In my analysis, I will compare the market share of Sushiswap and Uniswap on the L2 chains: Polygon, Arbitrum, Optimism. 

What is Sushiswap?

SushiSwap is a blockchain-based decentralized exchange (DEX). It serves as an alternative to the trading of liquidity provider (LP) tokens.

SushiSwap, which uses the Automated Market Maker (AMM) protocol, is enabled by "smart contracts," allowing users to purchase and sell via Sushi DeFi and decentralized exchanges. There are several things you can do on SushiSwap:

• Swap: Trade one cryptocurrency for another, such as turning your USD Coin (USDC) into Ethereum (ETH).
• Farm: Deposit crypto into one of SushiSwap's liquidity pools to earn rewards. Liquidity pools contain combinations of two or more cryptocurrencies, and you must deposit an equal amount of each one.
• Stake: Deposit your SushiSwap tokens to earn rewards.
• Lend: Provide crypto for others to borrow and earn interest on it.
• Borrow: Borrow crypto after providing collateral.

What is Uniswap?

The Uniswap network is intended to facilitate the buying and selling of crypto assets in a manner similar to a regular exchange.

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It accomplishes this by establishing smart contracts in which customers can deposit crypto assets that traders can access programmatically. Users who trade against assets in the pool pay a charge, which is subsequently proportionally dispersed to all liquidity providers based on their contribution to the pool. Uniswap allows users to trade without intermediaries, with a high degree of decentralization and censorship-resistance.

Uniswap's technology has gone through multiple revisions. If you've used Uniswap, you've probably used Uniswap v2. However, fresh enhancements are constantly being developed. Let's go over the most significant changes made by Uniswap v3. One of the most significant changes coming with Uniswap v3 relates to capital efficiency.  Uniswap v3 is a simple method of establishing an on-chain order book on Ethereum, where market makers can choose to supply liquidity in the price ranges they specify.  It is important to note that this change benefits professional market makers over retail participants. The beauty of AMMs is that anyone can offer liquidity and invest their money.

What is Polygon?

Polygon, as a Layer 2 protocol, does not seek to imitate Ethereum's capabilities. Instead, it helps developers enhance transaction speeds and reduce costs. Consider it an express train that runs parallel to a local train, going quicker and stopping at fewer stations.

At the moment, Ethereum can execute 14 transactions per second (TPS), whereas Polygon can process up to 7,000 TPS. Everything created on the blockchain, like an HOV lane on the highway, becomes significantly cheaper and faster as a result.

Polygon’s proof-of-stake [*] consensus mechanism rewards token holders for keeping the network running and verifying transactions.

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What is Arbitrum?

Arbitrum is a layer-2 solution project that aims to improve the speed and scalability of Ethereum smart contracts and add more privacy features on top of that.

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The platform is made to make it easy for developers to run Ethereum Virtual Machine (EVM) contracts and Ethereum transactions at layer-2 without changing them, while still taking advantage of Ethereum's great layer-1 security.

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Arbitrum was made to fix some of the problems that had already been found.

What is Optimism?

Optimism is an Ethereum Layer 2 scaling solution. It contributes to the reduction of transaction fees and transaction times on the Ethereum blockchain.

Optimism processes transactions in batches via rollups, which reduces gas expenses and network congestion. When compared to the Layer 1 protocol, rollups can help users save up to 100 times the gas charge.

Optimism crypto's rollup technique combines hundreds of transactions on Ethereum's Layer 1 into a single transaction. Because a bundle contains numerous transactions, the gas charge is shared by all users. The transaction data is posted to Ethereum's Layer 1 for processing while the rollup is ongoing on Optimism's Layer 2.

Methodology

• The source of data:

  • Regarding Sushiswap, these tables “==arbitrum.sushi.ez_swaps==”, “==optimism.sushi.ez_swaps==” and “==polygon.sushi.ez_swaps==” are used to conduct my SQLs.
  • Regarding Uniswap, a wide range of tables were used to conduct my SQLs. They are “==arbitrum.core.fact_event_logs==”, “==arbitrum.core.fact_transactions==”, “==optimism.core.fact_event_logs==”, “==optimism.core.fact_transactions==” , “==polygon.core.fact_event_logs==”, “==polygon.core.fact_transactions==”, “==ethereum.core.fact_hourly_token_prices==”.

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• Aspect of analysis:

  • The total number of swappers, swaps and average number of transactions per swappers from 03 chains: Optimism, Polygon and Arbitrum ==on both Sushiswap and Uniswap.==
  • The daily number of swappers, swaps and average number of transactions per swappers from 03 chains: Optimism, Polygon and Arbitrum ==on both Sushiswap and Uniswap.==
  • Total and daily swap amount from 03 chains on ==Sushiswap==.
  • Total and daily fee in USD from 03 chains ==on Uniswap.==
  • Top 5 pools with highest number of swappers and swaps from 03 chains: Optimism, Polygon and Arbitrum ==on both Sushiswap and Uniswap.==

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• Approach to analyze:

  • Regarding Sushiswap, Fl already have specific tables for swap activities of 03 chains. To be more specific, we have “arbitrum.sushi.ez_swaps” for Arbitrum, “optimism.sushi.ez_swaps” for Optimism, “polygon.sushi.ez_swaps” for Polygon. All we need to do is just extract data and conduct the queries to calculate.

