Exchange Flows in the Bear

    Introduction

    • In this Analysis, You will Read About CEXs (Centralized exchanges). We Want to know Inflow and Outflow of different chains. I chose Ethereum, Solana, Algorand, and Polygon to see how the money went through them.

    • What are CEXs?

      Centralized cryptocurrency exchanges act as a third party between a buyer and a seller. Since they are operated and controlled by a company, centralized exchanges offer more reliability. Approximately 99% of all crypto transactions go through centralized exchanges.


      Analyzed by Hess - Reading Time Almost 15 Min.

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    Method

    • I’ve used multiple tables from multiple chains. So, I ignored the technical methods and Explained how I approached this question. After Finding the CEXs address from the website hint, I joined my findings to 4 chains. Ethereum, Solana, Algorand, and Polygon. I’ll examine these parameters:

    • Total and Daily Transfers from CEXs to chains and vice versa.

    • Total and Daily users from CEXs to Chains and vice versa.

    • Total and Daily Volume from CEXs to Chains and vice versa.

    • Total and Daily Volumes, Transfers, and users per CEXs.


    After That, I chose Ethereum and Solana To examine deeply.

    • New Users Vs. Old Users.
    • New Wallets Vs. Old Wallets.
    • Holders Vs. Non Holders.
    • First Activity After Transfer from CEXs to Chains.
    • Top NFTs that users have bought After Transfer from CEXs to Chains.
    • Top Swapped Tokens Based on the Total number of swaps and Volume.

    I COULDN’T FIND PRICES FOR POLYGON TOKENS IN NEW TABLES. So, I’VE USED OLD TABLES. IT SEEMS SoME DATA IS NOT COMPLETE IN OLD TABLES.

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    Total and daily Transfers from CEXs per Chain

    Total and daily Transfers from CEXs per Exchange Name

    I have already examined transfers between Chains and CEXs and vice versa. Now it’s time to examine more about Top CEXs that users have used to transfer their assets to Chains.

    • The Most popular chain Popular CExs is FTX, based on Volumes and transfers.
    • Following that, Coinbase and Kucoin are next places.
    • I think Binance addresses were not completed. Based on these addresses, Binance has 1.6% volume share and 3% transfer share.
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    Ethereum

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    First Activities

    • The most popular activity CEXs users did after transferring to Ethereum was ‘transfer‘.
    • Next is Approval with 27% of transactions. This means 27% of users wanted to use a Platform after transfer.
    • Deposit has only 1% of shares.
    • All liquidity is half of Deposits with 0.5% share.

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    Top Minted NFTs

    • Uniswap NFTS probably means they added liquidity. This is not CEXs user’s first activity.
    • The second NFT is ‘The other side ‘ with 8.3K mints.
    • Ethereum Domain service (ENS) NFTs are in third place.
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    Top NFTs

    This means the first NFT that CEXs users have bought.

    • Opensea with more than 3K is the most popular one.
    • Town Star with 1727 sales is in next place.
    • The third one is the Ethereum Domain service which called ENS.
    • I can see some Famous collections like Addidas, Goblintown, Azuki and Zapper.
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    SOLANA

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    First Transactions?

    • There were a few number of users that created new wallets and then transfered assets from chains to Ethereum. Almost all wallets had activities before transfers.

    Total and daily Transfers from CHAINs to CEXs

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    First Transaction?

    Like the Ethereum, Most Solana users have used old wallets. It means they had transactions before using CEXs.

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    Conclusion

    THANK YOU FOR READING!

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    Chains Overview

    • Users:

      :1st_place_medal: Solana, with nearly 4M users, was the busiest chain among the others.

      :2nd_place_medal: Following the Solana Chain, Ethereum is in second place with a little difference from Solana. Ethereum had 42.8% of total users.

      :3rd_place_medal: The third and fourth places greatly differ from Ethereum and Solana. Algorand had about 1M unique users in the last six months.

    • Transfers:

      :1st_place_medal: 44% of total transfers between these chains were through Solana.

      :2nd_place_medal: Like the other parameter, Ethereum follows the Solana with 42% of transfers.

      :3rd_place_medal: Algorand with 11% and Polygon with less than 2% are in next places.

    • Volume:

      :1st_place_medal: Ethereum, with a huge difference in Volume, is in the first place. Most Volumes from CEXs transferred to Ethereum.

      :2nd_place_medal: Solana had only 10% of the total Volume.

      :3rd_place_medal: Algorand and Polygon hadn’t any chance in this competition.

    Daily Volume in the last six months

    • The Unusual Volume was transferred to Ethereum on July 17th with 47B dollars. I can see more unusual volume transferred from CEXs recently.

    • After Ethereum, Solana had the highest Daily Volume. Almost, The average daily volume has reached above 100M dollars lately.

