Try Quests to earn cryptoOptimism DEXs
Introduction
Optimism is a scaling solution for Ethereum's Layer 2 that is able to accommodate all of Ethereum's decentralized applications. Optimism was developed by the Ethereum Foundation (Dapps). Optimism simultaneously reduces the expenses that are connected with each individual transaction while simultaneously increasing the number of transactions that can be executed by Ethereum in a single second. To achieve this, computations are performed off-chain rather than on the Ethereum network, which is where they would normally be carried out if they were to be performed there.
Uniswap Protocol is an open-source protocol for providing liquidity and trading ERC20 tokens on Ethereum. It eliminates trusted intermediaries and unnecessary forms of rent extraction, allowing for safe, accessible, and efficient exchange activity. The protocol is non-upgradable and designed to be censorship resistant.
Velodrome Finance, at its core, is a solution for protocols on Optimism to properly incentivize liquidity for their own use cases. Building on top of the groundwork laid out by Solidly, our team has addressed that first iteration's core issues to realize its full potential.
Sushiswap is a decentralized exchange (DEX) where users can trade different virtual currencies. SushiSwap is a piece of software that tries to motivate a user network to provide a platform where users may buy and sell crypto assets.
0x is an open-source, decentralized infrastructure for exchanging tokenized assets across various blockchains. At its core, the 0x protocol is a collection of safe smart contracts that enable the peer-to-peer exchange of Ethereum-based assets. The protocol provides as an open standard and standard building block for any developer who requires exchange capabilities.
Balancer is a community-driven protocol, automated portfolio manager, liquidity provider, and price sensor that enables decentralized token exchange and portfolio management on the Ethereum blockchain and other EVM compatible systems. Balancer Pools are made up of two or more tokens that traders can swap. Liquidity providers deposit their tokens in pools to earn swap fees.
Method
In the current dashboard, I used optimism.core.fact event logs to collect all tx hashes by the key word "Swap" in the event name. As a DEX label filter, I consulted the DIM contract table.
Sushiswap & Velodrome has a distinct swap table and I used from those, (optimism.sushi.ez_swap, optimism.velodrome.ez_swaps).
I tried to track down the initial token and final sum. My initial attempt at using the Fact event logs table involved setting origin from address = event inputs: from and selecting my discovering tx. All actions taken are displayed in the end outcome. Once again, I used the Fact event label and set the origin from address to event inputs:to. Token's identity was the very last thing I required at the time. Token names were extracted from DIM labels once I linked my findings to DIM. I began analyzing my data by entering optimism DEXs into a special table I made.
All of the charts in this research presented for the past 60 & 30 days, and they cover the 0x , Velodrome, Balancer, Sushiswap, and Uniswap Platforms.
Conclusion
- In the past thirty days, there hasn’t been a significant deference of percentage in both the number of users and the number of trades that have taken place on the ==Optimism== chain.
- The velodrome is an essential part of the procedure that is being used to increase the number of swaps that are being put on the positive outlook. At the all through of the month, the market share was somewhere ==between 50 and 55 percent==; but, by in terms of unique swapper count, the Uniswap was the most popular than others.
- A number of ==Uniswap== users have made the decision to stop utilizing the service. There have been approximately 5,000 transactions carried out on Velodrome by users of the Uniswap platform in the past month. According to the statistic on the last graph, an increasing number of users are switching their usage ==from Uniswap to Velodrome==.
- When using the majority of exchanges, customers will often trade USDC, OP, or WETH .
- In addition to that, one may commonly trade these tokens in for a wide range of different currencies.
- Op → USDC and WETH → USDC are top pairs in total.
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:
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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
What’s Going on Optimism DEXs
Let’s take a closer look at DEXs on Optimism. Make a dashboard that compares at least three DEXs based on:
- Total number of swaps by day over the last month
- Total number of wallets swapping by day
- What are the most popular asset pairs to swap from and too
- Top 10 assets swapping from
- Top 10 assets to swap to
Daily Unique Users & Swaps Count On Optimism
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The late first half of Oct saw a rise in both the total number of trades and the number of unique users that was greater than one hundred percent. This wasn’t the first time that this has ever happened, except late of Sep, in Oct 25th it happened again.
The total number of people who participated in trades on Oct 25 was 9.62K, making that day the one with the highest total number of swaps and users. On that day, there were 72.4 thousand deals.
On that specific day, each user successfully executed approximately 7 trades.
The figure labeled "Cumulative" depicts how the total number of swaps has increased over the course of time.
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Which of these services do you think is most responsible for that growth, in your opinion? Figure it out.
In this sections I calculated swaps metrics for ==two== past months to have a better comparision.
:telescope: Findings:
The velodrome is the immediate answer to the graph that was just presented. The Velodrome can be held responsible for a significant rise in the number of swaps on optimism. This growth was equivalent to 130 percent in total. The velodrome was critical to the growth of this area throughout its formative years. Earlier, I mentioned that there were 137K exchanges that took place on July 29, making it the day with the highest volume in the history of the cryptocurrency. Velodrome was responsible for around 55 percent of those trades' completion. The expansion of Optimism Swaps was also helped along by a second platform known as Uniswap. In recent weeks, there has been a noticeable increase in the number of swaps conducted on all platforms; however, 0x, Sushiswap, and Balancer have witnessed more modest percentage increases compared to Uniswap and Velodrome. Velodrome started the month with a holding in the swaps market that was more than 50 percent, but it has declined till Oct 9th, the same as other DEXs, but recently passed the 70 percent threshold. Before the start of this month, Uniswap held a market share that was well above 50 percent; as of right now, that number is between between 40 and 45 percent. The proportion of 0x swaps and balance swaps has not significantly shifted as a whole. Velodrome will now serve as the new home for those who once called Uniswap their home. It appears that those who were formerly users of Uniswap have transitioned over to using Velodrome.
