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What Is DeFi?

Decentralized finance, or DeFi, uses emerging technology to remove third parties and centralized institutions from financial transactions. The components of DeFi are stablecoins, software, and hardware that enables the development of applications. The infrastructure for DeFi and its regulation are constantly evolving. [1]

What Is A DEX?

A decentralized exchange (DEX) is a peer-to-peer (P2P) marketplace that connects cryptocurrency buyers and sellers. In contrast to centralized exchanges (CEXs), decentralized platforms are non-custodial, meaning a user remains in control of their private keys when transacting on a DEX platform. [2]

What Is Ethereum?

Ethereum is a decentralized blockchain platform that establishes a peer-to-peer network that securely executes and verifies application code, called smart contracts. Smart contracts allow participants to transact with each other without a trusted central authority. [3]

What Is Solana?

Solana is a blockchain platform designed to host decentralized, scalable applications. Solana can process many more transactions per second and charges lower transaction fees than rival blockchains like Ethereum. [4]

What Is Algorand?

Algorand is a decentralized network built to solve the Blockchain Trilemma of achieving speed, security, and decentralization simultaneously. [5]

What Is Flow?

Flow is a blockchain platform that originally was designed for gaming purposes, but has expanded since its launch in 2020. The flow blockchain enables fast, low-cost transactions and supports smart contracts. [6]

What Is Optimism?

Optimism is a fast, stable, and scalable L2 blockchain built by Ethereum developers, for Ethereum developers. Built as a minimal extension to existing Ethereum software, Optimism's EVM-equivalent architecture scales your Ethereum apps without surprises. [7]

What Is Arbitrum?

The Arbitrum network is a layer-2 functionality, developed by the New York-based company Off-chain Labs, which seeks to solve the congestion that the Ethereum network has been experiencing by improving how smart contracts are validated. [8]

What Is Polygon?

Polygon is an Indian blockchain platform. It aims to create a multi-chain blockchain ecosystem compatible with Ethereum. As with Ethereum, it uses a Proof of Stake consensus model. Polygon's native token is named MATIC. Polygon is used by Decentralized applications, including DeFi, DAOs, and NFTs. [9]

What Is Thorchain?

Binance Smart Chain or BSC is an innovative solution for introducing interoperability and programmability on Binance Chain. It uses a system of 21 validators leveraging the Proof of Staked Authority or PoSA consensus, thereby enabling lower fees and reduced block times. [10]

What Is Avalanche?

Avalanche is a decentralized, open-source proof-of-stake blockchain with smart contract functionality. AVAX is the native cryptocurrency of the platform. [11]

What Is NEAR?

NEAR Protocol is a public Proof-of-Stake (PoS) blockchain that aims to bring DeFi to the masses with low transfer fees and fast transactions. NEAR competes with Avalanche, Solana, Cardano, Algorand, the new version of Ethereum, and other PoS networks. [12]

What Is Osmosis?

Osmosis is a DEX protocol, which means it uses smart contracts to determine the price of digital assets, to produce liquidity via a peer-to-peer (P2P) methodology, and to exact trades between users. This approach to an exchange platform is known as an AMM — a DEX protocol that prices crypto assets in liquidity pools. [13]

Got tired of lots of dummy middle swaps in the results and looking forward to seeing only the real executed swaps? you came to the right place! we are going through only the real end-to-end swaps executed by real users (not MEV bots) using DEXs contracts directly.

• In this analysis, we are going to have a deep analysis of DEX real swaps on a long list of chains, including L1s and L2s

• Ethereum, Optimism, Arbitrum, Avalanche, Polygon, Solana, Osmosis, Thorchain, Algorand, Flow, and Near are the 11 chains that will be covered in our analysis

• The list of supported DEXs is more than 70 DEXs, which are the most popular ones across these chains

• Because of the long list of provided information and ease of use, this analysis contains three separate dashboards, the Chains Comparison dashboard, the **User Swap Tracker Tool **dashboard, and the Chain Swaps Analyzer Tool

• The main dashboard named Chains Comparison which you are reading it now contains four parts:

  • On the Chian part, we will compare the chains swaps frequency, volume, swappers, and stablecoin swaps over the desired timeframe and in total
  • On the DEX part, we will compare the swaps frequency, volume, and swappers of all analyzed DEXs together on different chains
  • On the Token part, we will see the most popular tokens that swapped IN and OUT on different chains

• The first side dashboard named User Swap Tracker Tool will provide an in-depth analysis of your desired wallet swaps containing a deep look at Swaps, Chains, DEXs, and Token

