Methodology

• For AAVE and Maker deposits and withdraws we look at respective ethereum.aave.ez_* and ethereum.maker.ez_ tables.

  • We filter out deposits and withdraws for WETH

• For Uniswap and Sushiswap we take data from flipside_prod_db.crosschain.ez_swaps with platform as uniswap-v% which includes both V2 and V3 and sushiswap

  • Every WETH added to the Pool is considered as deposit.
  • Every WETH removed from the Pool is considered as a withdrawal.

• For WETH prices we rely on the ethereum.token_prices_hourly table.

• We look at the following metrics for each Protocol for Depositing and Withdrawing

  • Number of Wallets
  • Number of Transactions
  • Amount of ETH
  • Amount of ETH in $USD

• We also look at all metrics before and after the merge

Number of Wallets

Sushiswap

• Sushiswap did not see much of a change leading right up to the merge and even after the merge.
• Highest number of depositors were 14.6K on Sep 7, 2022.
• Highest number of withdrawers were 7.1K on Sep 12, 2022.
• In fact, we see more depositors on Sushiswap as compared to withdrawers.

Uniswap

• Uniswap did not see much of a change leading right up to the merge either, even after the merge.
• Highest number of depositors were 15K on Sep 6, 2022.
• Highest number of withdrawers were 9K on Sep 6, 2022.
• Uniswap surprisingly has almost similar number of depositors and withdrawers.

Maker

• Maker is the outlier, where we see spike in the withdrawers right after the merge, plus we also see s spike in number of depositors one day before the merge.
• Highest number of depositors were 42 on Sep 15, 2022.
• Highest number of withdrawers were 42 on Sep 14, 2022.
• Maker surprisingly has almost similar number of depositors and withdrawers, except a few days.

AAVE

• AAVE is also the outlier, where we see spike in the depositors right before and after the merge and very few withdrawers.
• Highest number of depositors were 457 on Sep 15, 2022.
• Highest number of withdrawers were 62 on Sep 15, 2022.
• AAVE surprisingly has majority of depositors and very few withdrawers.

Amount of ETH & Amount of ETH ($USD)

Sushiswap

• Sushiswap sees a slight decrease in ETH volume leading up to the merge.
• Highest number of ETH deposited was 28K $ETH on Aug 19, 2022.
• Highest number of ETH withdrawn was 25K $ETH on Aug 19, 2022.
• We see more withdraw volume transactions on Sushiswap.

Uniswap

• Uniswap sees a slight decrease in ETH volume leading up to the merge.
• Highest number of ETH deposited was 425K $ETH on Aug 19, 2022.
• Highest number of ETH withdrawn was 425K $ETH on Aug 23, 2022.
• We see similar volumes transactions on Uniswap.

Maker

• Maker is the outlier, where we see spike in the amount of $ETH withdraws up to the merge
• Highest number of deposits were 4K $ETH on Aug 29, 2022.
• Highest number of withdraws were 15.5K $ETH on Aug 26, 2022.
• Maker sees an increase in the number of withdraws leading right up to the merge, clearly a lot of $ETH has been withdrawn from Maker.

AAVE

• AAVE is also the outlier, where we sudden decrease in deposit volume right before the merge, and a lot of withdraw volume instead.
• Highest number of deposits were 213K $ETH on Sep 02, 2022.
• Highest number of withdraws were 248K on Sep 14, 2022, right before the merge.
• AAVE surprisingly sees increase in withdraws right near the merge.

Number of Transactions

Sushiswap

• Sushiswap sees a slight uptick right up to the merge.
• Highest number of deposit transactions were 34K on Aug 31, 2022.
• Highest number of withdraw transactions were 14.8K on Aug 31, 2022.
• We see more deposit transactions on Sushiswap as compared to withdraws.

Uniswap

• Uniswap doesn’t see any change before or after the merge.
• Highest number of deposit transactions were 60K on Aug 26, 2022.
• Highest number of withdraw transactions were 43K on Sep 06, 2022.
• We see similar deposit transactions as compared to withdraws.

Maker

• Maker is the outlier, where we see spike in the withdraws right after the merge, plus we also see a spike in number of deposits one day before the merge.
• Highest number of depositors were 60 on Sep 15, 2022.
• Highest number of withdrawers were 54 on Sep 15, 2022.
• Maker sees an increase in the number of withdraws leading right up to the merge.

AAVE

• AAVE is also the outlier, where we see spike in the deposits right before and after the merge and very few withdraws.
• Highest number of deposits were 540 on Sep 06, 2022.
• Highest number of withdraws were 420 on Sep 15, 2022, right after the merge.
• AAVE surprisingly sees increase in transactions right near the merge.

Conclusion

• User of Uniswap and Sushiswap are not much concerned with the merge it seems, it is business as usual.
• However Maker and AAVE does see an outflow of big number of $ETH right before the merge.
  • AAVE saw 397M $USD worth of ETH being withdrawn one day before the merge.
  • AAVE also saw 359M $USD worth of ETH being deposited on the day after the merge.

Number of Transactions

Number of Wallets

Amount of ETH & Amount of ETH ($USD)