The Importance of 🦄Uniswap🦄 on Web3

Every New user reaching the web3 nowadays, is going to see Uniswap and call it the funny Unicorn DEX, I was one of them,i didn’t know the story and importance of this Project, so before we dig into the matter at hand, let me tell you about Uniswap Origins, using this video as reference. Thanks Finematics

🦄Uniswap🦄, one of the most important protocols in DeFi.

At is core Uniswap is a procotol for decentralized exchange of tokens in the Ethereum Blockchain, and is built on the concept of Liquidity Pools (LPs) and Automated Market Makers (AMMs).

The Initial Version of 🦄Uniswap🦄

Was published to the Ethereum Mainnet on 2nd November 2018, this was the combination of over a year worth of work by it’s creator Hayden Adams.

• The creator started Uniswap without any prior programming Knowledge, he learned to write smart contracts by working on the initial version of the Uniswap Protocol.
• The Initial idea to implement an AMM came from Hayden friend Karl Floersch after reading Vitalik Post.

At the time of building the first version of the Uniswap Protocol, EtherDelta was the Only Decentralized Exchange (DEX) with some traction.

• EtherDelta was based on the OrderBook Model, but it have a really unintuitive User Interface (UI) that resulted in really Poor User Experience (UX) and Lack of Liquidity.

Hayden apply for an Ethereum Foundation Grant which was accepted in July 2018, and with the help of Runtime Verification doing an Audit, resulted on adding Extra Safety Checks and re-working the math operations, before fully launched the protocol Hayden decided to Rebuild the UI for a better UX, and in the end of DEVCON4 the project wins their first investors and started working in the second version.

🦄Uniswap V2🦄

In May 2020 ==Uniswap V2 was launched, and the main feature was the addition of ERC20-ERC20 LPs, before Uniswap V2 all the LPs presented $ETH as one of the currencies.

• To swap for example $USDC to $DAI, users needed to Swap their $USDC to $ETH and then swap their $ETH to $DAI which resulted on higher gas fees and more slippage.

Other additions of Uniswap V2 was ON-Chain price Feeds and Flash Swaps, and their smart contracts were written in Solidity instead of Vyper were the first Uniswap was written.

🦄Uniswap V3🦄

In May 2021, Uniswap V3 was launched with the goal of maximize capital Efficency and improve trade execution, some of the additions were Concentrated Liquidity, Active Liquidity, Range Limit Orders and other features such as having Liquidity not as an ERC-20 Token but instead as an ERC-721 Token (NFT).

Returning to the matter at Hand, the NFT Marketplace Aggregators History📜.

2021 was a big year for the NFTs Sales but because of that the number of NFT Marketplaces were increasing, and the necessity for an application to help you navigate across all, sparked on the creation of an NFT Marketplace Aggregator.

Genie was the first NFT Marketplace Aggregator, and it launched in November 2021 on Ethereum, with Genie users could buy, sell and trade across all major NFT marketplace in a single transaction thanks to two revolutionary products.

• GenieSwap let users to buy and sell NFTs in a single transaction on all marketplaces, saving on gas fee by batch buying and selling.
• GenieList== let users offer their NFTs on one or more marketplaces simultaneously.

Quickly Genie started gaining traction and become one of the popular NFT applications for Users.

The arrival of 🧞Genie🧞 rival 💎Gem💎.

Gem was the second NFT Marketplace aggregator to sprout into popularity, launched in January 2022, The Platform offers much the same functions as Genie, However performance statistics are widely different.

But it was Looksrare Marketplace which led to a winner. This market also launched in January 2022 and quickly won popularity thanks to their token $LOOKS which users could farm with a reward system.

Gem quickly incorporated Looksrare marketplace in their application and allowed their users to still benefit from $LOOKS token rewards using it.

🧞Genie 2.0🧞 and 🦄Uniswap🦄

In March 2022 Genie launched their new version Genie 2.0, with new features and the inclusion of Looksrare to their arsenal, but because of the later response GEM was already more popular than Genie.

Uniswap was already looking to launch new projects, and seeing the opportunity in June 21, 2022 Uniswap Labs acquired Genie, and to celebrate they decided to share to the existing Genie Users with an ==USDC Airdrop==.

A Snapshot was taken on April 15, 2022 at 00:00 UTC to reward the Historical Genie Users in this aidrop.

