What Happened?

• After a report from CoinDesk, about the strange finantial balance sheet of Alameda Research (Most of the balance were FTT Token an asset “themselves created”, or more precisely the FTX Exchange have), the empire that Billonaire Sam Bankman-Fried’s (SBF) created with FTX (his exchange) and Alameda Research (his trading firm) starts to crumble, because the FTT token (FTX) isn’t an independent asset and also there is a 8 billion dollar loan which hasn’t been determined (in coindesk article), for better or worse nobody from Alameda or FTX decided to comment CoinDesk article.

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• In twitter SBF retweeted Alameda CEO Caroline Ellison about the finantial balance sheet, but this caused binance CEO tweet about liquidate their FTT, as a post-exist risk management learned from the Luna incident before, and SBF claims that FTX is ready to buy all Binance’s FTT tokens.

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• But SBF didn’t anticipate that the spread of the news caused large withdrawals from the FTX exchange, which forced Alameda to transfer assets to FTX to provide the necessary liquidity to FTX.

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• In the end most of the volume in FTX was withdrawal, making FTX to tweet their file of chapter 11 of USA bankruptcy Code, and SBF steps-out as CEO

Overview of this Dashboard (Tables with Daily Refresh)

• Token Prices Impact
  • Swap Activity
• Alameda and FTX Impact (in Solana)
  • Volume Flow and Destinations.
• CEX’s Impact (in Solana)
  • Volume Flow
  • How did the whales & others users react.
  • Destinations
• Bridge Impact (Wormhole) (Ethereum ↔ Solana)

Impact of the event on Token Prices / Swaps

The day of the incident is “November 6”

The FTX & Alameda Downfall, affected all the market and a lot of assets prices went down, their native token FTX, suffers the biggest fall (from the 4 assets above) from $25 to $2, SOL price also went down by almost $20. the other 2 tokens SRM and GMT also went down in the same proportion, only that they didn’t lose too much value (because their value was below $1 initially) but still is a lot for these assets.

A lot of swappers start to swap FTX, but this amount is small in comparison with the amount of total Swaps with SOL, which reaches the 100k swaps in the latest days.

The amount of GMT and SRM also increases by the thousands after all the incidents.

Alameda and FTX Impact (on Solana)

As expected most of the movement is a large Outflow of assets from Alameda and FTX, they tried to put more SOL in november 7, which moves up the Net volume, but in the end in the last days FTX and Alameda in Solana has been losing more and more volume of SOL and Stablecoins.

As expected the spikes of Outflow starts from November 6 which was the day binance CEO tweeted about this problem, and November 7 was the day with most impact for Alameda and FTX.

Most of the SOL from Alameda and FTX was moved to Kraken in November 6&7, Coinbase as the second place with most Sol received in the 7&8 of November, Bitfinex as 3rd place receiving a lot of Sol in November 6.

Most of the Stablecoins (USDC/USDT) were moved to kraken on November 6, but it was Coinbase which received the most stablecoins from FTX&Alameda, Huobi also received more stablecoins after the incident.

Coinbase, Kraken and Gate.io received more SOL and Stablecoins from Alameda&FTX

Impact of the events for the CEX (Solana)

Before the incident the CEX’s Net volume flow of Sol was already in the red, and this event make a lot of users in Solana to withdrawal their SOL from CEX’s, with a bigger spike days after the incident in November 11.

Like the SOL, the CEX’s Net Volume flow of Stablecoins was also in the red, with the biggest spike a day after the incident in November 7, with a lot of stablecoin withdrawal from the CEX’s

Most of the CEX’s stablecoins volume were from USDC.

How many transactions by asset amount were made from/to CEX’s? - (How did the whales react after the incident?)

Most of the activity in SOL comes from transactions between the 1 to 5 sol (more than 1/2). But the whales also were present with more than 10% (4.85+7.36) on transactions with 100 or more SOL.

The total there is more “IN” Activity than “OUT” (numbers of transactions).

