This analysis will provide insights into the borrowing activities for SNX, Uni, and MKR tokens on AAVE version 2. I thoroughly analyzed AAVE version 2 to determine the following parameters for these tokens:

Number of borrowers/Number of borrows/Total borrow volume

Breakdown of users utilizing the borrowing feature

The average length of time for paying back borrows

Top borrowers for these tokens

Popular platforms used by Borrowed Tokens

Top tokens borrowed by borrowers of these tokens.

I utilized the AAVE borrowed from Flipside Tables and applied symbol filters to focus on UNI, MKR, and SNX. I also explicitly selected AAVE version 2 as my AAVE version of choice.

AAVE version 2 is a decentralized finance (DeFi) platform that allows users to borrow and lend cryptocurrency without intermediaries such as banks or financial institutions. It is built on the Ethereum blockchain and uses smart contracts to facilitate transactions. AAVE version 2 offers several new features and improvements over the previous version, including increased efficiency, lower gas fees, and enhanced user experience. It also allows users to stake their AAVE tokens to earn rewards and participate in governance decisions. Overall, AAVE version 2 is a popular DeFi platform that gives users greater control and flexibility over their cryptocurrency transactions.

Uni appears to be the most popular token for borrowing activities on AAVE version 2, with 551 unique borrowers compared to SNX's 464 and MKR's 243 unique borrowers since December 2020. However, when looking at user activity over time, SNX has had more active users than Uni and MKR. The highest number of borrowers for each token was recorded between January and August 2021, after which the total monthly borrowers decreased below that level for each token. However, since January 2021, the total monthly number of borrowers has been increasing, with over 50 borrowers per month for each token. This suggests that borrowing activities for these tokens on AAVE version 2 have fluctuated over time, with SNX being the most active user engagement, despite having fewer unique borrowers than Uni.

The provided data indicates that there have been significant fluctuations in the monthly share of borrowing transactions for UNI, SNX, and MKR tokens on AAVE version 2. Until March 2021, UNI had the largest share of total transactions, accounting for 63%. However, UNI's share decreased, and SNX gradually took place. By mid-2021, the total monthly share of SNX reached as high as 57%. In November 2021, MKR's share briefly increased to 70%, but its monthly share was generally lower, averaging 10-20%. In 2022, UNI reclaimed its place as the most borrowed token, accounting for 40% of the total share, but since April 2022, SNX has been the most borrowed token. Overall, UNI and SNX had similar shares, while MKR, with 456 borrow transactions, was in third place.

SNX was the most popular token regarding the total borrowed volume on AAVE version 2, with users borrowing 237M US dollars. In contrast, Uni and MKR borrowed volumes were 180M and 168M US dollars, respectively. The popularity of tokens has changed over time. At the beginning of 2021, UNI had a higher borrowed volume, but after that, SNX's volume increased. In 2022, the volume of MKR increased, reaching up to 100M US dollars. The borrowed volume has fluctuated significantly in recent months, but SNX appears to have had more volume than other tokens. This suggests that borrowing activities for these tokens on AAVE version 2 have been dynamic, with the popularity and volume of each token changing over time.

On average, NX borrowers took longer to repay their borrows than the other two tokens. The average repayment period for SNX was 76 days, while for MKR and UNI, it was 44 and 46 days, respectively. However, it's important to note that most borrowers for all three tokens repaid their borrows in less than a week.

Interestingly, UNI had the highest number of users who took more than six months to repay their borrows.

The majority of borrowers for each token borrowed between 10K-100K US dollars. SNX had the highest number of wallets that borrowed more than 1M US dollars, with 50 unique wallets. MKR had 17 wallets, while UNI had 31 wallets that borrowed more than 1M US dollars. Additionally, it's worth noting that most users only borrowed once from AAVE version 2, which could indicate that they borrowed for a specific purpose and repaid the loan after achieving their goal.

Based on the data, users who borrowed UNI tokens tend to use them on decentralized exchanges such as Uniswap and 1inch. On the other hand, SNX borrowers appear to use their tokens mostly on Synthetix and Optimism. MKR borrowers, on the other hand, seem to use their tokens on platforms such as 1inch, Compound, and MakerDao. The most popular tokens borrowed alongside these tokens are USDC, USDT, WBTC, WETH, and DAI, indicating that users may use them for liquidity provision or trading purposes. It's also worth noting that the MEV Bot was excluded from the analysis.

In terms of the number of transactions, the UNI token was in first place until September 2022, but after that, the growth of SNX increased, and it took UNI's place. On the other hand, based on borrowed volume, SNX became the most popular token since April 2021, while UNI was the most popular before that.

During April 2022, MKR briefly took UNI's place for a short time, but again, the borrowed volume on UNI increased. By looking at the charts, we can also see where the growth of each token started and how it evolved over time.

Based on the analysis of borrowing activities for SNX, Uni, and MKR tokens on AAVE version 2, the following conclusions can be drawn:

Uni had the highest number of unique borrowers, but SNX had more active users over time. SNX was the most popular token based on total borrowed volume, followed by Uni and MKR. SNX borrowers repaid their borrows longer than other tokens, with an average repayment time of 76 days. The large group of borrowers of each token borrowed 10K-100K US dollars. Most users borrowed only one time from AAVE 2. Uni borrowers spent their tokens most on Uniswap and 1inch platforms. SNX borrowers spent their tokens on Synthetix and Optimism, and MKR users spent the most on 1inch, Compound, and MakerDao. The growth of SNX increased and took Uni's place in terms of transactions, while SNX became the first in volume since April 2021. Overall, SNX was the most popular token for borrowing activities on AAVE version 2, followed by Uni and MKR. The borrowing volume and active users of tokens have changed over time, with SNX showing the most significant growth. The popular platforms used by borrowers to spend their borrowed tokens varied among the three tokens, and most users borrowed only once from AAVE 2.

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Among the three tokens analyzed, UNI had the lowest average borrow rate for stable, variable, and utilization rates.

On the other hand, SNX had the highest average borrow rate for stable, variable, and utilization rates.

MKR had similar average borrow rates as UNI.

UNI borrowers experienced a higher rate of liquidation compared to MKR users, who experienced the lowest amount of liquidation.

The most popular type of loan on AAVE version 2 is the variable rate loan, as it has the highest total borrowed volume and the highest number of unique users. Only the MKR and UNI tokens were borrowed from stable loans, meaning borrowers preferred variable interest rates for other tokens.

Among flash loans, the MKR token had the highest borrowed volume at 19M, followed by UNI at 12M and SNX at 2.5M. This suggests that MKR is the most popular token for flash loans on AAVE version 2.