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  • Regarding Uniswap, there is no any specific tables for swap activities of 03 chains. Therefore, we need the combination of various tables for conducting the queries to calculate. To be more specific, “arbitrum.core.fact_event_logs”, “polygon.core.fact_event_logs” and “optimism.core.fact_event_logs” are used to calculate number of swappers and swap transactions because we can filter “swap type” from “event_name” and origin_to_address is “0xe592427a0aece92de3edee1f18e0157c05861564” - Uniswap’s contract address []. As I checked, except for field “raw_amount” from table “core.fact_token_transfers”, there is no any available data to calculate amount of swap. Having said that, the amount is raw data, which is not correct to calculate. Therefore, instead of calculating swap amount, I will analyze on the fee spent for swapping on Uniswap.

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NUMBER OF SWAPPERS

Regarding the number of swappers from 03 chains on Sushi, we can see that Polygon was the most popular chains with highest number of swappers (582.6K), which accounted for a significant proportion (74.1%) in total number. The second largest chain was Arbitrum (around 199K swappers). Compared to others, Optimism’s number of swappers made up a tiny fraction in total (4344 swappers - 0.553%).

On the contrary, regarding the number of swappers on Uniswap, Optimism had the largest market share with 44.3K swappers, which accounted for a large proportion (70%). Similar to Sushiswap, Arbitrum was still the second largest on Uniswap with nearly the same percentage. Polygon accounted for insignificant proportion in total (7.88%). The interesting note is that the most popular chain (Polygon)’s number of swappers on Sushiswap was much higher than that of Uniswap’s most popular chain (Optimism). In addition, the gap in the number of swappers among 03 chains on Sushiswap was much larger than on Uniswap. \n

Regarding the daily change in the number of swappers, looking at the difference in starting time helps us to clarify one of the reason why there is a big gap between top 1 and the rest. In general, Sushiswap and Uniswap had different trend in the number of swappers’s change. The most popular chain on Sushiswap - Polygon experienced the dramatical growth in Nov, 2021. From then on, it had the downward trend. On Uniswap, after a long period of declining and remaining lower than 2k swappers per day, the most popular chain - Optimism witnessed a growth recently, which reached the peak of 11.3K on 30-Jul.

NUMBER OF SWAPS

Average number of transaction per swapper

On Sushiswap, although there is a significant difference in the number of transactions and users between Polygon and Arbitrum, the average number of transactions made per swapper of these two chains does not differ significantly, which were 8 transactions and 7.7 transactions respectively.

On Uniswap, as I mentioned above, users on Polygon was active. Therefore, the average number of transactions made per Polygon swapper was much higher than others not only on Uniswap but also on Sushiswap - 129 transactions per swapper. This figure of both Arbitrum and Optimism on Uniswap were lower than 20 transactions per swapper. Regarding the average number of transactions per swapper, Uniswap had “better performance” than Sushiswap.

Amount of swap and total swap fee in USD

With 3.8B USD, Polygon had the largest market share by swap amount on Sushiswap. Arbitrum still hold the second largest position, which had 1.9B USD. Regarding the daily change, we can see that the amount of swap from Polygon decreased significantly over time. In 2022, Polygon’s daily swap amount was always lower than 20M USD. Even though Arbitrum has just started April 2022, its daily swap amount was consistently higher than Polygon. Obviously, time is the main reason why Arbitrum's percentage of total value was lower than Polygon. It can be said that, although Arbitrum is still new, currently, it has a “better performance” than Polygon.

There was a huge gap about amount of fee in 03 chains. Optimism had the highest amount of fee in USD, which accounted for nearly 90% in total fee. Arbitrum and Polygon made up 7.24% and 3.86% respectively. Optimism had the sharp decrease in its daily fee. In 2022, its daily fee has never exceeded 20k USD.

Top 5 pools with highest number of swappers and swaps from 03 chains: Optimism, Polygon and Arbitrum on both Sushiswap and Uniswap.

Regarding the number of swappers, pool ‘WETH-USDC’ is the biggest pool among 03 chains on both Sushiswap and Uniswap. If we add up the total number of users from the top 5 pools of all chains (i.e. the total number of users of the 15 pools) and calculate the percentage of swappers that each pool constituted, ==WETH-USDC== is considered as the largest contributor in the total number of swappers.

Similarly, regarding the number of swaps, pool ‘WETH-USDC’ is the biggest pool among 03 chains on both Sushiswap and Uniswap. If we add up the total number of transactions from the top 5 pools from all chains (i.e. the total number of swap transactions of the 15 pools) and calculate the percentage of transactions that each pool constituted, ==WETH-USDC== is considered as the largest contributor in the total number of swaps

A worth-mentioning point is the active and enthusiastic activity of the above Polygon users. More specifically, although Polygon has a modest number of users than the other two chains  (7.88%), the number of recorded transactions accounts for 41.4% the total number of transaction . As a result, the gap between the top 1 and the top 2 largest chains by number of transactions on Uniswap has become significantly smaller.

The link below can help to identify the name of pool based on the contract address: