What is Sushiswap?

SushiSwap is an automated market-making (AMM) decentralized exchange (DEX). In addition to DEX, SushiSwap involves a collection of governance, operations and reward contracts that help grow the SushiSwap ecosystem and utilization.

What is Avalanche?

Avalanche is a platform for creating custom blockchain networks and decentralized applications (dApps). Created by Ava Labs, the Avalanche crypto platform is one of many projects seeking to unseat Ethereum as the blockchain ecosystem's most widely utilized smart contract platform.

Methodology

In this dashboard, Firstly I am going to check some overall stats on the Avalanche chain during FTX & Alameda Collapse from 30 days ago till today to see how this chain has performed during volatile timespans. (with mainly using avalanche.core.fact_transactions table)

Then, I am going to check the activity over Sushiswap and TraderJoe decentralized exchanges on Avalanche especially stablecoins swap activity.

.For this, Firstly I am going to use avalanche.sushi.ez_swaps table to analyze data on Sushiswap.

Then, I am going to use avalanche.core.fact_event_logs table to analyze data on TraderJoe considering that the swap router contract address for this DEX based on its official docs is 0x60aE616a2155Ee3d9A68541Ba4544862310933d4. in this case, when event_inputs:to = origin_from_address and event_name = Transfer, the contract address gives us the Swap To Asset and when event_input:from = origin_from_address and event_name = Transfer, the contract address gives u the Swap From Asset. Also when the event_name = ‘Swap’ the contract_address gives us the Swap Pair (Pool). For extracting the swap pools, I have manually searched them on Snowtrace (Avalanche explorer) to extract their name for the analysis.

For extracting swapped assets, I have joined them with avalanche.sushi.ez_swaps table to match the contract_address of each asset and extract their symbol from the Sushi table.

Since there is no specific ez.swaps table for TraderJoe and also there is no dim_price table on this chain, We are going to only analyze Swaps and Swappers stats for TraderJoe.

What is TraderJoe?

Trader Joe is an AMM that focuses on trading Avalanche (AVAX). This DEX, however, also has services related to lending and borrowing, liquidity pools, leverage trading, yield farming, NFTs, staking, as well as a launchpad. Overall, Trader Joe announces itself as one of the most exhaustive DEXs's in the DeFi space.

Sushiswap

According to the above charts, almost similar to the overall transactions on Avalanche, the activity on Sushiswap has increased signifncantly during the first days of collapse and also there were high number of active swappers on Sushiswap has increased as high spikes but after a while, we can see decreasing number and especially volume of swaps on Sushiswap as time goes on.

Based on the left charts, we can see the average dailly volume of swaps on Sushiswap has decreased significantly during the days after the Collapse but the average daily activity (number of swaps) has increased after the collapse timespan compared to the days before it.

Moreover, there is not a significant change in number of swappers on Sushiswap before and after collapse timespan.

Based on the left charts, during the days before collapse, the number of swaps with more than $1000 volume was a little less than these type of swaps after the collapse timespan.

This means users are performing more-worthy swaps after the collapse compared to the days before this collapse.

this increasing share of swaps with more than $1000 volume has mainly started from 7 & 8th November (first day of collapse)

According to the left and above charts, the number of swaps and swappers from and to stablecoins have not experienced significant increase or decrease over time and during collapse timespan.

But in terms of volume, we can firstly see high spikes of swaps to stablecoins during the collapse timespan and after a while, we can see an increasing share of Non-Stablecoin swaps as time goes on.

Also, the number of swaps from stablecoins compared to the swaps to stablecoins has increased significantly after the FTX collapse meaning that after collapse, Sushiswap swappers on Avalanche are swapping their Stablecoins to other assets that have experienced massive drop in their price in order to buy them at the dip ! On the other hand, we can see quite decreasing volume of swaps To stablecoins meaning that users activity for changing their nonstablecoin asset to stablecoins (selling them) is decreasing over time.

On the left charts, as mentioned above, we do not see a significant change in number of stablecoins and non stablecoin swaps after collapse.

But in terms of volume, we can see quite increasing share of nonstablecoins swaps over time and on the other hand, the decreasing share of swap to and from stablecoins.

On the left charts, we can see as time goes on ,the number and also volume of swaps on stablecoin pools has increased slightly after the collapse compared to non stablecoin pools.

According to the left charts and as mentinoed above, after the collapse timespan, both number and volume of swaps on stablecoin pools has increased slightly but still the activity over these pools is way less than non-stablecoin pools.

On the left charts, we can see top 10 assets of each day to swap from them to other assets on Sushiswap over the past 30 days.

As we see, the majority of swaps belong to the MIM and WAVAX but after the collapse timespan, we can also see increasing share of swaps from USDC and TIC as time goes on with some high spikes on EVDC asset.

