Introduction

Although decentralized exchanges hold promise for the future, it has been interesting to observe their evolution so far. One of the important events related to this issue is the competition between UniSwap and SushiSwap, which has had a significant impact on the development of decentralized exchanges.

UniSwap is a leading decentralized exchange and smart contract suite on the Ethereum network that implements an automatic liquidity monitoring protocol. On the other hand, SushiSwap is one of UniSwap's forks, which added its own token as a reward, especially for liquidity providers, and achieved rapid success.

Although SushiSwap is one of several UniSwap forks, it cannot be ignored in the field of decentralized exchanges. SushiSwap has changed the competition of decentralized exchanges. This exchange has highlighted the importance of having a strong competitor with large capital and incentive rules for its communities.

Dashboard Purpose

Decentralized finance, or DeFi, is a set of peer-to-peer financial services that run on decentralized blockchains, mostly Ethereum. Since its launch in late 2018, Uniswap has been one of the most interesting and important Ethereum projects. But can the emergence of SushiSwap jeopardize UniSwap's position? In this dashboard, we will compare UniSwap and SushiSwap in terms of market share on three L2 chains. These second layer networks are Arbitrum, Optimism and Polygon.

We show the market share of these two famous dexes on these networks in terms of the number of unique swappers and the number of swap transactions, as well as the number of swap transactions of each dex per each unique user, the daily average and the total of these values, as well as data such as the distribution of the number of transactions. between swappers and new swappers, as well as other data that is necessary for this dashboard, which we will discuss during this dashboard

Methodology

We used the contract address of the router related to these dexes on the said networks to call the data related to swap transactions and also the users of two decentralized exchanges SushiSwap and UniSwap on Arbitrom, Optimism and Polygon networks and by placing these contract addresses instead of ORIGIN_TO_ADDRESS In the core.fact_event_logs table, we called the number of swaps and the number of unique users for each network.

The contract addresses of the related to SushiSwap routers are as follows:

for Arbitrum:

0x1b02da8cb0d097eb8d57a175b88c7d8b47997506

for Optimism:

0xbe811a0d44e2553d25d11cb8dc0d3f0d0e6430e6

0x40e223295f6f216feede416d6b9e198368ed663a

0x35f048853b59400fbec80748592904f66374cfc0

0xe52180815c81d7711b83412e53259bed6a3ab70a

for polygon:

0x1b02da8cb0d097eb8d57a175b88c7d8b47997506

The contract addresses of the related to UniSwap routers are as follows:

for Arbitrum:

0xe592427a0aece92de3edee1f18e0157c05861564

0x68b3465833fb72a70ecdf485e0e4c7bd8665fc45

for Optimism:

0xe592427a0aece92de3edee1f18e0157c05861564

0x68b3465833fb72a70ecdf485e0e4c7bd8665fc45

for Polygon:

0xe592427a0aece92de3edee1f18e0157c05861564

0x68b3465833fb72a70ecdf485e0e4c7bd8665fc45

Also, by placing these addresses instead of ORIGIN_TO_ADDRESS in the core.fact_token_transfers table for all three networks, we called the amount of swap volume related to 4 assets.

We divided this dashboard into 3 separate sections and provided statistical and analytical visualizations for each network separately.

First L2 - Arbitrum

observations

According to the daily graph of the number of swap transactions in the two Dexs, SushiSwap and UniSwap, it can be said that until the beginning of August 2022, the number of swap transactions continues according to a uniform and almost constant trend, with a noticeable superiority of the number of swaps in UniSwap, although this superiority is on some days such as April 19, June 5 , July 21, belongs to SushiSwap Dex, and overall the difference between the number of swap transactions was not large until around early August 2022.

Since the beginning of August 2022, we have seen a growth and an upward trend in the number of swaps in both dexs, so that this trend reached the highest number of swaps in the two dexs on August 31, and on this date, the number of swap transactions in SushiSwap was more than 33,000 and in Uniswap was more than 29,000 transactions have been reached.This bullish trend continued until September 13, two days before the Ethereum merge,as we can see, on September 7, SushiSwap has done more than 5,000 more transactions than UniSwap.

