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What is the Question?🚨
Sushi just recently announced its entrance into the DEX aggregator business. The intent is to drive better prices for consumers and build deeper liquidity pools.
What is the current state of Sushi's top 5 liquidity pools?
Chart how volume, number of users, and other metrics have changed over the past 6 months.
Furthermore, analyze what Sushi's competition will look like in the aggregator business. How does volume compare to other aggregators like 1inch and Matcha?
Analyzed Topics:
- Top 5 Pools on Sushiswap Statistics in Past 6 Months
- Sushiswap General Stats in Past 6 Months
- Other Aggregators (1Inch & Matcha) Swap Activity in Past 6 Months
Introduction🚩
Welcome to an analysis of SushiSwap's activity over the past 6 months, with a particular focus on its top 5 pools and a comparison to 1inch and Matcha aggregators.
SushiSwap, a decentralized exchange (DEX), has gained a lot of popularity in the DeFi world since its launch in September 2020. Its unique features such as yield farming, staking, and liquidity provision have attracted a large user base, resulting in a significant increase in trading volume and liquidity.
To better understand SushiSwap's activity, we will be examining its top 5 pools. These pools have consistently held the most liquidity, and we will be analyzing their performance in terms of trading volume, liquidity, and fees.
Method⚡
In this dashboard, I analyzed Sushiswap's swap activity over the past six months and extracted its top five pools in terms of all swaps to determine which of them is leading the others during this time period. Additionally, I explored two aggregators, 1Inch and Matcha, to predict the future of the newly launched Sushi aggregator and to see if Sushi can surpass them in the future.
To perform this analysis, I primarily used the ez_dex_swaps table from the ==ethereum.core== database provided by Flipsidecrypto and filtered Sushiswap with the platform like 'Sushiswap’ Furthermore, I filtered the data from the past six months with current_date -180 .
For the other aggregators, I extracted their data from fact_event_logs table using their contract addresses:
1Inch:
contract_address in (lower('0x1111111254EEB25477B68fb85Ed929f73A960582'), --1inch v5: Aggregation Router
lower('0x11111112542D85B3EF69AE05771c2dCCff4fAa26'), --1inch v3: Aggregation Router
lower('0x1111111254fb6c44bAC0beD2854e76F90643097d'), --1inch v4: Aggregation Router
lower('0x111111125434b319222CdBf8C261674aDB56F3ae')) --1inch v2: Aggregation Router
Matcha:
contract_address in (lower('0xDef1C0ded9bec7F1a1670819833240f027b25EfF'))
Findings👀
- To start with, I presented a table containing the top 20 Sushiswap pools by USD volume over the past six months, along with their stats and addresses.
- Following this, I listed the top 5 pools based on swaps, swappers, and USD volume in the same time frame.
- The analysis reveals that the USDC/WETH pool was by far the most popular pool on Sushiswap, with a significant lead over the second most popular pool. In fact, the USDC/WETH pool dominated all other pools during this period.
- With over 276K users generating more than 1M swaps and a total volume of over 30B USD, this pool had recorded 12B more volume than the second most popular pool. Additionally, all other pools recorded less than 20B USD in volume during the past six months.
- Furthermore, the charts clearly indicate that the most popular stablecoin pools with WETH, namely USDC/WETH and WETH/USDT, outperformed other pools and accounted for the majority of swap activity on Sushiswap.
- Although swap activity on Sushiswap experienced a massive hype in early November 2022, it started to decline soon after. However, after a few months, it began to recover. Nevertheless, it still has a long way to go to reach its previous peak, which occurred on November 9th.
- Moreover, the number of new users on the top five Sushiswap pools also witnessed a massive decline after early November. Nevertheless, overall, the platform is still experiencing user growth with a good upward trend.
Findings👀
- As I mentioned earlier, Sushiswap experienced a sharp decline and turned bearish after reaching its all-time high swap activity in November. However, since the start of the new year, it has been slowly recovering from the earlier setback, and after two months into 2023, it has been performing quite well.
- While the swap volume has recorded some fluctuations recently and came close to its previous November all-time high, it was unable to break the record and declined again.
- WETH has been the most swapped token on Sushiswap, with almost 700K swaps generated by over 166K swappers, and a total volume of 1.78B over the past six months. Following WETH is USDC, with an almost 500M USD volume and only 131K swaps generated by 40K swappers.
Findings👀
- In this section, I analyzed two aggregators, namely 1inch and Matcha, to evaluate their performance over the past six months.
- After experiencing a significant price surge in late December 2022, 1inch managed to surpass Matcha and recorded more swap statistics than it had in the previous six months. Following this, 1inch's stats continued to increase massively, completely outpacing Matcha's numbers.
- Although the number of daily swappers was the same and lower than that of Matcha, the number of daily swaps was increasing day by day with a sharp upward trend. On February 15th, 1inch reached its all-time high of swaps with almost 4K swaps, while Sushiswap recorded 4K swaps on a bad day. As such, I predict that Sushi will dominate these two aggregators in the near future.
- Pie charts indicate that 1inch accounted for over 50% of swaps and swap volume shares against Matcha, completely outperforming the other aggregator except in the swappers count.
- Despite Matcha recording more swappers than 1inch, the latter dominated in swap count and volume during this period.
- The highest swap activity for these aggregators was with Uniswap v2-v3, especially in 1inch's stats.
Conclusion💡
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In terms of swap pairs, the most popular on Sushiswap were the stablecoin pairs, USDC and USDT, paired with WETH.
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However, Sushiswap's statistics over the past six months have been volatile, with a significant drop after reaching its all-time high in November 2022.
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WETH was the most frequently swapped token on Sushiswap, followed by USDC and USDT in second and third place respectively.
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Among the top five pools on Sushiswap, USDC/WETH and WETH/USDT saw significantly higher statistics than other top five pools.
Starting in 2023, 1Inch began to dominate Matcha and took the lead. However, these aggregators may be overshadowed in the near future by the recently launched Sushiswap aggregator.
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Uniswap was particularly popular among these aggregators, especially for 1Inch.
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Over the past six months, 1Inch recorded more swaps and swap volume than Matcha, while Matcha had more swappers than 1Inch.