What is Axelar?

Axelar delivers secure cross-chain communication for Web3. Secure means Axelar is built on proof-of-stake, the battle-tested approach used by Avalanche, Cosmos, Eth2, etc. Cross-chain communication means you can build a complete experience for your users that lets them interact with any asset, any application, on any chain with one click.

What is Satellite?

Satellite is a web application built on top of the Axelar Network. It provides an easy-to-use interface that enables users to transfer their crypto assets from one chain to another.

Methodology

These were the tables I used the most while preparing this dashboard.

axelar.core.fact_msg_attributes ,
axelar.core.fact_transfers,
dim_price
crosschain.core.dim_asset_metadata
crosschain.core.fact_hourly_prices

Bridge Activities by Bridge Type

FINDINGS

While 55 percent of the bridge transactions made since the beginning of November were transfer in transactions, the rest were transfer out transactions.

The total number of transfer in users is 7213 and the number of transfer out users is 1638.

There are 1327 transfer in transactions in daily bridge transactions, the highest transaction occurred on November 9, and there are also 964 transfer out transactions.

In the 2-3 day period when FTX crashed, the number of transactions, user numbers and usd volumes increased considerably.

However, the remarkable point in the usd bridge volume was that the transfer in process reached its peak on November 13. On this date, a total of 18.9M USD volume transfer in transactions were made and when we look at the total values, there is a total 59.8M USD transfer in volume, while a total of 5.7M USD has a transfer out transaction.

Bridge Activities by FTX Periods

FINDINGS

When we analyze bridge transactions by dividing them into FTX crash time zones. We can see that all metrics increased after the ftx crash.

In USD volume, 86.2 percent of November was obtained after the ftx crash.

71.5 percent of users made a bridge transaction after the accident.

And when we look at the number of bridge transactions, we can see that 72 percent of them made bridge transactions after the accident.

When we examine the daily transactions according to the periods, the users started to make bridges after the disaster and on November 9, there was an explosion in these bridge transactions. We see that the most users were acquired on 8 November.

As we mentioned before, we can see that the usd volume values peak on November 13. A total of 20.1M USD bridge transaction was made. The reason for this is the hacking of ftx, on this date, users made a bridge transaction to keep their money safe.

When we look at the average usd volumes of the periods, while the average usd volume was 9099 USD before the accident, it increased to 39.8k USD after the accident.

Bridge Paths

FINDINGS

We see the bridge paths of daily transfers. The most used one among these paths was Axelar to Osmosis. Especially on November 9, this reached the highest amount.

When we examine the shares of usd bridge volumes during the day, the path with the most usd was the axelar to injective path.

Bridge Assets

FINDINGS

In assets used in bridge transactions, aset usdc ranked first in both metrics, and a total of 7591 people used this asset.

And the usd volume of this asset has made a big difference and has a total of 47M USD volume to other assets. On November 13, we see the effects of the hacking of ftx. There has been an increase in the usd volumes of assets compared to other days.

Bridger Actvities After FTX Crash

FINDINGS

If we examine the activities of the users after the bridge transactions are made, we see that the transfer process reached its peak on November 8, that is, the users transferred their assets again immediately after the bridge transaction. Then, on November 14, there was an increase in the number of transactions that fell.

When we look at the total values, the number of users participating in these activities after the bridge process has accumulated in the transfer process. It has a total of 7135 users.

When we look at the transactions, we see that the swap transaction came first, with a total of 32,761 transactions.

Outflow From FTX To Ethereum

FINDINGS

The destination address to which the most money is transferred in inflow and outflow transactions is Binance, for a total of 18,289 transactions.

Binance came first in USD volumes with a huge margin, and a total of 710.9M USD was transferred, which means that whales flocked to Binance.

While the total number of outflow transactions is 2M, the number of inflow transactions is 0.98M.

We found the net usd volume as -1,099B USD.

