What is dYdx?

dYdX is a leading decentralized exchange that currently supports perpetual trading. dYdX runs on smart contracts on the Ethereum blockchain, and allows users to trade with no intermediaries.

What is GMX Protocol ?

GMX is a decentralized spot and perpetual exchange on Arbitrum and Avalanche chains that supports low swap fees and zero price impact trades. Trading is supported by a unique multi-asset pool that earns liquidity providers fees from market making, swap fees and leverage trading. Dynamic pricing is supported by Chainlink Oracles and an aggregate of prices from leading volume exchanges.

What is Gains Network ?

Gains Network is a decentralized derivatives trading platform built first on the Polygon network and expanding to other decentralized networks. On gTrade, crypto derivative traders are allowed up to 150X leverage and up to 1000x for forex trades. The protocol revolves around the ecosystem's ERC20 utility token (GNS) and ERC721 utility token (NFTs).

Methodology

In this dashboard, Firstly, We are going to analyse some overall data on FTX money flow before and after its collapse and also check the top destinations of outflows from this CEXs.

Then, We are going to check the activity over several platforms especially dYdX (Ethereum), GMX (Arbitrum) and Gains Network (Polygon) before and after the FTX collapse and also check the impact of FTX outflows on these platforms and the trading activity on them by users who have outflowed their asset from FTX.

Then, We are going to check activity over several DEXs and Dapps such as Uniswap, Velodrome, Sushiswap, Wormhole Bridge, AAVE, Axelar’s Satellite in order to compare activity on them before and after FTX collapse and also the activities of FTX outflowers on them after withdrawing their asset from FTX.

The timespan that We are going to analyse data for this bounty is from 14 days ago till today. FTX collapse has ocurred mainly on 7-8 November so we are going to define the days after this date as “After Collapse” and the days before this date is named as “Before Collapse”. The reason that I have choosed 14 days ago till today is to be able to compare activities on platforms before FTX collapse to the days after the collapse.

On the left chart, we can see the daily Inflow/Outflow and Net-Flow of transfers from FTX to Ethereum over time during the past 14 days.

As we see, the increasint outflow from FTX to Ethereum is clearly visible in majority of days especially from 6th November.

According to the above charts, there was quite increasing outflow activity especially in terms of volume from FTX to the Ethereum chain.

I have filtered out FTX destinations from these data to not include inner transfers within FTX exchange.

FTX Outflow

Based on the left charts, the wallet address 0x98c3d3183c4b8a650614ad179a1a98be0a8d6b8e that belongs to the MEV.BOT has performed the most outflow transactions from FTX to the ETH during the collapse but in terms of volume, Alameda Research wallet (0x3507e4978e0eb83315d20df86ca0b976c0e40ccb) has by far withdrawn the most volume from the FTX to the Ethereum chain.

Totally, the majority of outflows’ destnations is other exchanges such as Binance & Coinbase.

And based on the left charts, Centralized exchanges and Alameda Research wallets are by far the majority of outflows destinations from FTX to the Ethereum.

GMX

Charts Showing Trading Volume on dYdX, GMX and GNS

On the left charts, we can see quite increasing trading volume on GMX, dYdX and Gains Network after the FTX collapse compared to the days before this timespan.

dYdX and GMX have made the most profit from FTX collapse !

Based on the above charts, we can obvioulsy see the increasing activity of trades, new traders, active traders and also volume of trades on GMX platform after the FTX collapse compared to the days before that.

Also, we can see there was increasing deposits volume to this platform after the collapse. the trading volume on this platform has increased by almost 7x after the collapse.

Gains Network

Similar to the GMX, we can see quite increasing activity of trades and traders and also volume of trades on Gains network after the collapse timespan.

But, the impact of this even on Gains Network was less than its impact on GMX because its trading volume has only increased by almost 2x (GMX had almost 7x growth in trading volume)

We can also see increasing number of new-first time users on Gains network after the collapse.

dYdX

We can say dYdX has gained the most profit from FTX collapse among these platforms!

As we see, there is huge increasing trading volume on this platform to the extent that it has reached almost 10x more trading volume on 9th November compared to the days before the collapse

and on the left chart, we can see the trading volume by FTX outflowers on GMX, dYdX and Gains Network over time.

As we see, especially on 10th November with the highest spike, the trading volume by these escapers(!) have increased significantly.

Uniswap

Based on the above and left charts, Uniswap has also experienced growth in its swap volume and also number of swaps and swappers after the FTX collapse.

We can also see high spike of new-first-time swappers on this platform after the collapse.

On the above charts, we can also see the number and volume of swaps from FTX outflowers have also increased significantly on Uniswap after the collapse. these outflowers are perfroming swaps with significant increasing volume on this dex.

