Question:

Let’s take a closer look at DEXs on Optimism. Make a dashboard that compares at least three DEXs based on:

• Total number of swaps by day over the last month
• Total number of wallets swapping by day
• What are the most popular asset pairs to swap from and too
• Top 10 assets swapping from
• Top 10 assets to swap to

Other metrics:

• 7-Day moving average for swap volume
• Average swap per day and swapper

Methodology:

The Optimism Network or Optimism is a second layer solution, which was created to solve the scalability problems of the Ethereum network. With the help of this solution, you can reduce your transaction cost up to 100 times. The native digital currency of this network is called Optimism (OP). The data provided by Flipside has been used to handle this analysis.

In this analysis, the following topics have been covered:

• Swap related metrics
• Popular assets identified based on:
  • Swap from
  • Swap to
• Most popular swap pairs by volume of usage
• DEX revenue→ sum(AMOUNT_IN_USD-AMOUNT_OUT_USD)

About Sushiswap:

SushiSwap is one of the famous decentralized applications or dApps on the Ethereum platform. SushiSwap primarily acts as a DEX, enabling the peer-to-peer (P2P) exchange of cryptocurrencies on a decentralized platform. SUSHI currency is also a native and functional token of this protocol. This digital currency is made with Ethereum ERC-20 standard and the total supply of this token is 250 million. Instead of using the order book that we see in centralized exchanges, SushiSwap uses an automatic market maker (AMM). AMM balances the value of tokens based on the amount of available liquidity, while liquidity in DEXs is also provided by users in a decentralized manner by depositing currency pairs to liquidity pools.

About Velodrome:

The Velodrome platform is a decentralized exchange (DEX) based on the Optimism blockchain. Since the Velodrome decentralized exchange is based on the Optimis blockchain, it offers all the features of this blockchain to its users. In fact, this exchange allows digital currency market participants, users and traders to exchange their cryptocurrencies with each other using this exchange.

This decentralized exchange also functions as an automated market maker or an AMM based on the Solidity programming language.

About Rubicon:

Rubicon is an order book protocol for Ethereum, built on layer 2 (L2) networks. Token swaps, order books, and liquidity pools are available on the Rubicon App.

Rubicon is built on Optimism, a low-cost and lightning-fast Ethereum L2 chain.

The Rubicon gain popularity among Optimism users due to the simplicity and its promising project.

Part 1: General and Daily stats of DEXs on Optimism

Findings:

• The general stats shown the domination of Velodrome finance over Sushiswap and Rubicon on Optimism.

• The Rubicon takes the second place of most used DEXs among considered DEXs on Optimism.

• The Average swap volume on Velodrome is more than other two.

• DEX revenue calculated by estimating the difference of USD value of input and output assets.

• From this point of view, the Velodrome has obtained over 34k USD as revenue from swaps on Optimism on the past month and takes the first rank.

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Findings:

• The daily usage of DEXs on Optimism shown that the highest volume of swaps in USD belong to Velodrome and the Rubicon takes the second place.
• The distinct swappers over time reveals the popularity of Velodrome over other DEXs on Optimism.
• The daily average swap volume and 7-day moving average of swap volume demonstrated that the Velodrome has the highest values but for Sushiswap and Rubicon, the average swap values are really close together.
• Velodrome reached over 1.5 million swaps on Optimism over the past month and its remarkable.

Part 2: Top 10 assets swapping from on DEXs of Optimism

Findings:

• The most used token for “Swap from” on Sushiswap is ==WETH== but on Velodrome and Rubicon the ==USDC== has been dominated the most used token for this purpose.
• On Sushiswap, the WETH, USDC and OP has the highest average swap volume in USD, respectively.
• On Velodrome, the stETH dominated the average swap volume for “Swap From” and on Rubicon, the OP token has the highest average swap volume for this purpose.
• By considering the combination of these three DEXs, the USDC has the highest count of swappers for “Swap From” usage on Optimism.

Part 3: Top 10 assets swapping to on DEXs of Optimism

Findings:

• Now lets find the most used tokens for “Swap To” on various DEXs of Optimism.
• On Sushiswap, the WETH and USDC take the first rank by highest swap volume in USD. For Velodrome, the USDC and OP are two of the most used tokens and for Rubicon, the USDC and WETH are dominated the volume of swaps for “Swap To” analysis.
• The highest average swap volume for “Swap To” on Rubicon belong to SNX token. On Sushiswap, WETH dominated the highest average swap volume and on Velodrome, the stETH has the highest average swap volume for “Swap To” tokens analysis.

Part 4: Most popular asset pairs on DEXs of Optimism

Findings:

• The interesting part is the analysis of most popular swap pairs on various DEXs of Optimism.
• On Sushiswap, the USDC-WETH is the most popular swap pair with highest swap volume in USD.
• On Velodrome, the OP-USDC is dominated the most popular swap pair with near 29 million USD swap volume.
• On Rubicon, the USDC-WETH has over 212k USD swap volume and is the most popular asset pair on the past month.
• The USDC-MAI has the highest average swap volume among swap pairs on Velodrome. The OP-WETH on Rubicon and WETH-OP on Sushiswap have the highest average swap volume among popular.

Conclusion:

By considering the outcomes of this analysis the following statements could be concluded:

• The Velodrome is most used DEXs on Optimism network from various aspects related to swaps like swap and swapper count, swap volume and average swap volume.
• The Velodrome has promising trend of application on Optimism and it can be seen from the cumulative analysis related to DEXs.
• The OP-USDC is most popular swap pair on Velodrome and has over 150k unique swappers in the past month.

Author:

Credited by MZG

Discord handle: m.zamani#0361

Twitter handle: @GargariZamani

Useful links:

• Velodrome on Optimism
• Sushiswap on Optimism
• Rubicon on Optimism