INTRODUCTION

This dashboard will examine DEX usage before and after the FTX collapse. The following questions will be answered:

• How have the number of DEX users changed? Are there more unique users?

• Have the number of swaps changed?

• Has the volume (in USD) changed?

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DEX usage on Ethereum and Solana blockchains will be analyzed and visualized. The following DEXes on each of the two blockchains would be covered in the analysis:

1). Ethereum

• Balancer

• Sushiswap

• Curve

• Uniswap (v2 and v3)

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2). Solana

• Jupiter aggregator v2

• Orca

• Saber

• Raydium v4

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1. DEX swap data in the past 3 months would be used to answer the 3 questions. The DEX swap data for the month of October 2022 would be used to analyze DEX usage before the FTX collapse, while DEX swap data for the month of November 2022 (which is when the FTX collapse occurred) would be used to analyze DEX usage after FTX collapse.

METHODOLOGY

1. Querying the ethereum.core.ez_dex_swaps table using the COUNT(DISTINCT origin_from_address) code for the Ethereum blockchain and querying the solana.core.fact_swaps table using the COUNT(DISTINCT swapper) code for the Solana blockchain, the data required to answer the first question (i.e. How have the number of DEX users changed? Are there more unique users?) was obtained.

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2. Querying the ethereum.core.ez_dex_swaps table using the COUNT(tx_hash) code for the Ethereum blockchain and querying the solana.core.fact_swaps table using the COUNT(tx_id) code for the Solana blockchain, the data required to answer the first question (i.e. Have the number of swaps changed?) was obtained.

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3. Querying a combination of the ethereum.core.ez_dex_swaps and ethereum.core.fact_hourly_token_prices tables using the SUM(amount_usd) code for the Ethereum blockchain and querying a combination of the solana.core.fact_swaps and the solana.core.fact_token_prices_hourly tables using the SUM(amount_usd) code for the Solana blockchain, the data required to answer the third question (i.e. Has the volume (in USD) changed?) was obtained.

RESULTS

How have the number of DEX users changed? Are there more unique users?

1. In the first line, we can observe that the number of unique CEX (centralized exchange) users reduced from about 1.5 million unique users in October 2022( before the FTX collapse) to 968,982 unique users in November 2022 (during and after the FTX collapse), which is about 35.5% decrease in the unique CEX users from October to November on the Ethereum blockchain. It can however be observed that there is a slight increase from 351,291 unique CEX users in October 2022 to 353,903 unique CEX in November 2022, which is about a 0.7% increase in the unique CEX users from October to November on the Solana blockchain.

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2. In the second line, we can observe that the number of unique DEX users slightly increased from about 437,868 unique users in October 2022( before the FTX collapse) to 458,412 unique users in November 2022 (during and after the FTX collapse), which is about 4.7% increase in the unique DEX users from October to November on the Ethereum blockchain. It can however be observed that there is a decrease from 145,906 unique DEX users in October 2022 to 128,865 unique DEX in November 2022, which is about 11.7% decrease in the unique DEX users from October to November on the Solana blockchain.

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3. The third line displays the increase and decrease percentage in the number of unique users for the various DEXes on each blockchain between October to November 2022. On Ethereum, Curve has the highest percentage in the number of unique users, with 70.48%, while Uniswap v2 has the lowest percentage, with - 4.17% (this means a decrease in the number of unique users in November 2022, compared to October 2022). On Solana, Sabre DEX has the highest percentage in the number of unique users, with 86.37% and the lowest being Raydium v4 DEX, with -19.77%.

Have the number of swaps changed?

Has the volume (in USD) changed?

1. In the first line, we can observe that the number of DEX swaps reduced from about 5.1 million swaps in October 2022( before the FTX collapse) to about 4.7 million DEX swaps in November 2022 (during and after the FTX collapse), which is about 7.8% decrease in DEX swaps from October to November on the Ethereum blockchain. It can however be observed that there is a significant increase from 2.9 million DEX swaps in October 2022 to 8.8 million DEX swaps in November 2022, which is about 203% increase in the DEX swaps from October to November on the Solana blockchain.

