Methods

We want to examine the impact of the Ukraine war on swap volume on sushiswap and Uniswap

The figure below shows the swap volume of each decentralized exchange since the beginning of February

The Ukraine war officially began on February 24. It can be seen exactly on this date that swap volume has increased significantly.

The figure below shows the 10 tokens that had the highest swap volume since February 24.

In the following, we show the percentage of swap volume for these 10 tokens from the beginning of the year.

There is no significant change in the swap volume of these tokens.

For a deeper insight, we divide these tokens into two categories:

stablecoins and non stablecoins

Demand for Stablecoins has increased in the first three weeks of the war. This makes sense. Because with unstable events, capital flows to secure assets.

However, it can be seen that after a month, the impact of the war on the market has almost disappeared.