Conclusion

• The number of bridge transactions before and after the collapse in Ethereum and Osmosis chains did not differ significantly.

• The volume transferred by bridges in the Ethereum chain has decreased a little after the collapse (approximately 8M).

• The volume transferred by the bridges in the osmosis chain has decreased a little after the collapse (approximately 700k).

• The volume transferred by the bridges in the polygon chain has increased a little after the collapse (approximately 28k).

• the largest bridged volume belongs to the Ethereum chain.

• The largest volume with 56% belonged to the destination exchange Binance, followed by Coinbase with 18.2%.

• This outflow on Ethereum to FTX peaked at 2.5B on November 7th.

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About me

twitter: @MaryamBarani3

discord: m1124#5277

email: m.barani1124@gmail.com

==This dashboard has been published on my Twitter.==

Introduction

What Is Axelar?

Axelar network provides a uniform solution to cross-chain communication that meets the needs of both platform developers – no integration work is required from them, and application builders – one simple protocol and API to access global liquidity and communicate with the entire ecosystem.

Axelar network consists of a decentralized network which bridges blockchain ecosystems that speak different languages and a protocol suite with APIs on top, making it easy for applications to perform cross-chain requests. The network connects existing stand-alone blockchains such as Bitcoin, Stellar, Terra, Algorand, and interoperability hubs such as solutions like Cosmos, Avalanche, Ethereum, and Polkadot. Our mission is to enable application developers to build such apps easier using a universal protocol and API without rolling out their proprietary cross-chain protocols underneath or rewriting applications as new bridges are developed.

Axelar blockchain follows a Delegated Proof-of-Stake (DPoS) model similar to Cosmos Hub. Users elect validators who must bond their stake to participate in the consensus and maintain high-quality service. The DPoS model allows maintenance of large decentralized validator set and robust incentives to guarantee that the validators are responsible for maintaining bridges and shares of cryptographic threshold schemes. As part of consensus, validators run light-client software of other blockchains, allowing them to verify the state of other blockchains. The validators report these states to the Axelar blockchain, and once enough of them report, the state of Bitcoin, Ethereum, and other chains is recorded on Axelar.

What Is Satellite?

Satellite is a web application built on top of the Axelar Network. It provides an easy to use interface which enables users to transfer their crypto assets from one chain to another. users can Using Satellite to transfer assets across chains.

==What Is FTX?==

FTX Exchange was a leading centralized cryptocurrency exchange specializing in derivatives and leveraged products. Founded in 2018 by MIT graduate and former Jane Street Capital international exchange-traded funds trader Sam Bankman-Fried, FTX offered a range of trading products, including derivatives, options, volatility products, and leveraged tokens. It also provided spot markets in more than 300 cryptocurrency trading pairs such as BTC/USDT, ETH/USDT, XRP/USDT, and its native token FTT/USDT.12 In early November 2022, the exchange and the companies in its orbit began a steep fall from grace.

Bahamas-based FTX and its FTX US affiliate had overlapping management teams but separate capital structures. U.S. residents could only trade through FTX US.

FTX filed for Chapter 11 bankruptcy protection on November 11, 2022 and Bankman-Fried resigned. The exchange's collapse was the result of "a complete failure of corporate control,"3 according to John J. Ray III, the new chief executive of the cryptocurrency exchange. And Ray has some experience with massive business failures: he helped manage energy trader Enron4 following its collapse in an accounting scandal in 2001.

The FTX Collapse

FTX's collapse shook the volatile crypto market, which lost billions in value, dropping below $1 trillion.

The upper right chart shows the number of Herblockchain-based bridge transactions in the 12 days before and after the collapse. As you can see, most of these bridges both before the collapse and after the collapse belong to Osmosis and Ethereum chains. On October 28, we see a large number of bridges on the Ethereum blockchain

The upper left chart shows the number of bridges based on the chain in the 12 days after the collapse. The major share of these bridges belongs to the Ethereum chain with 27.8% (6954 bridges). The second rank belongs to osmosis chain with 27.5% (6866 bridges).

The top right chart shows the volume moved by bridges based on the chain 12 days after the collapse. The major share of this volume with the largest difference compared to other chains belongs to the Ethereum chain with 181.6%. The second place belongs to Osmos with 5.69%.

The number of bridge transactions before and after the collapse in Ethereum and Osmosis chains did not differ significantly. The volume transferred by bridges in the ethereum chain has decreased a little after the collapse (approximately 8m). The volume transferred by the bridges in the osmosis chain has decreased a little after the collapse (approximately 700k). The volume transferred by the bridges in the polygon chain has increased a little after the collapse (about 28k).

The upper left chart shows the number of bridges based on the chain in the 12 days before the collapse. The major share of these bridges belongs to the osmosis chain with 34.8% (7760 bridges). The second rank belongs to Ethereum chain with 30.7% (6837 bridges).

The top right chart shows the volume moved by bridges based on the chain 12 days before the collapse. The major share of this volume with the largest difference compared to other chains belongs to the Ethereum chain with 82.6% (7760 bridges). The osmosis chain has 4.14% of the total transported volume

The upper left chart shows the number of Bridge transactions on a daily basis, 12 days before the collapse and 12 days after the collapse. As can be seen in the part, in the days after the collapse, I am facing an increase in the number of bridge transactions. In the first four days, with a relatively high volume of bridge transactions, it increased, but in the following days, this amount decreased.

Before the collapse on October 28, we see a spike with 4753 bridge transactions.

In the upper right chart, the daily volume transferred by the bridges in the last 24 days as well as their daily average are shown. On the 8th, 9th and 10th of November, 8.9M, 12.8M and 9M respectively, we see an increase in bridge volume. But in the following days, this volume decreased significantly. On the 28th, 29th, 30th and 31st (before the collapse), 15.48M, 9.79M, 6M and 9.24M of volume were transferred, respectively.

The above chart shows the daily cumulative volume transferred by the bridges in each chain before and after the collapse.

Describtion

The top left chart shows the number of bridges in 12 days before and 12 days after the collapse. As it shows. 52.8% of the total number of bridges (24,976 bridges) in these 24 days are after the collapse and 47.2% (22,292 bridges) are before the collapse.

The upper right chart shows the total volume transferred by the bridges in 12 days before the collapse and 12 days after the collapse. 53.8% of the total volume belongs to before collapse and 46.2% to after collapse. Although the number of bridge transactions increased after the collapse, the transferred volume decreased somewhat.

This outflow on Ethereum to FTX peaked at 2.5B on November 7th.

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In the upper right chart, we can see the volume bridged by different blockchains in the last 24 days. According to this chart, the largest bridged volume belongs to the Ethereum chain.

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In the top and left chart, the Outflow destination after the collapse is specified daily and overall.

As you can see, the highest number of withdrawals was on November 7, the day of collapse.

The largest volume with 56% belonged to the destination exchange Binance, followed by Coinbase with 18.2%.

base on chain

base on token