Introduction

Bebop is a decentralized trading platform that delivers a breakthrough in user experience for trading in DeFi that are going to offer the most accurate prices with no slippage or unexpected fees [1].

Bebop differs from other DeFi trading platforms in a number of ways. In the other word, it offer multiple token trades, no slippage, and network fees included in the quoted price.

• Multi-token trades: In addition to being able to trade one token for another, Bebop allows users to perform multiple token trades, all in one transaction. Trade one token for a portfolio of up to 5 tokens or several tokens for one - these are our signature “one-to-many” and “many-to-one” functionalities.
• No slippage: Bebop offers superior execution. Bebop’s users get no slippage, which means that they can trade exactly at the price they see and that the price does not change once trade has been initiated.
• Fees included: Bebop delivers full transparency into how quotes are calculated. Network fees are also included in the price that is quoted, so our users do not encounter any unexpected network fees [2].

Method

Currently, Bebop platform support the Ethereum and Polygon chains and the current dashboard deals with this platform to analyze the swapping state on these chains over time since launch date in Oct 2022.

For this purpose, I used ethereum & polygon core.fact_token_transfers tables to track the transactions that sent tokens to '0xaf0b0000f0210d0f421f0009c72406703b50506b' as bebop’s swap address.

Also, I tried to find the rate of success and fail transactions by using of ethereum & polygon core.fact_transactions tables.

At the end, the ethereum.core.ez_dex_swaps was used to compare the transactions state on Uniswap & Sushiswap since the Bebop’s launch date.

Analysis

:hourglass_flowing_sand: Overall View

✍🏻 Conclusion

As of Findings above:

• Bebop is a new established swap platform that has attracted a huge number of users since October 29th, one month after launch.
• The demise of FTX has had a significant impact on this platform in terms of increasing the swap transactions, users and volume, as it has on others.
• Although the generated fee amount is high, it can be ignored by offering the most accurate prices with no slippage or unexpected fees.
• Despite having fewer swap transactions, swapped volume, and new users than Uniswap and Sushiswap, because of its newness, it has the potential to be one of the top major dexes on the market.

And finally, I’m glad to share this research with those who care about this issue via Twitter link, and will be pleased by your comments.

About:

• Author: HaM☰d

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• Discord: 0xHaM☰d#8391

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• Twitter: @arjmandi_hamed

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• Email: h_arjmandi2012@yahoo.com

Bebop, The Future of Defi?!

Bebop is a new decentralized trading platform that launched in early October 2022.

You should have been on the whitelist until a few weeks ago to be able to have transactions on it, but it has recently become public.

So, I was curious about it and made the current dashboard for it.

The assessed metrics include:

> * Daily number of swaps transactions > * Daily number of active and new swapper > * Daily amount of swaps volume > * The swaps volume of pairs > * Comparison with Uniswap & Sushiswap

Hey there 👋!

Firstly, I appreciate you sticking with it until the conclusion.

I'm Hamed, a civil engineering Ph.D.

student interested in data analysis.

I've made many similar dashboards and visualizations since I started at Flipside in January.

Please take a look at my various contact details and let me know what you think.

⏳ Distribution of Swappers by Volume

The PIE charts right show the distribution of active swappers by their swapped volume.

As can be seen, 28% of Ethereum chain swappers, the top group, are in the range of below $50 in volume, while 24.4% of Polygon users swapped more than $100K.

:mag_right: Findings:

This section are allocated to evaluation the daily count of transactions, active swappers and new swappers over time.

As can be observed in the charts above, Over the October daily active users doesn’t passed 100 number, because of only those could have transction on this phase that were whitelist.

And only those who joined the project's Discord server was allowed access and be in the whitelist.

But after going on public phase the count of active users increased and peaked at over 1.2K on Ethereum and 500 on Polygon in Oct 30th.

After peaking on October 30, the daily count of active users has since decreased.

The count of transactions follows this pattern, too. with the exception that, after falling from over 5K on October 30th to below 600 on November 10th, it rose again to over 3.5K on November 20th.

