Conclusion

In summary, we have observed the following:

1. Across Polygon, Arbitrum, and Optimism, Uniswap has gained a larger market share compared to Sushiswap.
2. Across key performance metrics such as trading volume, transaction frequency, and active users, Uniswap has the edge over Sushiswap as of October 2022.
3. In terms of swapping behavior, Uniswap generally sees more transactions per user and higher transaction amounts compared to Sushiswap.
4. Sushiswap’s relative performance across L2s:
   • declining and rapidly falling behind Uniswap on Polygon
   • steady and starting to fall behind Uniswap on Arbitrum
   • negligibly low and almost non-existent on Optimism

Methodology

Data Preparation

1. The main dataset used here is comprised of swap transactions on Sushiswap and Uniswap across the three blockchains Polygon, Arbitrum, and Optimism.
2. For swaps on Sushiswap, these are available from the sushi.ez_swaps tables.
3. For swaps on Uniswap, these are sourced from Swap and PoolCreated events from the core.fact_event_logs tables. The decoding logic is derived from the Flipside’s uniswapv3 dbt models for ethereum. Daily volume numbers are cross-validated with info.uniswap.org to check for accuracy.

Metrics and Analysis

1. On each blockchain, we compare the relative market share of Sushiswap and Uniswap in terms of:
   • Primary metrics: swap volume, transactions count, and active wallets
   • Secondary metrics: avg. swaps per wallet, avg. transaction amount (swap size)
2. For each primary metric, we’ll visualize both overall stats (past 1 year) and periodic stats (daily).
3. Finally, we’ll evaluate which protocol is leading or lagging currently and evaluate historical and recent trends in their market performance.

Introduction

What is SushiSwap (SUSHI)?

SushiSwap (SUSHI) is a decentralized exchange (or DEX) built on the Ethereum network. Originally forked from Uniswap, SushiSwap leverages smart contracts in order to provide liquidity pools that allow users to directly trade crypto assets — with no intermediary. Users can also become liquidity pool providers, supplying an equal-value pair of two cryptocurrencies in order to receive rewards whenever anyone utilizes that pool. It is a decentralized finance (or DeFi) protocol. [source: https://www.coinbase.com ]

What is Uniswap?

Uniswap is a completely different type of exchange that‘s fully decentralized – meaning it isn’t owned and operated by a single entity – and uses a relatively new type of trading model called an automated liquidity protocol (see below).

The Uniswap platform was built in 2018 on top of the Ethereum blockchain, the world’s second-largest cryptocurrency project by market capitalization, which makes it compatible with all ERC-20 tokens and infrastructure such as wallet services like MetaMask and MyEtherWallet.

Uniswap is also completely open source, which means anyone can copy the code to create their own decentralized exchanges. It even allows users to list tokens on exchange for free. Normal centralized exchanges are profit-driven and charge very high fees to list new coins, so this alone is a notable difference. Because Uniswap is a decentralized exchange (DEX), it also means users maintain control of their funds at all times as opposed to a centralized exchange that requires traders to give up control of their private keys so that orders can be logged on an internal database rather than be executed on a blockchain, which is more time consuming and expensive. By retaining control of private keys, it eliminates the risk of losing assets if the exchange is ever hacked. According to the latest figures, Uniswap is currently the fourth-largest decentralized finance (DeFi) platform and has over $3 billion worth of crypto assets locked away on its protocol. [source: https://www.coindesk.com]

What is Polygon (MATIC)?

Polygon is a “layer two” or “sidechain” scaling solution that runs alongside the Ethereum blockchain — allowing for speedy transactions and low fees. MATIC is the network’s native cryptocurrency, which is used for fees, staking, and more. [source : https://www.coinbase.com]

What is Arbitrum?

The transaction fee crisis on Ethereum (ETH) has hampered the exponential growth of the Ethereum blockchain. Arbitrum technology is one of the many possible solutions for the congestion and high fees on the Ethereum network.

Transactions on Ethereum are implemented and executed via smart contracts, and a fee is required to reward the network participants that store such programmable contracts on their machines.

The transaction fee increases when the number of users grows and more transactions are required to be processed by the network. Moreover, every miner in the Ethereum blockchain must simulate every step of a contract's execution, which is costly and drastically limits scalability. The Ethereum blockchain also mandates that every contract's code and data be made public unless there is a privacy overlay feature that has costs of its own.

Arbitrum intends to lower network congestion and transaction costs by offloading as much work and data storage as possible from Ethereum's mainnet or layer 1 (L1). Ed Felten, professor of computer science and public affairs at Princeton, co-founded Off-chain Labs, the company behind Arbitrum, in 2018. The strategy of storing data off-chain used by the Arbitrum network is called the layer 2 (L2) scaling solution (built on top of the leading Ethereum network). [source: https://cointelegraph.com]

What is Optimism?

Optimism is one of the layer 2 scaling solutions. It’s powered by a technology called Optimistic rollups, which bundle large amounts of transaction data into digestible batches. Optimism is much cheaper to use than Ethereum, and it’s increasingly becoming popular along with other layer 2s, such as Arbitrum.

Optimism is governed by its eponymous token or OP for short. A portion of the OP supply was airdropped to early Optimism users in late May 2022 in a turbulent launch. Developers behind Optimism said it would continue to airdrop more tokens.

[Source: Coindesk]

As you can see like number of sellers and buyers , volume of selling and buying in Arbitrum, Optimism and Polygon are more than the number of buying .

we can find out from above on the POLYGON:

1 -Sync with 16001662 has the most popular events and Deposit with 370916 has the least event in SUSHUISWAP

2 - Swap with 1403455 has the most popular events and TokenStaked with 12042 has the least event in UNISWAP.

3 - totally SUSHUISWAP with 42.6M events is more popular than UNISWAP.