Introduction

In this dashboard, let’s compare the market share of Sushiswap and Uniswap V3 on the following L2 chains:

• Polygon,
• Arbitrum,
• Optimism.

Note

• Arbitrum
  • Uni V3: first swap recorded on ‘2022-04-23’
  • Sushi: first swap recorded on ‘2022-04-18’
• Optimism
  • Uni V3: first swap recorded on ‘2021-11-16’
  • Sushi: first swap recorded on ‘2022-05-12’
• Polygon
  • Uni V3: first swap recorded on ‘2021-12-20‘
  • Sushi: first swap recorded on ‘2021-08-22’

→ Analysis time: Jun 1 - Oct 15, 2022 to have data on 3 chains of both Uni V3 and Sushi available.

Approach

• I use the same method to identify Uniswap V3 swap transaction on all 3 chains.
  • Identify all pool addresses created through the factory contract,
  • Identify all swap interact with all pools above.

Structure

• Sushiswap vs Uniswap V3 on Arbitrum
• Sushiswap vs Uniswap V3 on Optimism
• Sushiswap vs Uniswap V3 on Polygon
• Key highlights
• Conclusion

Sushiswap vs Uniswap V3 on Arbitrum

Overview

• Total swap transaction of Sushiswap (1.3M) is >6x higher than of Uniswap V3 (212K).
• Total unique swapper of Sushiswap (166K) is >2x higher than of Uniswap V3 (70K).

Daily activity

• From Jun 1 to Aug 30, daily swap transaction of Sushiswap fluctuated between 1787 and 9399. While of Uniswap V3 mostly < 200.
• Daily swap transaction of Uniswap V3 first surpassed 1000 after increased 4x vs previous day on Aug 31, 2022. On that day, of Sushiswap also peaked at 34K.

New swapper activity

• New swapper trend of both Sushiswap and Uniswap V3 are quite similar to the total trend.
• % share of new swapper in both daily transaction and swapper count of Uniswap V3 is higher than of Sushiswap.

First 90 days

• Sushiswap grew much bigger from a much bigger base than Uniswap V3 in the first 90 days:
  • Transaction count of Sushiswap on day 90th (409K) is 85x higher than of Uniswap V3 (4786).
  • Cumulative new swapper count of Sushiswap on day 90th (89K) is 49x higher than of Uniswap V3 (1821).

Sushiswap vs Uniswap V3 on Optimism

Overview

• Total swap transaction of Sushiswap (11K) is 363x lower than of Uniswap V3 (4M).
• Total unique swapper of Sushiswap (4170) is 37x lower than of Uniswap V3 (157K).

Daily activity

• Daily swap transaction of Sushiswap mostly < 100. While of Uniswap V3 always > 10K.

New swapper activity

• New swapper trend of Sushiswap is quite similar to the total trend as new swapper account for majority of daily activity.
• New swapper trend of Uniswap V3, on the other hand, is different to the total trend as new swapper account for minority of daily activity.

First 90 days

• Sushiswap grew much slower from similar base than Uniswap V3 in the first 90 days:
  • Transaction count of Sushiswap on day 90th (5632) is 57x lower than of Uniswap V3 (323K).
  • Cumulative new swapper count of Sushiswap on day 90th (2134) is 7x lower than of Uniswap V3 (15.5K).

Sushiswap vs Uniswap V3 on Polygon

First 90 days

• Sushiswap grew much slower from a much bigger base than Uniswap V3 in the first 90 days:
  • Transaction count of Sushiswap on day 90th (1.1M) is 2.8x lower than of Uniswap V3 (3.14M).
  • Cumulative new swapper count of Sushiswap on day 90th (235K) is 1.55x lower than of Uniswap V3 (365K).

New swapper activity

• New swapper trend of both Sushiswap and Uniswap V3 are different to the total trend as new swapper account for minority of daily activity on both protocols.
• % share of new swapper in both daily transaction and swapper count of Sushiswap are mostly higher than of Uniswap V3.

Daily activity

• Daily swap transaction of Sushiswap mostly < 10K. While of Uniswap V3 always > 30K.

Overview

• Total swap transaction of Sushiswap (1M) is 8.6x lower than of Uniswap V3 (8.6M).
• Total unique swapper of Sushiswap (124K) is 4x lower than of Uniswap V3 (509K).

Key highlights

• Sushiswap vs Uniswap V3 on Arbitrum
  • Total swap transaction of Sushiswap (1.3M) is >6x higher than of Uniswap V3 (212K).
  • Total unique swapper of Sushiswap (166K) is >2x higher than of Uniswap V3 (70K).
  • From Jun 1 to Aug 30, daily swap transaction of Sushiswap fluctuated between 1787 and 9399. While of Uniswap V3 mostly < 200.
  • Daily swap transaction of Uniswap V3 first surpassed 1000 after increased 4x vs previous day on Aug 31, 2022. On that day, of Sushiswap also peaked at 34K.
  • New swapper trend of both Sushiswap and Uniswap V3 are quite similar to the total trend.
  • % share of new swapper in both daily transaction and swapper count of Uniswap V3 is higher than of Sushiswap.
  • Sushiswap grew much bigger from a much bigger base than Uniswap V3 in the first 90 days:
    • Transaction count of Sushiswap on day 90th (409K) is 85x higher than of Uniswap V3 (4786).
    • Cumulative new swapper count of Sushiswap on day 90th (89K) is 49x higher than of Uniswap V3 (1821).
• Sushiswap vs Uniswap V3 on Optimism
  • Total swap transaction of Sushiswap (11K) is 363x lower than of Uniswap V3 (4M).
  • Total unique swapper of Sushiswap (4170) is 37x lower than of Uniswap V3 (157K).
  • Daily swap transaction of Sushiswap mostly < 100. While of Uniswap V3 always > 10K.
  • New swapper trend of Sushiswap is quite similar to the total trend as new swapper account for majority of daily activity.
  • New swapper trend of Uniswap V3, on the other hand, is different to the total trend as new swapper account for minority of daily activity.
  • Sushiswap grew much slower from similar base than Uniswap V3 in the first 90 days:
    • Transaction count of Sushiswap on day 90th (5632) is 57x lower than of Uniswap V3 (323K).
    • Cumulative new swapper count of Sushiswap on day 90th (2134) is 7x lower than of Uniswap V3 (15.5K).
• Sushiswap vs Uniswap V3 on Polygon
  • Total swap transaction of Sushiswap (1M) is 8.6x lower than of Uniswap V3 (8.6M).
  • Total unique swapper of Sushiswap (124K) is 4x lower than of Uniswap V3 (509K).
  • Daily swap transaction of Sushiswap mostly < 10K. While of Uniswap V3 always > 30K.
  • New swapper trend of both Sushiswap and Uniswap V3 are different to the total trend as new swapper account for minority of daily activity on both protocols.
  • % share of new swapper in both daily transaction and swapper count of Sushiswap are mostly higher than of Uniswap V3.
  • Sushiswap grew much slower from a much bigger base than Uniswap V3 in the first 90 days:
    • Transaction count of Sushiswap on day 90th (1.1M) is 2.8x lower than of Uniswap V3 (3.14M).
    • Cumulative new swapper count of Sushiswap on day 90th (235K) is 1.55x lower than of Uniswap V3 (365K).

Conclusion

Market share in term of total transaction and unique swapper of Sushiswap is much bigger than of Uniswap V3 on Arbitrum. However, Uniswap V3 is much bigger than Sushiswap on Optimism and Polygon.

Thanks for reading!