What is Optimism?

Optimism is a layer-two blockchain for Ethereum using optimistic rollups as scaling technology and one of Ethereum’s biggest scaling solutions. Optimistic rollups outsource the execution of transactions to a L2 solution like Optimism. The transactions on Optimism are rolled up into batches that get relayed to the Ethereum mainnet, which only records the new chain state. Since their validity is assumed, the rollups are called optimistic.

What is Decentralized Exchange (DEX)?

A decentralized exchange (DEX) is a peer-to-peer (P2P) marketplace that connects cryptocurrency buyers and sellers. In contrast to centralized exchanges (CEXs), decentralized platforms are non-custodial, meaning a user remains in control of their private keys when transacting on a DEX platform.

What is Sushiswap?

SushiSwap is a decentralized exchange (DEX) in which users can exchange between different virtual currencies. SushiSwap is actually a software running that seeks to incentivize a network of users to operate a platform where users can buy and sell crypto assets.

What is Velodrome?

Velodrome Finance is the liquidity base layer for the entire Optimism ecosystem it focuses on properly incentivizing liquidity for DeFi protocols. Interestingly, Velodrome Finance, at its core, is a solution for protocols on Optimism to properly incentivize liquidity for their own use cases.

What is Uniswap?

Uniswap is a cryptocurrency exchange that uses a decentralized network protocol. Uniswap is also the name of the company that initially built the Uniswap protocol. The protocol facilitates automated transactions between cryptocurrency tokens through the use of smart contracts.

What is ZipSwap?

Zipswap is a more gas efficient, optimistic rollup native swap. Based on a modified UniswapV2 codebase, the goal of ZipSwap is to provide users with lowest fee possible on optimistic rollups.

Methodology

In this dashboard, we are going to perform a deep analysis of the 4 mentioned Decentralized Exchange on the Optimism ecosystem. these 4 DEXs are: Sushiswap, Velodrome, Uniswap and Zipswap.

Thanks to Flipside, we have tables for Sushiswap (optimism.sushi.ez_swap) and Velodrome (optimism.velodrome.ez_swaps) on optimism.core schema. But for Uniswap and Zipswap, we have to use their swap routers’ contract addresses to extract data:

• Uniswap V3 Router Contract Address: 0xe592427a0aece92de3edee1f18e0157c05861564
• Uniswap V3 Router 2 Contract Address: 0x68b3465833fb72a70ecdf485e0e4c7bd8665fc45
• Zipswap Router Contract Address: 0xe6df0bb08e5a97b40b21950a0a51b94c4dba0ff6

on Uniswap and Zipswp, I have used optimism.core.fact_event_logs table (origin_to_address = above contract addresses) to extract data. When the event_name of the transaction on these 2 DEXs is “swap”, the contract address is the swap pool address.

on Uniswap, when event_inputs:from is equal to origin_from_address on the event logs table and event_name is transfer, we can extract the swapping to asset from the contract address on the related row. when event_inputs:to is equal to origin_from_address on events table and event_name is transfer, we can extract the swapping from asset from the contract address on the related row.

on Zipswap when event_inputs:from is equal to origin_from_address on the event logs table and event_name is transfer, we can extract the swapping from asset from the contract address on the related row. when event_inputs:to is equal to origin_from_address on the event logs table and event_name is transfer, we can extract the swapping to asset from the contract address on the related row.

Since extracting volume data for Uniswap and ZipSwap is kinda impossible by using Flipside tables (because lack of a dedicated Uniswap table on these chains (something like velodrome.ez_swaps) and also the lack of price table in all chains.) we are not going to analyze volume’s data for these 2 DEXs but we will analyze volume for Sushi and Velodrome DEXs.

The default timespan for this dashboard is set from 30 days ago till today. My Descriptions on the charts and data are also for this timespan. But, You can easily set your desired timespan by using provided parameter field “Since_Days_Ago” on the above of the dashboard. All you have to do is log in to Flipside and then enter your desired number and click Apply All Parameters.

Overall Stats

According to the above charts, The number of swaps on Velodrome during the past 30 days is more than all other DEXs But the number of active swappers on Uniswap is more than other platforms. Zipswap has the least number of swaps and swappers among these platforms.

Also, we can see There are more number of pools (which users have done swaps on them) on Uniswap and Velodrome is on the second rank. Sushiswap is by far on the 3rd rank and the last rank belongs to the Zipswap.

