Introductions

Bitfinex

Bitfinex is a large cryptocurrency exchange supporting a large ecosystem of cryptocurrency products and trading options, including spot trading, margin accounts, derivatives, paper trading, and more. With a mix of features suitable for both beginner and expert crypto users, Bitfinex likely offers everything you need to manage your cryptocurrency in one place.

However, before you get started, it’s important to know that Bitfinex has a history of regulatory challenges, including multiple fines from the Commodity Futures Trading Commission.12 The most severe charge, from the New York Attorney General’s Office, includes misleading investors. Bittfinex indicated that the Tether stablecoin was fully backed by reserves when that wasn’t the case.3 The exchange’s history and allegations of continued wrongdoing may be concerning for investors.

*Resource: *

Solana

Solana is a blockchain platform designed to host decentralized, scalable applications. Founded in 2017, it is an open-source project currently run by Solana Foundation based in Geneva, while the blockchain was built by San Francisco-based Solana Labs.1

Solana is much faster in terms of the number of transactions it can process and has significantly lower transaction fees than rival blockchains like Ethereum. The cryptocurrency that runs on the Solana blockchain—also named Solana (SOLUSD) and using the ticker symbol SOL—soared almost 12,000% in 2021 and at one point had a market capitalization of over $66 billion, making it the fifth-largest cryptocurrency by this measure at the time.2

Despite its popularity, SOL did not escape the cryptocurrency bloodbath of 2022. By Oct. 3, 2022, SOL had dropped to about $11.71 billion in market capitalization. It also fell to ninth place in market capitalization.3 Learn more about Solana and what makes it unique among thousands of imitators.

*Resource: *

Methodology

As it is clear from the introduction, our goal is to review Bitfinex and its transactions with Solana. For this purpose, to get an overview of the Bitfinex situation, we have first obtained the Total Bitfinex Wallets in the Solana network, its value is 6160. Then we will consider the following for it.

Total, daily, weekly, and cumulative transfers

Total, daily, weekly and cumulative number of users

Total, daily, weekly, and cumulative volume

Total, daily, weekly and cumulative Tokens

And at the end, we will review the top 10 transfers in different situations.

The selected period is the last 90 days.

The most important tables used are as follows: fact_transfers table from the core subcategory related to the Solana database dim_labels table from the core subcategory related to the Solana database

Transactions

Result: Transactions

In order to better understand and compare transfers in Solana TO Bitfinex and Bitfinex TO Solana, we have compared transfers in four charts.

In the daily chart, the number of transfers from Bitfinex to Solana and Solana to Bitfinex is almost balanced, and sometimes the transfer from Bitfinex to Solana is more and sometimes from Solana to Bitfinex until November 9, when the difference from Bitfinex to Solana And Solana TO Bitfinex has reached 179 units. In contrast, on November 13 and November 25, this time Solana TO Bitfinex was 74 and 185 units more than Bitfinex TO Solana, respectively. After that, no strong fluctuation was seen and the trend has been balanced. In the weekly chart, most transfers are related to the fourth week, followed by the fifth week. If you look at the cumulative chart, you will notice a sudden change in the slope of the chart, after that the normal trend in Bitfinex TO Solana and Solana TO Bitfinex We are seeing a sudden increase in the slope of the graph from November 7 to 14. However, the overall result between the number of transfers from Bitfinex TO Solana and Solana TO Bitfinex is very close and the difference is only 5 units.

Users

Result: Users

In the analysis of the number of users from Solana to Bitfinex and Bitfinex to Solana, there is no significant difference except for November 26 and 30. In fact, on November 26, the number of users suddenly decreased in Bitfinex TO Solana, and the short three-day time span from Solana TO Bitfinex reached the maximum difference on November 30.

Since November 8, we can see that the users in Bitfinex TO Solana and Solana TO Bitfinex are equal and at their maximum. In the weekly chart, we can see that each week is almost equal, the only important thing is related to November 7th to November 14th, which has the highest value. In the graph of the sum total, the similarity of the number of users in Bitfinex TO Solana and Solana TO Bitfinex can be easily understood, so the percentage difference is less than 0.2.