Although this metrics in the Polygon chain has decreased since its peak on October 30th. 

⏳ Top Swap Pairs on Ethereum

:mag_right: Findings:

The visuals in this part deals with daily count of new users, those who have had the first transactions on platform, daily amount of swapped volume($), average volume per transactions and users on both chains over time.

As can be seen the early days of Nov were the volatile days in terms of new users count so that peaked at over 1K on Nov 7th.

The swapped volume increased in both chains over time and peaked at $191.5M and $35.65M on Polygon and Ethereum, respectively in Nov 10th.

Oh wait, the scond week of Nov was the most volatile on cryptomarket because of FTX’s bankruptcy.

The average volume on Ethereum peaked at $111.2K per transactions in whitelist phase on Oct 7th, and on Polygon was over $510.63K in Nov 21th.

This pattern was repeated for average volume per users, too.

:mag_right: Findings:

The visuals above show the top swap pairs on Ethereum over time and in total.

As of bar chart above can be seen, WETH <=> USDC pars are the most popular swap pairs over time. while over the past 7 & 30 days the USDC => USDT, over the past 14 days USDC => WETH were the most popular swap pairs.

The table above shows the change rate of active swappers and swapped volume in the range of current date and past 7, 14, 30 & 90 past days. as of findings in this table this rate for past 7 days decreased following the total cryptocurrency market conditions.

⏳ Top Swap Pairs on Polygon

:mag_right: Findings:

The patterns in this section follow the previous section.

⏳ Top 10 Swapper Addresses

:mag_right: Findings:

0xde…5eff & 0x28c…1d60 Addresses are the top users on Ethereum based on total count of swap transactions and swapped volume($), respectively.

0x5b…bcb6 & 0x88…bafa Addresses are the top users on Polygon based on total count of swap transactions and swapped volume($), respectively.

⏳ Comparison With Uniswap & Sushiswap

:mag_right: Findings:

The above charts show the growth of swap transactions count, volume, and new users over time.

As can be seen, the cumulative transaction count on the Ethereum chain is significantly higher than that on the Polygon chain, but in terms of volume, Polygon has more than three times as many transactions as Ethereum ($407.81M on Ethereum versus $1.5B on Polygon).

On the other hand, the cumulative number of new users on Polygon was higher than Ethereum until November 6th, but Ethereum passed Polygon at this date and reached over 8.2K against 7.4K on Polygon.

⏳ Generated Fees Volume($)

In my opinion, maybe the biggest weakness of Bebop is the high fees per transaction compared to other similar platforms, as my experiences have shown.

Although, this high fees amount can be ignored by offering the most accurate prices with no slippage or unexpected fees.

Following charts present the overall view of generated fees volume by bebop platform over time.

Over $119.736K in fees were generated on Ethereum compared to only $589 on Polygon since its launch date.

⏳ The following visuals preset an overview of Fail & success transactions rate

• According to the chart right, the failed rate of swap transactions on Ethereum is 0.04 and the succeeding transactions per minute are 0.41, while these metrics on Polygon are 0.71 and 0.28, respectively.
• The shade of each dot on the dot graphs below represents the value of corresponding measures while the position on the x- and y- axis are the hour of day and day of the week, respectively.
• From both dot graphs on both chains, the transactions have the most positive signal (high sTPM and low TFR) on Sunday morning on Ethereum and Wednesday evening on Polygon of each week, while fridays on Ethereum and Saturday on Polygon show the opposite signal.

:mag_right: Findings:

In this section, I attempted to compare Bebop's swap metrics to those of two other major swap platforms on the market. According to the visuals, Bebop has significantly lower swap transaction count and swap volume than Uniswap and Sushiswap, but it has significantly surpassed these platforms in terms of active swappers since October 28th. I thought the generated fees by Bebop were too much higher than two others, but when examined by average generated fees volume per transaction, as observable in the chart right, I found that were much lower than two others.