The total USD volume of swaps on Velodrome is more than Sushiswap during the past 30 days and also the average and median volume of swaps on this platform is more than Sushi.)

In terms of fees, we can see the total generated fees during the past 30 days on Velodrome is more than 182 ETH which is more than all other platforms but the average transactions fee on Sushiswap is more than all other DEXs. ZipSwap has the least transactions fee among these DEXs.

Moreover, we can see the most number of swaps on Velodrome are done with $100 - $100 USD Volume and swaps with less than $10 volume are on the 2nd rank but on Sushiswap, most number of swaps are done with less than $10 volume and the second rank belong to the $10 - $100 volume swaps.

Daily and Over-Time Stats

On an average day, the number of Velodrome swaps is more than other platforms but there are more number of swappers on Uniswap.

The average and median daily volume of swaps on Velodrome is way too higher than Sushiswap in a day.

Moreover, we can see the average daily generated fee on the Velodrome platform is way more than other platforms.

Zipswap is the least daily active platform among these DEXs.

The total trend for the number of swaps and swappers on these platforms (combined) is decreasing over time during the past 30 days.

We can see Uniswap and Velodrome have the most share of swaps during the past 30 days and we can barely see any trace of Sushiswap and especially ZipSwap on the charts.

There is an almost equal share of Uniswap and Velodrome platform over time and a certain increasing or decreasing trend are not visible on the charts.

Velodrome has way more total and average volume than Sushiswap in all days and Sushiswap is not even close to the daily swaps volume on Velodrome.

Most number of new swappers joined these platforms on June 2022 and its mainly because of a huge high spike on 1st June with 16k new registered users.

Most number of new swappers on Velodrome has achieved during August 2022 with the highest spike on 16th August.

Swappers Stats

The average number of swaps per swapper on Zipswap is more than all other platforms meaning that Zipswap swappers are more active than all other swappers but as we have seen before, their number is way too lower than other DEXs.

The average volume of swaps per swapper on Velodrome is way more than Sushiswap swappers. an average swapper on Velodrome during the past 30 days has swapped 4530 USD during past month.

The average paid fee by a swapper on Velodrome is more than all swappers on all platforms and Uniswap is on the last rank here.

Most number of swappers on Velodrome have totally performed $100 - $1000 swaps volume and the second rank belong to the users with $10 - $100 swap volume but on the Sushiswap, The most number of swappers have totally performed $10 - $100 swaps and the second rank belong to the swaps with less than $10 swaps. this shows Velodrome swappers are more worthy.

Most number of swappers on Sushiswap has totally performed 1 swap during the past month but on Uniswap and velodrome, most number of swappers have performed 2-5 swap transactions. on Zipswa, most number of swappers have totally made 26-50 swaps during the past month and this shows the high activity of Zipswap swappers compared to the other DEXs.

0x222cbf00836e3e1373816d34a2399b886ece3f3f and 0xfedd6c84c14e4fc36154dc863e72fd068d73b250 were the most active swappers on Sushiswap during the past month with 340 swap transactions.

The user address 0xc4ed6555018d4360f983bf43937e584000b1951f was the most active swapper on Velodrome during the past 30 days with total 37.337k swaps which is way more than Sushiswap top swappers.

the user address 0x4e9e54aeadfee2dd2300a286ccbcc6bb4423a094 with total 19.486k swaps was the most active swapper on Uniswap during the past 30 days.

And the user address 0x78c62fe8297f9096262780cc7c66eaaf28780f11 with only 40 swaps was the most active swapper on Zipswap during the past month.

Top Swappers By Number of Swaps

Top Swappers By Volume of Swaps

on Sushiswap, the user address 0x222cbf00836e3e1373816d34a2399b886ece3f3f has pefromed the most volume of swaps with total 31.619k USD volume during the past 30 days.

The user address 0xc4ed6555018d4360f983bf43937e584000b1951f on Velodrome has performed the most volume of swaps during the past 30 days on this platform with total 22.90M USD which is quite high amount ! this user was also the most active swapper on this platform.

Pairs and Assets Stats

Top Pairs By Number of Swaps

During the past 30 days, WETH/USDC pair was the most popular swap pair on all DEXs in terms of swaps count. There were only 4 swap pair active on ZipSwap during the past 30 days.

