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Introduction🚩
The Sushiswap Chain Dominance Dashboard is an essential tool for traders, investors, and blockchain enthusiasts seeking to gain insights into Sushiswap's performance compared to Uniswap on various blockchain networks. Since June 2022, Sushiswap has rapidly gained popularity among DeFi users due to its unique features and user-friendly interface.
This dashboard provides an in-depth analysis of Sushiswap's swap statistics on various blockchain networks, including Ethereum, Arbitrum, Polygon, Avalanche and others, and compares them to Uniswap's performance during this period. The dashboard is equipped with advanced metrics such as trading volume, liquidity, and market share, allowing users to evaluate Sushiswap's dominance and track its growth over time.
With real-time data and interactive charts, the Sushiswap Chain Dominance Dashboard offers a comprehensive view of Sushiswap's performance on multiple blockchains and allows users to make informed decisions when it comes to investing or trading. Whether you're a seasoned trader or a novice investor, this dashboard is a must-have tool for anyone interested in the DeFi space.
Method⚡
The purpose of this dashboard is to analyze Sushiswap's activity across various blockchains since June 2022 and compare it to other decentralized exchanges (DEXs) on the same network. Specifically, we compared Sushiswap on Ethereum with Uniswap and Sushiswap on Optimism with Velodrome to see how it performed over time.
To conduct this analysis, we extracted swap activity data from ==Sushi== database on each chain's ez_swaps table. We used Flipsidecrypto data to gather all the necessary information.
We filtered the data since June 2022 and analyzed it on a monthly basis. However, you can modify the dashboard to display weekly or daily data by adjusting the Date field at the beginning of the dashboard. Note that you'll need to log in to Flipsidecrypto to access this feature.
Additionally, we included a list of the top 10 pools for Sushiswap on each chain to identify the most popular pools among users.
Findings👀
- Since June 2022, Arbitrum has been leading other chains in terms of monthly swaps and swappers, but Ethereum has outperformed all other chains in terms of swap volume. Despite recording 2 million more swaps than Ethereum during this period, Arbitrum recorded a much lower volume of only $2.6 billion, while Ethereum recorded over $7.6 billion, nearly $5 billion more than Arbitrum.
- During this period, no other chains made significant movements except for Arbitrum, whose swappers were very active on Sushiswap, generating their highest activity in November 2022 with over 746,000 swaps generated by 152,000 swappers.
- In November 2022, Avalanche made a significant move in swap volume with a huge spike of over $1.5 billion, completely dominating other chains, especially Ethereum. After Ethereum, Arbitrum followed in terms of swap volume, recording the second-highest volume among all chains and ranking in second place after Ethereum and trailing behind Avalanche.
- While Polygon recorded some serious numbers in terms of swaps and swappers, it did not record as much swap volume as Avalanche, ranking fourth in this regard, while ranking third in terms of swaps and swappers statistics.
Findings👀
- In this part, I compared the performance of two popular decentralized exchanges (DEXs) on the Ethereum network, namely Sushiswap and Uniswap, since mid-2022. The data indicates that Uniswap has outperformed Sushiswap in terms of user preference and activity on the platform.
- Since June 2022, Uniswap has recorded over 5.6M swaps generated by more than 1.45M swappers, which is nearly 3M swaps and 1M swappers more than Sushiswap during the same period. The monthly data charts show that Uniswap recorded its highest activity in November 2022 and February 2023, with roughly 740K swaps each month by 180K swappers
- However, both platforms experienced a bearish trend in swap volume during this timeframe, with the lowest point recorded in December 2022. Uniswap saw a massive drop from 19.8B swaps in November to 8.2B in December, while Sushiswap recorded a decrease from 793M to 304M swaps during the same period.
- Overall, Uniswap recorded a total volume of over 140B USD, while Sushiswap's volume was less than 20B USD.
- In below, you can see their top 10 pools by the most swaps count.
- USDC/WETH Pool was the most popular one on both platforms with 282K swaps on sushiswap and 1.2M swaps on Uniswap over time.
Findings👀
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In this section, I conducted an analysis of the performance of Sushiswap and Velodrome DEXs on the Optimism network since June 2022, with the aim of determining which of the two platforms has performed better during this period.
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As was the case in the previous section where Uniswap outperformed Sushiswap on Ethereum, Velodrome has emerged as the clear leader on
Optimism, outpacing Sushiswap in several key metrics.
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Both Velodrome and Sushiswap experienced significant growth before the beginning of 2023. Velodrome recorded a high number of fluctuations in terms of Swaps, with its highest number of swappers occurring in December 2022, with over 72K users. On the other hand, Sushiswap only recorded 4K swappers during the same period.
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Overall, Velodrome recorded more than 5M swaps by 438K swappers, while Sushiswap recorded only 75.6K swaps by 38K swappers.
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In terms of total volume, Velodrome outperformed Sushiswap, recording nearly 4B USD in volume from swaps since June 2022, while Sushiswap only recorded 193.8K USD in volume. Therefore, it is clear that Velodrome has performed better than Sushiswap on the Optimism network.
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In below, i showed their top 10 pools on Optimism with the highest swaps.
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Looks like WETH_USDC was the most popular pool in Sushiswap on Optimism while OP/USDC was the most popular one on Velodrome and WETH/USDC was the second.
Findings👀
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These tables display the top 10 Sushiswap pools on Arbitrum, Avalanche, and Polygon since June 2022.
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Stablecoin paired pools were popular on all chains, as previously observed on Sushiswap for both Ethereum and Optimism. The WETH-USDC pool was the most popular among Polygon and
Arbitrum users, with over 218,000 swaps on Polygon and more than 1 million swaps on Arbitrum.
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On Sushiswap Avalanche, the most popular pool was the MIM-WAVAX pool, which contains Avalanche's native token, wAVAX. This pool recorded over 76,000 swaps, with a 30 million USD volume generated by 16,900 swappers over time.
Conclusion💡
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In conclusion, the decentralized exchange ecosystem has experienced significant growth since mid-2022, with different chains and DEX platforms recording varying levels of activity, volume, and user engagement.
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Ethereum remains the dominant chain in terms of swap volume, followed by Arbitrum and Avalanche, while Velodrome has emerged as the clear leader on Optimism, outpacing Sushiswap in key metrics.
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Stablecoin paired pools have been consistently popular across all chains, with the WETH-USDC pool being the most popular on both Polygon and Arbitrum.
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The USDC-WETH pool was the most popular on both Sushiswap and Uniswap on Ethereum, with Uniswap outperforming Sushiswap in terms of user preference and activity.
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Overall, the data indicates that the decentralized exchange ecosystem is vibrant and dynamic, with various platforms and chains competing for user engagement and market share.