❓ Problem

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

• 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

🎇 Definition

What Is Uniswap?

The Uniswap platform enables users to trade cryptocurrencies without any involvement with a centralized third party. The Uniswap blockchain is hosted on the Ethereum platform and governed by UNI holders.

What is Velodrome?

Velodrome is an AMM designed as the trading and liquidity marketplace on the Optimism network, launching on May 31st, 2022. Their mission is to be the liquidity base layer of Optimism, allowing users to trade digital assets in a secure way, with very low fees and low slippage.

What Is SushiSwap?

SushiSwap is a decentralized exchange (DEX) in which users can exchange between different virtual currencies using a connected cryptocurrency wallet, such as MetaMask. The exchange allows swapping between 11,700 currency pairs.

What is Clipper?

Clipper is the decentralized exchange (DEX) built to give the self-made crypto trader the best possible prices on small trades (< $50k). Sail through DeFi's stormy seas with Clipper as your guide. Swap tokens Add liquidity.

Resource: [1], [2], [3] and [4]

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1️⃣ Path

• In this analysis, we are going to have a deep comparison of Optimism DEXs
• Our four selected DEXs are: Uniswap, Velodrome, Sushiswap, and Clipper
• This analysis contains several main parts, overview, swaps, volume, swappers, users, pools, top swappers, and top tokens
• First, we take a look at the overall metrics for all of these DEXs together, then we will show the total swaps, volume, swappers, and average volume per swap for each of the four DEXs
• Then, we will see the number and percentage of swaps on each time interval for each DEXs, the total of that, and the distribution of total swaps between DEXs
• In the volume part, we will show see the swaps insights for volume, plus the average volume of swaps on each time interval
• After these, we look at the number of swappers and new swappers at each time interval for DEXs, and the growth of total swappers for each DEXs over time
• On the user part, which focused on the first swap of each user among any of these four DEXs, we will evaluate the new users at each time interval, the growth of total users for each DEXs over time, and share of each DEXs in bringing users to swap in these DEXs
• We will call swap pairs as pools here and will show the pools on each DEXs and the growth on them over time, and the top pools in terms of swaps and swappers, volume
• In the last two parts, we calculate the top swappers, tokens swapped in, and tokens swapped out in terms of swaps and swappers, volume

2️⃣ Method

• The time Interval can be modified in the parameter section at the top of the dashboard to be set to day, week, month, etc by logging into the Flipside account which is free and can
• For Sushiswap and Velodrome, we used ez_swaps tables which were easy to use
• For Uniswap and Clipper, we used fact_event_logs tables focusing on the Transfer event on their swap contract addresses
• For some of the swaps that ETH was one side of the swap, it required joining fact_event_logs table to ez_eth_transfers table
• The main table that was used for this analysis was optimism.core.fact_event_logs that includes all optimism swap events
• The other table used was optimism.core.ez_eth_transfers, optimism.core.fact_hourly_token_prices and optimism.core.dim_labels , optimism.velodrome.ez_swaps, and optimism.sushi.ez_swaps
• The Clipper swap contract was 0x5130f6ce257b8f9bf7fac0a0b519bd588120ed40

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3️⃣ DEXs Overview

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4️⃣ Swaps

✨ Highlights

Among these four DEXs, until end of the October:

• Before May, there was only Uniswap, but after that with the coming of Velodrome, most of the swaps were made on it
• As you can see, from June, more than 80% of the swaps were on Velodrome
• 88.5% of all swaps on these four DEXs made on Velodrome and after that, Uniswap with ~11% had the most share of it
• The week of August 1st had the highest number of swaps among all week since the first day among these four DEXs
• Velodrome swaps faced significant growth after late July

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5️⃣ Volume

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6️⃣ Swappers

✨ Highlights

Among these four DEXs, until end of the October:

• Uniswap with ~59% was the first DEX in volume
• The second DEX with a 44% share of volume was Velodrome
• Uniswap and Velodrome volumes faced significant growth after late July
• Looking at the average volume per swap over time, Uniswap was at its peak in mid-January and Clipper surpassed Velodrome on July and August

✨ Highlights

Among these four DEXs, until end of the October:

• Most number of users who came to Uniswap around the end of May, ~32K users in the first week after May 30
• Uniswap with 218K had the highest number of swappers and Velodrome with ~85K is the second one
• Sushiswap with 5.1K had the least number of swappers, so it is not a popular DEX on Optimism at all
• As you can see, from June with the coming of new DEXs, more than 50% share of the swappers were on Uniswap, and only a time period on mid-August which it share dropped around 30% some times

