Introduction

This dashboard, is created to explore and comparatively analyze the daily transaction activities of two decentralized exchanges (DEXes), Sushiswap and Uniswap from September 01, 2022 → November 30, 2022.

We will also check those activities out for each of DEXes along the Ethereum and Polygon Chain to see if there is/are also a comparative trend in activities.

Before we start, a quick look at some few concepts:

• Decentralized Exchange (DEX):

  A peer-to-peer marketplace where cryptocurrency traders make transactions directly without handing over the management of their funds to an intermediary or custodian. These transactions are facilitated through the use of self-executing agreements written in code called smart contracts.

• Uniswap:

  Uniswap is a cryptocurrency exchange which 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 on the Ethereum blockchain and other blockchains through the use of smart contracts.

• Sushiswap:

   An Ethereum-blockchain DEX, initially launched as a copy of Uniswap. As a clone of Uniswap, SushiSwap was a platform to swap tokens without the need for a middleman or intermediary. To make SushiSwap unique, the founders added new features including liquidity mining and governance through SushiSwap’s SUSHI token.

• Ethereum Chain:

  Ethereum is a decentralized blockchain platform that establishes a peer-to-peer network that securely executes and verifies application code, called smart contracts. Smart contracts allow participants to transact with each other without a trusted central authority.

• Polygon Chain:

  platform that enables blockchain networks to connect and scale. It aims to create a multi-chain blockchain ecosystem compatible with Ethereum. As with Ethereum, it uses a proof-of-stake consensus mechanism for processing transactions on-chain while deriving its security from Ethereum.

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Method

Using the Flipsidecrypto platform database, I initially analyze the activities on both Sushiswap and Uniswap-V3 by selecting the ethereum.core.ez_dex_swaps then comparatively analyze the needed metrics.

For the second part, I did use the same table above for each DEXes, for analysis along the ethereum chain exclusively, and then select the polygon.core.fact_transactions table for polygon chain analysis.

As the polygon.core.fact_transactions is not having a USD value column but MATIC value, I decided to join the table with the

ethereum.core.fact_hourly_token_prices for the corresponding average USD value.

Analysis along Ethereum and Polygon Chain

Summary

• Uniswap has vastly and clearly more activities by all the metrics measured compared to Sushiswap, as we can see with respect to daily transaction volume, number of unique users and swap transaction counts.
• There exist a strong correlation between the activities of the two DEXes with only slight deviation, a surge in activity in one will clearly be replicated in the other. Transaction volume and swap transaction count was at it highest in both DEXes from November 8th → 11th, most probably a resultant effect of the infamous FTX saga.
• Ethereum chain shows a clear dominance over polygon chain in Uniswap. In terms of active users, transaction volume, and swap transaction count, Ethereum chain clearly attracts more activities compared to Polygon chain.
• Like the same in Uniswap, Sushiswap is also significantly having much of its activities in Ethereum chain compared to Polygon chain. Except for few instances especially for daily number of transactions, Ethereum chain clearly dominates in all the metrics measured.