Introductions

Axelar is composed of a decentralized network of validators, secure gateway contracts, uniform translation, routing architecture, and a suite of software development kits (SDKs) and application programming interfaces (APIs) to enable composability between blockchains. This allows developers to build on the best platform for their use case, while being able to access users, assets and applications in every other ecosystem. Instead of pairwise cross-chain bridges, they can rely on a network architecture that provides a uniform code base and governance structure.Axelar’s ultimate goal is to build the underlying infrastructure for onboarding the next billion people onto Web3.

Satellite is a web app built on top of the Axelar network. Use it to transfer assets from one chain to another.

Methodology

As the FTX and Alameda started to collapse on November 7th, I have used the date to indicate the difference between before and after it on some of the metrics.

In order to answer the questions of this bounty, I needed to use both Axelar and Ethereum tables.

Since we are 12 days away from Nov. 7th, I have used a 24 days date range to make my charts balanced.

The main tables I have used on this analysis are:

Axelar:

axelar.core.fact_msg_attributes

axelar.core.fact_transfers

Ethereum:

ethereum.core.ez_eth_transfers

ethereum.core.ez_token_transfers

ethereum.core.dim_labels

Some of the codes on this dashboard are inspired by other great analysts on Flipside and credit is given to them at the first of the Query

Definitions

• Inflow: The volume of tokens, coming into a protocol, chain, etc.
• Outflow: The volume of tokens going out of a protocol, chain, etc.
• NetFlow = Inflow Volume - Outflow Volume

All analysis is based on FlipSide data

Axelar’s Satellite Bridge Activity -

Did bridge activity spike over the last 7 days?

Netflows from FTX onto Ethereum,

track net outflows from FTX onto Ethereum.

Did any of these outflows flow across Satellite to another destination chain?

Summary and Conclusions

• Overall, the activity of Axelar’s satellite bridge has spiked ever since the FTX and Alameda Collapse and that is analyzed in this analysis based on a handful of different metrics.
• Ethereum was the main recipient with more than 81% of incoming assets volume.
• FTX also experienced spike in outflow to Ethereum chain, as users were trying to send their funds to a safe space.

Key Notes and Answers

• The most transferred to chains (in terms of transferred Volume) are: Ethereum, Polygon, Osmosis, Avalanche, Kujira, Juno, terra-2. These are also obvious in daily volume charts. Their volume was distributed in several days and this order is not just because of the spike.
• Taking a look at daily distribution of transfers per chain based of number of transfers, we can see the above order is a bit different. Transfers to Osmosis are a lot more than Polygon.
• As expected, Top coins transferred in terms of Volume, are USDC, ETH, WBTC, AXL and ATOM. With USDC consisting more than 90% of the volume. The percentages are correct both on total volume of the last 30 days and in daily chart.
• So overall the answer would be: These are the main ecosystems receiving from satellite: Ethereum, Polygon, Osmosis, Avalanche, Kujira, Juno, terra-2

Key Notes and Answers

• In the following days after the date (Nov. 7th), we can observe a spike on daily volume, daily number of transfers, active users on the bridge and average volume of transfers.
• Daily average number of bridge per user however almost remain steady, meaning that the spike was made by the new users coming to the bridge.
• And since we have a balanced date range, we can see that both total number of transfers and Volume after the FTX collapse was higher than its before, showing that panicked users actively moving their assets.
• So overall, the answer to the question would be: Yes, the Activity has spiked after the given date!

Key Notes and Answers

• FTX flowing Activity to and from Ethereum has spiked since Nov. 7th as it can be seen on all charts, interestingly both inflow and outflow has spiked.
• Right before the FTX Collapse, the Netflow has spiked on November 6th, users trying to grab their funds from FTX and move to a stable chain like Ethereum.
• Taking a look at the FTX outflow to Ethereum by tokens, USDC, ETH, USDT, FTX Token, BUSD and WBTC were the top coins in case of Volume outflow.
• Since there was no records showing the flow of FTX outflows to satellite bridge, there is no visuals and data regarding that part of the question.

Distributions by chains - tokens

If so, to what ecosystems?