Sushiswap Analysis

• The total amount of Ethereum swapped into Sushi was just a tad over 2 million, but the amount swapped out was closer to 2.5 million
• Since the merger, as of September 15th, there has been 25% more Ethereum swapped into Sushiswap than out
• However, 99% of the swap out activity occurred on a single day. In fact, there was only 1 day that had more outlflows than in, and that 1 day made the net outflows net negative on its own

Methodology:

• All of the visuals and numbers will reference data that has been captured within the last 12 days
• This way, there will be 6 days of data present on each side of the merge
• The meat of the dashboard will cover several statistics, such as
  • DEX volume, in terms of sales count and amount sold in USD
    • The two dexs in question are Uniswap and Sushiswap
  • NFT volume
    • This will cover both sales counts and amounts sold in USD
  • Cex volume
    • Number of addresses associated with each centralized exchange
    • Mints before vs. after

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What is a Ethereum?

Ethereum is the second largest crypto in terms of market cap only to Bitcoin, and the largest proof of stake network. Ethereum is the largest decentralized blockchain with support for smart contract. They are the host to all "ERC-20" tokens, such as Doge, Polygon, and Decentraland. Ethereum was the first major blockchain to support smart contract, in addition to being one of the first to run a proof of stake network. Although the transition from proof of work took slightly longer than expected, users with greater than 32 ETH are able to stake their coins.

What is a DEX?

DEX stands for decentralized exchange. A decentralized exchange is where a user can exchange one crypto for another, without going through a "company", such as coinbase. As opposed to a company handling the transaction, transactions on the decentralized exchanges avoid the regulations of companies and are run by decentralized autonomous organizations, otherwise known as DAOs.

What is a Sushiswap?

Sushiswap is an example of a decentralized exchange. It is different from something like Coinbase, which still must adhere to government regulations. Sushiswap is an exchange built on the Ethereum platform where users can exchange cryptos at free will. It competes with other DEXs, such as Uniswap, Curve, and Pancakeswap.

What is stETH?

stETH is the token that users get in exchange for staking their ethereum using Lido. The stETH token allows users to collect yield in exchange for sacrificing their liquidity, and pledging their commitment to the network. stETH is the ETH staking token for users that decided to stake with Lido. Just like any other token, stETH can be held, sold, or purchased on the open market. Users can stake their ETH using several protocols, such as Lido, Ankr, or Rocket pools. The number of stakers between each of these protocols is fairly volatile. The “conversion”, where Ethereum officially moves over to proof of stake from proof of work, is set to take place mid September of 2022 after several delays.

Uniswap Analysis

• The total amount of Ethereum swapped out of Uniswap, is dramatically higher than that swapped in through the DEX
• This is shown both by the totals, and the breakdown by day
• Uniswap is typically the larger DEX when compared to Sushiswap, so it’s interesting to see here Sushiswap having more Eth volume than Uniswap

Dex Comparison: Uniswap

Dex Comparison: Sushi Swap

Cex analysis

• Coinbase had the most total addresses associated with it, compared with any other Centralized exchange
• They were followed in a distant 2nd and 3rd place by bittrex and Binance
• Kraken makes an appearance on this list, and FTX is not seen. FTX has recently partnered with Exoudus, which is not present either
• On the right, it is shown that Coinbase accounts for nearly half of all Centralized exchange addresses, when compared with other cexs in the top 10

NFT Analysis

NFT Analysis

• The number of NFT sales before and After September 15th were nearly identical to each other
• This means that the merge had little to no impact on the number of NFTs sold
• In terms of NFT mints, again, on either side of the merge, the numbers were essentially identical
• We can conclude that NFT sales were not impacted by the merge- at least within 6 days on either side
  • However, there is 1 note- there was nearly $100 billion in sales on Sept 13th. This may be an error in the data reporting, but perhaps not..

NFT Analysis

• The Dex volume 5 days after the completion of the merge, appeared relatively normal
  • Sushiswap posted more Ethereum transaction counts and sales, which is certainly a rare occurrence
  • Sushiswap was a hard fork of Uniswap, in which Uniswap kept the high end developers
• The Cex volume 5 days after the merge heavily favored coinbase
  • Coinbase accounts for nearly 50% of the addresses tied with a centralized exchange
  • Seeing FTX not on there was somewhat of a surprise
  • Given how much advertising they have done, this is probably not what they wanted
• NFT sales data
  • There was essentially no correlation between the merge, and the number of NFTs minted or sold
  • That is, on 4 days either of side of the merge
• Overall, the merge appears to have had little to no effect on the impact of activity on Ethereum

Cex comparison