• The second side dashboard named Chain Swaps Analyzer Tool will provide an in-depth analysis of swaps on your desired chain containing a deep look at Swaps, DEXs, Token, Top Swaps, and Top Swappers

• ==This analysis shows us which chains are the most active ones in terms of real swaps on the DeFi space across 11 different chains, which are the most popular DEXs among chains, which tokens are the most popular ones to swap IN or OUT, how is the pattern of swap on chains, along with two cool tools that help you go through a deep dive into a desired chain swaps and a specific wallet swaps==

• The time Interval can be modified in the parameter section at the top of the dashboard to be set to day, week, month, etc by logging into the Flipside account which is free
• You can select the starting date of the analysis using the Days_Before parameter
• In the User Swap Tracker Tool dashboard, you can put your desired wallet address into the Swapper_Address parameter
• In the Chain Swaps Analyzer Tool, you can select your desired chain name in the Chain parameter to see insights about it, which support 11 different chains named Ethereum, Optimism, Arbitrum, Avalanche, Polygon, Solana, Osmosis, Thorchain, Algorand, Flow, and Near
• For EVM chains (first five) we took the same strategy for extracting executed real-end swaps by looking at their all token transfers and extracted the transfer pair that the ORIGIN_FROM_ADDRESS sends some token to a DEX address and receives another token in the same transaction, by excluding the LP token transfers and MEV bot swaps which use their own contracts for initiating swaps
• For finding the tokens we used core.dim_contracts to find out which token swapped in or out and what is their decimal number, BSC and Gnosis chains didn’t have this table and because of it was excluded from our analysis
• For finding DEXs swap contracts we used core.dim_labels of chains and manually added 10s of the most popular DEXs router contract which was missed in FS tables
• For finding the price of the tokens on Arbitrum, Avalanche, and Polygon that didn’t have a token price table, we used ethereum.core.fact_hourly_token_prices for some main tokens, such as ETH, manually added stablecoins price to 1 and calculated all other tokens’ price from their swap pair with a known price in all possible situations
• For calculating the USD volume of the swaps we used the price of the asset being swapped in all possible situations
• For ease of use, our analysis is separated into three different dashboards which you can go to our two side-dashboards in provided below links
• For other non-EVM chains, we used their swap tables
• We defined stablecoin swaps as any swaps that at least one side of it is stablecoin

More info on method including used contracts and tables can be found on Appendix!

✨ Highlights

• Here we can see the volume of the swaps through 11 different chains in different aspects
• Until Dec 8, 2022, between 11 chains in the last 60 days:
  • 🥇 53.5% of all real swaps were on the Ethereum
  • 🥈 Arbitrum and 🥉 Polygon are the other tops, with high distance with a share of ~15% and 12%
  • Ethereum had a considerable spark from Nov 8 to 10
  • Polygon and Arbitrum had a high spark on Dec 4
  • Looking at swap sizes,🥇 Ethereum by far had the highest average with a total average of ~8.8K
  • Algorand with ~90$ had the lowest average swap size among all chains
  • Thorchain had the lowest % share of tiny swap sizes (less than 10$) with less than a 1% share and ~84% of its swaps were between 100$ and 1000$
  • 🥇 Ethereum had the highest % share for huge swap sizes

✨ Highlights

• Here we can see the swaps frequency through 11 different chains in different aspects
• Until Dec 8, 2022, between 11 chains in the last 60 days:
  • 🥇 22% of all real swaps were on the Polygon
  • 🥈 Solana and 🥉 Arbitrum are the other tops, whit a very close distance with a share of ~21.7% and 19.1%
  • Solana had a considerable spark on Nov 8
  • Ethereum, Osmosis, and Optimism are the second three with a close distance to each other and a high distance from the first three
  • Looking over time, we can see these first three and second three have the same level share of swaps among all swaps

✨ Highlights

• Here we can see the unique swappers through 11 different chains in different aspects
• Until Dec 8, 2022, between 11 chains in the last 60 days:
  • 🥇 26% of all real swappers were on the Ethereum
  • 🥈 Polygon and 🥉Arbitrum are the other tops, with a share of ~25% and 17%
  • Solana and Optimism on the fourth and fifth sit are very close together
  • Thorchain swappers with tiny total and average swap sizes (less than 100$) had the lowest % share among all chains
  • Ethereum, Optimism, and Thorchain were the only chains that most of their user didn’t have the lowest total swap size