Share of Unique Users and Swaps Count
As of PIE charts right:
- In the last 30 days, The share of Velodrome in total number of transactions was higher than others that followed by Uniswap.
- But Uniswap are in the first place in user tend with 55.5% that followed by Velodrome by 38%.
I've evaluated the top 10 tokens across many platforms
Velodrome
- When it comes to trading tokens in Velodrome, USDC is by far the most popular option. 45 percent of all swaps engaged USDC, which participated in 94K different swaps.
- The OP token is the most significant competitor to USDC. 35 percent of all swaps in Velodrome were done using OP token, which accounted for 73 thousand exchanges.
- The USDC and OP tokens were drastically different from the third popular token. WETH was utilized in 13% of all trades conducted on Velodrome over the past 30 days.
Uniswap
- Velodrome's most significant competition comes from Uniswap. Let's find out how much of a share of tokens this DEX gives us.
- In contrast to Velodrome and 0x, WETH is currently the most traded token after USDC on Uniswap, accounting for 15.5 percent of all trades and 40 thousand exchanges.
- But still Stablecoin is the first type of token. 50 percent of all swaps involved USDC, and 160K of those swaps involved USDC.
- Op token currently holds the third position on this platform.
- Up to this point, we are aware that consumers opted to swap their OPs using either Velodrome or 0x.
0xProject
- Additionally, USDC is widely used in this DEX. 5132% of the trades in 0x were conducted using USDC.
- Similar to Velodrome's position, Op holds the second spot in terms of total swaps from, but in lower level.
- The third spot goes to DAI, which has a share of 9.72 percent from the overall number of swaps.
Balancer
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When compared to the other three DEXs in the Optimism chain, the balancer's not nearly as popular as the others.
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Users were able to get a higher value for their USDC while trading on this DEX than they could with the other coin.
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rETH is currently the second most popular token. rETH was involved in 24.3% of the trades that took place.
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Their native token, BAL, currently holds the last-place position with 154 Swaps, which accounts for 2.43% of the overall share of top 10 popular tokens.
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Total Swapped Volume and share of tokens from
At each of the four DEXs, USDC was a prevalent currency. 6.8 million USDC was traded to another token on Velodrome, 138.9 million USDC was swapped on Uniswap, 1.13 million USDC was swapped on Balancer, and 0x exchanged 2.7 million USDC & 42K in Sushiswap. The total number of USDC exchanges on Velodrome was 16.1 thousand, while the number of swaps on Uniswap was the most with 130 thousand. Users that have a significant amount of USDC prefer Uniswap when deciding between Velodrome and Uniswap.
OP: Another common token that can be found across all 4 DEXs is OP. Users made 5.7 million OP trades in Velodrome, 11.7 million Uniswap trades, 9.2 thousand Sushiswap trades, and 1.1 million trades in 0xProject, Balanser OP trades volume was too low. I believe that Op was the reason of a significant increase in the number of swaps on Optimism and particularly Velodrome.
WETH: the moment has come to investigate the amount of WETH that has been traded. in the past 30 days against to before months, WETH hadn’t the main share of swapped tokens to other tokens.
Let’s to see what tokens were the main destinations to these swaps.
Velodrome
- When it comes to trading tokens in Velodrome, USDC is by far the most popular option. 51.7 percent of all swaps engaged USDC, which participated in 16K of them.
- The OP token is the most significant competitor to USDC. There were 12.7K OP token swaps in the Velodrome, which accounts for 46.3 percent of total swaps.
- The USDC and OP tokens were drastically allocated by more than 99% of destinations tokens swaps.
Uniswap
- Velodrome's most significant competition comes from Uniswap. Let's find out how much of a share of tokens this DEX gives us.
- Similar to Velodrome and 0x, USDC is the most traded token on Uniswap, accounting for 42.8 percent of all trades and 124.5 thousand exchanges.
- The OP is the second type of token. With 41 thousand different swaps, OP was involved in 14.1 percent of all swaps.
- WETH token currently holds the third position on this platform.
Balancer
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When compared to the other three DEXs in the Optimism chain, the balancer's not nearly as popular as the others.
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Users were able to get a higher value for their USDC while trading on this DEX than they could with the other coin.
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The WETH token is in second place in terms of popularity. 22.6 percent of all swaps involved WETH's participation.
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The native token that they use is not in the top three.
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The third one is rETH, and it has a share of 13.1% of the market.
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0x Project
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Additionally, USDC is widely used in this DEX. The USDC was responsible for 54.5 percent of all swaps in the 0x market.
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Similar to Uniswap & Velodrome's position, Op holds the second spot in terms of total swaps to.
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The third spot goes to DAI, which has a share of 7.54 percent from the overall number of swap.
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:telescope: Findings:
As of bar & PIE charts above:
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OP → USDC is the most popular pair among these DEXs. 15.1% of swaps were swapping Op to USDC. During the past few days, The market conditions was significantly low volume. So many users started to sell their OPs to a stablecoin, but not significantly with other pairs. As we know, They chose Velodrome to swap.
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WETH → USDC: The second popular pair was WETH → USDC. When the market condition was no volatile the trader tends to cash their assets.
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USDC → WETH: In contrast some traders tends to buy ETH because of it was in the lowest price in the past months.
Overall, top 10 pairs hasn’t significantly deference in share of swaps count.
:hourglass_flowing_sand: In the charts right and following visuals the top 10 most popular pairs on each platforms are shown.
