Who's Escaping FTX?

Who's managing to escape from the FTX debacle mostly unscathed? Create a single chart showing trading volume on dydx, gmx, and gns to show how people are exiting ftx and entering margin trading dapps. Are they off-boarding through any other methods? Are any particular exchanges, chains, or dapps seeing large increases in new users or trading volume? Note any trends or outliers you see. BONUS: Post your dashboard on Twitter and tag @flipsidecrypto and any relevant accounts!

Date: 2022-11-10

This analysis is focused on the how people exiting FTX and the trading volume and new users in trading dapps.

All data is from November 1, 2022 until now

Quick introduction

What is FTX?

FTX is a Bahamian cryptocurrency exchange. FTX is incorporated in Antigua and Barbuda and headquartered in The Bahamas. As of February 2022, the exchange has over one million users. FTX operates FTX.US, a separate exchange available to US residents.

What Are Decentralized Applications (dApps)?

Decentralized applications (dApps) are digital applications or programs that exist and run on a blockchain or peer-to-peer (P2P) network of computers instead of a single computer. DApps (also called "dapps") are outside the purview and control of a single authority. DApps—which are often built on the Ethereum platform—can be developed for a variety of purposes including gaming, finance, and social media.

🤜 Fight of Between FTX and Binance Escalates:

The long-simmering tensions between Binance and FTX, the two biggest players in today's cryptocurrency industry, recently reached a boiling point and spilled out into the open. As reported by U.Today, Binance CEO Changpeng Zhao confirmed Sunday that the company had decided to liquidate all of its FTX (FTT) tokens due to "recent revelations." The bombshell announcement came amid rumors about the alleged financial troubles of Alameda Research, a major trading firm closely linked to FTX. Many started speculating whether Alameda is solvent since it turned out that it had very heavy exposure to the FTT token. After the price of the token took a big dive, Alameda Research CEO Caroline Ellison alleviated the market's concern by clarifying that the firm had additional assets on its balance sheet. Moreover, Ellison stated that Alameda would be willing to buy FTT tokens from Zhao.

A back-and-forth between the two cryptocurrency giants escalated. In a follow-up tweet, Zhao clarified that Binance did not want to support "people who lobby against other industry players." In a scathing tweet, FTX co-CEO Ryan Salame said that Zhao was "literally the worst." Salame went on to say that he was offered to buy the tokens via an over-the-counter desk "to avoid any retail being hurt," but he chose to "cause pain." FTX boss Sam Bankman-Fried himself took to Twitter earlier today, adding more fuel to the drama. Bankman-Fried claims that FTX's competitor is attempting to go after his company by spreading "false rumors." Bankman-Fried stressed that the company's financial situation is fine. "FTX has enough to cover all client holdings," he added. In a separate tweet, Bankman-Fried said that he would like to work with Zhao for the sake of the ecosystem.

Methods

📝 In this dashboard, I tracked those who's Escaped FTX since November 6 and analyzed their destinations based on the following 2 important metrics:

Trading volume (in $USD)
Number of new users

☑️ Of course, for a better understanding of the changes, the data from November 1 is included in the ==daily== charts to better analyze the trends after the events of FTX.

➡️ At first I examined 3 platforms dydx, GMX and GNS and in the second part 9 popular trading platforms ('dydx', 'uniswap', 'sushiswap', '1inch', 'paraswap', 'curve', 'fi ', '0x', 'balancer', 'opyn', 'metamask' and 'bancor') to check their behavior towards incoming users escaping from FTX.

🅰️To find outgoing transactions from FTX, I used the code below:

From_FTX as (
    SELECT
        block_timestamp :: date as date,
        to_address
    FROM
        ethereum.core.ez_token_transfers
        LEFT outer join ethereum.core.dim_labels on address = from_address
    WHERE
        label iLIKE any ('%alameda%', 'ftx')
        AND block_timestamp &gt; '2022-11-01'
    GROUP BY
        1,
        2
)

🅱️ Also, the following conditions were used to filter the transactions of different platforms:

GMX:

origin_to_address in (
    '0xb87a436b93ffe9d75c5cfa7bacfff96430b09868',
    '0x3d6ba331e3d9702c5e8a8d254e5d8a285f223aba'
)
and from_address != '0x0000000000000000000000000000000000000000'

