What is Alameda Research?

    Sam Bankman-Fried established the private equity company Alameda Research in Hong Kong in October 2017. It participates in over-the-counter (OTC) trading and provides full-service cryptocurrency trading on all markets and exchanges. Alameda Research is in charge of managing over $1 billion in digital assets as of April 2022, and it transacts between $1 and $10 billion daily across thousands of popular coins, altcoins, and their derivatives.

    What is FTX?

    FTX is a cryptocurrency exchange based in the Bahamas. FTX was founded in Antigua and Barbuda and has its headquarters in The Bahamas. The exchange has nearly one million users as of February 2022. FTX operates FTX.US, a separate exchange for citizens of the United States.

    Methodology

    In this dashboard, we compare the token outflows from FTX wallets in early November to the bridge active to the Axelar satellite Bridge. We'll also look at which wallets received FTX outflow tokens and were active on the satellite bridge.

    Aspect of analysis:

    • Satellite Bridge transfers analysis
    • Inflows/Outflows of FTX on Solana
    • Inflows/Outflows of FTX on ETH
    • Stablecoin transfers on Axelar Satellite Bridge

    SQL from

    Satellite Bridge transfers by chain

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    • Regarding the normalized amount of transactions by chain we can see that Ethereum is the number 1 chain with over 80% share.
    • Osmosis is the second popular one in the recent days when its share reached 8% of all amount

    Inflows/Outflows of FTX on Solana

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    Stablecoin transfers on Axelar Satellite Bridge during FTX collapse

    Conclusion

    • The greatest transactions by chain are consistently transfers to Ethereum.
    • There was a significant increase in activity on the satellite bridge on November 8th, the day of the FTX event. The majority of this action involved moving money to Ethereum and Osmosis.
    • In the last week, USDT, USDC, and SOL have seen the most inflows and withdrawals from FTX on Ethereum.
    • IBC transfers and axlUSDC volume from OSMO are mostly made to AXL.
    • IBC transfers from Osmo of axlUSDC nearly reached their all-time high during the FTX Bank run.
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    What is Axelar?

    For frictionless cross-chain communication, Axelar offers a decentralized network and tools to link dApp developers with various blockchain ecosystems, applications, and users. To remove obstacles to cross-chain communication, Axelar is a set of protocols, tools, and APIs.

    What is Axelar Satellite Bridge?

    Web application Satellite is based on the Axelar network. Utilize it to transfer assets between chains.

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    As can be seen from the charts, the following insights can be observed

    • USDC is the most popular token with more than 233M were transferred through the bridge

    • ETH and AXL are tokens at top 2 and top 3 with 19M and 18M respectively

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    • Regarding the normalized number of transactions by chain we can see that Ethereum is the number 1 chain with over 30% share.
    • Osmosis is the second popular one in the recent days when its share reached 27% of all transactions

    As can be seen from the transfer volume to by chain, we can see that

    • During the recent spike, the majority of the value transferred in the satellite bridge was USDC.

    Regarding the hourly outflow volume of SOL and other stablecoins like USDC and USDT by chain we can see that millions value of these coin were withdrawn from FTX.

    The highest amount were at 04:00, Nov 7, 2022 with $208M USDC and $3M SOL withdrawn from the exchanges.

    Regarding the hourly outflow volume of SOL and other stablecoins like USDC and USDT by chain we can see that millions value of these coin were withdrawn from FTX.

    The highest amount were at 04:00, Nov 7, 2022 with $208M USDC and $3M SOL withdrawn from the exchanges.

    Inflows/Outflows of FTX on ETH

    Regarding the daily outflow volume of stablecoins on ETH we can see that billions value of these coin were withdrawn from FTX.

    The highest amount were on Nov 7, 2022 with $1.7B USDC and $810M of USDT withdrawn from the exchanges.

    Regarding the daily inflow volume of stablecoins on ETH we can see that billions value of these coin were withdrawn from FTX.

    The highest amount were on Nov 7, 2022 with $1.7B USDC and $818M of USDT deposited to the exchanges.

    Regarding the daily axlUSD volume of stablecoins from OSMO we can see that

    • IBC transfers and axlUSDC volume from OSMO are mostly made to AXL.
    • Beginning in July, EVMOS axlUSDC drastically decreased.
    • Most days, the OSMO has transferred between 500K and 1 million axlUSDC.

    When we see the normalized chart of daily axlUSD IBC transfer volume, we can see that AXL is the most dominance token.