✨ Highlights

• Here we can compare all swaps through 11 different chains in stablecoin swaps and other swaps
• Until Dec 8, 2022, between 11 chains in the last 60 days:
  • 58% of all real swaps were on stablecoin swaps
  • 79% of all real swaps volume were stablecoin swaps
  • Thorchain had the least stablecoin swaps and Flow had the highest share of stablecoin swaps

For A deep dive into your wallet swaps, check our ==User Swap Tracker Tool== here

For A deep dive into your desired chain swaps, check our ==Chain Swaps Analyzer Tool== here

✨ Highlights

• Here we can see the swaps frequency through 11 different chains in different DEXs
• Until Dec 8, 2022, between 11 chains in the last 60 days:
  • 🥇 19% of all real swaps were on the uniswap
  • 🥈 jupiter v2 and 🥉 odos are the other tops, whit a close distance with a share of ~17% and 9%
  • uniswap was the top DEX in Ethereum, Optimism, and Arbitrum

✨ Highlights

• Here we can see the swaps volume through 11 different chains in different DEXs
• Until Dec 8, 2022, between 11 chains in the last 60 days:
  • 🥇 31% of all real swaps volume were on the 1inch
  • 🥈 odos and 🥉 uniswap are the other tops, whit a close distance with a share of ~17% and 9%
  • 1inch was the top DEX in Ethereum
  • odos was the top DEX in Polygon, Optimism, and Arbitrum
  • Arbitrum had a 37% share of all odos volume, top among all DEXs

✨ Highlights

• Here we can see the swappers through 11 different chains in different DEXs
• Until Dec 8, 2022, between 11 chains in the last 60 days:
  • 🥇 ~26% of all real swappers were on the uniswap
  • 🥈 metamask and 🥉 sushiswap are the other tops, with a share of ~9% and ~8%
  • uniswap was the top DEX in Ethereum, Optimism, and Arbitrum

✨ Highlights

• Here we can see the tokens swapped IN through 11 different chains in different aspects
• Until Dec 8, 2022, between 11 chains in the last 60 days:
  • 🥇 USDC,🥈 ETH, and 🥉USDT are the top three most popular tokens among all chains with a % share of 27.5%, ~23%, and ~9% in terms of frequency
  • 🥇 USDC,🥈 USDT, and 🥉ETH are the top three most popular tokens among all chains with a % share of 29.5%, ~22%, and ~19% in terms of volume
  • In Algorand and Thorchain, the most popular token is their native tokens ALGO and RUNE
  • Solana had the most shares of USDC swapped in with ~36%
  • Arbitrum had the most shares of ETH swapped in with ~60%

✨ Highlights

• Here we can see the tokens swapped OUT through 11 different chains in different aspects
• Until Dec 8, 2022, between 11 chains in the last 60 days:
  • 🥇 USDC,🥈 USDT, and 🥉SOL are the top three most popular tokens among all chains with a % share of 34%, ~12%, and ~8% in terms of frequency
  • 🥇 USDC,🥈 USDT, and 🥉WETH are the top three most popular tokens among all chains with a % share of 42%, ~20%, and ~9% in terms of volume
  • Solana had the most shares of USDC swapped out with ~34%
  • Polygon had the most shares of USDT swapped out with ~36%

For Algorand:

• The main tables that were used for this analysis were algorand.defi.fact_swap
• For prices, we used algorand.core.ez_price_pool_balances and algorand.defi.ez_price_swap tables

For Ethereum:

• The main tables that were used for this analysis were ethereum.core.fact_token_transfers and ethereum.core.ez_eth_transfers
• ethereum.core.dim_labels table used for tagging dex addresses where LABEL_TYPE='dex' and LABEL_SUBTYPE in ('general_contract','swap_contract') and ethereum.core.dim_contracts for finding tokens symbol and decimals
• For prices, we used ethereum.core.fact_hourly_token_prices table

For Optimism:

• The main tables that were used for this analysis were optimism.core.fact_token_transfers and optimism.core.ez_eth_transfers
• ethereum.core.dim_labels table used for tagging dex addresses where LABEL_TYPE='dex' and LABEL_SUBTYPE in ('general_contract','swap_contract') and optimism.core.dim_contracts for finding tokens symbol and decimals
• For prices, we used optimism.core.fact_hourly_token_prices and ethereum.core.fact_hourly_token_prices table

For Arbitrum:

• The main tables that were used for this analysis were arbitrum.core.fact_token_transfers and arbitrum.core.ez_eth_transfers