On the left charts, we can see top 10 assets of each day to swap to them from other assets on Sushiswap over the past 30 days.

As we see, the majority of swaps belong to wMEMO, WAVAX and USDC.e and after the collapse timespan we can see decreasing share of swaps to WAVAX and on the other hand, increasing share of swaps to USDC.

And on the left chart, we can see increasing share of swaps on wMEMO - WAVAX pool as time goes on and on the other hand, significant decrease in volume of swaps on MIM-WAVAX pool.

TraderJoe

Based on the above charts, similar to the Sushiswap, firstly we see high spikes of swap activity on TraderJoe during the first days of the collapse but after a while and especially after 16th November, we can suddenly see dramatical decrease in swap activity on this platform to the extent that its daily average number of swaps and active swappers after the collapse is way less than TraderJoe and also its decline rate is way more than Sushiswap decline rate.

Despite Sushiswap, we do not see a significant increase in nonstablecoin swaps on TraderJoe over time. moreover, on 18th November, we can see a sudden high spike of number of swaps From stablecoins to other assets and on the other hand, sudden significant decrease in number of swaps to stablecoins from other assets.

Based on the left charts and as mentinoed above, we can see increasing share of swaps from stablecoins to other assets after the collapse and on the other hand, decreasing share of swaps to stablecoins from other assets.

also, the activity over non-stablecoin swaps increased slightly after the collapse.

On the left charts, we can see the top 10 assets of each day to swap from them to other assets during the past 30 days.

As we see, there is slightly increasing share of swaps from USDC and also WAVAX as time goes on especially during recent days.

Also, we can see decreasing share of swaps from USDT.e on this platform over time.

On the left charts, we can see the top 10 assets of each day to swap to them from other assets during the past 30 days.

We can see quite decreasing share of swaps to USDC as time goes on and on the other hand, increasing share of swaps from WAVAX over time.

Based on the left charts, we can see quite decreasing share of USDC-WAVAX pool over time and on the other hand, increasing share of other various pools on TraderJoe as time goes on.

Summary and Conclusion

• Avalanche (and also its Sushiswap and TraderJoe platforms) has experienced significant increase in its daily transactions and also active users during the first days of the FTX collapse timespan but after a while, the activity on this chain has decreased significantly even less than the days before the collapse.
• despite high spikes of volume of swaps on Sushiswap during the first days of collapse, after a while, swaps volume has decreased significantly. Moreover, we have seen the increasing share of non-stablecoin swaps after the collapse timespan and on the other hand, decreasing share of both swaps from and to stablecoins.
• The volume of swaps from stablecoins increased slightly compared to the swaps TO stablecoins and this means mostly tend to buy assets in the dip (after the price drop after the collapse).
• on Sushiswap, After the collapse, WMEMO-WAVAX swaps has increased significantly and on the other hand, swap activity on MIM-WAVAX pool has decreased dramatically.
• Similar to the Sushiswap, there was several high spikes of swap activity on TraderJoe during the first days of the collapse but after a while and especially after 16th November, there was dramatical decrease in swap activity on this platform with way more decline rate than Sushiswap. So, we can see TraderJoe was more affected than Sushiswap by FTX collapse.
• The stablecoin swap activity on TraderJoe did not change significantly after the collapse compared to the days before it and similar to the Sushiswap, non-stablecoins swaps has higher share of swaps from and to stablecoins.
• There was sudden increasing share of swaps from stablecoins to other assets on 18th November and on the other hand, decreasing share of swaps to stablecoins from other assets.
• USDC and WAVAX was the most affected assets on TraderJoe after the collapse. The number of swaps from USDC to other assets has increased after the collapse and on the other hand, the share of swaps to this stablecoins from other assets decreased over time.
• Totally on both DEXs, we have seen there are increasing share of users who are bravely swapping their stablecoins to the other non-stablecoins assets in order to buy them at the dip.
• Also we have seen quite decreasing activity on both platforms and also on Avalanche itself after a while after FTX collapse meaning that users’ will to trade and perform activities on Avalanche chain and its swap programs has decreased significantly after several crashes on the market.

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Overall Avalanche Stats

According to the above charts, Avalanche has experienced significant activity especially in terms of number of transactions during the first (main) days of FTX collapse and also there were some high spikes of active users on this chain during this timespan but after a while, we can see the daily number of transactions and also active users on this chain has decreased slightly.

So, as like as many other chains, on Avalanche too we can see decreasing number of daily active users on chain after FTX collapse meaning that users are losing their trust in cryptocurrency market.

According to the left chart, the transactions success rate on Avalanche during the first days of collapse has decreased slightly but after a while, it was again able to recover success rate and this means Avalanche has performed well on controlling the success rate of itss transactions during the volatile days.