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    🦄 Uniswap NEW Users: Onboarding, Activity and Retention

    Repurposing my old dashboard for updated insights on Uniswap New Users from June 2022 - June 2023. Follow the useful KPI's and the state of Uniswap New User Activity.

    Introduction

    This dashboard illuminates the journey of new users on Uniswap, one of the leading decentralized exchanges in the Ethereum ecosystem. It provides a comprehensive view of user activity, starting from their first transaction, to their engagement over time, and their retention over a year. Metrics such as transaction volumes, user personas, and retention rates are displayed with temporal granularity, offering insights into user behavior trends. Whether you're interested in the influx of new users, their transaction patterns, or how many stick around, this User Odyssey is your map to Uniswap's growing landscape.

    Navigate to different tabs to explore various sections of this analysis

    Methodology

    How do we find new users?

    A new user is defined as a wallet who made its first transaction on Uniswap platform on a particular date. So we use the function MIN(block_timstamp) function to achieve this.

    Data Accuracy

    We use the data from ethereum.core.ez_dex_swaps table. It is important to note that this table has been curated by the flipside team to make it easier for analysts to pull out data. Hence there might be some descrepancies when compared to data from DefiLlama. The accuracy stands at +/- 5%

    For comparison of users from different chains, we use crosschain.core.ez_dex_swaps

    Summary of Findings

    • New Wallet Acquisition by Uniswap has been consistently increasing over the past year, with a significant surge in the number of new users on the Binance Smart Chain (BSC) from March to June 2023.
    • The highest number of new users was seen in May 2023 across all blockchains, with Ethereum leading the pack.
    • Around 4.8M New Wallets have been seen on Uniswap in the past year, with the majority of these users joining via the Ethereum network.
    • While Ethereum has the highest user count, all four blockchains (Ethereum, BSC, Optimism, and Polygon) are showing a growing trend in new users joining Uniswap. However, the growth rate varies, with Ethereum leading, followed by BSC, Polygon, and Optimism.
    • Monthly transactions from new users grew over time constantly with the highest transaction volume coming in May 2023.
    • Average transactions per new user have also been seen increasing, suggesting that new users are becoming more engaged with Uniswap over time.
    • Retention rates for new users tend to decrease over time, with a significant drop-off after the first month. However, the January 2023 cohort shows a higher retention rate in the fourth month compared to earlier cohorts, suggesting improved user engagement or product features.
    • Despite the increasing number of new users, the product might be struggling with user retention as indicated by the slight decrease in retention percentages diagonally across all cohorts.
    • The peak in the average number of transactions per new user in May 2023 suggests that this cohort of new users was particularly active. This could be due to a variety of factors, such as Memecoin craze, or the introduction of new app on Uniswap.
    • The decrease in the average number of transactions per new user in June 2023 could suggest that this cohort of new users was less active than the previous month's cohort. This could be due to changes in market conditions, and the drop in interest for the memecoins.
    TL;DR - Dashboard Summary 🦄

    Analysis by @zakkisyed

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