Introduction to main keywords

What is 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 through the use of smart contracts.

What is Sushiswap?

SushiSwap enables people to become liquidity providers in order for other people to exchange tokens within token pairs,

a software running on Ethereum that seeks to incentivize a network of users to operate a platform where users can buy and sell crypto assets.

What is Layer 2?

Layer 2 refers to a secondary framework or protocol that is built on top of an existing blockchain system. The main goal of these protocols is to solve the transaction speed and scaling difficulties that are being faced by the major cryptocurrency networks.

What is the goal of this analysis?

Comparing the market share of Sushiswap and Uniswap on L2 chains like, Polygon, Arbitrum, Optimism, using metrics such as number of trade or number of swaps, etc. \n

Methodology

The needed data was extracted via using optimism.core.fact_event_logs for metrics about Optimism swaps, arbitrum.core.fact_event_logs for metrics about Arbitrum swaps andpolygon.core.fact_event_logs for metrics related to Polygon swapping actions origin_to_address = '0xe592427a0aece92de3edee1f18e0157c05861564' was used to filter these data exclusively on Uniswap, for swap metrics on Sushiswap, tables such as arbitrum.core.fact_event_logs for Arbitrum, optimism.core.fact_event_logs for swapping metrics on Optimism and polygon.core.fact_event_logs table for swaps related to Polygon network was utilized, all of the named tables was provided by Flipsidecrypto database, to make cumulative volume comparison fair, the starting date of some charts are same as newest supported network on the respective swapping platform as the main point is of this analysis is to compare swaps against each other.

This analysis was made on 2022/10/17

Numeric values comparing L2s on Uniswap VS Sushiswap

Uniswaps

Sushiswap

Comparing L2s metrics on Uniswap and Sushiswap

Sushiswap

Uniswaps

Summary

• By far most volume of USD swapped on Sushiswap in a day is Arbitrum network on with 78M USD swaps belonging to this networks and Polygon could not reach it highest USD volume with 26M on Jan7 after Arbitrum launch on Sushiswap and the total volume notably increased after Arbitrums release, Optimisms daily share is negligible.
• Highest swapping transactions per a day was on Aug31 2022 with 34K of 41K swaps belonging to Arbitrum, looks like overtime Arbitrum is eating into other networks daily transaction share after Aug.
• Most swappers between these networks was on Aug31 with 12.6K swappers out of 15K belonging to Arbitrum most users swapping on Polygon was on Apr2 with 8K swappers before Arbitrum launch on Sushiswap, overall Arbitrum is starting to eat into other networks daily swappers share too.
• There is a visible increase to growth of swappers and swaps after Aug28.
• Overall Polygon(54%) followed by Optimism(45%) have the most swapping transactions, about favorite network for swappers on Sushiswap it is Polygon(51%) and Optimism(48%) and Optimism network seems to be neglected by users on Sushiswap.

Conclusion

• Overall Polygons swaps and swappers on Uniswap compared to Sushiswap is 0.65M and 4.7M transactions (which generated 3.9B USD) and 5K , 586K swappers receptively for Optimism swaps and swappers on Uniswap compared to Sushiswap is 0.72M and 12K transactions (which generated 1.6M USD) and 44K , 4.5K swappers receptively and for Arbitrum it swaps and swappers on Uniswap compared to Sushiswap is 0.2M and 1.5M transactions (which generated 1.95B USD) and 14K to 200K swappers receptively.

• On Uniswap Polygon is losing its daily swapping transactions to Arbitrum and mostly Optimism and Optimism had a steep decline to its daily swappers after some huge spikes to other networks.

• Since Arbirum launch on Suhsiswap in Apr18 2022 it took this network 4 months to start out shadowing Polygon as the most favorite network between swappers.

  Seems like users gravitate more toward Sushiswap when they have Polygone and Arbitrum related actions and Optimism is far less popular compared to the other two networks on Sushiswap, for users swapping on Optimism network Uniswap seems to be the platform of choice, according to data gathered, overall more swaps and swappers accumulated on the Sushiswap in the same time frame of all the three L2s launching on the their respective platform.

Thank You For Your time!

Summary

• Highest recorded transactions in a day was on Jul29 2022 with Optimism being the most swapped network, 11K of the total 15K transaction in that day belonged to Optimism, overall with Arbitrum launching on Uniswap there was a increase in total daily transactions with other two networks increasing as well.
• Aug5 had the most daily swappers in a day recorded, with out of roughly 2.8K swappers on that day 2.5K of them where swapping on Optimism network overall first two week of Aug had large spikes of Optimism swappers and second half of April and May was the best months for Arbitrum network swappers with the highest swappers on this network reaching as high as 1K swappers out of 1.5K on Apr27, Polygon swappers are declining after a steady swappers since second half of June.
• There is a notable growth to swappers after Aug1.
• Overall Optimism(42%) followed closely by Polygon(39%) had the most swaps, for favorite network for swappers on Uniswap it was Optimism(43%) and Arbitrum(39%), Polygon and Arbitrum have the least swapper and swaps respectively.

L2s swapps on Sushiswap VS Uniswap