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7️⃣ Users

✨ Highlights

Among these four DEXs, until end of the October:

• 81.5% (202K) of all swappers here came from Uniswap at first place and after that, Velodrome with 38K swappers had a 15.3% share
• We can see a big jump in new users at end of the May, with ~31K on the week of May 30

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8️⃣ Pools

✨ Highlights

Among these four DEXs, until end of the October:

• Uniswap with 196 pools was the top DEX and after that Velodrome with 176 is the second one
• There was no new pool in Sushiswap after June 27, and for Clipper after July 4
• USDC-OP with 3.9M swaps is the first top pool in the number of swaps and WETH-USDC with ~3M is the second one, as you can see from the colors these two had also high volumes
• WETH-USDC with ~1.8B $USD volume is the first top pool in terms of volume and UDC-OP with ~1.1B is the second top, the average swap volume for these two pools was low in comparison with some other top 20
• USDC-ETH with ~103K swappers and OP-ETH with ~78.5K are the first top pools in terms of the number of swappers, which only were on 2 DEXs

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9️⃣ Top Swappers

✨ Highlights

Among these four DEXs, until end of the October:

• In terms of swaps, the top swapper had ~4M swaps which also is the 6th swapper in volume with ~170m $USD
• In terms of volume, the top swapper had ~510m $USD volume which had not too many swaps but had ~7.8K $USD on average per swap as volume
• In terms of used pools, the top swapper had swapped on 94 different pairs

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🔟 Top Tokens

✨ Highlights

Among these four DEXs, until end of the October:

• In swap From token (Swap In):

  • Considering Volume: USDC with ~1.93B $USD was the most popular, and WETH with ~1.23B $USD was the second top
  • Considering Swaps: USDC with ~5.4M was the most popular, and OP with ~3.8M was the second top
  • Considering Swappers: ETH with ~151K was the most popular, and USDC with ~125K was the second top

• In swap To token (Swap Out):

  • Considering Volume: USDC with ~1.97B $USD was the most popular, and WETH with ~1.24B $USD was the second top
  • Considering Swaps: USDC with ~5.8M was the most popular, and OP with ~3.7M was the second top
  • Considering Swappers: USDC with ~145K was the most popular, and ETH with ~136K was the second top

✅ Conclusion

In this analysis, we went through a deep dive into the four Optimism DEXs named Uniswap, Velodrome, Sushiswap, and Clipper and compared them together deeply, and here are our findings until the end of October 2022:

• 249K unique swappers swapped 5.4B in $USD value through 16.36M swaps in these DEXs from the start
• 88.5% of all swaps on these four DEXs made on Velodrome and after that, Uniswap with ~11% had the most share of it and Velodrome swaps faced significant growth after late July
• Uniswap with ~59% (~3B $USD) was the first DEX in volume and the second DEX with a 44% (~2.4B $USD) share of volume was Velodrome
• Most of the swaps came from Velodrome but as you saw, Uniswap with 12% of the Velodrome swaps had ~27% more volume
• Uniswap with 218K had the highest number of swappers and Velodrome with ~85K is the second one
• 81.5% (202K) of all swappers here came from Uniswap at first place and after that, Velodrome with 38K swappers had a 15.3% share
• Uniswap with 196 pools was the top DEX and after that Velodrome with 176 is the second one
• USDC-OP with 3.9M swaps is the first top pool in the number of swaps, WETH-USDC with ~1.8B $USD volume is the first top pool in terms of volume, and USDC-ETH with ~103K swappers is the first top pool in terms of the number of swappers
• The top swapper in terms of swaps had ~4M swaps, the top swapper in volume had ~510m $USD volume and the top swapper in used pools had swapped on 94 different pairs (pools)
• USDC was the most popular token in swaps, volume, and swappers at the swap to (swap out) and the most popular token in swaps and volume at the swap from (swap in), and ETH was the most popular one in swappers at the swap from (swap in)

✨ Highlights

Until the end of October 2022:

• 249K unique swappers swapped 5.4B in $USD through 16.36M swaps
• Sushiswap and Clipper swaps are very low in comparison with the other two
• Most of the swaps came from Velodrome but as you saw, Uniswap with 12% of the Velodrome swaps had ~27% more volume
• Uniswap with 1.7K $USD had highest average volume per swap by far