The day with the most money flow was November 7th. There was a total of 4.1B USD money inflow and 4.8B USD money outflow.

Net flow is -681.8M USD.

In transaction transactions, we see that the most transactions were made on 7 November.

Outflow Deep Charts

FINDINGS

If we take a deep look at overflow operations. We can see that there is the most outflow in the 2-3 day time frame where the FTX crash occurred.

On November 7, there was a money outflow of 2.5B USD in particular. Transaction transactions reached 52.3K on this date. The number of users reached its maximum value with a total of 30.8K.

Ironically, the average USD outflow amount reached its maximum on November 12. The reason for this is the FTX Hacking event on November 12. Most of the users exited money on this date to take precautions.

When we look at the number of users according to ftx periods in November, we have roughly the same number of users.

In general, the number of outflow transactions increased in the period after the ftx accident, reaching a total of 113.9K.

Bridge Destinations

FINDINGS

When we examine the destination addresses, the destination osmosis, which is the first in the number of transactions, has a total of 9462 transactions.

When we examine the usd volumes, ethereum has become the destination with the most usd transferred with a huge difference. A total of 49M USD was transferred.

About FTX Collapse

How did FTX fail?

FTX filed for bankruptcy on Nov. 11, 2022, after a surge of customer withdrawals earlier in the month. CEO Sam Bankman-Fried admitted that the company did not have sufficient assets in reserve to meet customer demand.

Did FTX get hacked?

Within hours of filing for bankruptcy, FTX was hacked. The exchange noted “unauthorized transactions” that may have stolen close to $500 million in assets, and which were spotted by Elliptic. The hacker continued to drain wallets for several days using what analysts called “on-chain spoofing.” The hacker reportedly then invested those funds into Ether (ETH).

Conclusion

In November, we can see that the transfer in process is more than the transfer out process in bridge transactions. A total of 59.8M USD of transfer was made.

When we examine Bridge statistics according to ftx periods, we see a significant increase in all metrics after the ftx crash. Especially with the hacking of ftx, there has been a huge jump in usd volume. In addition, the reason for the increase on November 9 is due to the fact that FTX announced its bankruptcy.

While the most used bridge path was axelar to osmosis, the path with the highest transfer volume was the axelar to injective path.

The most used asset in Bridge transactions was USDC. And in USD volume, a total of 47.1M USD was traded, making a huge difference to other assets.

Users made the most transfer swap transactions by making bridges, but despite this, the number of users in transfer transactions is ahead of swap transactions.

When we look at destination addresses, the first destination address in the number of transactions is osmosis. However, ethereum has made a very high difference to osmosis in terms of usd volume.

Binance was the address where the most money was transferred in Outflow from ftx to ethereum transactions. And the most interaction in daily transactions occurred on November 7, due to the fact that FTX announced its bankruptcy. And in addition, although the usd outflow amount was low on November 12, the average usd amount was quite high. We can associate the reason for this with the whales transferring their money to other places after the hacking event on November 12.

Not Your Keys

What is Axelar?

What is Satellite?

Satellite is a web application built on top of the Axelar Network. It provides an easy-to-use interface that enables users to transfer their crypto assets from one chain to another.

Methodology

Bridge Activities by Bridge Type

FINDINGS

While 55 percent of the bridge transactions made since the beginning of November were transfer in transactions, the rest were transfer out transactions.

The total number of transfer in users is 7213 and the number of transfer out users is 1638.

There are 1327 transfer in transactions in daily bridge transactions, the highest transaction occurred on November 9, and there are also 964 transfer out transactions.

In the 2-3 day period when FTX crashed, the number of transactions, user numbers and usd volumes increased considerably.

Bridge Activities by FTX Periods

FINDINGS

When we analyze bridge transactions by dividing them into FTX crash time zones. We can see that all metrics increased after the ftx crash.

In USD volume, 86.2 percent of November was obtained after the ftx crash.

71.5 percent of users made a bridge transaction after the accident.

