Introduction and methodology

Optimism is a low-cost and extremely fast Ethereum L2 blockchain. Optimism is a new digital democratic governance model optimized to drive rapid and continuous growth of a decentralized ecosystem. Swaps can be performed on Optimism via DEX. The most common DEX available on Optimism are Velodrome Finance as well as Uniswap.

Below, we will analyze two of the most important ones in terms of number of swaps, number of swappers as well as the most token swaps on each DEX.

In order to compare the two DEXs, I have used the optimism.core.fact_event_logs and dim_labels tables. The first one has been used to track the amount of swaps by filtering the Swap events. On the other hand, the dim_labels table has been used to get the DEX name by filtering by label_type=dex. In the case of Velodrome Finance, I have filtered by origin_to_address=0xa132dab612db5cb9fc9ac426a0cc215a3423f9c9 to be able to get the correct swaps. Finally, I have filtered the data from the past month by block_timestamp>current_date-INTERVAL-’1 month’ to only get the swaps performed over the past month.

Results

In the first chart we have analyzed the swaps by Optimism DEX on a daily basis from July to today. We can see that during the first three weeks the Uniswap DEX was predominant. In the middle of July, the number of swaps became more or less equal and, from the end of July to the present day, VElodrome Finance predominates by far. In addition, the number of swaps of the two DEXs increased considerably at the end of July. 

The second graph shows the percentages of swaps by DEX. We can see that the number of swaps in the two DEX is practically the same. Uniswap remains above, only by 1.6% more. In the case of Velodrome Finance, approximately 265k swaps have been executed, representing 49.2%, while Uniswap has executed, from July to date, approximately 274k swaps, representing 50.8%.

In the table below left, we have analyzed the daily amount of swappers by DEX. There is a clear difference between the two DEX. In the case of Velodrome Finance, it is more stable and the number of users is gradually increasing. In the case of Uniswap, it is much more unstable, but has much higher values. As of today, in Velodrome there are 936 swappers, while in Uniswap we can see 4000 swappers. 

Finally, in the last graph, we can see the percentage of swappers by DEX. As we have seen and explained above, there is a clear difference between the two DEX. Uniswap represents 75.9% of swappers and Velodrome Finance represents 24.1%. 

Looking at the number of swaps specifficaly by each token, we can see how it seems like the trends are similar on both DEXes and the most popular tokens swapped are similar on both platforms.

WETH, USDC and OP are the most swapped tokens on both DEXes. However, the ranks are not the same. While WETH is the most swapped token on Uniswap, the most swapped token on Veldordrome Finance has been USDC.

Finally, the last chart is about the number of swaps done by each token over time in a daily basis. It can be seen how the amount of swaps increased over the past days and the most swapped tokens have been USDC, OP and WETH.

Conclusions

In this dashboard we have analyzed the swaps on the major Optimism DEXs: Velodrome FInance and Uniswap. The most important insihgts extracted have been the following:

• During the first three weeks the Uniswap DEX was predominant. In the middle of July, the number of swaps became more or less equal and, from the end of July to the present day, Velodrome Finance predominates by far.
• The number of swaps in the two DEX is practically the same. 
• In Velodrome there are 936 swappers, while in Uniswap we can see 4000 swappers. Uniswap represents 75.9% of swappers and Velodrome Finance represents 24.1%. 
• WETH, USDC and OP are the most swapped tokens on both DEXes.
• While WETH is the most swapped token on Uniswap, the most swapped token on Veldordrome Finance has been USDC.