Optimism DEXs (redux)

Let’s take a closer look at DEXs on Optimism. Make a dashboard that compares at least three DEXs based on:

Questions

Let’s take a closer look at DEXs on Optimism. Make a dashboard that compares at least three DEXs based on:

Total number of swaps by day over the last month
Total number of wallets swapping by day
What are the most popular asset pairs to swap from and to
Top 10 assets swapping from
Top 10 assets to swap to

BONUS: Post your dashboard on Twitter and tag @flipsidecrypto and any relevant accounts!

Method

We provide information of 4 DEXes: SushiSwap, UniSwap, 0x, and Velodrome in last 30 days; from 26th Sep 2022 to 25 Oct 2022

For SushiSwap and Velodrome

There are isolated tables for these 2 protocols
We acquire all swap data from tables optimism.sushi.ez_swaps and optimism.velodrome.ez_swaps
Data of token transfer and liquidity pool is already provided in these tables

For other DEXes

We acquire all swap data from table optimism.core.fact_event_logs and focus on the Tx where event_name is ‘Swap’ and origin_to_function is address of the DEX, then we can know Liquidity pool used from contract_address
We gather more information of token transfer of that Swap Tx by looking for activity log where event_name is ‘Transfer’
Thus, from contract_address and event_input, we can know which token is transferred, to or from

Total number of swaps/ wallets by day over the last month

Below, we plot bar charts of Total number of swaps/ wallets by day over the last month, and also its 7-day Moving Average (7MA) along with each graph for easiness of trend observation

0x

7MA of daily Tx keeps increasing from 600 to 1350 in first ten days
- and then keeps dropping to 380 until now
7MA of daily wallets is similar, increasing from 247 to 890 in first ten days
- and drops to 175 until now
There is a sharp drop on 6th Oct 2022

UniSwap

7MA of daily Tx keeps decreasing from 16.1k to 9.3k on16th Oct 2022
- and then keeps rising to 11.8k until now
7MA of daily wallets is quite stable around 4.4k until16th Oct 2022
- and rises to 5.4k until now

SushiSwap

7MA of daily Tx keeps increasing from 77 to 166 over the whole 30 days
7MA of daily wallets is similar, increasing from 38 to 88 over the whole 30 days

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Velodrome

7MA of daily Tx keeps decreasing from 18.6k to 10.6k on11th Oct 2022
- and then keeps rising to 16.1k until now
7MA of daily wallets is swinging around over the whole 30 days, from 2.6k to 4.1k
- value on today and last 30 days are nearly the same, 2.6k

Overall

In this section, we would like to introduce our 4 chosen DEXes, at least in term of market size

As we can see from graphs below

Velodrome and UniSwap have very large market size compared to the other two
- Velodrome and UniSwap together has 97.2% fraction of Total Tx, and have 92.2% fraction of Total Wallets
0x and Sushi are small DEXes, however, 0x is a bit larger
- Total Tx of 0x is aroud 19k, while Sushi is around 3.6k

Top 10 assets swapping from

We acquire this information by observing Token Transfer in the swapping Tx

SushiSwap

The 1st is WETH, for 2k Tx (37%) by 961 wallets
The last is SNX, for 1 Tx (0.1%) by 1 wallets

Velodrome

The 1st is USDC, for 240k Tx (28.2%) by 30.8k wallets
The last is MAI, for 8.9k Tx (1.05%) by 1.5k wallets

0x

The 1st is USDC, for 6.2kTx (51.2%) by 2.9k wallets
The last is UNI, for 190 Tx (1.57%) by 41 wallets

UniSwap

The 1st is USDC, for 129kTx (49.9%) by 42k wallets
The last is LINK, for 852 Tx (0.33%) by 425 wallets

Top 10 assets swapping to

We acquire this information by observing Token Transfer in the swapping Tx

SushiSwap

The 1st is WETH, for 1.9k Tx (35.2%) by 998 wallets
The last is SNX, for 2 Tx (0.037%) by 2 wallets

Velodrome

The 1st is USDC, for 258k Tx (30.5%) by 30.7k wallets
The last is MAI, for 9.1k Tx (1.07%) by 1.1k wallets

0x

The 1st is USDC, for 7.8kTx (54.4%) by 3.9k wallets
The last is CRV, for 198 Tx (1.38%) by 142 wallets

UniSwap

The 1st is USDC, for 124kTx (42.8%) by 44k wallets
The last is LINK, for 685 (0.24%) Tx by 273 wallets

What are the most popular asset pairs to swap from and to

We acquire this information by observing Liquidity Pool in the swapping Tx

SushiSwap

The 1st is WETH-USDC pool, for 3k Tx (48.1%) by 1.47k wallets
The 5th is WETH-OP pool, for 673 Tx (10.8%) by 354 wallets

Velodrome

The 1st is vAMM-WETH-USDC pool, for 200k Tx (29.9%) by 24k wallets
The 5th is vAMM-VELO-OP pool, for 64k Tx (9.51%) by 6.6k wallets

0x

The 1st is vAMM-WETH-USDC pool, for 4.9kTx (27.9%) by 2.9k wallets
The 5th is WETH-USDT pool, for 2.2k Tx (12.2%) by 1.6k wallets

UniSwap

The 1st is WETH-USDC pool, for 127kTx (47.4%) by 36k wallets
The 5th is USDC-USDT pool, for 26k Tx (9.72%) by 17k wallets

Conclusions

This dashboard is tweeted here

Velodrome and UniSwap are very large DEXes, having fraction of total Tx and Wallets over 90% for both DEXes together
- while 0x and Sushi are small DEXes, and 0x is a bit larger
7-Day MA of Daily Tx Trend, for whole 30 days
- 0x decreases from 594 to 379
- UniSwap decreases from 16.1k to 11.8k
- Sushi increases from 77 to 166
- Velodrome decreases from 18.6k to 16.1k
7-Day MA of Daily Wallets Trend, for whole 30 days
- 0x decreases from 247 to 176
- UniSwap increases from 4.6k to 5.4k
- Sushi increases from 38 to 88
- Velodrome stays at 2.7k
The most popular asset pairs to swap from and to
- It is USDC-WETH for every DEX
Top 10 assets swapping from/ to
- For each DEX, its 1st place top swapping from asset is the same as swapping to asset
- For Sushi, 1st place asset is WETH
- For the other three, 1 place asset is USDC
- Top 10 list of swapping from is nearly the same as list of swapping to
- Except in 0x, there are UNI, WBTC, LINK in Swapping from and there are ENS, QI, CRV in Swapping to
- Except in UniSwap, there is UNI in Swapping from and there is STG in Swapping to
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