Who's Escaping FTX?

    INTRODUCTION

    FTX was the second largest centralized cryptocurrency exchange that as it turns out was stealing customer funds and used them in various ways. On Nov 8 FTX had liquidation problems as people couldn’t get their funds out, later they officially stopped processing withdrawals and declared bankruptcy losing ~10B dollars of customers money.

    METHODOLOGY

    In this dashboard we will take a look at how people managed to get their money out of FTX. We will see the trading platforms dYdX, GMX, Gns that people used and other methods they tried.

    We’ll also see metrics about Uniswap and Sushiswap as these are the most popular exchanges.

    DATA SOURCES: Data were taken by multiple Flipside’s tables but mostly from Ethereum.core.

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    Here we see the daily inflow and outflow on FTX on Ethereum and distributed by token.

    On Nov 6-7 the withdrawals were 3.9B while the deposits were 2.7B having a -1.2B cash flow which caused the liquidation problems because on Nov 9 outflows were 0.9B and the next day 0.3B.

    The biggest coins on both charts are USDC, USDT and ETH.

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    Here we see the wallets that withdraw the most funds. The first belongs to Alameda Research (So we can’t exactly say that it got out…). There are also 240M that belonged to Binance and Bitfinex.

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    Here we see the distribution of destinations from FTX on Ethereum. Binance has 44.6%, Alameda 20% and Coinbase 13%.

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    Above we see a daily comparison between the 3 trading platforms on number of transactions and volume. GMX is the number one with +60% on txns and 50% on volume. Gns has 30-40% of txns and less than 10% of volume. dYdX has only 1% of transactions but 30-50% of volume!

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    Above we see several metrics on GMX. The Daily new Users increased after FTX for a few days and then declined again, the daily active users increased even more these days.

    The number of daily transactions increased x5 from 2k to 10k but now is down again. The daily volume had a similar increase up to 80M for a week and now is at 13M.

    The average volume saw a x2.5 increase but then it also dropped.

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    Above we see the stats for Gns. Daily new users x10 for 3 days and now are at 50% higher than before FTX. Daily active Users doubled for a week. The daily transactions also increased for a week. the volume had a smaller increase and the average volume almost stayed flat.

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    On dYdX we see the daily new users tripled along with the daily new users and transactions volume. The volume however saw a x20 increase form 2M to 46M and now is x3 higher than it was before. The average volume saw a x5 increase and is until now at much higher levels than the other.

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    Uniswap

    Sushiswap

    CONCLUSION

    • We see the Inflow and Outflow of funds on FTX and after Nov 13 the outflows are basically zero.
    • Binance accounts for 45% of exit destinations.
    • dYdX volume increased by a LOT while the users barely increased.
    • GMX and Gns had big increases also in Volume and Users.
    • Uniswap and Sushiswap both had big increases on all metrics as well.

    As we see basically all exchanges had big increases compared to their pre FTX levels.