{Not Your Keys}
đź“ś Background
1) Axelar network is a blockchain that connects blockchains, enabling universal Web3 interoperability. The network is secured using proof-of-stake consensus, and messages are routed and translated using permissionless protocols. As an analogy, Axelar is like Stripe for Web3. Axelar delivers secure cross-chain communication for Web3. Our infrastructure enables dApp users to interact with any asset or application, on any chain, with one click.
Axelar is composed of a decentralized network of validators, secure gateway contracts, uniform translation, routing architecture, and a suite of software development kits (SDKs) and application programming interfaces (APIs) to enable composability between blockchains. This allows developers to build on the best platform for their use case, while being able to access users, assets and applications in every other ecosystem. Instead of pairwise cross-chain bridges, they can rely on a network architecture that provides a uniform code base and governance structure.Axelar’s ultimate goal is to build the underlying infrastructure for onboarding the next billion people onto Web3.
2) 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.
3) FTX was a cryptocurrency exchange that promotes the liquidity and transacting of coins and tokens. FTX allowed users to connect their wallets, place trades, exchange digital currencies, enter into derivative contracts, or buy/sell NFTs.
🤔 Approach
Dashboard sections
- Satellite Transactions State - before and after FTX fallout
- Satellite’s Bridging State
- Satellite’s Chain Interaction State
- FTX Outflows To Ethereum
- Outflows to other destination chains from FTX
Methodology
In order to answer the bounty question and To conduct our study, we are using the new Flipside schema (axelar and osmosis
).
Study Period
We have been using all the available data for
date between '2022-11-05' and '2022-11-18'
Analysis Date
11/18/2022
👩‍💻 Author
Gmail: ftmkhodabande@gmail.com
Tweeter: @busygirlcom
Discord: Jinx#6675
> Special thanks to my friend camp#4286
✍🏻 Conclusion
The results of this dashboard showed that the number of satellite bridges increased in the days after the ftx collapse and gradually decreased. The highest number of satellite bridges was on November 9. Also, the results showed that the number of bridgers increased after the collapse and gradually decreased after a few days. The highest number of bridgers is on November 8. The highest bridged volume was 5 days after the collapse of FTX. The largest share of the number of bridge transactions was related to the USDC asset. Also, the largest number of bridgers was related to USDC assets. But the most bridged volume was related to WETH assets. These values ​​have increased for the mentioned assets in the days after the collapse. The most interaction of the satellite chain in terms of the number of transactions, the number of users, and the transfer volume has been with the Ethereum network. After the Ethereum network, the osmosis and polygon networks have had the most interaction in the desired criteria. In the days after the collapse of ftx, the volume of outflows from FTX to ETH increased. On November 7th, $2.5B HC FTX => Eth was transferred, and in the following days, these amounts gradually decreased, reaching $57,000 at the end of the chart. Also, the number of transactions has been similar to this trend.
The number of transfer transactions, the number of users, and the transfer volume of FTX => Eth are more than FTX => Eth => Axlelar on most days after the collapse.
In the days after the collapse, the top destination of the output volumes from FTX to ETH is the Binance exchange, followed by Coinbase. But in the past weeks, the top destination of output volumes from FTX to ETH is related to Mev Bot.
Satellite Transactions State - before and after FTX fallout
The share of bridges (tx) in usdc fh 44.1 assets has the largest share among assets. After that, axl has the largest share of bridge (tx) with 34% of transactions. After axl, weth property is located with 8% of tx. You can also see in the area diagram that from the beginning of the period to the end, the largest area is related to usdc and axl. In the charts, you can easily see the daily contribution of each asset.
Also, most Bridgers with 54.7 percent are related to usdc (4027). Axl is next to usdc with 2303 bridgers. You can see the number of Bridgers of each asset in the graphs. Two area and bar graphs show that on most days the most volume of Bridgers is related to usdc.
