Methodology

We'll check to see whether any of these FTX outflows cross the satellite to reach a different chain of destinations on this dashboard. The next step is to monitor transfers from FTX exchange wallets to the Ethereum network. Then, we'll look at what was happening on around the Axelar Satellite Bridge when FTX and Alameda collapsed. I'll examine data from the previous 30 days for this purpose (on over-time and average charts in order to be able to compare data before and after collapse).

Used tables:

• axelar.core.fact_msg_attributes
• ethereum.core.ez_eth_transfers
• ethereum.core.ez_token_transfers
• ethereum.core.dim_labels

• As can be seen from the chart, we can see that the daily outflow from FTX is far more larger than the inflow with the net outflow on Nov 6 was $675M and the net outflow on Nov 7 was $464M

• As can be seen from the top outflower from FTX, we can easily see that Binance and Coinbase are two centralized exchanges received most from FTX. 1inch, a popular DeFi also secure a spot in top 10 in term of transaction count

• As can be seen from the top outflows destination from FTX, we can easily see that Binance with over an amount of 300M and over 27K transactions is the most popular destination.

• We can see from the average of daily satellite bridges that the collapse side effect clearly left its mark on the number of bridges.
• We have a bridge volume that has increased by approximately 25% since the collapse compared to its previous state.
• Even the average daily statistic reveals an increase in the number of bridges following the event. Not to mention that the user count has shifted.
• We can see that Ethereum is the most popular destination from FTX via satellite bridge, with over 33% of bridges and 82.7% of their volume leading to Ethereum.

• The average daily number and volume of bridges, as well as the number of bridges built following the collapse, are all clearly more than they were in the days preceding this time period.
• After the FTX collapse timespan, we almost immediately notice 1.5 times higher activity.
• Additionally, we can see that after the collapse period, the number of bridges with high volume (more than $10000) increased significantly, while the number of bridges with low volume (less than $10) decreased during this period.

• As previously stated, Ethereum has the most bridges and volumes among the other platforms.

• According to our understanding of the bridged tokens section, AXL and USDC had the highest transaction count among the tokens that were bridged, but in the volume, USDC is ranked first and ETH is second.

Conclusion

• During the collapse of FTX and Alameda, activity around satellite bridge significantly increased, with Ethereum having the most inflow bridges. The second most popular location for bridges through satellite was Osmosis, a decentralized exchange platform that increased in popularity as a result of the crisis facing centralized exchanges and their potential for collapse.

• The most bridged assets via satellite during the collapse period were USDC and, with a significant difference from it, ETH. In terms of the total number of bridges, AXL is the most widely used asset.

• Following the collapse period, there was an increase in the quantity of high-volume bridges, while the proportion of low-volume bridges decreased.

  There was not any outflower from FTX to the Ethereum that have bridged

• After the FTX crash, Ethereum's market share on bridges climbed even more, maybe as a result of investors' fears of losing an asset like the Luna blockchain.

  FTX outflow has considerably increased over the course of its collapse, and the majority of these outflows are going to other exchanges like Binance and Coinbase.

  There were no outflowers from FTX to Ethereum who bridged their assets to another chain using Axelar's Satellite.

  \

What is Axelar

The Axelar network is a blockchain that connects other blockchains, allowing for global Web3 interoperability. Proof-of-stake consensus is used to secure the network, and communications are routed and translated using permissionless protocols. Axelar is similar to Stripe for Web3. Axelar provides Web3 with secure cross-chain communication. With a single click, our infrastructure allows dApp users to engage with any asset or application on any chain.

What is Axelar Satellite?

Satellite is a web application that is developed on the Axelar Network. It provides an easy-to-use interface for transferring crypto assets from one chain to another.

Covered parts

1. Daily activities From/To Ethereum during

   FTX collapse

2. Daily activities on Axelar Satellite, during FTX collapse

3. Top destination on Axelar Satellite

SQL credit :

1. Daily activities From/To Ethereum during FTX collapse

• As you can see after the FTX collapse a large number of users on FTX tried to escape the event to maintain their savings.

• Taking a look at the chart, we can observe that the volume, number, and outflow of transactions from FTX to Ethereum peaks on November 7th and then gradually declines until November 12th, when there are hardly any transactions remaining.

• The same thing can be observed for the daily number of outflowers from FTX to Ethereum when the number of outflower reached over 30K on Nov 7, nearly double than that of Nov 6.

1. Daily activities From/To Ethereum during FTX collapse

3.Top destination on Axelar Satellite

• Satellite bridge is another one of transferring currency in crypto world and at bottom we can see how many bridges were made after the collapse.

• After the Collapse on the Nov 7th we can see a rise in all the charts.

• The daily number of bridges and volume rise to their maximum on Nov 9th and after that they slowly drop to their usual rate before the collapse.

• What is in common with all the graphs is that before the collapse all of them have a huge number on Oct 28th.

The normalized charts of daily volume, daily number of bridges and daily bridgers also indicate that Ethereum is the most popular chain on Axelar Satelitte until now with more than 30% of the share.

Coming in the second place is also another EVM Compatible Chains with around 10% of share among all chain