It seems that after the merge of Ethereum, the number of swap transactions on the Arbitrum network has decreased, and this downward trend has continued with the relative superiority of the number of Uniswap transactions on Arbitrum.

And as we can see in the graph of the total number of swaps, the number of swap transactions in Uniswap is about 500,000 more than SushiSwap.

In the graph of the number of unique users, the trend is the same as the trend of the number of transactions, and until the beginning of August, the trend of the graph is almost uniform, and on days such as May 5, June 5, and July 24, the superiority of the number of users belongs to SushiSwap, and since the beginning of August, the number of users has increased.

After August, we see an increase in the number of users in these two dexs, and the remarkable thing is that on many days, such as August 28 and 31, September 4 and 7, and other days, we see more SushiSwap users on the Arbitrum network.

It seems that the number of users of these two decentralized exchanges has decreased after the Ethereum merge, however, we see 2 jumps on October 6 and 8, and it can be seen that in the second jump, the number of SushiSwap users is more than UniSwap.

In total, the number of users who have used Uniswap Dex is about 50,000 more than SushiSwap.

observations

The graphs above show the Maximum and Minimum, as well as the average and median number of swap transactions and the number of unique users in the SushiSwap and UniSwap dexs.

As we can see, the maximum number of swap transactions in SushiSwap Dex is more than UniSwap.

We can see that the other mentioned items in the two DEXs are not significantly different and it can be said that the users of the Arbitrom network use these two exchanges with almost a small difference.

observations

As we can see, according to the graphs above, the amount of use of SushiSwap and UniSwap by users is not much different, and the number of swap transactions per each user of the Arbitrom network in the two dexes is not much different.

As we can see, according to the graphs above, the amount of use of SushiSwap and UniSwap by users is not much different, and the number of swap transactions per each user of the Arbitrum network in the two dexs is not much different.

We can see that on some days, such as May 11 and September 30, the number of swap transactions per user on the Arbitrum network was higher in SushiSwap than in UniSwap.This superiority of SushiSwap can also be seen this month(October).

observations

We can see that about 50,000 users have made at least one swap transaction in SushiSwap Dex, and about 70,000 users have made a swap transaction at least once in Uniswap Dex.

In terms of the number of swap transactions, the top user of SushiSwap Dex has done more than 30,000 transactions, and the top user of UniSwap Dex has done more than 100,000 transactions.

observations

The graphs above compare the number of swap transactions per hour, on a daily basis and on an average basis, in the two dexs of Sushi and UniSwap, and we can see that the difference between the two exchanges is about 100 transactions per daily average overtime.

observations

This graph compares the number of new users of the two DEXs, and as we can see, on April 28, 2022, about 4,000 new users were added to UniSwap, and on August 28, more than 5,000 new users were added to SushiSwap.

observations

The charts above compare the 3 stablecoins USDC and USDT and DAI and WETH assets in terms of swap volume in SushiSwap and UniSwap exchanges.

We can see that in terms of the swap volume of these 4 assets, Uniswap is superior to Sushiswap in the Arbitrum network.

Second L2 - Optimism

observations

It seems that in the Optimism network, there is an advantage with the Uniswap exchange, although this comparison may be an unequal comparison, because the SushiSwap exchange entered the Optimism network on May 9 by performing one transaction, and this time difference can affect the total statistics. of course, the superiority of Uniswap can be seen in daily charts.

The highest number of swap transactions on sushiswap,was made on July 29, 2022, during which about 1100 transactions were made on SushiSwap Dex on the Optimism network.

The highest number of unique users in SushiSwap was 442 users who used this exchange on June 1, 2022.

According to the Total charts, a huge difference in the number of swap transactions and the number of unique users can be seen between the two mentioned exchanges.

observations

According to the maximum, minimum, average and median charts, we see a significant difference between the two dexs of SushiSwap and UniSwap in the optimism network.

observations

The daily and total number of transactions per user charts show that, the number of swap transactions per unique user in SushiSwap is more than UniSwap and this advantage is about 2 times.

On July 29, 2022, there were about 65 swap transactions per unique user on SushiSwap.

observations

According to the distribution charts, about 2,700 users have made a swap transaction at least once in the SushiSwap exchange on the Optimism network, and more than 70,000 users have made at least one swap transaction in the UniSwap exchange.