In the days after the collapse of FTX, we see an increase in the number of Bridge USDC, AXL
The chart "Share of Bridge Volume (per Asset)" shows that the largest bridge volume is related to Weth with 2.4M (42.2 percent). AXL is next with 25.9% (1.5M).
In the "Cumulative Volume of Top Used Tokens to Transfer ($USD)" chart, we can see that the cumulative values of WETH in this period are higher than other tokens.
Also, as you can see, in the days after the collapse, on most days, WETH was used more than other assets for transfer. On November 9, we will see an increase in the values of WBTC, AXL.
On November 5th and 6th, the Daily Number of Satellite Bridges Before FTX Collapse is 390 and 334, respectively. But in the days after the collapse of FTX, we see an increase in the number of satellite bridges. On the third day after the collapse, the number of bridges increased to 764. But in the next Rose (November 10), it decreased to 497, and in the following days until November 18, we see a gradual decrease in the number of satellite bridges.
In the second graph, we see an increase in the number of satellite Bridgers in the days after the collapse of FTX. On November 8th, 2 days after the collapse, we had the highest number of Bridgers (163). Also, on November 9 and 10, the number of Bridgers was more than the days before the collapse. But after November 10, we see a gradual decrease in the number of Bridgers.
The third graph shows that the daily volume of satellite bridges has gradually increased after the collapse compared to the two days before the collapse, and on November 11, it reached its highest value in this period (927k), and in the following days it reached the values It has reached less than 134 thousand. The overall face price in the days after the collapse, we have had more daily volumes than the two days before the collapse.
In the graph, we can see that the output volume from FTX to ETH increased in the days after the collapse. On November 7, the largest volume ($2.5B) was withdrawn from FTX to ETH. And after November 7, these amounts gradually decreased and reached 57 thousand dollars on November 18.
Also, the highest number of outgoing transactions from FTX to ETH was on November 7.
The total daily transactions of FTX => Eth => TX Cnt in the days before the collapse and after the collapse are more than FTX => Eth => Axlelar TX Cnt. In the days after the collapse, the number of transactions of both has increased. and in the following days we saw a gradual decrease. There was no transaction on the 12th and 13th of November.
Also, in the days after the collapse, the number of users who transferred from FTX => Eth is more than the number of users who transferred from FTX => Eth => Axlelar User Cnt. On November 11, the user is 1 user for both cases. There were no users on November 12 and 13. In the third chart, we can see that most of the transfer volume is from FTX => Eth, and we see an increase in this volume in the days after the collapse. The transfer volume from FTX => Eth => Axlelar was lower than FTX => Eth. Only on November 9, the transfer volume from FTX => Eth => Axlelar was more than the transfer volume from FTX => Eth.
In the chart "Outflows: Top Destinations From FTX To Ethereum (By Volume) - since '2022-11-06'" you can see Outflows to other destination chains from FTX. The largest output volume is from FTX to Binance with 51.6% of the transfer volume. After that, Coinbase was the destination of most of the output volumes from FTX. You can see other destinations in the chart.
But in the chart of Outflows: Top Destinations From FTX To Ethereum (By Volume) - (During last week), we can see that the top destination in the past weeks is Mev Bot. This destination accounts for 81% of the output volume.
In general, on most days, most transfer transactions in the satellite chain are related to Ethereum, and as you can see, in the first days after the collapse, we see an increase in the number of Ethereum transfer transactions. After Ethereum, we see more transfer transactions in OSMOSIS and Polygon, and this number has increased after the collapse.
Also, the largest number of users in the satellite chain is related to the interaction with the Ethereum network. After that, interaction with the Paligan network has more users on a daily basis, and then there is OSMOSIS. The number of these users is more in the days after the collapse than in the days before the collapse.
Also, the largest transfer volume is related to the interaction with the Ethereum network. And we see an increase in the volumes of transmission and interaction with the Ethereum network in the days after the collapse. Also, after Ethereum, the transfer volumes in interaction with OSMOSIS and Polygon networks are more than other networks. And we see the volume of interaction with these networks