to know if the amount of bridge has increased during this period? To understand this issue, ==we examine the activity of FTX users in DEXs.==

In the second part of the dashboard, ==we check net outflows from FTX onto Ethereum==, and by ==checking the number of bridges on the satellite==, we want to know Did any of these outflows across Satellite to another destination chain?

Tables used in this dashboard axelar.core.fact_msg_attributes ,ethereum.core.ez_eth_transfers ,ethereum.core.ez_token_transfers ,ethereum.core.dim_labels

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The Activity of FTX Users in CEXs.

In the graphs above we checked daily FTX users activity in DEXs (USD Volume) for last 20 days.

As we can see in November 9th (Right After FTX Collapse) USD volume has increased sharply and reached the maximum on November 10th.

Also, we have the share of each DEX, which 5 of the largest USD volume respectively belong to 1inch, Uniswap, Curve fi, dydx and 0X.

In the right chart we can see that the number of transactions increased after the FTX collapse and almost doubled before the collapse.

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Outflows From FTX Onto Ethereum

In this chart we have daily outflow and netflow from FTX to Ethereum for last 20 days.

As we can see the outflow has clearly increased and users have been withdrawing their assets from FTX.

Bridges on Satellite During FTX Collapse

Above charts clearly showing us that Satellite bridges had increase during FTX collapse.

Maximum volume and number of Satellite bridges are both in November 9th.

As we can see in graph on the right Ethereum has the largest share of satellite bridges.

Conclusion

• What happened to FTX directly affected bridge activity and increased it. As a result, the activity in Satellite was also affected by this event and grew.
• Ethereum was the chain with most inflow bridges.
• FTX collapse has made DEXs more popular among users because they see less risk of bankruptcy in them.

Some codes copied from Jack The Guy..