Try Quests to earn cryptoSushi vs Uni on L2
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 the 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
Sushiswap
SushiSwap is a software running on Ethereum that seeks to incentivize a network of users to operate a platform where users can buy and sell crypto assets.
Similar to platforms like Uniswap and Balancer, SushiSwap uses a collection of liquidity pools to achieve this goal. Users first lock up assets into smart contracts, and traders then buy and sell cryptocurrencies from those pools, swapping out one token for another.
One of a growing number of decentralized finance (DeFi) platforms, SushiSwap allows users to trade cryptocurrencies without the need for a central operator administrator.
This means that decisions relating to the SushiSwap software are made by holders of its native cryptocurrency, SUSHI. Anyone holding a balance of the asset can propose changes to how it operates, and can vote on submitted proposals by other users.
Methods
I use arbitrum.sushi.ez_swaps,optimism.sushi.ez_swaps & polygon.sushi.ez_swaps for sushi data because these tables are special for swaps of Sushiswap. I count tx_hash for number of swaps and origin_from_address for users and for volume i use amount_in_usd.
For Uniswap we haven’t any special tables for uniswap on this three network so i use optimism.core.fact_event_logs , arbitrum.core.fact_event_logs & polygon.core.fact_event_logs and of course filter transactions with event_name = 'Swap' because i just want swap transactions.
Uniswap address on these three network:
'0xe592427a0aece92de3edee1f18e0157c05861564', '0x68b3465833fb72a70ecdf485e0e4c7bd8665fc45'
All data and reviews are from May 12 because I wanted the data of all networks to start from the same date
Metrics
Number of Swaps per Network
Number of Unique Users per Network
Amount Swap Volume per Network
Total Number of Swaps per Network
Total Number of Unique Users
Total Amount Swap Volume per Network
Average Swap Volume per Network
Average Number of Swaps per Users
Average Swap Volume per User
Top 10 Pools Based on Swaps and users and volume
In the following analysis, all the metrics have been checked for SushiSwap on all 3 networks and then for UniSwap on all 3 networks.
The most popular pool of the Arbitrum network is USDC/WETH, in which a total of 107,000 users make swaps, and their number of swaps is 577,000, which means 30% of the total number of Arbitrum swaps for this pool. In the polygon network, the most popular pool is USDC/WETH, in which a total of 37 thousand users made 441 thousand swaps, which is nearly 25% of the total number of polygon swaps.
Interestingly, this exact pool, USDC/WETH, is the most popular pool in Optimism because 65,000 users made 522,000 swaps in it, which is almost 40% of the total swaps in this network.
Thanks for reading
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All data used are from: Flipside Crypto
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My Twitter: Sepehrmhz8
Conclusion
One of the important points that we noticed in the analysis was the jump in the number and activity of SushiSwap and UniSwap users in Arbitrum network, which with this jump became closer to Polygon network and even surpassed Polygon in SushiSwap and achieved the first place.
Sushiswap and Uniswap are very close in the number of swaps and users in the Arbitrum and Polygon networks, but Sushiswap is not very popular in the Optimism network and has much fewer users than Uniswap on this network.
Sushiswap Overtime
If you pay attention to the graph below, you will notice that in the last few days, the number of Sushiswap swaps has increased in all networks, and this indicates the increase in the activity of users of this DEX.
Since May, we can see that the swaps on the Polygon network are more than the other two networks, and this issue continued until the end of August, until at the end of August, the swaps on the Arbitrum became very large, so that, for example, on August 31, there were 34,000 in this network. The transaction was recorded, and this is while only 7,000 transactions were recorded in the Polygon network, and this is a big difference between these two networks, and it seems that users have become very interested in using this network since the end of August, and it continues to this day. There is a huge difference between Arbitrum and Polygon, and the transactions of the Arbitrum network are much more than before, and this is a good sign for this network because it shows that users are very interested in using this network.
Like the number of swaps, we have the same conditions in the number of users, and since the end of August, we have seen an explosion in the number of users of the Arbitrum network, and this network is in the first place by a large margin, and in the meantime, we see that the Optimism network has the number of swaps and It has very few users compared to its two competing networks, and this shows that the users of this network are not very interested in using SushiSwap.
One of the most important parameters in DEXs is the volume of swaps, and the volume is often an influencing parameter in activities. If you pay attention to the volume of swaps in this network, you will realize that since the beginning of May, the number of swaps in Arbitrum is high. The lack of volume of transactions was very high, and with this number of swaps and users, the volume of transactions was very high, and the volume of daily transactions in Arbitrum was several times that of Polygon, and even though the number of swaps on the Polygon network was more than that of Arbitrum in early May, the volume His dealings were not even close to Arbitrum.
The activity of SushiSwap users on the Arbitrum network has only increased for a few days, but with these few days, we have seen amazing statistics.
The total number of Arbitrum swaps is 1.4 million, while the number of Polygon swaps is 1.19 million, and this indicates a difference of 2 million between the number of swaps, and this means that in these few days, users on the network Arbitrum was very active and in the number of users, Arbitrum network has 45 thousand more users than Polygon, which shows that this network has been able to attract users in these few days, but as I mentioned, we do not have these very large numbers in Optimism, and users They are not active in this network at all because they did a total of 11,000 swaps, which is a very small number compared to the competitors of this network.
