Introduction to Gains Network

Gains Network (GNS) is a decentralized trading platform that enables users to trade cryptocurrencies and foreign exchange with leverage. Gains Network is developing gTrade, a decentralized, dependable, and user-friendly leveraged trading platform. The ERC20 utility token (GNS) and ERC721 utility token (NFTs) are the protocol's key components.

What is GMX?

GMX is a spot and perpetual swap exchange that doesn't need permission from anyone. Traders can easily trade cryptocurrency on-chain by connecting their wallets. The GMX protocol has a native token called GMX. This token is used for governance, as a utility, and to gain value. Users can stake GMX tokens to get a share of GMX's protocol fees and other benefits. At this time, GMX works with both the Arbitrum and Avalanche network

Methodology

In the past week, there have been rumors that Alameda Research and FTX will soon go bankrupt. This news created the panic sell and make users withdraw their funds from FTX.

Some can withdraw before the withdrawal is locked, some can’t

So, in this dashboard, we will look at the withdrawal activities on FTX pas weeks as well as

trading activity on margin trading dApps like Gains Network, GMX Protocol, and dYdX

SQL credit from Ali3N:

• On the chart on the right, we can see the daily Inflow/Outflow and Net-Flow of transfers from FTX to Ethereum through time during the previous 14 days. This data is broken down into individual transfers.

• As can be seen, there has been a discernible shift in funds away from FTX and into Ethereum over the course of the bulk of recent days, most notably beginning on November 6th.

What is The dYdX?

dYdX (DYDX) is a decentralized exchange for cryptocurrency margin trading.

Most dYdX crypto margin trading products use Ethereum. The exchange recently launched Layer 2 for instant, cheap trades.

dYdX is a decentralized alternative to BitMex, FTX, and Bitfinex. The hype is also about the DYDX airdrop. Some users received over $100,000 in airdrops.

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.

Withdrawal activities

Charts Showing Trading Volume on dYdX, GMX and GNS

As can be seen from the pie charts, we can see that Binance and Coinbase are the most popular destination of outflow from FTX on Ethereum blockchain.

Regarding the number of transactions, we can see that Binance accounts for 48.1% while Coinbase accounts for 16.5%.

Regarding the volume of transactions, we can see that Binance accounts for 53.7% while Coinbase accounts for 15.5%.

It’s quite clear that Binance is the exchange benefited most from this event.

From the chart on the left we can see a clear increase in term of trading volume on GMX, GNS and dYdX after the collapse.

Right after the collapse, trading volume on mentioned exchanges increased 2.5x than the previous day.

Conclusions

• Binance is the most beneficial centralized exchanges from the FTX collapse while dYdX is the most beneficial decentralized exchanges from the FTX collapse.
• After the FTX collapse, almost all platforms saw a big increase in the number of transactions, the number of active users, the number of first-time users, and the volume of transactions. This could be because users have stopped trusting centralized platforms and are moving to DeFi protocols instead.

From the chart on the right we can see a clear increase in term of deposit volume on GMX, GNS and dYdX after the collapse.

Right after the collapse, deposit volume on mentioned exchanges increased 7x than the previous day.

From the chart on the left we can see a significant increase in term of deposit volume on GMX, GNS and dYdX after the collapse.

Among all of these platforms, we can confidently conclude that dYdX has reaped the greatest benefits from the collapse of FTX.

As can be seen, the trading volume on this platform is rapidly growing, and in fact, on November 9th, it had reached almost ten times the level it had reached in the days leading up to the collapse.

When taking a closer look at the normalized trading volume on GMX , GNS and dXdY By FTX Outflowers, we can see that although dXdY did have a great increase in term of volume on Nov 10, GMX almost accounts for the majority of trading volume share among 3 mentioned platforms.