Who's Escaping FTX?
Introduction
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In this analysis, You will read about Dapps and Platforms After FTX Crash.Especially, GMS, GNS and DYDX platforms.
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I went through these platforms and analyzed FTX users activity on these platforms.
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We want to knwo which platform had the highest number of users and transactions?
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I Created charts showing trading volume on dydx, gmx, and gns to show how people are exiting ftx and entering margin trading dapps.
Also, I looked for any particular exchanges, chains, or dapps to find any large increases in new users or trading volume?
Analyzed by Hess - Reading Time Almost 8 min
Method
FTX Users
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In order to find FTX users, I used flipside_prod_db.crosschain.address_labels and used Alameda and FTX as labels. Then, I joined with transfer table and extracted user address.
GMX
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We don’t have an exact Swap table on Arbitrum tables. So I made a custom swap table for GMX. But How?
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I had a trade transaction on GMX.
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Then I looked up the transaction on Arbiscan. I found all swaps have interacted with this contract address
0xabbc5f99639c9b6bcb58544ddf04efa6802f4064
. I read GMX documents and found this is GMX Router on Arbitrum. -
I used the Fact event table and put this address as the contract address with
swap
event name. -
From the Event_inputs column I extracted the below data:
EVENT_INPUTS:inputToken as token_in, EVENT_INPUTS:inputValue as amount_in, EVENT_INPUTS:outputToken as token_out, EVENT_INPUTS:outputValue as amount_out
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I mentioned that we don’t have a swap table on Arbitrum tables. Also, We don’t have token labels, Prices, and decimals on Arbitrum. I found that GMX supports some tokens. I found their addresses and decimals. Then, I hard-coded those tokens. Then Joined my custom swap table. Now I have their symbols. I joined to Ethereum Hourly price table and extracted their Prices over time
GNS
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I used the Polygon Fact table. I found out that each transaction was sent to these addresses :
'0xf8a140db8b05bec52c7e86d0d40d72f8e54fe559', '0xd8d177efc926a18ee455da6f5f6a6cfcee5f8f58' ,'0x65187fec6ecc4774c1f632c7503466d5b4353db1')
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So I put these addresses as origin_to_address and extracted all trades. Because trades are DAI/USDC, I didn’t need the price because they are Stablecoins.
DYDX
- I extracted all related addresses to DYDX from the DIM label table. Then, I joined with a token transfer table to extract trade activities.
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1. Optimism
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First, I examined the Optimism chain. The highest activities happened on November 6. When CZ, Binance CEO announced they are selling FTT tokens.
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Activities on four platforms increased more than on other platforms. Hop Protocol, Uniswap, Curve, and AAVE had the highest number of transactions. Again, The total number of transactions increased on Hop Protocol and Uniswap three days after the FTX crash.
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Overall, Hop Protocol, and Uniswap had the highest number of transactions since November 1.
2. Ethereum
:key: Key Insights:
- Hop Protocol and Uniswap had the highest number of transactions.
- Also, Hop, Uniswap, and chainlink have the highest number of Unique FTX users.
:bar_chart: Charts
- During the FTX crash, The total number of transactions on Hop Protocol increased on November 8. After that, The total number of transactions on Uniswap increased more than others. It is interesting that FTX had 2.3K transactions. 1inch was the other platform the total number of transactions on the platform increased by FTX users.
- Like transactions, Hop Protocol had the highest number of unique users. It seems most FTX users on the Ethereum chain used the Hop protocol to bridge their assets to another chain.
- With a Huge difference, Uniswap is in second place with 21K unique FTX users.
- The daily share of Hop Protocol users decreased day by day after the FTX crash.
3. Polygon
:key: Key Insights:
- Again, the Hop protocol had the highest number of transactions on Polygon too.
- The Klimadao platform with 1052 transactions by FTX had the highest number of growth when FTX crashed.