And when we look at the number of bridge transactions, we can see that 72 percent of them made bridge transactions after the accident.

When we examine the daily transactions according to the periods, the users started to make bridges after the disaster and on November 9, there was an explosion in these bridge transactions. We see that the most users were acquired on 8 November.

As we mentioned before, we can see that the usd volume values ​​peak on November 13. A total of 20.1M USD bridge transaction was made. The reason for this is the hacking of ftx, on this date, users made a bridge transaction to keep their money safe.

When we look at the average usd volumes of the periods, while the average usd volume was 9099 USD before the accident, it increased to 39.8k USD after the accident.

Bridge Paths

FINDINGS

We see the bridge paths of daily transfers. The most used one among these paths was Axelar to Osmosis. Especially on November 9, this reached the highest amount.

When we examine the shares of usd bridge volumes during the day, the path with the most usd was the axelar to injective path.

Bridge Assets

FINDINGS

In assets used in bridge transactions, aset usdc ranked first in both metrics, and a total of 7591 people used this asset.

And the usd volume of this asset has made a big difference and has a total of 47M USD volume to other assets. On November 13, we see the effects of the hacking of ftx. There has been an increase in the usd volumes of assets compared to other days.

Bridger Actvities After FTX Crash

FINDINGS

When we look at the total values, the number of users participating in these activities after the bridge process has accumulated in the transfer process. It has a total of 7135 users.

When we look at the transactions, we see that the swap transaction came first, with a total of 32,761 transactions.

Outflow From FTX To Ethereum

FINDINGS

The destination address to which the most money is transferred in inflow and outflow transactions is Binance, for a total of 18,289 transactions.

Binance came first in USD volumes with a huge margin, and a total of 710.9M USD was transferred, which means that whales flocked to Binance.

While the total number of outflow transactions is 2M, the number of inflow transactions is 0.98M.

We found the net usd volume as -1,099B USD.

The day with the most money flow was November 7th. There was a total of 4.1B USD money inflow and 4.8B USD money outflow.

Net flow is -681.8M USD.

In transaction transactions, we see that the most transactions were made on 7 November.

FINDINGS

If we take a deep look at overflow operations. We can see that there is the most outflow in the 2-3 day time frame where the FTX crash occurred.

On November 7, there was a money outflow of 2.5B USD in particular. Transaction transactions reached 52.3K on this date. The number of users reached its maximum value with a total of 30.8K.

Ironically, the average USD outflow amount reached its maximum on November 12. The reason for this is the FTX Hacking event on November 12. Most of the users exited money on this date to take precautions.

When we look at the number of users according to ftx periods in November, we have roughly the same number of users.

In general, the number of outflow transactions increased in the period after the ftx accident, reaching a total of 113.9K.

Bridge Destinations

FINDINGS

When we examine the destination addresses, the destination osmosis, which is the first in the number of transactions, has a total of 9462 transactions.

When we examine the usd volumes, ethereum has become the destination with the most usd transferred with a huge difference. A total of 49M USD was transferred.

About FTX Collapse

How did FTX fail?

Did FTX get hacked?

Conclusion

In November, we can see that the transfer in process is more than the transfer out process in bridge transactions. A total of 59.8M USD of transfer was made.

While the most used bridge path was axelar to osmosis, the path with the highest transfer volume was the axelar to injective path.

The most used asset in Bridge transactions was USDC. And in USD volume, a total of 47.1M USD was traded, making a huge difference to other assets.

Users made the most transfer swap transactions by making bridges, but despite this, the number of users in transfer transactions is ahead of swap transactions.

When we look at destination addresses, the first destination address in the number of transactions is osmosis. However, ethereum has made a very high difference to osmosis in terms of usd volume.

As we mentioned before, we can see that the usd volume values peak on November 13. A total of 20.1M USD bridge transaction was made. The reason for this is the hacking of ftx, on this date, users made a bridge transaction to keep their money safe.