    • Polygon had the lowest volume. Less than a Million transferred from CEXs.

    • Algorand has had a good volume in the last few days. The average daily volume is around 5-10M dollars.

    Daily Number of Transfers from CEXs to Chains:

    • The daily percentage chart shows until the 27th of April, Solana had almost 50% of transfers. But After that, it decreased to an average of 30-35%. Ethereum took its place and increased from 30-35% to nearly 55-60%. Recently, We can call Ethereum the most popular chain.
    • Most transfers happened between February and April.
    • In total, The total volume increased recently but the total number of transfers decreased.

    Cumulative Transfers

    • Based on the Volume, The Cumulative Volume of Ethereum has a huge difference from other chains. Especially since the beginning of June. The slope of growth increased significantly. The Cumulative Volume of Ethereum is around 500B dollars. On June 16th, The cumulative volume of Ethereum increased 20% in one Day. This is what I can call Unusual Activity from CEXs to Chains.
    • Based on transfers, Solana is in the first place. The cumulative transfer to Solana is 6M. Around April, The Slope of Solana's growth increased.

    Transfers and Volumes per Days of Week

    • It seems at the weekend, Users try to rest and do nothing. The total volume of transfers on Saturday and Sunday greatly differs from other days. The total is half of the other days.
    • In the case of Transfers, Again on the Weekend less transfers recorded but the difference is not too much with from other days.

    Chains Overview

    So far, I have examined the total number and volume of transfers from CEXs to Chains. But now it’s time to watch vice versa.

    User: More users transferred from Ethereum to CEXs. With 27.4% of users, Solana is in second place. Also, About 800K of users transferred their assets from Algoran to CEXs.

    Transfer: The total transfers are like the Users. All percentage. Users had the same activity in all chains.

    Volume: The most volume transferred from Ethrerum to CEXs with 81% of total volumes.

    Daily Volumes and Transfers From Chains to CEXs

    • The highest average daily transfers and volumes transferred from Ethereum to CEXs. With lower transactions and volumes, Solana Follows Ethereum. The Number of transfers increased in the last month. The Unusual activity Was on June 11th and 12th, that 25B dollars were transferred from Solana to CEXs.

    Daily Volumes and Transfers from CEXs to Chains per Top Exchange

    Daily transfers Percentage share

    Top Average Share

    • FTX had the highest daily transactions until April 25th. After that, Coinbase, Houbi, and Kucoin share increased.
    • Among these CEXs, Coinbase had better growth in the last six months.
    • Binance had a average daily share with around 5-8%

    New Users Vs. Old Users

    • About 30-40% of transfers to Ethereum from CEXs are Made by new users of Ethereum. Those wallets that were created in the new year, I counted as new wallets.

    35% of users had activities after transfer from CEXs. 64% of users are Holders and didn’t have any transactions after CEXs.

    Also, I counted all transactions that they did after transfers.

    Top 5 Tokens by total transactions

    This list shows the top 5 tokens that users swapped to.

    ETH and Stablecoins are popular on each platform. I can see some unknown tokens like PAXG and Super. However, Maybe I didn’t hear them.

    Top 5 Tokens by Total Volume

    Top 5 tokens based on total volume transferred from CEXs to Chains.

    Based on total Volume, WETH, USDT, and USDC are the top tokens. The top tokens are like the previous chart.

    I already looked up Ethereum Chain. Now it’s time to examine Solana, the other Popular Chai. Most Users are new in Solana. 77% of users created their wallets after 2022-01-01. Opposite of Ethereum, Solana users decreased after April. The highest number of users transferred their assets from CEX to chains between April 10th and April 27th.

    It seems NFTS on Ethereum was more popular than Solana. Few users have bought NFTs after transfers from CEXs on Solana. The top NFT was Undead Apes. However, It doesn’t mean NFTS is not popular on Solana. The variety of NFTS on Solana is too much.

    I COULDN’T MADE A QUERRY FOR SOME METRICS ON SOLANA. ALSO, I HAD TO DECREASE SOME PARAMETERS TO HAVE SHOWABLE CHARTS. I HAD 900s ERROR.

    • I analyzed transfers from CEXs to Four chains. Solana, Ethereum, Algorand, and Polygon and Vice versa.
    • I noticed some unusual activities on Solana and Ethereum From CEXs and to CEXs.
    • Ethereum has the highest Volume.
    • Solana has the highest transfers.
    • Most users were new to chains. They created their wallets after 2022-01-01.
    • Most Users have used their Old wallets. It means they have transactions before using CEXs.
    • Stablecoins and ETH were the most popular tokens to swap by CEX users.
    • Most users were holders, and almost 40% were non-Holder on Ethereum.
    • The transfer is the most popular activity after the bridge to Ethereum.

    ALL CONTENTS AND CODES WRITTEN BY HESS.