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2. The second line displays the increase and decrease percentage in the number of DEX swaps for the various DEXes on each blockchain between October to November 2022. On Ethereum, Curve has the highest percentage in the number of unique users, with 85.17%, while Uniswap v2 has the lowest percentage, with -28.39% (this means a decrease in the number of DEX swaps in November 2022 compared to October 2022). On Solana, Jupiter aggregator v2 has the highest percentage in the number of DEX swaps, with 264.41% and the lowest being Raydium v4 DEX, with -9.19%.

1. In the first line, we can observe that the DEX swap volume in USD for native blockchain tokens (i.e. WETH for Ethereum and wSOL for Solana) increased significantly on both Ethereum and Solana blockchains from October 2022 to November 2022. For WETH , the swap volume in USD increased from 60.40 Billion USD to 135.62 Billion USD, making 125% increase in WETH swap volume in USD from October 2022 to November 2022. FOR wSOL, the swap volume in USD increased from 3.5 Billion USD to 8.9 Billion USD, making 154% increase in wSOL swap volume in USD from October 2022 to November 2022.

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2. In the second line, we can observe on both netflow swap volume bar charts that a significant amount of native tokens (i.e. WETH for Ethereum and wSOL for Solana) were being swapped from their corresponding native token to another token as opposed to being swapped to the native token from another token in the month of November 2022 compared to October 2022.

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3. In the third line, it can be observed that there has been a percentage increase in the respective native token swap volume on all examined DEXes from October 2022 to November 2022 on both Ethereum and Solana blockchains. On Ethereum, Balancer DEX has the highest percentage Increase in swap volume in USD, with 164.94%, while Uniswap v2 has the lowest percentage increase in swap volume in USD, with 33.67%. On Solana, Saber DEX has the highest percentage Increase in swap volume in USD, with 508.99%, while Raydium v4 has the lowest percentage increase in swap volume in USD, with 49.76%.

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4. In the fourth line, we can observe that the DEX swap volume in USD for USDC tokens increased significantly on both Ethereum and Solana blockchains from October 2022 to November 2022. On Ethereum , the swap volume in USD increased from 19.77 Billion USD to 39.93 Billion USD, making 102% increase in USDC swap volume in USD from October 2022 to November 2022. For Solana, the swap volume in USD increased from 572.88 Million USD to 1.15 Billion USD, making 101% increase in USDC swap volume in USD from October 2022 to November 2022.

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5. In the fifth line, we can observe on the Ethereum netflow bar chart that the swap volume of USDC tokens being swapped from other tokens is more than the swap volume of other tokens being swapped from USDC tokens in November 2022 compared to October 2022. However, the opposite is the case on Solana netflow bar chart, where the swap volume of USDC tokens being swapped from other tokens is less than the swap volume of other tokens being swapped from USDC tokens in November 2022 compared to October 2022.

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6. In the sixth line, it can be observed that there has been a percentage increase in the USDC swap volume on all examined DEXes on the Ethereum blockchain from October 2022 to November 2022, while on Solana, it can be observed that there has been a percentage increase in the USDC swap volume on all examined DEXes except Raydium v4. On Ethereum, Curve DEX has the highest percentage Increase in swap volume in USD, with 559.28%, while Sushiswap has the lowest percentage increase in swap volume in USD, with 30.44%. On Solana, Saber DEX has the highest percentage Increase in swap volume in USD, with 249.29%, while Raydium v4 has the lowest percentage increase (which is actually a % decrease) in swap volume in USD, with -10.58%

CONCLUSION

1. There is a decrease of unique CEX users in November 2022 compared to October 2022 on Ethereum, but there is an increase of unique DEX users in November 2022 compared to October 2022 on Ethereum. So, we can assume that more users are leaving CEXes to use DEXes.

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2. However, there is an increase of unique CEX users in November 2022 compared to October 2022 on Solana, but there is an decrease of unique DEX users in November 2022 compared to October 2022 on Ethereum.

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3. There are more unique DEX users in November 2022 compared to in October 2022 on Ethereum, while on Solana, there are less unique DEX users in November 2022 compared to October 2022.

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4. There are less number of swaps in November 2022 compared to October 2022 on Ethereum, while on Solana, there are more number of swaps in November 2022 compared to October 2022.

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5. There are more swap volume in USD for WETH and wSOL tokens on Ethereum and Solana respectively in November 2022 compared to in October 2022. Also, there are more swap volume in USD for USDC tokens on Ethereum and Solana in November 2022 compared to in October 2022.