According to the charts of the top swappers of SushiSwap and UniSwap on the Optimism network, the top swapper on SushiSwap has recorded more than 16,000 swap transactions, and the top swapper on UniSwap on the Optimism Network has recorded more than 120,000 transactions.

observations

According to the graph of new users, the number of new users in Uniswap is more than SushiSwap in the Optimism network, and the most new users joined these two exchanges on June 1, 2022. On this day, more than 16,000 new users joined Uniswap and more than 400 New users have also joined the SushiSwap exchange.

observations

The daily and total charts also show the superiority of Uniswap over SushiSwap on the Optimism network in terms of the number of transactions per hour.

According to the above visualizations, the average total number of swap transactions per hour in Uniswap is about 20 times that of SushiSwap.

observations

The swap volume charts of the four assets also show the superiority of the swap volume in Uniswap.

Third L2 - Polygon

observations

The daily graphs of the number of swap transactions and the number of unique users on the Polygon network tell a very interesting story. At the beginning of the work, Sushiswap was the first in this network, both in terms of the number of swaps and in terms of users and the number of transactions and users of Uniswap on this network was very low.

From the end of December 2021, the number of swap transactions and the number of unique users of the Uniswap exchange began to grow, and it can be said that with the start of the growth of the Uniswap exchange in the Polygon network, the trend of swap transactions and the number of users in SushiSwap decreased, and with the increase of Uniswap transactions and users, Sushiswap transactions and users decreased.

Only on September 2, 2022, SushiSwap was able to regain its lead and reach more swaps and more users than UniSwap.

As we can see, the number of swap transactions in UniSwap on the Polygon network is about 1 million more than SushiSwap transactions, and the number of unique UniSwap users is about 2 times that of SushiSwap.

observations

The graphs of the maximum, minimum , average and median in all cases shows the superiority of SushiSwap over UniSwap. As we can see, on November 29, 2021, the largest number of swap transactions was done in SushiSwap on the Polygon network, which was more than 46,000 swap transactions. this has the highest number of transactions even in Arbitrum and Abtimism networks, and on this day more than 22,000 unique users have transacted in SushiSwap exchange, which is more than the two mentioned

networks.

observations

In terms of the number of swap transactions per unique user, the daily and total charts show the higher number of Uniswap transactions per user. This value is 12 to 8 in two dexs.

observations

The distribution charts of the number of swap transactions show that more than 143,000 users have made a transaction at least once in SushiSwap, which is more than the number of users in two networks, Arbitrum and Optimism.

And the interesting thing is that more than 150,000 users in SushiSwap have made two transactions on the Polygon network, and it should be said that more than 100,000 users have made at least one transaction on the Polygon network in Uniswap.

The top swappers UniSwap and SushiSwap have been in close competition in terms of the number of transactions and each has done more than 75,000 swap transactions in these two dexes.

observations

The average number of swap transactions performed per hour over time in SushiSwap exchange is more than UniSwap, and as it can be seen, with the passage of time, this amount shows a decrease for SushiSwap and an increase for UniSwap.

observations

The graph of new users shows more new users joining SushiSwap on the Polygon network. We can see that on November 28 and 29, 2021, more than 30,000 new users joined SushiSwap.

But the trend of new users shows a decreasing trend since the same date

observations

The swap volume of all four mentioned assets in SushiSwap is more than UniSwap and as we can see, more than 3 billion USDC tokens have been swapped in SushiSwap on the Polygon network.

Conclusion

In this dashboard, we checked the market share of 2 famous decentralized DEXs named SushiSwap and UniSwap on three L2 chains named Arbiterum, Optimism and Polygon.We have done this review in different aspects, including the number of swaps, the number of swaps per user, and the number of swaps per hour, and other items, including the presentation of maximum, minimum, average, and median statistics, and the distribution of the number of transactions among users,

Also, we have included other statistics such as the top 10 swappers and new users in this dashboard, it can be said that from the mentioned aspects, in the Arbitrom network, these two dexes are doing their work almost equally, but in the Optimism network, the superiority is with Uniswap, and in the network Polygon is relatively superior to SushiSwap. By examining the visualizations presented in this dashboard from different aspects, many questions can be answered and various conclusions can be presented from an analytical point of view.