Sushiswap

Similar to the Uniswap and other trading platforms, we can see the increasing activity and especially volume of swaps on Sushiswap after the collapse compared to the days before this timespan.

We can also see slightly increasing number of first-time swappers on this platform after the FTX collapse.

And on the above charts, we can see FTX outflowers are performing more and more transactions with more and more volume on Sushiswap after getting out of FTX.

Velodrome

Velodrome as the leading decentralized exchange on Optimism chain, has also experienced significant growth on its trading volume and number after the FTX collapse.

We can also see there are high spike of new first-time swappers on this platform on 11th November (3 days after the main market price crash date).

Solana <==> Ethereum Wormhole Bridge

Wormhole's Portal Bridge allows you to bridge tokens across different chains. Instead of swapping or converting assets directly, Wormhole locks your source assets in a smart contract and mints new Wormhole-wrapped assets on the target chain.

And on the above charts, we can also see the increasing activity of FTX outflowers on Velodrome after their escape from FTX.

On the above charts, we can see increasing activity of bridges from Solana chain to the Ethereum after the collapse timespan. This can be because users are transfering their asset to a safer blockchain. because Solana platform and its native token, SOL, has experienced massive crash and price drop during the FTX collapse because this CEX has been invested heavily on SOL token.

Despite Solana crash, we can also see there was increasing activity of bridges to the Solana from Ethereum during the FTX collapse. But, the volume of these bridges are not high as bridges from Solana to Ethereum.

Axelar’s Satellite Bridge

Satellite is a web app built on top of the Axelar network. Use it to transfer assets from one chain to another.

The activity over Axelar’s Satellite Bridge have also increased sigifncatly during the FTX collapse and as we see, the majority of bridges’ destination is Ethereum chain and Osmosis (as another DEX platform) is on the second rank of top popular destinations.

AAVE

Aave is a decentralized finance (DeFi) protocol that lets people lend and borrow cryptocurrencies and real-world assets (RWAs) without having to go through a centralized intermediary. When they lend, they earn interest; when they borrow, they pay interest.

On the above and left charts, we can also see increasing activity on AAVE platform after th FTX collapse.

The number and volume of deposits and also the number of active and new depositors on AAVE have increased significantly after the collapse timespan.

And on the above charts, we can also see increasing deposit activity of FTX escapers on AAVE protocol after the FTX collapse.

Outflower Users From FTX Exchange That Hav Made Their First-Ever Transaction on DeFi Platforms

On this part, I have extracted the number of first-time users on above-mentioned DeFi protocol who have escaped from FTX. Actually, We are going to see which platform has attracted the most number of FTX escapers to perform their first-ever transaction on them.

Based on the above charts, We can see increasing trend of these new-first-time users in almost all platforms after the 6th and 7th November. We can say Uniswap, Sushiswap and Velodrome have gained the most share of these escapers.

Summary and Conclusion

• Totally, We have seen almost all platforms have experienced significant increasing activity on number of transactions, active users, new first-time users and also volume of transactions after the FTX collapse. This can be because users have lost their trust in centralized platforms and tend to migrate to the DeFi protocols.
• The trading volume and also deposits on Gains Network, GMX and especially dYdY has increased dramatically after the FTX collapse.
• The escapers from FTX have made high volume and activity of transactions on these decentralized platforms after outflowing their asset from FTX.
• dYdX, GNS and GMX token have experienced significant growth in their price during the past week and this shows more migration and increasing trust of users on Decentralized platforms and their tokens.
• Bridge activity during the FTX collapse have also increased significantly and seems the Ethereum as the safest blockchain, has attracted the most bridged assets.
• During bull markets, users preferred centralized exchanges over decentralized ones because of the easy User Interface (UI) and convenience. They found DEX unusable due to various complexity present. But, The collapse of various centralized exchanges over 2022 and especially FTX, has now led users to transition to their decentralized counterparts. There is a realization of the importance of self-custody, and the popular crypto phrase, “Not your keys, not your crypto,” says it all. Notable crypto influencers are urging to get the cryptos off the exchanges. On the above analysis, we have seen that many number of users are migrating to these DeFi platforms and decentralized exchanges.

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On the 3 above charts, we can see all of these platforms’ tokens has experienced significant raise in their price after 10th November (2 days after the main date of collapse).

the GMX token has almost experienced 55% raise, DYDX by 70% and GNX almost by 60% from the candle opening of Nov. 10.

As mentioned, this price growth is mainly because users are migrating to Decentralized Exchanges more than before and are going to use them more than before in order to be safe from similar events that happened to the FTX centralized exchange.

GMX, dYdX and GNS Tokens Price