What Is Uniswap (UNI)?

Uniswap is a decentralized protocol that enables users to trade Ethereum tokens. The protocol is powered by the Ethereum blockchain and allows anyone to create a market for any ERC20 token. Uniswap was launched in November 2018 and has become one of the most popular protocols on the Ethereum network.

Uniswap is often described as the leading DEX on the Ethereum blockchain. A DEX is a decentralized exchange that does not rely on a third party to hold the user’s funds. Instead, the users themselves are responsible for their own funds. This is done by using smart contracts that are stored on the blockchain.

Method

For this analysis I've used ethereum.core.fact_hourly_token_prices table of Flipside to get the UNI price.
Contract address of UNI token needed which is 0x1f9840a85d5af5bf1d1762f925bdaddc4201f984 and extracted using on-chain data on etherscan.
For the other parts of analysis ethereum.core.ez_dex_swaps table is much more suitable. I filtered the results with platform like 'uniswap%' function to get to right data. I also used arbitrum.core.fact_event_logs and optimism.core.ez_dex_swaps tables to get the data of new users on Arbitrum and Optimism chains.

Takeaways

Overall review of Uniswap in the past 12 months has been shown and results indicates:
Native token of Uniswap can be see on above graph and as you see most of the time UNI price played in a rang between $4.5-$6.5 . There is only one upward trend with a sharp increase which occurred between Jun 19th, 2022 to August 11th 2022 and lead the UNI price up to $9.2. Right now UNI price is around $5 which is almost 40% decrease.

In this time period around 411B $USD volume created on this popular platform.
Total number of swaps made on it passed 30M transactions. These swaps has been deployed on this platform and Ethereum network by 2.3M unique swappers.

From Jun 2022 swap volume on Uniswap has been decreased from 41.5B USD to almost 14B on Dec 2022. I believe main reason of this drop is market collaps that we saw on crypto last year. Since Jan 2023 swap volume started to getting better and reached to new ATH over the past 12 months by 43.4B USD.

On the other hand we can see graphs of swap transactions and swappers which has correlation between each other and has better condition compared to trends of swap volume.

Statistics of new users on Uniswap platform over the past 12 months has been showed here.
Total new users that joined Uniswap in this time period is 1.8M users.
These new commers made 8.2B USD swap volume on Uniswap in the last 12 months.
Total transactions these users made passed 2M tx recently and reached to 2.1M swaps.
Monthly graphs of these stats in below shows on May 2022 around 74K new users joined Uniswap which is lowest number over the past 12 months . Highest peak of number occurred past month on April 2023 by 201K users. Swap volume of these new users reached to highest amount at this date as well.
Correlation between number of new users (blue line) and swap volume (red bars) can be seen in below graph. Every time number of new commers started to rise swap volume on Uniswap increased as well.
Another graphs in below shows comparison of new users on Uniswap between Ethereum and two popular L2 such as Arbitrum and Optimism. Results shows Arbitrum with 1.1M new users is the second top chain after Ethereum and Optimism by 487K new users over the past 12 months has the lowest attraction of users among these networks.

Conclusion

Over the past 12 months around 1.8M new users joined Uniswap platform.
Monthly timeframe of these users shows strong upward trend.
Correlation between number of new users and swap volume on Uniswap is positive.
Same positive correlation between total new users of Uniswap and new commers can be seen as well.
Out of 411B $USD swap volume on Uniswap over the past 12 months, New users share is around 8B $USD.
Comparison between Ethereum and L2 chains shows Over the past 12 months Ethereum received more new users.
Arbitrum with 1.1M new users is following Ethereum chain and Optimism by only 487K is in the third place.