The difference between Arbitrum and Polygon in the volume of swaps is much greater than the number of swaps and the number of users, and this shows that the users of the Arbitrum network have a lot of capital, because the total volume of swaps in this network is 1.4 billion dollars, while the volume is Polygon's swaps are $217 million, which shows that Arbitrum's volume is almost 7 times that of Polygon's, which is a huge difference, and we did not have this big difference in the number of swaps, so this shows that Arbitrum's users swap more assets.
Sushiswap Total Stats
Sushiswap Users Activity
So far, we have noticed the changes in the number and volume of swaps between networks, but now let's see what users do in these networks and how their activity is in swaps.
In Polygon network, each user performs 9 swaps on average, which is a good number and indicates the activeness of the users of this network in SushiSwap, and in Arbitrum, each user performs 8 swaps on SushiSwap on average, which is a good number and activity. Well, it shows the users in this network, but we don't see this activity in Optimism network, because in this network, on average, users do only 3 swaps, which is not a good number compared to other competitors of this network.
As I mentioned earlier, the volume of user swaps in Arbitrum is high and the assets they swap are large, and we can look at the detailed statistics, the volume of SushiSwap swaps on Arbitrum is $8,000 per user, which is It is very high and it shows the high volume of swaps on this network. In the Polygon network, the volume of swaps per user is 1600 dollars, which is a small ratio compared to its competitor, Arbitrum, and like the previous statistics of Optimism, it still has very low figures because the volume Its swaps are $376 per user, which is a very low number, and this shows that the users of this network are not interested in using SushiSwap.
Sushiswap Popular Pools
Now let's check to see what tokens and assets this volume and number of swaps are for and what users swap the most.
The most popular sushiswap pool on the Arbitrum network is WETH-USDC because the number of users who used it is 83 thousand users and these users made 394 thousand swaps in this pool and they made 690 million dollars in this swap pool, which shows that This pool is very popular among Arbitum users, because nearly 50% of the total volume of Arbitrum swaps is for this pool.
In Polygon, the most popular pool is USDC-WETH, and a total of 59 thousand users used this pool and made 264 thousand swaps, and the total volume of their swaps is 68 million dollars, and as I said, this pool is important for this network because 30% of the transaction volume of this network is related to this pool.
The most popular sushi swap pool in the Optimism network is WETH-USDC, because a total of 3400 users used this pool and made 7500 swaps, but the interesting thing is that the most popular pool in terms of volume is WETH-OP, which has a total of nearly 1 million dollars swapped in it. which is about 70% of the total volume of swaps in this network.
Uniswap Overtime
Uniswap Dex is very popular which is active in different networks and has its own popularity in different networks.
As you can see in the graph below, the activity of Uniswap users in all 3 networks is close to each other, and in the last few days, the activity of users has increased compared to before, but the point is that until the end of August, the number of swaps in Arbitrum is less than It had to two other networks, but after that it increased a lot and the number of its swaps increased a lot, and it was able to surpass its competitors and reach the first rank. We have the same conditions in the number of users, but the only small difference is that after August, we had an increase in the number of Arbitrum users, but the increase was not as explosive as the number of swaps, and it did not increase the difference with the other two networks, and this has an important point, and this shows that when many users were not added, but the number The number of swaps has increased, which means that users are active and do a lot of swaps
Uniswap Total Stats
As you noticed, the activity of Uniswap users in all 3 networks is close. In total, Uniswap registered 1.76 million transactions in Polygon, 1.4 million transactions in Arbitrum network and 1.3 million transactions in Optimism, and we can see that the difference between them is very small, and the same is true in the number of users, because in total, in Polygon There are 147,000 users in Arbitrum, 192,000 and in Optimism 150,000 users, and the difference between them is still small.
Uniswap Users Activity
The number of users does not necessarily have a direct relationship with the number of swaps, because the number of users may be small, but the same users do a lot of swaps and the number of swaps increases. As you can see, the most active users of UniSwap are in the Polygon network, because on average, in this network, users do s12 swaps, which is a very good number and shows that the users are very active, and after this network, there is Optimism, which On average, its users make 9 swaps, which is a good figure, and at the end is Arbitrum, whose users make 7 swaps on average.
Uniswap Popular Activity
Dominance percentage per network
As it was known from the number of swaps, we could predict the percentage of dominance of each network, but now we can see its exact value, and as you can see, from the beginning of May to the end of August, Polygon's percentage of dominance in the number of swaps was nearly 60%, but after It fell to 20% and still remains at this value, and Arbitrum does not allow its volatility to increase.
We have almost the same conditions in the number of users of each network, but the conditions are completely different in the volume of swaps, and since the beginning of May, when the number of Arbitrum swaps was low, its percentage of dominance in the amount of volumes was 75%, which is a high amount, and this number from At the end of August, when the number of Arbitrum swaps increased more than before, the dominance percentage reached 95%, which is a very large number, and it can be concluded that the largest volume of Sushiswap transactions is carried out in the Arbitrum network, and Sushi Swap is very active in this network.
Dominance percentage per network
Until the end of August of this year, the percentage of dominance of Polygn was higher than the other two networks, because the percentage of dominance of Polygon was about 50%, which means that it was superior to the other two networks, but after August, the situation changes, and until the middle of September, the percentage of dominance of Arbitrum reaches 50%. And since the end of September, the Polyon network has the highest percentage of dominance again, and this shows that the users of the Arbitrum network increased their activity only in a very short novel period, and after that it returned to its previous value.