Introduction

• In this Analysis, You will read about Near Blockchain before and after the FTX crash. I picked up two metrics and analyzed changes when the FTX exchange crashed.
  • Stake/Unstake Activities
  • Stablecoins swaps
• Also, I compare these two parameters with another blockchain like Solana.

Analyzed by Hess - Reading Time Almost 8 min.

Stakes and Unstakes

:key: Key Insights

• Both Stakes and Unstakes increased after the FTX crash
• More Stakes happened in comparison to unstakes.

:bar_chart: Charts

• It is interesting that Staking on Near Increased after the FTX crash more than normal days in comparison to Unstake. Usually, After these events like a crash of a big project that impacts the market, Staking activity decreases and Unstake activity increases. But On near, As you can see the total number of stakes increased from 250-300 up to 951 stake transactions. While the unstake transactions increased from 100-150 up to 334. However, Only one day increased. Other days weren’t too much.

Swap From and To Stablecoins

:key: Insights:

• After FTX, The daily share of swap volume from and to Stablecoins increased about 5-10% in comparison to swap volume from and to other tokens.
• However, The swap volume from and to other tokens was much higher than stablecoins.

:bar_chart: Charts:

• Before FTX, The Swap volume share from other tokens was almost 50%. After FTX, Decreased to 22%. The swap volume share to Stablecoins was 7-15% while FTX increased up to 26%.

The swap volume share from Stablecoins before FTX was 10-12% while after the FTX crash increased. up to 28%.

• Overall, more swap volume went through from and to non-stablecoin tokens.
• The highest volume happened on November 9. Users swapped 9M US dollars from non-stablecoins, 6M US dollars to stablecoins, 9M to other tokens, and 4.7M US dollars swapped from Stablecoins.

THANK YOU FOR READING!

Stakes and Unstakes on Near Vs. Solana

:key: Insights

• More stakes happened on Near in comparison to Solana based on transactions.
• More Unstakes happened on Solana in comparison to Near based on transactions.

:bar_chart: Charts

• It seems before and after FTX, The total number of stakes on Near was higher than on Solana. After FTX, stakes on Solana increased for three days but after that, The difference between stakes on Near and Solana increased too much.
• Based on Unstake transactions, Until November 8, The total unstake transactions on Near were higher than Solana but after FTX, The unstake transactions on Solana increased and became higher than Near.

Compare Swaps From and To Stablecoins on Near Vs. Solana

• The total number of transactions on Solana has a huge difference from other blockchains. The monthly transactions on Solana are near 1B transactions while Near is below 10M. We can not compare the numbers of these chains together but let’s see how swaps from and to stablecoins increased on these two chains.
• The total number of swaps to Stablecoins on Solana increased from 400-500K up to 1.4M transactions while Near transactions increased from 1K up to 3K. Both chains became 3x higher than normal days.
• The total number of swaps from Stablecoins was higher than swaps to Stablecoins on both chains.
• The total swap volume from and to Stablecoins on Solana became 10x higher than normal days. Near faced these numbers too. The total swap volume became 10x higher than normal days on Near too.

What is Near?

• Built by the NEAR Collective, NEAR was designed to host decentralized applications (dApps), and strives to compete with Ethereum and other leading smart contract-enabled blockchains like EOS and Polkadot. NEAR's native token is also called NEAR, and is used to pay for transaction fees and storage.

What is Solana?

• Solana is a blockchain platform designed to host decentralized, scalable applications. Founded in 2017, it is an open-source project currently run by Solana Foundation based in Geneva, while the blockchain was built by San Francisco-based Solana Labs.

What Happened on FTX?

• FTX's collapse took place over a 10-day period in Nov. 2022. The catalyst for the crisis was a Nov. 2 scoop by CoinDesk that revealed that Alameda Research, the quant trading firm also run by Bankman-Fried, held a position worth $5 billion in FTT, the native token of FTX. The report revealed that Alameda's investment foundation was also in FTT, the token that its sister company had invented, not a fiat currency or other cryptocurrency. 8  That prompted concern across the cryptocurrency industry regarding Bankman-Fried's companies' undisclosed leverage and solvency.

  Binance Says It Will Sell FTT Tokens Binance, the world's biggest crypto exchange, announced on Nov. 6 that it would sell its entire position in FTT tokens, roughly 23 million FTT tokens worth about $529 million. Binance CEO Changpeng "CZ" Zhao said the decision to liquidate the exchange's FTT position was based on risk management, following the collapse of the Terra (LUNA) crypto token earlier in

  FTX Liquidity Crisis and Binance Deal By the next day, FTX was experiencing a liquidity crisis. Bankman-Fried attempted to reassure FTX investors that its assets were stable, but customers demanded withdrawals worth $6 billion in the days immediately following the CoinDesk report. Bankman-Fried searched for additional money from venture capitalists before turning to Binance. The value of FTT fell by 80% in two days.

  On Nov. 8, Binance announced it had reached a non-binding agreement to buy the non-U.S. business of FTX for an undisclosed sum, effectively the world's largest cryptocurrency exchange bailing out its close rival.

ALL CODES AND CONTENTS WERE WRITTEN BY HESS.

:bird: Twitter: @hessaminanloo

:t-rex: Discord: hess#0890

:calendar: Analyze Date: 2022/NOV/17

:key: Insights

• The Highest Stake amount was after the FTX crash which was 20M Near.

• The highest Unstake amount was after FTX which was 8.8M Near.

  \

:bar_chart: Charts:

• There were two unusual activities after the FTX crash. In one Day, Nearly 20M were Near staked and 8.8M Near unstaked. Both amounts were much higher than the daily stake and intake amount on Near.
• The other unusual activity was Unstake 3M and 6M Near before the FTX crash.
• During the FTX crash, The daily unstake amount increased up to 2M Near but it was only two days and again decreased.

• The Daily share of Stakes on Near is 60-70% in comparison to Unstakes on normal days. After the FTX, The daily stake transactions increased up to 84%.

• Based on stake and unstake amount, The daily share had too many ups and downs. Before the FTX event, The daily share of unstake was 40-90% But after FTX the share of stake increased up to 96%. After two days, Again the daily share had ups and downs which was 50-86%.

• Overall, In the last 30 days, Users staked 96M US dollars on Near while users staked 56M US dollars on Solana.
• The stake amount on Solana didn’t change after the FTX event but The stake amount on Near increased significantly.

\

• The total unstake amount of Near is 76M Near and the total unstake amount on Solana is 56M US dollars.
• The total unstake amount on Solana increased significantly after the FTX crash. The Unstake amount on Near increased but was lower than Solana. In three days, since November 8, Users have unstaked 28M US dollars from Solana while the unstake amount on Near since November 8 was 11M US dollars.
• The Unstake amount in those days on Solana was almost 3x higher than Near.