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It is obvious that once FTX collapsed, the volume of bridge increased, but within a short period, it returned to its initial level.
In addition, after FTX's collapse, the number of unique users on Satellite remained same.
evidence indicates that when the FTX collapsed, the active users used the bridge more frequently.
nonetheless, the number of users is almost same as before.
Following the fall of FTX, there was a little rise in transfers. Moreover, with the collapse of FTX, the average volume of transfers somewhat rose.
There was little change in the average amount of transactions.
and nearly following the same pattern as previously.
however, we can observe an increase in satellite transfers following FTX's collapse.
The most bridged token during the FTX collapse and now is USDC, albeit its proportion of transfers decreased following the FTX collapse and fell from 92% to 84%.
Following the fall of FTX, AXL token saw significant growth, rising from less than 1% to more than 5%.
then when FTX collapsed, ETH share price soared.
We can observe that the average volume size of the LUNA token significantly grew following the FTX collapse, but the average volume of other tokens declined. For example, USDC decreased from 5744 to 5484 dollars. The most reduced one is ETH, which fell from 23710 to 7254 dollars.
Both before and after the FTX crash, the average number of transactions for the AXL token was higher than that of other tokens.
Following the FTX crash, more transactions were made using USDC tokens.
But there was little change in other tokens.
Moreover, AXL transactions fell from 83% to 80%.
It is obvious that following the FTX crash, Axelar users surged slightly, but they then returned to their previous downward trend.
Additionally, we can view the Satellite's transfer volume, and it is evident that Ethereum has consistently had the highest traffic among other networks.
and the growth in volume size following FTX collapse.
Well, the volume size as well as the user base significantly grew following the 1 and 2 day FTx collapse. (Because users were concerned about losing their money) But after two days, the outflow from FTX significantly decreased because they were unable to withdraw their money from the exchange. since nobody can withdraw those funds.
Well, the volume size as well as the user base significantly grew following the 1 and 2 day FTx collapse. (Since users were concerned about losing their money) But after two days, the outflow from FTX significantly decreased because they were unable to withdraw their money from the exchange. thus nobody can remove such funds.
Binance has the most volume of withdrawn funds from FTX.because it is almost most secure CEX now.and also has the most volume of transactions.
Well, after the one and two day FTx collapse, both the volume size and the user base significantly increased. But after two days, the outflow from FTX significantly decreased because users were unable to withdraw their money from the exchange (because they were worried about losing their money). therefore, no one can withdraw such funds.
background:
Did bridge activity spike over the last 7 days? If so, to what ecosystems? In wake of the issues surrounding FTX, the old adage "not your keys, not your crypto" reinforces itself. Let's see how this played out during the fallout. Did bridge activity spike over the last 7 days? If so, to what ecosystems? At a more granular level, track net outflows from FTX onto Ethereum. Did any of these outflows flow across Satellite to another destination chain?
Introduction:
Satellite, one of the first ecosystem applications powered by the Axelar Network. Satellite is a decentralized cross-chain asset transfer application, which enables users to transfer assets they hold on a source chain to an address on a different destination chain.
Upon launch, Satellite will support the transfer of native Terra assets such as LUNA and UST between several EVM and non-EVM chains such as Terra, Avalanche, Polygon, Ethereum and Fantom, with Moonbeam added shortly thereafter. Multiple networks and assets will be added in the coming weeks and months.
Satellite is the first app to demonstrate that Axelar connects all Cosmos chains via IBC and its GCP protocol with multiple ecosystems. Axelar serves as the translation layer that allows Cosmos assets to flow freely to all Axelar-interconnected networks and back. Axelar supports routing, finalizing and executing transactions in different “languages”.
Why Satellite?
Web3 is growing. Today there are more blockchains, assets, decentralized applications and users than ever before. According to Electric Capital’s Annual Developer Report, 34,000 new developers began contributing to blockchain projects in 2021 — the largest single year increase ever.
As the ecosystem grows, the infrastructure to support this influx of talent, innovation, energy and capital must develop as well.
We built Satellite to connect this growing ecosystem, to provide end users with a simpler, more decentralized transfer experience and to demonstrate to developers what the Axelar Network is capable of.[1]
Method:
In this dashboard I used 2 sections include:
1-Satellite activity
2-Outflows from FTX onto Ethereum
in first section I mentioned these analysis:
1-Transfer Volume of Satellite(this week compared to the past few weeks)
2-Number of unique users on satellite (before and after FTX collapse)
3-Daily number of transfers on Satellite(this week compared to the past few weeks)
4-Average volume of transfers (this week compared to the past few weeks)
5-Distribution volume of token transfers on satellite(after FTX collapse)
6-Distribution volume of token transfers on satellite(before FTX collapse)
7-Average transfer size(USD) on Satellite based on different tokens(after FTX collapse)
8-Average transfer size(USD) on Satellite based on different tokens(before FTX collapse)
9-Average number of transfers on Satellite(after FTX collapse)
10-Average number of transfers on Satellite(before FTX collapse)
11-Number of new users on Axelar(before and after FTX collapse)
12-Transfer Volume of Satellite to different chains
13-Transfer Volume of Satellite volatility
14-Number of transfers on Satellite volatility
and In the second section I showed these analysis:
1-ETH and tokens outflow volume(USD) from FTX before and after bankruptcy
2-ETH and tokens outflow unique user counts from FTX before and after bankruptcy
3-Daily FTX outflow volume(USD) by destination on Ethereum
4-Daily FTX outflow tx counts by destination on Ethereum
5-FTX outflow tx counts by destination on Ethereum
6-FTX outflow volume(USD) by destination on Ethereum
[1]:
Conclusion:
**1-**It is clear that after FTX collapsed, the volume of the bridge increased, but it quickly went back to normal.Additionally, the quantity of distinct users on Satellite remained constant after FTX's demise.evidence indicates that when the FTX collapsed, the active users used the bridge more frequently.
2-A little increase in transfers was seen after FTX's demise. Additionally, the average volume of transfers somewhat increased as a result of the demise of FTX.The average number of transactions barely changed.and essentially pursuing the same
**3-**The most transferred token both before and after the FTX collapse was USDC, albeit its share of transfers dropped from 92% to 84% after the event.AXL token had tremendous growth after the demise of FTX, increasing from less than 1% to more than 5%.The price of ETH shares then skyrocketed when FTX crashed.
**4-**It is clear that after the FTX crash, Axelar user numbers increased momentarily but then started to decline again.Additionally, we can see the Satellite's transfer volume, and it is clear that among the other networks, Ethereum consistently has the most traffic.and the increase in volume size after the collapse of FTX.
**5-**Well, after the one and two day FTx collapse, both the volume size and the user base considerably increased. But after two days, the outflow from FTX significantly decreased because users were unable to withdraw their money from the exchange (because they were worried about losing their money). since no one has access to those funds.