:bar_chart: Charts:
- On November 8, the total number of transactions on some platforms increased more than on normal days. The highest number of transactions on that day was Hop protocol but it seems Klimadao had the highest growth in comparison to other platforms. Also, Quickswap, Balancer, and Sushiswap transactions increased too.
- Overall, Hop Protocol with 27K transactions by FTX users in the first place. The second place was AAVE with 6.4K transactions. With a similar number of transactions, QuickSwap and balancer were in the next places.
4. Arbitrum
:key: Key Insights
- Hop Protocol with 21K transactions had the highest number of transactions. After Hop, Uniswap and Sushiswap are in the next places on Arbitrum.
- Sushiswap had the highest growth in the number of transactions on November 9. The highest number of transactions happened on that day.
:bar_chart: Charts
- Unlike other chains, The total number of transactions on the Hop protocol didn’t change too much before and after the FTX crash.
- Sushiswap daily transactions before FTX was 400-500 transactions but after FTX increased to 1.9K transactions. Uniswap was like Sushiswap and the number of transactions increased too. GMX, One of the platform that I examined before is in the fourth place based on total number of transactions.
What is GMX?
- GMX is a decentralized, permissionless perpetual swap and spot exchange. Traders can use it to easily trade cryptocurrency on-chain just by connecting their wallets. GMX has a native token called GMX, which functions as a governance, utility, and value-accrual token for the GMX protocol.
What is GNS?
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Gains Network (GNS) is a decentralized trading platform where the users can trade cryptos and forex with leverage. Leverage refers to utilizing borrowed capital to trade cryptocurrencies or other financial assets.
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What is DYDX?
- dYdX (DYDX) is a decentralized exchange platform for cryptocurrency margin trading for assets like BTC, ETH, SOL, DOT, and more. The bulk of dYdX crypto margin trading products reside atop the Ethereum blockchain. However, the exchange recently rolled out on Layer 2 for instantly settled, inexpensive trades.
What Happened on FTX?
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What Happened to 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.
Full Analysis
Users and Transactions
:information_source: Users and Transactions means users that transferred assets from FTX to their wallets, then, Using one of these platforms.
:key: Key Insights:
- After the FTX crash, The total number of users increased on all platforms.
- More transactions happened on GMX in comparison to the other two platforms.
- The highest number of users was on November 7 and The highest number of transactions was on November 13.
- Almost 1.2K FTX users escaped to GMX, 305 FTX users came to DYDX and 231 Unique Users escaped to GNS.
:bar_chart: Charts:
- As You can see, After November 6, The total number of users increased. FTX crashed on November 7. The total number of users on DYDX became 2x higher than the previous days. GMX users increased from 90-95 up to 141. GNS users increased less than the others. The daily share of users shows that during the FTX, The share of DYDX increased up to 28% while on other days was 15-17%. GMX had the highest shares with 60-70%.
- Based on Transactions, Unlike Users, On some days, More transactions happened on DYDX in comparison to the other two platforms. Especially GMX which had the highest number of users. The Daily Share of Transactions on DYDX increased up to 51% on some days.
Volume
:information_source: Volume Means the trade volume that FTX users generated on these platforms. Volume is based on US Dollars.
:key: Key Insights:
- DYDX had the highest volume in comparison to other platforms.
- More than 150M US dollars went through DYDX while Only 1.1M US dollars went through GMX and 1M through GNS.
- The Highest Volume Went through these platforms on November 10. Three Days after the FTX crash.
- The max volume in one transaction was 7.6M US dollars and the highest average volume was 176K.
:bar_chart: Charts
- The Total Daily Volume chart shows when FTX crashed The Volume on these platforms didn’t change too much. But After 3 days the volume increased significantly. Especially on DYDX. In one day, Nearly 60M US dollars went through DYDX.
- The average volume on GMX and GNS increased but it wasn’t too much. But, The average volume on DYDX increased from 20-25K up to 176K US dollars. Also, The highest volume in one transaction went through DYDX which was 7.6M US dollars.
THANK YOU FOR READING!
ALL CODES AND CONTENTS WERE WRITTEN BY HESS.