Defi Users vs. Newbies

    Are Uniswap users coming from other De-Fi projects?

    Conclusion

    We have broken down other tokens in Uniswap users' wallets and have calculated the UNI share of users who also deposit in the Compound protocol. From the results gathered, we can infer that most of the user inflow to Uniswap comes from other De-Fi projects.

    The share of UNI tokens (of wallet) of Uniswap users who have deposited in Compound peaked at 0.5% in April. UNI share of wallet balance has since stayed under 0.2%.

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    Next, we analyze the percentage UNI share of wallets of Uniswap users who have deposited in other pools or protocols.

    We narrow it down to Uniswap users who have deposited to the compound protocol.

    Our query maps Uniswap users who are compound depositors to their wallet balance, where the UNI share of their total is calculated.

    Here's how the query looks like:

    WITH uniswap_users AS (
      SELECT DISTINCT(from_address) AS uniswap_user  
      FROM ethereum.dex_swaps
      WHERE platform = 'uniswap-v2' OR platform = 'uniswap-v3'
    ),
    
    comp_depositors AS (  
      SELECT u.uniswap_user AS uniswap_user
      FROM compound.deposits AS c 
      JOIN uniswap_users AS u ON c.supplier = u.uniswap_user
    ),
    
    total_balance AS (
      SELECT b.balance_date, SUM(amount_usd) AS total
      FROM ethereum.erc20_balances AS b
      JOIN comp_depositors AS c ON c.uniswap_user = b.user_address 
      GROUP BY 1 
    )
    
    SELECT b.balance_date, ((SUM(amount_usd)*100)/SUM(t.total)) AS uni_share
    FROM ethereum.erc20_balances AS b
    JOIN total_balance AS t ON t.balance_date = b.balance_date
    WHERE symbol = 'UNI' AND b.balance_date >= CURRENT_DATE - 90
    GROUP BY 1
    

    The resulting table is visualized in the graph below:

    At a point in the past 3 months, Uniswap users seemed to have more in AAVE tokens than COMP and SUSHI combined. The graph looks quite unpredictable.

    As of July 4, 2021, the USD equivalent breakdown of tokens other than UNI of Uniswap users is as follows:

    • SUSHI - $271.9885K
    • AAVE - $250.9856K
    • COMP - $179.1324K
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    The resulting table is visualized below:

    Methodology

    To understand the flow of users into Uniswap, we need to know the breakdown of tokens other than UNI in Uniswap users' addresses and their change over time.

    Before that, we need to define who a Uniswap user is and what 'other tokens' are.

    A Uniswap user will be defined as any address that has successfully completed at least a transaction on Uniswap. We can get a list of Uniswap users with the following query:

    SELECT DISTINCT(from_address) AS uniswap_user  
    FROM ethereum.dex_swaps
    WHERE platform = 'uniswap-v2' OR platform = 'uniswap-v3'
    

    We define other tokens are a closed list of De-Fi tokens selected from the top 10 projects on the defipulse leaderboard. These tokens are:

    • COMP
    • AAVE
    • SUSHI

    To break down these tokens for Uniswap users, we map every Uniswap address to a token query, where balances are summed up by date. For every day in the past 3 months, the daily balances of all Uniswap users are collected with each column representing a different token.

    This is how the query looks like.

    WITH uniswap_users AS (
      SELECT DISTINCT(from_address) AS uniswap_user  
      FROM ethereum.dex_swaps
      WHERE platform = 'uniswap-v2' OR platform = 'uniswap-v3'
    ),
    
    sushiswap_balances AS (
      SELECT balance_date, SUM(amount_usd) AS daily_sum
      FROM ethereum.erc20_balances
      JOIN uniswap_users AS u ON ethereum.erc20_balances.user_address = u.uniswap_user
      WHERE contract_label = 'sushiswap' AND balance_date >= CURRENT_DATE - 90
      GROUP BY 1
    ),
    
    comp_balances AS (
      SELECT balance_date, SUM(amount_usd) AS daily_sum
      FROM ethereum.erc20_balances
      JOIN uniswap_users AS u ON ethereum.erc20_balances.user_address = u.uniswap_user
      WHERE symbol = 'COMP' AND balance_date >= CURRENT_DATE - 90
      GROUP BY 1
    ),
    
    aave_balances AS (
      SELECT balance_date, SUM(amount_usd) AS daily_sum
      FROM ethereum.erc20_balances
      JOIN uniswap_users AS u ON ethereum.erc20_balances.user_address = u.uniswap_user
      WHERE symbol = 'AAVE' AND balance_date >= CURRENT_DATE - 90
      GROUP BY 1
    )
    
    SELECT sushiswap_balances.balance_date AS balance_date, sushiswap_balances.daily_sum AS sushi, comp_balances.daily_sum AS comp, aave_balances.daily_sum AS aave
    FROM sushiswap_balances
    JOIN comp_balances ON comp_balances.balance_date = sushiswap_balances.balance_date
    JOIN aave_balances ON aave_balances.balance_date = sushiswap_balances.balance_date
    

    Introduction

    De-Fi adoption is on the rise and Uniswap is having its fair share of the market. The flow of users into Uniswap is presumed to be made up of two groups of users; defi users and newbies.