• arbitrum.core.dim_labels table used for tagging dex addresses where LABEL_TYPE='dex' and LABEL_SUBTYPE in ('general_contract','swap_contract') and arbitrum.core.dim_contracts for finding tokens symbol and decimals

• For prices, we used ethereum.core.fact_hourly_token_prices table

For Avalanche:

• The main tables that were used for this analysis were avalanche.core.fact_token_transfers and avalanche.core.ez_avax_transfers

• avalanche.core.dim_labels table used for tagging dex addresses where LABEL_TYPE='dex' and LABEL_SUBTYPE in ('general_contract','swap_contract') and avalanche.core.dim_contracts for finding tokens symbol and decimals

• For prices, we used ethereum.core.fact_hourly_token_prices table

For Polygon:

• The main tables that were used for this analysis were polygon.core.fact_token_transfers and polygon.core.ez_matic_transfers

• polygon.core.dim_labels table used for tagging dex addresses where LABEL_TYPE='dex' and LABEL_SUBTYPE in ('general_contract','swap_contract') and polygon.core.dim_contracts for finding tokens symbol and decimals

• For prices, we used ethereum.core.fact_hourly_token_prices table

For Solana:

• The main tables that were used for this analysis were solana.core.fact_swaps
• solana.core.dim_labels table used for tagging addresses
• For prices, we used solana.core.fact_hourly_token_prices table

For Flow:

• The main tables that were used for this analysis were flow.core.ez_swaps
• flow.core.ez_token_transfers table used for transfer volume
• For prices, we used flow.core.fact_prices table

For Near:

• The main tables that were used for this analysis were near.core.ez_dex_swaps
• For prices, we used near.core.fact_prices table

For Osmosis:

• The main tables that were used for this analysis were osmosis.core.fact_swaps
• osmosis.core.dim_labels table used for tagging addresses
• For prices, we used osmosis.core.dim_prices table

For Thorchain:

• The main tables that were used for this analysis were thorchain.core.fact_swaps

In this analysis, we went through a deep dive into real executed swaps on 11 L1s and L2s chains, and here are our findings until December 8, 2022:

• ~40B in $USD was swapped through more than 27M swaps with an average of ~1.4K $USD per swap on the last 60 days, in which 1.8M swappers did it through 72 DEXs in 11 different chains
• 22% of all real swaps were on the Polygon and ~21.7% and 19.1% were in Solana and Arbitrum in the last 60 days
• 53.5% of all real swaps volume were on Ethereum and ~15% and 12% were on Arbitrum and Polygon in the last 60 days
• Ethereum by far had the highest average with a total average of ~8.8K on the last 60 days
• Algorand with ~90$ had the lowest average swap size among all chains in the last 60 days and Ethereum had the highest % share for huge swap sizes
• Thorchain had the lowest % share of tiny swap sizes (less than 10$) with less than a 1% share and ~84% of its swaps were between 100$ and 1000$ in the last 60 days
• In the last 60 days, 26% of all real swappers were on the Ethereum and Ethereum, Optimism, and Thorchain were the only chains that most of their user didn’t have the lowest total swap size
• 58% of all real swaps and 79% of all real swaps volume were stablecoin swaps
• Thorchain had the least stablecoin swaps and Flow had the highest share of stablecoin swaps
• 19% of all real swaps were on the uniswap, and jupiter v2 and odos were the other tops with a share of ~17% and 9%
• 31% of all real swaps volume were on the 1inch, and ~17% and 9% of it were on odos and uniswap
• USDC was the top token swapped IN and OUT both in terms of frequency and volume
• Most of the swaps happened in the middle hour of the day and the early days of the week and month had more swaps than the rest
• On the User Swap Tracker Tool, we saw a deep dive into any desired wallet address swaps
• On the Chain Swaps Analyzer Tool, we saw a deep dive into swaps in any desired chain

For A deep dive into your wallet swaps, check our ==User Swap Tracker Tool== here

For A deep dive into your desired chain swaps, check our ==Chain Swaps Analyzer Tool== here

Highlights

• Here we can see swap patterns in terms of frequency and volume through all 11 different chains in the different hours on days of the week and different hours on days of the month
• Until Dec 8, 2022, between 11 chains in the last 60 days:
  • Most of the swaps happened in the middle hour of the day
  • The early days of the week and month had more swaps than the rest
  • The middle of the week had more swaps volume as you saw
  • Most of the high-volume swaps happened on the first one-third of the month