Uniswap is one of the largest decentralized exchanges in the crypto market in terms of daily transaction volume. SushiSwap, as a fork of Uniswap, started its operation 2 years later than Uniswap in late 2020. As the number of blockchains supported by these DEXs as well as the number of their users increase, they will require more variety in their stablecoins offering or at least a larger liquidity pool for the existing ones to be able to properly serve their users.

In this analysis, the top 15 stablecoins in the SushiSwap platform have been chosen based on their total swapped volume and compared their position in both SushiSwap and Uniswap.

Methodology

The data for stablecoins on the SushiSwap platform were collected using the tables of the ethereum.core schema. Based on the information provided by CoinMarketCap regarding the stablecoins on top of the swaps data of SushiSwap, 15 stablecoins have been chosen from the total of 798 tokens that exist in the platform. Two assumptions were made for the selection of these coins:

1. They were pegged to the U.S. dollar;
2. They have a total swaps volume of more than 1 million dollars on the platform.

To be able to calculate to total value locked on the liquidity pool of these stablecoins, the fact_hourly_token_prices table was used to collect the token addresses of the stablecoins, and the dim_dex_liquidity_pools table was used to collect the pool addresses for the tokens, and ultimately, the erc20_balances table was used to measure the total balance of these pools.

SushiSwap's Top Stablecoins

The total swaps volume and swaps number of the top 15 stablecoins on SushiSwaps have been depicted in the following charts. As it can be seen, USDC, USDT, and DAI are by a large margin the dominant stablecoins on the platform. Even by combining the volume or number of swaps of other stablecoins, they will not reach the same level as 1 of the top 3 mentioned tokens. It is worth noting that UST had been in the top stablecoins previously, however after the Terra crash and its USD depeg it is not considered a stablecoin anymore.

From another perspective, it can be seen that USDC, USDT, and DAI have more than 97% share of the volume of the total swap and around 93% share of the total swap number combined since the launch of the platform. In other words, the other stablecoins are negligible.

Swaps of SushiSwap vs Uniswap

The comparison of the total volume and the total number of swaps on both DEXs has shown that Uniswap has had a higher amount in both metrics. The top tokens are completely the same and USDC, USDT, and DAI have been the dominant stablecoins on Uniswap as well. Surprisingly, stablecoins of FEI and FRAX have accounted for a much larger volume and the number of swaps in the Uniswap platform compared to SushiSwap.

Conclusion

Overall, it can be concluded that the USDC and DAI as native stablecoins on the Ethereum network and USDT as the largest stablecoin by market cap in the crypto space have been the dominant stablecoins across both SushiSwap and Uniswap DEXs. Although Uniswap has had a better platform for other stablecoins to grow and to have a share of the total swaps, other stablecoins on SushiSwap have been almost negligible compared to the top three.

For the analysis of the total value locked for each stablecoin, the influx of capital into their liquidity pool addresses has been evaluated. As it is depicted in the charts below, DAI has the largest pool over 90% of the total among all stablecoins. After that, USDC has a share of around 8.5% and all others have a share of less than a percent.

As for the comparison of the two DEXs, Uniswap's stablecoins have larger pools compared to SushiSwap, as expected. It is due to the fact that it is a bigger DEX with a larger user base, and it launched 2 years sooner than SushiSwap. Coin-wise, USDC and USDT have the largest pools in Uniswap, and other stablecoins such as FRAX, FEI, and DAI have a decent pool compared to others.

Total Value Locked