Introduction

GMX is a decentralized spot and perpetual exchange that supports low swap fees and zero price impact trades.

Trading is supported by a unique multi-asset pool that earns liquidity providers fees from market making, swap fees and leverage trading.

Dynamic pricing is supported by Chainlink Oracles and an aggregate of prices from leading volume exchanges.​

GNS Gains Network is developing gTrade, a liquidity-efficient, powerful, and user-friendly decentralized leveraged trading platform. Our uniquely designed synthetic architecture makes gTrade more capital efficient than any existing platform, allows for low trading fees, and a wide range of leverages and pairs (up to 150x on cryptos, up to 1000x on forex, and up to 100x on stocks). You can read more about this here: The gTrade Platform.

The protocol revolves around the ecosystem's ERC20 utility token (GNS) and ERC721 utility token (NFTs). GNS and the NFTs are designed to be actively used within the platform (utility) and to allow ownership of the protocol through revenue capture & governance (soon). It includes GNS holders receiving platform fees through Single Sided Staking, burning of GNS using platform revenue, NFT holders getting reduced spread and boosted rewards, as well as NFT bots executing limit orders and liquidations. You can read about this here: GNS Token

dYdX is a decentralized exchange built on the Ethereum network delivering key financial instruments to users such as perpetuals, margin and spot trading, as well as lending and borrowing. dYdX equips traders with off-chain order books with on-chain settlement and enables them to short-sell tokens, increase exposure by longing with leverage, or earn interest on deposited tokens to move quickly. dYdX leverages StarkWare's Layer 2 to eliminate the need to trust a centralized exchange while trading, and thus combines the security and transparency of a decentralized exchange, with the speed and usability of a centralized exchange.

this dashboard will look at FTX Collapse impact on DEXs, Specially on GMS, GNS, and dydx

Scopes

1. FTX Escaped Users to GMX, GNS, and dydx

2. Daily and Cumulative Swap Activity in Ethereum DEXs

3. Trade Size Distribution

4. New Users from FTX

5. FTX/Aladema Outflow Destinations

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Method

• I use the polygon and arbitrum Transfer tables to extract the trade data for both protocols.

• using Ethereum hourly prices, I find the price of tokens by their transferred contract address.

• GMX Protocol contracts:

  • 0x3d6ba331e3d9702c5e8a8d254e5d8a285f223aba 0xb87a436b93ffe9d75c5cfa7bacfff96430b09868

• GMX Protocol contracts (old and new):

  • 0xd8d177efc926a18ee455da6f5f6a6cfcee5f8f58, 0x65187fec6ecc4774c1f632c7503466d5b4353db1, 0xf8a140db8b05bec52c7e86d0d40d72f8e54fe559

• GNS Token contract:

  0x8f3cf7ad23cd3cadbd9735aff958023239c6a063

• dydx addresses are in ethereum.core.dim_labels

• date range since: 2022-11-01

🟠 Observations

• the number of new users to these three DEXs from FTX increased on Nov 7th, 37 users went to dydx, 18 to GMX, and only 3 users to GNS.
• from Nov 1st, 926 FTX Escaped users transacted with Uniswap as new users, 509 users with 1inch, 444 with Metamask, and 249 with Sushiswap.

New Users from FTX

FTX Escaped Users Activity in DEXs

🟠 Observations

• the FTX Escaped users DEX activity was about 3500 transactions per day, from Nov 6th the activity increased and peaked at 6467 transactions and 1961 users on Nov 8th (FTX Collapse Day)
• most traded volume is on 1inch ($6.47B) and uniswap ($4.71B), in terms of transaction volume, uniswap (22,514), 1inch (15,549), sushiswap (4857) are the top DEXs that used by FTX Escaped users in November.

FTX Escaped Users Trade Stats

🟠 Observations

• dydx with 3010 trades has much higher trades than GMX with 728 and GNS with 275 trades
• the volume on dydx with $223.9M is much higher than the GMX with $3.19M and GNS with $1M
• GNS has too small daily FTX Escaped users (under 14 users), on most days dydx has higher users than GMX,
• on Nov 8th, dydx had 51 traders, GMX 40, and GNS 12
• the trade sizes on dydx are higher than GMX and GNS, 26% of dydx trades are more than $10K, while it’s 11.8% for GMX and 5.8% for GNS. but the $1K-$10K trades are 11% higher than dydx and 5% higher than GNS.

FTX/Aladema Outflow Destinations

🟠 Observations

• On Nov 1st, a huge volume of assets inflowed into Binance ($328M) from FTX and Alameda wallets, also Bitfinex ($150M) inflow was high. On most days, in Ethereum Network most outflow volume from FTX and Alameda is deposited into Binance.
• on Nov 7th, the FTX outflow volume spiked and 342M went to Binance.
• Binance with $2.3B, Coinbase with $462M, and Bitfinex with $159M are top destinations for FTX outflow capital.

💡 Conclusion

• the number of new users to these three DEXs from FTX increased on Nov 7th, 37 users went to dydx, 18 to GMX, and only 3 users to GNS.

• from Nov 1st, 926 FTX Escaped users transacted with Uniswap as new users, 509 users with 1inch, 444 with Metamask, and 249 with Sushiswap.

• the FTX Escaped users DEX activity was about 3500 transactions per day, from Nov 6th the activity increased and peaked at 6467 transactions and 1961 users on Nov 8th (FTX Collapse Day)

• most traded volume is on 1inch ($6.47B) and uniswap ($4.71B), in terms of transaction volume, uniswap (22,514), 1inch (15,549), sushiswap (4857) are the top DEXs that used by FTX Escaped users in November.

• dydx with 3010 trades has much higher trades than GMX with 728 and GNS with 275 trades

• the volume on dydx with $223.9M is much higher than the GMX with $3.19M and GNS with $1M

• GNS has too small daily FTX Escaped users (under 14 users), on most days dydx has higher users than GMX,

• on Nov 8th, dydx had 51 traders, GMX 40, and GNS 12

• the trade sizes on dydx are higher than GMX and GNS, 26% of dydx trades are more than $10K, while it’s 11.8% for GMX and 5.8% for GNS. but the $1K-$10K trades are 11% higher than dydx and 5% higher than GNS.

• Binance with $2.3B, Coinbase with $462M, and Bitfinex with $159M are top destinations for FTX outflow capital.