Optimism DEXs (in the past month)

    Taking a closer look at DEXs on Optimism - how has UniSwap, Velodrome and 0x been doing in the past month?

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    Introduction

    In this dashboard, we will compare the three popular Optimism DEXs, namely UniSwap, Velodrome and 0xProject.

    We will investigate the following metrics:

    • The daily swap count and the daily unique swappers count on all three DEXs.
    • The total swap count and the total unique swappers count on all three DEXs.
    • What are the most popular assets to swap TO and FROM on all three DEXs.
    • What are the swap pairs that have been the most popular in the past month on all three DEXs.

    The data is set to refresh daily.

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    ==Top 10 assets swapping TO and FROM on Optimism DEXs: How do UniSwap, 0xProject and Velodrome compare?==

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    We can see a lot of interest in stable coins when it comes to the number of unique swappers. However, once we look at the volume swapped, we can see that users have been swapping WETH to USDC. What does this mean? It shows that users prefer to hold stables, which is what is expected given the current situation in the markets. The fear in the ecosystem made a lot of users sell their ‘volatile’ tokens in order to hold stable assets.

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    We can see almost a million dollars being swapped from USDC to OP - which is great news for Optimism. It shows that even though there is a lot of fear in the current bear market, users are still believing in the potential of OP. We can also see a lot of swaps between different stables, such as DAI to USDC or sUSD to USDC.

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    Finally, on Velodrome, users have been mostly swapping OP to USDC and USDC to OP, which agrees to what we have seen in the previous part of this dashboard - that a lot of users took advantage of the price volatility of the native optimistic token.

    Conclusion

    This dashboard has investigated the three popular DEXs on Optimism: UniSwap, Velodrome and 0xProject. We have seen that the daily number of swaps has been rather stable in the past month, with users swapping on UniSwap the most. We have also seen that there are fewer users on Velodrome than in the past, however, the total number of swaps is still higher compared to 0xProject. When it comes to the most popular assets, we have seen how much stablecoins are being traded lately and it was interesting to see that some users prefer to swap USDC for DAI etc. The final part investigated which swap pairs have been the most popular on each platform, and we have seen that a lot of users and a big volume is being involved in swapping the OP token (back and forth), as well as the latest pressure to sell more volatile assets, such as WETH for stable coins.


    • Dashboard by -pine-nat-#4310
    • Twitter:
    • Refresh Rate - Daily
    • Data from FlipsideCrypto
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    ==A few words about Optimism==

    Optimism is a scaling solution for Ethereum's Layer 2 that is able to accommodate all of Ethereum's decentralized applications. Optimism was developed by the Ethereum Foundation (Dapps). Optimism simultaneously reduces the expenses that are connected with each individual transaction while simultaneously increasing the number of transactions that can be executed by Ethereum in a single second. To achieve this, computations are performed off-chain rather than on the Ethereum network, which is where they would normally be carried out if they were to be performed there.

    ==A few words on methodology==

    In order to decide which DEXs to compare against Velodrome, I looked at all of the DeFi apps built on Optimism. I initially wanted to compare Uniswap, SushiSwap and Velodrome, however, I quickly realised how painful it is to find the correct contract addresses. In the case of Uniswap, there are two contract addresses that contain most (if not all) of the transactions, so this was not a problem. However, in the case of SushiSwap, there is not a singular contract that would route all of the transactions, there are only pool addresses which means I would have to manually find them and include in my query, which I have decided not to do - as it could result in incomplete analysis in case of missing out on certain pool addresses. Therefore, this dashboard includes the analysis for three DEXs found on Optimism: Velodrome, Uniswap and 0xProject - which are shown as the top two Optimism DEXes on DexScreener (except for 0x, which seems to be gaining some popularity in the past weeks).

    Key insights:

    • It is interesting to see that UniSwap is still the dominant DEX on Optimism, it looks that the number of daily swaps and the daily number of unique swappers is not decreasing, at least not in the last month. It is also important to notice that Velodrome has decreased by a lot in comparison to previous months - we can see very few unique swappers, but the number of swaps on Velodrome is not small. What could this mean? It implies that a few users are using Velodrome often, i.e. the average number of swaps per user is the highest on Velodrome.
    • We can see that interest in 0x was the highest around 29th of September, where almost 20% of total unique swappers used this DEX in comparison to the other two platforms.

    Key insights:

    • UniSwap: Using Hop Protocol to bridge USDC back and forth is the most popular token to swap TO and FROM, which is good news - it means that a lot of users are bridging to Optimism to use its various DeFi products. We can also see that a lot of ETH is being bridged using Hop, and that users and swapping the OP token rigorously, as it takes the 3rd place in terms of the number of swaps in the past month.

    • 0xProject: Bridging USDC on Hop protocol is once again the winner here, however, we can see a lot fewer swap transactions executed in comparison to UniSwap. The second most popular token to swap TO and FROM is the Op token, followed by bridging DIE on Hop as well.

    • Velodrome: Velodrome seems to have had about twice as many swaps as 0x in the past month, we can see that (again) USDC has been bridged the most times using Hop, followed by the OP token.

    • In summary, we can see the same trend throughout all these DEXs - USDC bridged on Hop, OP token and either ETH or DAI bridged on Hop. It is quite clear that Optimistic users like to engage with stables first, and then swap TO and FROM the native token, which makes sense, given that they use these DEXs to swap OP back and forth during volatile price times.

      Disclaimer: The labels found in the optimism.core.dim_labels might be slightly misleading - i.e. what is called the ‘hop protocol: usdc l2canonicaltoken’ might also include normal USDC swaps and not only bridge transactions. This is resolved manually in the next section of this dashboard, where I re-label the swap pairs.

    Assets on UniSwap

    Assets on 0xProject

    Assets on Velodrome