Liquidity Pools and ETH Price Drop
As shown in graph 1 and 2 as ETH price drops in the last 30 days, there is a net Ethereum flow out of exchanges in both Sushiswap and Uniswap (except for some specific days in Sushiswap). Between June 21st and June 27th price below $2,000 didn’t have an extra impact on net Ethereum flow out of exchanges except for Uniswap which showed the highest net flow out in the last 30 days on the first day the ETH price went below $2,000. Graph 3, 5 and 6 shows how regardless of the different size pools included in the analysis (ie. Liquidity provided) we see how Sushiswap has a steady daily average liquidity around usd$ 1 billion landmark. On the other hand, as we start including more smaller size pools (Top 100, Top 500 and Top 10,000 respectively) we can observe how both Uniswap v2 and Uniswap v3 increase their liquidity. Uniswap v2 from ~usd$0.5B to ~usd$1.2B and Uniswap v3 in a much lesser extent from ~usd$0.45B to ~usd$0.55B. Last but not least, graph 4 reflects which pools are actually gaining more volume for biggest size pools. Overall both Sushiswap and Uniswap v3 are focused on BTC, ETH and stablecoin pools whereas Uniswap v2 is spread across an array of altcoins. We can definitely say that people, regardless of their liquidity provided, they tend to go to Uniswap for riskier assets than Sushiswap.