Last week was another eventful week in crypto, as we saw a run on SVB and subsequent bailout by the FDIC. When similar liquidity issues happened surrounding FTX, bridges experienced a surge of volume. Let's see if something similar occurred last week on Axelar's Satellite and Squid bridges. Also, we are going to compare the activity over bridges during the FTX Collapse (November 2022) vs the SVB panic time frame.

Moreover, Comparing the activity of these bridges with their competitors during the same time frame.

What is Token Bridging?

Bridging refers to the process of connecting two or more blockchain networks, allowing assets to move between them. A bridge is a technology that enables interoperability between different blockchain networks, allowing users to access and use assets that exist on different chains.

Bridging is typically accomplished through the use of specialized protocols or platforms that facilitate the movement of assets between chains. For example, a user may want to move ETH to the Optimism Chain. In order to do so, they would need to use a bridge that connects the two chains, allowing the token to be transferred from one chain to the other.

Bridging can be an important feature for decentralized finance (DeFi) applications, as it allows users to access assets and liquidity across multiple blockchain networks. It can also be used to facilitate cross-chain interactions between different dApps, enabling the creation of more complex and interconnected decentralized systems.

Axelar

Axelar Network is a cross-chain communication protocol that aims to enable seamless interoperability between different blockchain networks. It is a decentralized network that allows users to transfer assets, data, and value between different blockchain ecosystems.

Axelar Satellite is a component of the Axelar Network that serves as a decentralized messaging and notification system. It enables the transfer of messages and notifications between different blockchain networks, providing a communication layer that allows users to interact with different chains.

Axelar Squid Router is another component of the Axelar Network that acts as a routing system for inter-chain communication. It routes messages and transactions between different chains using a decentralized routing algorithm that ensures reliability, security, and efficiency.

The main difference between Satellite & Squid is that on Satellite, users can transfer an asset from 1 chain to another chain, but on Squid, users can transfer an asset from 1 chain to ANOTHER ASSET on another chain. Together, these components enable the Axelar Network to provide a seamless and decentralized way for users and developers to interact with different blockchain networks.

Silicon Valley Bankruptcy

Venture capitalists and technology executives are scrambling to make sense of and account for the potential repercussions of the sudden implosion of Silicon Valley Bank on Friday.

The Federal Deposit Insurance Corporation, or FDIC, said Friday that U.S. federal regulators shut down Silicon Valley Bank, the premier financial institution for Silicon Valley tech startups for the past 40 years. The collapse of SVB represents the biggest banking failure since the 2008 global economic crisis. The collapse of the second largest in U.S. banking history — sent anxiety across the financial system and shook the tech industry, raising concerns about whether companies would be able to get their money back and pay their employees.

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