Volume

Result: Volume

In checking the volume between Bitfinex TO Solana and Solana TO Bitfinex, the value of Bitfinex TO Solana was always greater than or equal to Solana TO Bitfinex. This trend continued until November 25. On November 25, Bitfinex TO Solana and Solana TO Bitfinex reached their highest value, and the value of Bitfinex TO Solana is higher than Solana TO Bitfinex. The mentioned conditions can also be seen in the weekly chart. The most important point is related to the period from November 21 to 28. In this week, Solana TO Bitfinex has a higher value than Bitfinex TO Solana. If you look at the cumulative chart, the difference in Bitfinex TO Solana increased slowly until November 24th, and on November 25th, it increased with a very steep slope with an angle close to 90 degrees. The same thing happened to Bitfinex TO Solana, with the difference that the upward trend until November 24th was not a gentle slope, but at some points, like October 6th, there was a large increase. The final difference can always be seen in the cumulative chart. What we concluded with the daily and weekly trends was the existence of a difference between Bitfinex TO Solana and Solana TO Bitfinex, the exact amount of which is a 28% difference, which means that we have had more volume than Bitfinex TO Solana.

tokens

Result: tokens

In the fourth step, we examined Tokens in Bitfinex TO Solana and Solana TO Bitfinex. The interesting point was equality on many days, such as September 9, 10, and 11.

In the weekly chart, we can see that the values of Bitfinex TO Solana and Solana TO Bitfinex have started their upward trend since October 23 and are increasing.

In the cumulative graph, the competition between Bitfinex TO Solana and Solana TO Bitfinex can be seen well, so that until October 7, the value of Bitfinex TO Solana was higher, than the value of Solana TO Bitfinex was higher until October 31, and after that, the cumulative value of Bitfinex TO Solana again More than Solana TO Bitfinex.

But in the sum graphs where we can see the final difference, we can see that Bitfinex TO Solana is 9% more than Solana TO Bitfinex with 53.5 percent.

Top 10 Transfers based on the number of transfers

Result: Top 10 Transfers based on the number of transfers

#In this section, we want to review the top 10 transfers from Bitfinex to Solana and from Solana to Bitfinex. What was seen as a result of transfers from Bitfinex to Solana ==FxteHmLwG9nk1eL4pjNve3Eub2goGkkz6g6TbvdmW46a== has the largest share with 99.7% with great power and plays the main role in transfers from Bitfinex to Solana. But in the investigation of transfers from Solana to Bitfinex, the situation is different and the power is not concentrated in one place so that the highest value is related to ==FxteHmLwG9nk1eL4pjNve3Eub2goGkkz6g6TbvdmW46a== It is with a share of 61.6%, it is seen after the shares of 12 and 9.6%. And the percentage distribution is fairer than transfers from Bitfinex to Solana

Top 10 Transfers based on the Volume

Result: Top 10 Transfers based on the Volume

In the review of the top 10 transfers based on volume in the left chart, we have reviewed Bitfinex TO Solana, in which ==GwsHHFEVarroa9GYeMkzQWZnbtBpReUbN3CkSZQrihTg== has the largest share with a 73.9 percent share. After that, the percentages are 8.3% and 8.11%, but on the other side, in Solana TO Bitfinex, we see the same address as before, ==GwsHHFEVarroa9GYeMkzQWZnbtBpReUbN3CkSZQrihTg==, this time also with a smaller share, i.e. 65%, and after that, ==FxteHmLwG9nk1eL4pjNve3Eub2goGkkz6g6TbvdmW46a==, with a 37% share. It has been assigned the second rank. This is despite the fact that it was ranked first in transfers.

Another review that could be important is related to the behavior of tokens. In the review of the number of transfers in Bitfinex TO Solana, we see that ==wrapped sol== ranks first with 99.9%. This is despite the fact that the number of tokens does not even reach 10. But in Solana TO Bitfinex, we can see that wrapped sol has a share of 91%, and after that, star atlas ranks second with a share of 7.56%. The rest of the tokens with the minimum share are placed in the next ranks

In the last step, we will review the top 10 transferred tokens based on volume in Bitfinex TO Solana and Solana TO Bitfinex.

What is common in both the graphs related to Bitfinex TO Solana and Solana TO Bitfinex is the Star atlas token, which has the first share in both cases, it has a 72% share in Bitfinex TO Solana, and in Solana TO Bitfinex has a 74.5% stake. The next ranks are related to the wrapped sol and oxygen protocol.

Conclusion

We tried to examine various parameters such as transfers, users, volume, and tokens in order to find out the status of Bitfinex TO Solana and Solana TO Bitfinex. What can be referred to as the final result is as follows:

In the review of transfers between Bitfinex TO Solana and Solana TO Bitfinex, the general trend is decreasing, but Solana TO Bitfinex has a higher amount than Bitfinex TO Solana. In the review of Solana TO Bitfinex and Bitfinex TO Solana users, they are almost similar and no significant difference was observed. But the number of users is growing In the volume review on November 25, we have suddenly seen an increase in volume and it can be concluded that the volume is also increasing. In checking tokens, Bitfinex TO Solana is more than Solana TO Bitfinex In checking the addresses, the most power in Bitfinex TO Solana transfer is in the hands of one user, and in Solana, TO Bitfinex the most power is in the hands of one or two users.