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Q95. Find out about the swapping behaviour of Celsius network on both Sushi and Uniswap. Which tokens did they swap the most? From which one of their wallets did they conduct most of the swaps?
Introduction and Methodology
For this bounty, I will investigate which tokens Celsius network users swap the most for. I will judge this bade on the volume of the transactions, rather than a count, as I think that this yields the best comparison. I will also look at the Celsius-related liquidity pools as a bonus, in order to see which ones are the most attractive to Celsius users. Finally, I will investigate which wallets made the most CEL-related transactions by looking at the distinct count of transactions.
Here we can see that users love to swap their CEL for WETH, as well as their WETH for CEL, these two swaps have a huge dominance over any other kind of swaps. We can see that 49.9% of the total swap volume belongs to WETH being swapped for CEL, whilst CEL being swapped for WETH accounts for 49.8% of the total volume. What is interesting here, is that if we look at the first chart, we can see the decline of daily swaps recently. Ever since about July 2021, the volume of any Celsius-related swaps has decreased significantly, which is not great news for the network...
Let's now have a look at what this looks like for the liquidity pools.
As we can see, CEL-WETH LP wins by far! All of the other liquidity pools that consist of CEL and are conducted on either SushiSwap or UniSwap are practically non-existent. This picture was a bit more optimistic pre the bear market, as we can see some other LP transactions around January - July 2021, while now there is very little of them - it is quite clear that users are scared to invest into more risky assets and prefer to go for something more 'safe', such as WETH.
Which wallets conducted the most swaps?
Lastly, let's calculate the count of transactions from each distinct wallet and order them by the ones with the most transactions made.
We can see that the user with the wallet: 0xdb5aa12ad695ef2a28c6cdb69f2bb04bed20a48e made the most CEL-related transactions, with 375 transactions overall to be exact! This number of transactions summed for just over $18M. What is interesting here is that the second wallet, 0x5fae4c088b1d8dddbdafff93a648dd87a71c6dea, made almost a half of the number of transactions, with only 197 transactions, but the overall volume traded was equal to almost $22M.
Conclusion
This dashboard has investigated the swapping behaviour of Celsius network on both Sushi and Uniswap. I have looked into which tokens users swapped the most for in the past few months, as well as which CEL-related liquidity pools they have deposited their assets and finally which wallets made the biggest number of transactions overall. As we have seen, WETH is definitely for the win here!