GNS:

origin_to_address in (
    '0x65187fec6ecc4774c1f632c7503466d5b4353db1',
    '0xd8d177efc926a18ee455da6f5f6a6cfcee5f8f58',
    '0xf8a140db8b05bec52c7e86d0d40d72f8e54fe559'
)
and from_address != '0x0000000000000000000000000000000000000000'
and contract_address = '0x8f3cf7ad23cd3cadbd9735aff958023239c6a063'

dydx:

origin_to_address in (
    SELECT
        ADDRESS
    FROM
        ethereum.core.dim_labels
    WHERE
        LABEL ilike ('dydx')
)
and from_address != '0x0000000000000000000000000000000000000000'

Other platforms:

Platform ilike any (
        'dydx',
        'uniswap',
        'sushiswap',
        '1inch',
        'paraswap',
        'curve',
        'fi',
        '0x',
        'balancer',
        'opyn',
        'metamask',
        'bancor'
    )

🔢 Tables used in this dashboard:

> :one: ethereum.core.ez_token_transfers > > :two: ethereum.core.dim_labels > > :three: arbitrum.core.fact_token_transfers > > :four: polygon.core.fact_token_transfers > > :five: ethereum.core.fact_hourly_token_prices

Conclusion

By analyzing the data and charts of this dashboard, we can conclude that after the FTX Crash, the largest volume has entered the dydx decentralized exchange. In fact, about 98% of the dollar volume of transactions of FTX users who had left were traded in this exchange. And we see that on November 10, the volume of transactions on this platform has reached its peak.
Also, by analyzing the Cumulative chart, we can see that since November 6, the volume has increased significantly in dydx, and this has happened with a lower slope in GMX and GNS.
Next we saw that, the trend in the number of new users is almost the same as the volume of transactions, with the difference that there are less differences in the metric of the number of new users among these 3 platforms, but dydx has been the leader.
And finally we observed that, uniswap and 1inch have been very successful in attracting FTX funds, and also looking at the cumulative trend of the number of users, we can see that metamask and sushiswap platforms have also performed very well.
In general, it can be said that escaped FTX users saved themselves with the help of decentralized platforms!

Thanks for reading!

This analysis was created on 2022–11–16 for a bounty at Flipside Crypto by Hesam to answer the following questions: #Ethereum - Who's managing to escape from the FTX debacle mostly unscathed? Create a single chart showing trading volume on dydx, gmx, and gns to show how people are exiting ftx and entering margin trading dapps. Are they off-boarding through any other methods? Are any particular exchanges, chains, or dapps seeing large increases in new users or trading volume? Note any trends or outliers you see.

BONUS: Post your dashboard on Twitter and tag @flipsidecrypto and any relevant accounts! \n

All data used are from Flipside Crypto.

Twitter:

💠Trading ==volume ($USD)== on ==dydx==, ==GMX== and ==GNS

The share of each platform ==After FTX Crash== (:calendar: From November 6, 2022)

Daily Trading Volume In $USD (:calendar: From November 1, 2022)

Cumulative Volume ($USD)

💠 New Users== on ==dydx==, ==GMX== and ==GNS

The share of each platform ==After FTX Crash== (:calendar: From November 6, 2022)

Daily New Users (:calendar: From November 1, 2022)

Cumulative Users

:chart: Analyze

According to the charts above, we can see that after the FTX Crash, the largest volume has entered the dydx decentralized exchange. In fact, about 98% of the dollar volume of transactions of FTX users who had left were traded in this exchange. And we see that on November 10, the volume of transactions on this platform has reached its peak.

By analyzing the Cumulative chart, we can see that since November 6, the volume has increased significantly in dydx, and this has happened with a lower slope in GMX and GNS.

The trend in the number of new users is almost the same as the volume of transactions, with the difference that there are less differences in the metric of the number of new users among these 3 platforms.

💠 Escaping FTX To ==Other Platforms

The share of each platform ==After FTX Crash== (:calendar: From November 6, 2022)

Based on Volume ($USD)

Based on New Users

Daily (:calendar: From November 1, 2022)

Based on Volume ($USD)

Based on New Users

:chart: Analyze

Looking at other platforms, it can be seen that uniswap and 1inch have been very successful in attracting FTX funds, and also looking at the cumulative trend of the number of users, we can see that metamask and sushiswap platforms have also performed very well.

Cumulative Users

Cumulative Volume ($USD)