Top Pairs By Number of Swappers

WETH/USDC was also the most popular swap pair in terms of number of swappers during the past 30 days on all platforms.

Top Pairs By Volume of Swaps

The volume of WETH/USDC pair swaps on Sushiswap was more than all other pairs but on Velodrome, vAMM-OP/USDC pair has experienced the most volume of swaps during the past 30 days. WETH/USDC is on the second rank here.

Top Assets Swapping From, By Number of Swaps

on all platforms except Sushiswap, USDC was the most popular asset to swap from it to other assets in terms of number of swaps. on Sushiswap, WETH was the most popular one and USDC is on the second rank.

Top Assets Swapping From, By Number of Swappers

In terms of number of swappers, USDC was the most popular asset to swap from it to other tokens in all platforms including Sushiswap.

Top Assets Swapping From, By Volume of Swaps

on Sushiswap, WETH has the most volume of swaps for swapping from it to other tokens but on Velodrome, USDC is the top one in this term.

Top Assets To Swap To, By Number of Swaps

on Sushiswap and ZipSwap, WETH was the most popular asset to swap to it from other tokens during the past 30 days but on Velodrome and Uniswap, USDC was the most popular asset to swap to it.

Top Assets To Swap To, By Number of Swappers

In terms of number of swappers, WETH is also the most popular asset to swap to it from other tokens in Sushiswap but on Uniswap and Velodrome, USDC is the most popular one.

WBTC and WETH are on the first rank of this terms on Zipswap.

Top Assets To Swap To, By Volume of Swaps

And at last in terms of volume, WETH was the most popular asset on Sushiswap to swap to it from other tokens and USDC and OP were on the second and third ranks.

in Uniswap, USDC was the most popular assets in this terms and WETH and OP are on the second and third ranks.

Summary and Conclusion

During the past 30 days on the 4 decentralized exchanges (Sushiswap, Velodrome, Uniswap, and ZipSwap) on Optimism:

• Velodrome had the most number of swaps, most volume of swaps (vs Sushiswap) and has generated the most transactions fee among top DEXs while the number of active swappers and also pools on Uniswap is more than others.

• Zipswap has the least average fee per transaction among these DEXs and this platform is also the least popular and active DEX among these platforms.

• The total trend for the number of swaps and swappers on these platforms (combined) is decreasing over time during the past 30 days.

• The most number of new swappers joined these platforms on June 2022 and its mainly because of a huge high spike on 1st June with 16k new registered users.

• The most number of new swappers on Velodrome has achieved during August 2022 with the highest spike on 16th August.

• The average number of swaps per swapper on Zipswap is more than all other platforms meaning that Zipswap swappers are more active than all other swappers but their number is way lower than all other DEXs.

• The average paid fee by a swapper on Velodrome is more than all swappers on all platforms and Uniswap is on the last rank here.

• 0xc4ed6555018d4360f983bf43937e584000b1951f (from Velodrome platform) was the most active swapper with 340 swaps during the past month. This user has also performed the most volume of swaps with total 22.90M USD which is a quite high amount.

• WETH/USDC was the most popular swap pair on all DEXs with the most number of swaps and swappers.

• The volume of WETH/USDC pair swaps on Sushiswap was more than all other pairs but on Velodrome, vAMM-OP/USDC pair has experienced the most volume of swaps and WETH/USDC is in the second rank here.

• In all platforms except the Sushiswap, USDC was the most popular asset to swap from it to other assets in terms of number of swaps. on Sushiswap, WETH was the most popular one and USDC is in the second rank.

• In terms of the number of swappers, USDC was the most popular asset to swap from it to other tokens in all platforms including Sushiswap.

• on Sushiswap, WETH has the most volume of swaps for swapping from it to other tokens but on Velodrome, USDC is the top one in this term.

• on Sushiswap and ZipSwap, WETH was the most popular asset to swap to it from other tokens but on Velodrome and Uniswap, USDC was the most popular asset to swap to it.

• In terms of the number of swappers, WETH is also the most popular asset to swap to it from other tokens in Sushiswap but on Uniswap and Velodrome, USDC is the most popular one. WBTC and WETH were on the first rank of these terms on Zipswap.

• in terms of volume, WETH was the most popular asset on Sushiswap to swap to it from other tokens. in Uniswap, USDC was the most popular asset in this terms.

• Totally, USDC, WETH were the most popular assets on these platforms during the past 30 days (and probably in all time)

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