Introduction

• In this analysis, You will read about Two popular DEXs, Sushiswap and Uniswap on layer2 chains like Polygon, Optimism and Arbitrum.
• I compared Sushiswap and Uniswap shares on Layer2. I divided my findings into two categories. One is the share of Sushiswap and Uniswap on the Layers2 chain. And the other one is the share of Sushiswap and Uniswap separately on Polygon, Optimism and Arbitrum.

Analyzed By Hess - Reading Time Almost 10 Min.

Method

• Fortunately, We have Sushiswap tables on Polygon, Optimism and Arbitrum. So it was easy to extract Sushsiwap shares from the EZ swap table on each chain. Unfortunately, We don’t have Uniswap tables like Sushiswap on Layer2 chains. So I extracted swap transactions from the Fact event log table of each chain. Then, I joined my findings into the Fact table again and extracted rows which send to Uniswap addresses. I found Uniswap addresses from the DIM label table with label_type ‘dex’ and project names like ‘%uniswap%‘.

  Note: We don’t have a price or token name tables on Polygon and Arbitrum. So I couldn’t analyze Uniswap based on volume and I analyzed based on Transactions and users.

Sushi Vs. Uniswap on Polygon

• Sushiswap is more likely for Polygon Users in comparison to Uniswap. The share of Sushiswap is around 78% and Uniswap is 21%. Uniswap loses its competition with Sushiswap on Polygon.
• The total number of users on Sushiswap is 140X that of Uniswap. Sushi has 150K users and Uni has 1.3K.
• But the difference is the average number of transactions by Uni and Sushi users on Polygon. The large group of users on Sushiswap had only 1 transaction but the large group of users on Uniswap had more than 5 transactions.

Sushi Vs. Uniswap on Optimism

• What happened on Uniswap in the Polygon chain is very similar to what happened on Sushiswap in the Optimism chain.
• The share of Uniswap transactions is 99% and Sushiswap had only 1% of the share in the last 180 days.
• Uniswap has 132K unique wallets but Sushiswap has only 4k users. Uniswap has 30x more users than Sushiswap.
• The average number of transactions by Uniswap users is 8.5 and the average number of transactions by Sushiswap is 2.6 per user.
• The large group of users on both platforms had only 1 swap.
• The optimism Winner is Uniswap.

Sushi Vs. Uni on Arbitrum

• The total share of Sushiswap on Arbitrum is 65% and Uniswap is 34%.
• 199K users had nearly 1.5M Swaps in the last 180 days on Sushiswap. 118K Uniswap users had 800K swaps. Both in transactions and Users, Sushiswap had more shares.
• The average number of transactions by Uniswap users is 6.7 and Sushiswap is 7.6.
• The Sushiswap shares increased over time in the last 180 days.
• The large group of users had more than 5 swaps on Sushi but Uniswap had only one transaction.
• The winner of Arbitrum is Sushiswap.

A Summary of the most important Findings

• Overall, Sushiswap had a higher share of transactions and users on Layer2 chains in comparison to Uniswap. However, The share of Uniswap increased over time.
• On Polygon, Sushiswap has 78% of the share and Uniswap has 22%. It seems Polygon users don’t like Uniswap. The total number of Sushiswap on Polygon was 150K and Uniswap was only 1332 in the last 180 days.
• Unlike Polygon, Optimism users don’t like Sushiswap. Nearly 99% of transactions were on Uniswap and Sushiswap has only 1 share on Optimism. 4k Optimism users had swapped on Sushiswap.
• There is a competition on Arbitrum between Uniswap and Sushiswap. Right now, Based on the last 180 days, Sushiswap has 65% of swap transactions on Arbitrum and Uniswap has 35% of shares. It is true that Sushiswap has more shares but other parameters were similar to each other.

Full Analysis

Sushi Vs. Uni on L2

• Sushiswap had more shares between May and June but over time the share of Sushiswap decreased from 60-65% TO 40-55%. Nearly 2.9M Swaps were recorded on Sushiswap and 2.3M swaps were recorded on Uniswap. Right now their share is similar to each other and by this growth, Uniswap will defeat Sushiswap over time If Sushiswap won’t change its marketing.
• Unlike transactions, Sushiswap has more users on Polygon in comparison to Uniswap. About 333K users have used Sushiswap and 213K users have used Uniswap on the Polygon chain. Sushiswap has 100K unique wallets than Uniswap.
• It seems Uniswap is more likely on Polygon. Because the average number of transactions of Uniswap users was higher than Sushiswap users. Overall, The average number of transactions per user on Sushiswap is 8 and Uniswap is 10 but between June and late May, The average number of transactions by Sushiswap users decreased to 2-3 swaps.
• The large group of Users on Sushiswap and Uniswap had only one transaction.
• The favourite day for both platforms is Wednesday.
• The winner on Polygon is Sushiswap.

Conclusion

Polygon:

:1st_place_medal: Sushiswap

Arbitrum:

:1st_place_medal: Sushiswap

Optimism:

:1st_place_medal: Uniswap

The result is clear. Overall, Sushiswap wins the competition on Layers2. Based on three layer2 chains, Sushiswap has more share on two chains. Both of them have plans and marketing on Layer2. I have seen their activities with the Layer3 platform to lead their users into Uniswap and Sushiswap on a different chain. Sushiswap needs to improve its marketing on Optimism and Uniswap need to improve their activities on Polygon.