Introduction

Decentralized exchange is one of the various protocols of DeFi (DeFi) or decentralized finance, which has become more prominent with the significant growth of this field and most of these types of exchanges have been implemented on the Ethereum network. These exchanges compete with their centralized counterparts, such as Bainance Exchange. The main difference between a centralized exchange and a decentralized exchange is in the blockchain. In a decentralized exchange, no one will represent the funds and there is no need to trust the exchange to do the transaction. UniSwap has been one of the most successful Defi protocols for swapping and converting tokens on the Ethereum network. This decentralized exchange was created by a small team of enthusiastic builders who made the code open source and accessible to everyone so that it could be forged. This is exactly what SushiSwap did. Unlike older exchanges such as Bainance, which markets itself, SushiSwap, based on its community-based nature, uses users as liquidity providers and rewards them for the SUSHI token. Holders of this token are allowed to comment on legislation and protocols. There is also a percentage of transaction fees for these users.

Method

The following methods have been used to perform the required analyzes in this dashboard:

• First, the total number of swaps performed for sushiswap and two uniswap versions were obtained. The number of unique users of each of these three platforms was then calculated from January 1, 2022.

• Then, all three platforms were evaluated and a comparison chart was drawn between them for the following parameters:

     1. Number of daily Unique Wallets
     2. Number of daily transactions
     3. Number of daily swaps
  

• Next, the top 100 users of each platform in terms of number of transactions were obtained.

• Finally, from these top 100 users, the first 10 users were selected and the number of daily transactions and the number of their daily swaps were calculated and the relevant graphs were drawn so that the trend of changes of active users of each platform over time can be better seen.

• Both parameters (total number of swaps and total number of unique wallets) have the same result in terms of ranking of these three platforms:
  1. Uniswap v2
  2. Uniswap v3
  3. SushiSwap
• if we take a closer look at the results, it turns out that Uniswap v2 users have done more swaps than users of the other two platforms. If we want to show this with numbers, we have to divide the total number of swaps for each platform by the number of unique users of that platform to assign an average number to each user. The following results confirm what was mentioned above:
  1. Uniswap v2: 43.66 swaps per user
  2. Uniswap v3: 40.36 swaps per user
  3. SushiSwap : 22.65 swaps per user

• In terms of the number of unique wallets, except for one day (March 28), Uniswap v2 always has the highest number of unique wallets in a day. January 30 is also the only day that the number of unique wallets on SushiSwap has exceeded one of the Uniswap platforms (Uniswap v3) and is lower in this regard on all other days.

• In terms of the number of transactions, the relationship between SushiSwap and Uniswap v3 is the same as before (only on January 30, the number of transactions is higher). But in comparison with the two Uniswap platforms, it is no longer an absolute advantage over the second version. Here, the third version records more transactions in a few days. But overall, the second version still has the upper hand.

• In terms of the number of swaps, the number of swaps for SushiSwaps this time on the two days of January 17 and 30 is more than Uniswap v3. Comparing the two Uniswap versions, the advantages of the third version over the second version have increased more than before.

• With a closer look, specific results can be obtained from the diagrams of each platform:

  1. SushiSwap: Although there are ups and downs, the number of unique daily wallets has been declining over this period. Regarding the number of daily transactions and the number of swaps, although there has been a downward trend in these parameters since the beginning of 2022, the difference between the two and the previous one is that at the end of this period (which leads to the current date) there is an upward trend.

  2. Uniswap v2: What has been said about the trend of change over time in SushiSwap applies to a good extent here as well. The only difference is that in all three charts of this platform, at the end of the time period, we see an upward trend, although the slope of this uptrend is higher in the charts of the number of transactions and the number of swaps.

  3. Uniswap v3: This platform has a completely different trend from the previous two. Here the general trend is no longer declining and even to some extent it can be said that it is slightly higher. In this platform, we are witnessing a relatively sharp downward trend in the last few days, which should be seen to continue over time or, like other non-continuous downwards, will return after a few days.

• Active Users on SushiSwap

• In the SushiSwap platform:

  1. The wallet swap with the address 0xf07704777d6bc182bf2c67fbda48913169b84983 has done the most number of swaps. (At least 1.7 times more than other wallets) In terms of the number of transactions, this wallet is in the first place.
  2. The second place in both fields is related to the wallet with the address 0x000000c3cfd83e7f9d856bed82231e8a00a1b07f, which was about half of the previous wallet in both parameters.
  3. The third rank in the number of swaps is related to the wallet with the address 0x156d44552196cd60a7558e5cfd42a25b41e5445c, which had 5258 swaps, but is not in the third rank in the number of transactions it has performed. This means that it has done more swaps with fewer transactions (something that did not exist in the first two ranks and they did only one swap per transaction).

• Bar charts clearly show the difference between these top wallets.

• Active Users on Uniswap v2

On the Uniswap v2 platform:

1. The wallet with the address 0xf07704777d6bc182bf2c67fbda48913169b84983 has done the most swaps and the number of transactions. (At least 1.6 times more than other wal
2. The second rank in terms of the number of swaps and the third rank in terms of the number of transactions is related to the wallet with the address 0xdd21d4ddf6af83fdc8efc0d59508451299c8d79c, which was about half of the previous wallet in both parameters.
3. The third rank in the number of swaps is related to the wallet with the address 0x4dd36c49b200a6d52ebb365f01bf0e4db8b9f765, which is not in the third rank among the number of transactions it has performed. This means that it has done more swaps with fewer transactions.

• Active Users on Uniswap v3

On the Uniswap v3 platform:

1. The wallet with the address 0xe92f359e6f05564849afa933ce8f62b8007a1d5d has the first rank of the highest number of swaps and the third rank of the highest number of transactions.
2. The second rank in terms of the number of swaps and the third rank in terms of the number of transactions is related to the wallet with the address 0x4425c20d8e84c48aebeb116cf7b9838d4833f78d. This wallet does not have a place in the first three ranks of the number of transactions, which means that with fewer transactions, it has done more swaps.
3. The third rank in the number of swaps is related to the wallet with the address 0xd7e1236c08731c3632519dcd1a581bfe6876a3b2, which is not one of the three wallets with a high number of transactions.
4. Wallet with the address 0x042523db4f3effc33d2742022b2490258494f8b3 Unlike the previous two platforms, here it ranks 10th in terms of the number of swaps, but in terms of the number of transactions it ranks first.

Conclusion

• The SushiSwap platform is still behind the two Uniswap platforms in every aspect, and the overall trend is not such that it can be said to threaten their position soon.
• The positive trend of Uniswap v3 compared to the negative trend of Uniswap v2 can indicate that it is possible that version two will be discarded in the near future.
• Compared to the two Uniswap versions, it seems that more users tend to do multiple swaps with Uniswap v3.
• The wallet with the address 0xf07704777d6bc182bf2c67fbda48913169b84983 is one of the most active wallets in all three platforms and is in the top ranks of all three platforms in terms of number of transactions and number of swaps.