Not Your Keys
Introduction
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In this analysis, You will read about Axelar Bridge. The collapse of FTX is a shock to the cryptocurrency industry, which has seen a fair number of problems this year. We want to know Did bridge activity spiked over the last 7 days. If so, to what ecosystems?
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I went through Axelar and analyzed these parameters:
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- Daily Transactions and Volume
- Bridge per Symbol
- Bridge per destination
- FTX outflow to Ethereum
- top tokens
Analyzed by Hess - Reading Time Almost 10 Min.
What Is Axelar?
- Axelar provides a decentralized network and tools that help connect dApp builders with multiple blockchain ecosystems, applications, and users for frictionless cross-chain communication. Axelar consists of a protocol suite, tools, and APIs, designed to break down the barriers to cross-chain communication.
Transactions and Volume per Symbol
:key: Insights
- AXL had the highest share with 26K transactions and 84% of transactions.
- USDC with 4.5K and 14% of shares is the second place
:bar_chart: Charts
- The most popular token based on transactions was AXL. The second top token was USDC. After FTX, The total daily number of transactions increased especially the AXL token and USDC. Before FTX, The total daily transactions of AXL were 1.2-1.4K but after FTX the total daily number of transactions of AXL increased up to 2.7K.
Transactions and Volume per chain
We already know that the FTX event impacted all bridge parameters. Now, It’s time to examine which chain was popular with Axelar bridge.
- Based on Transactions, Ethereum, Polygon, and Osmosis are three popular destinations for AXL users. About 1.7K Unique users bridged to Ethereum, 973 Unique wallets bridged to Polygon and 799 users bridged to the Osmosis chain.
Transactions and Volume from FTX to Ethereum
- The total number of transactions increased On November 6. Users transferred their assets to Ethereum. The highest number of transfers was on November 7 with 49K transactions. After that decreased until November 13. Right now users can’t transfer their assets. ETH had the highest number of transactions. About 75K of transactions was ETH. USDC, USDT and BUSD are top tokens after ETH based on transactions.
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What is Satellite?
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Satellite is a web app built on top of the Axelar network. Use it to transfer assets from one chain to another.
Using Axelar's SDKs, any smart contract developer can seamlessly call a contract on another supported chain with a simple asynchronous call. The simplest form of cross-contract calls is bridging.
Full Analysis
Users and Transactions
:information_source: Almost FTX crashed on November 7. So in the charts, I indicated the event.
:key: Insights
- The average number of users before FTX was 275 daily and after FTX increased to 382.
- The average number of transactions before FTX was 1.4K but After FTX increased to 1.7K.
:bar_chart: Charts
- The total daily number of users before the FTX event was below 300 unique wallets per day but after FTX increased and reached 621 Unique wallets. For Almost four days, The total daily number of users was higher than normal days but after that decreased to 300-330 unique wallets per day.
- Like users, The total daily number of users increased from 1500-1600 unique wallets up to 2.7K. Again, After four days, The total daily number of transactions decreased and became like normal days before the FTX event.
Volume
:information_source: Charts are based on US dollars.
:key: Insights
- The average bridge volume before FTX was nearly 3M US dollars but After the FTX event, increased to 6.9M US dollars.
- The highest bridge volume was 19M US dollars and happened a day after the FTX crash.
:bar_chart: Charts:
- The total daily bridge volume was around 2-3.5M US dollars before FTX. But after that increased significantly and for three-four days was above 10M US dollars. The highest bridged volume was 19M on November 7.
- After that, The daily bridge volume decreased and reach 4-5M US dollars. Still, The bridge volume after FTX is higher than before FTX.
:information_source: Charts are based on US dollars.
:key: Insights:
- USDC with 83M US dollars is the top bridged Token.
- ETH with 7.1M US dollars is the second top token
- The highest volume was bridged on November 9.
:bar_chart: Charts:
- It seems the FTX event impacted the bridge volume the most. USDC volume increased significantly. The USDC volume before the FTX event was 3M daily but after FTX increased to 18M Dollars. For one week, The volume of all tokens increased but after that decreased. Even, The volume of AXL increased up to 267K.
- The daily share of transactions shows Osmosis share decreased after FTX and instead of Osmosis, Polygon and Ethereum increased by about 5-10%. Overall, 32% of transactions were the bridge to Osmosis, Ethereum with 27% is in second place and Polygon with 2.2K transactions and 8% of shares is in third place.
- Based on volume, Ethereum had a huge difference from other chains. Users bridged 72M US dollars to Ethereum while the second top chain was Osmosis with 5M US dollars. Before The FTX event, The bridge volume to Ethereum was 3M US dollars But after the FTX event, The bridge volume increased to 17M US dollars. About 3x higher than before FTX. The third top destination was Polygon with 4.9M US dollars. Some other chains like Juno, Evmos, and Fantom had a lower volume.
The Volume was like transactions. The highest volume transferred from FTX to Ethereum on November 7 which was 2.4B US dollars. USDC with 2.2B US dollars is the top token based on Volume. Following that, ETH and USDT are next places.
- Binance is the top destination for FTX users. Users transferred around 933M US dollars to Binance. With a huge difference, Coinbase is the second top destination by FTX users with 176M US dollars. Gemini and Kraken are the next places. 58% of transactions were transferred from FTX to Binance. Coinbase with 3.8K transactions and a 12.5% share is in second place.
THANK YOU FOR READING!
ALL CODES AND CONTENTS WERE WRITTEN BY HESS.