Surprisingly the numbers of transactions with $10 or less amount of stablecoins are below the total 5%, being $10 to $100 the common type of transactions IN+OUT of the CEX’s, also there is a lot of activity with bigger amounts in the outflow of the CEX’s.

A lot of whales were withdrawing their money from the CEX’s and their numbers are bigger than withdrawals of $1 or less (Look the Out Column).

For the Inflows of Sol it’s seems that a lot of whales we’re putting their money after the incident, but the inflows for normal users (1 to 10 SOL) seems to be less than before the incident.

For the Inflows of Stablecoins the same thing happened, before the incident the inflows of small amounts were more regular, but after the incident they start to drop and the inflows of bigger amounts start to appear.

But in the end the number of inflows seems to go in a downtrend after the incident (November 6) for the stablecoins, in the SOL case this happened after the spike of November 9.

For the Outflows in both cases the activity starts to raise after the incident, in the case of SOL, all type of Outflows seems to increase after the incident (whales&normal wallets).

For the Stablecoins the number of whales seems to spike in November 7, after that the number of outflows starts to go downtrend, probably because most of the users already withdrawed their funds.

It’s seems that stablecoin withdrawal seems to go in a downtrend but this isn’t the case for SOL.

Destination of Assets from the CEX

Most of the SOL was moved after the incident, being coinbase the receiver of more than half of the total volume of SOL, kraken was the second with a 30% of the total SOL.

November 11 was the day which kraken receives a lot of the stablecoin outflow from the CEX’s, after that Coinbase is in second place.

Bridge Activity

The number of users and bridges from Solana to Ethereum starts to raises after November 6, with more users and bridge transactions.

Although November 9 have the most bridgers, the number of bridges is lower than the day before.

A lot of users are moving their assets from Solana to Ethereum.

After the Incident the volume bridge to Solana starts to increase, the same happens to the volume being bridge to Ethereum, both reach their spike in total volume in November 9, after that the volume goes in a downtrend.

As more and more USDC starts to go from Solana to Ethereum, the same happens otherwise, it’s seems that the Stablecoin USDC was the most affected by the incident, but it’s seems that in the end Solana will have less USDC than Ethereum, after all the bridges.

Summary

• After the incident in November 6, all the market was in the red.
• SOL, FTX Price went down by $20, a loss proportionally similar to GMT & SRM.
  • The number of swaps also went up from all these tokens.
    • +hundreds swaps to FTX
    • +Thousands swaps to GMT and SRM
    • SOL swaps reach the 100k
• Solana Alameda, FTX, and CEX’s Net Flow was in the red, with the outflow of assets (SOL & Stablecoin) increasing more over the time.
  • Stablecoins involved (USDC/USDT)
  • USDC was the most affected of the stablecoins
  • The Netflow was in the red for all.
• Most of these Assets were:
  • Bridged to Ethereum (USDC) November 9 Spike
  • Bridged from Ethereum (USDC) November 9 Spike
  • Received by Kraken, Coinbase and Gate.io (in Solana)
    • A lot of Stablecoins (Billions) Were received by Kraken in November 11.
    • There are more destinations for the outflow from the CEX’s but these three were the most affected.
• After the incident the whale activity in Outflow + Inflow starts to increase.
  • November 7 was the day with most whale activity in both SOL & Stablecoins.
  • Most of the whales start to appear doing Inflows in November 6 and 7.
  • A lot of whales also start to doing outflows in November 7 onwards.
  • The number of transactions with less than $50 (both Sol and Stablecoin) were less after the incident.

In the end most of the CEX’s + FTX/Alameda, and Solana in general lost a lot of SOL and USDC, a lot of users start to withdraw their funds on Solana with the fear that the Luna/Terra incident caused, and FTX is now in bankruptcy with their CEO giving up their position.

Methodology

• Using Flipside data tables:
  • Ethereum.core: To get info about the bridges and tokens price.
  • Solana.core: To get info about:
    • Swaps.
    • CEX
    • Alameda & FTX.
• Thanks to JackTheGuy & alik110 for their amazing dashboards of this incident, which help me to wrote this dashboard.
• Credits also in their respective SQL.