The intention behind Uniswap Labs was to enter on the NFT Marketplace Aggregator environment with their own project, and during the process they let Genie 2.0 to be mantain their service until the launch of Uniswap NFT Marketplace Aggregator.

The arrival of Blur NFT Marketplace Aggregator, the 💎Gem💎 killer.

Before Uniswap launched their project, Blur appears in October 19 2022, and their goal is to be an NFT Marketplace aggregator for pro NFT traders, they promoted their website as an Aggregator 10x faster than GEM and with lower gas fees and thanks to their User interface the UX was really good which made Blur winning against Gem since their launch.

• I made already a Blur dashboard and you can see the exact results of activty against Gem here.

The Launch of 🦄Uniswap🦄 NFT Aggregator in November 30, 2022

Uniswap airdropped approximately 5M $USDC to historical genie users and offer gas rebates to the first 22,000 NFT Users, one of the biggest goal behind this project is being the first step for Uniswap to build more interoperable experiences between ERC-20 tokens and ERC-721 tokens (NFTs).

Like Blur the goal of Uniswap Aggregator was to offer better prices, faster indexing, safer smart contracts and efficient execution.

• Uniswap== Supported Marketplaces at launch: Opensea, X2Y2, LooksRare, Sudoswap, Larva Labs, X2Y2 Foundation, NFT20, and NFTX
• More Gas saving: Thanks to their new open-sourced Universal Router contract, ==Uniswap’s Aggregator can save tens of thousand of gas.
• Trustless and Open source: Uniswap is commited to being trustless, transparent and open source, being the first Major NFT Platform to open sourced all of their front-end code.
• Genie Airdrop: Users could claim $300 $USDC if they completed more than one transaction before the snapshot and $1000 $USDC if the user held the Genie:Genesis NFT or purchased this NFT or Genie:Gem NFT between 5:59pm and 9:15pm on June 21st.
• Gas Rebate Promotion: This promotion started on Launch date and ended on December 14, users can claim that promotion on January 16, 2023 through the Uniswap app for 12 months.
  • The gas rebate is capped at 0.01 $ETH
  • Transactions which cost less than 0.01 $ETH their transaction is fully covered
  • Transactions which cost more than 0.01 $ETH, will receive a 0.01 $ETH rebate for that transaction.

It took a long way to reach this point, here is a potato🥔

Sources

• Uniswap History from Finematics, video #1 and video #2 and Uniswap blog
• Genie and Gem battle here, Genie Origin info here, Genie 2.0 Info Here
• Blur info from my dashboard
• Uniswap Aggregator Info of their launch here, info about Uniswap Genie adquisition here

Uniswap first test Website, made by Hayden Adams here

Uniswap v2 still have Activity from users and liquidity providers to this day.

Uniswap v1 is outdated but people can still use it, but it has less than 100 tx per day

Uniswap v3 is the latest version of the protocol.

Genie still have their Social media channels but their website is Uniswap Aggregator now.

Uniswap Airdropped 5M $USDC for historical users and Genie NFT holders.

The Genie Genesis NFT, airdropped to supporters of Genie and holders will receive $1000 USDC in the Uniswap Aggregator Aidrop.

A scam Genie Genesis NFT was created which led to people getting scammed.

⭐Key Takeaways⭐

If we look back, November 30 was one of the days with a spike on Transaction fees in ==Uniswap Aggregato==r, and this may correlated with the amount of New users interacting with this project, and the amount of users trying to claim their Airdrop, in that day only, a total of 32% of the Airdrop Was claimed and most was from historicals users from genie, and that is normal because the amount of NFTs to claim the $1000 were really low.

• We can see that there are 38 users which only Claimed the Tier 2 Rewards, and because they didn’t claim the Tier 1, we can safely assume that these users only bough the NFT and didn’t interact with Genie at all.

• There still a half of the airdrop to claim.

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🦄5.- Uniswap Aggregator by NFT Collections 🦄

The table with the stars for top collection, is the only one without Daily Refresh for now, the main reason is because new Unlabeled Collections can appear, but after being reviewed i’ll put with Daily refresh too. Is difficult to explain the methodology in that table, so is better to see it for yourself, i have to do a lot of ctes, and then with a Case i added the stars, but for the Total rank i needed a Value call weight so i know how many stars put at the end.

For the Rest of charts i used the same methodology as before in the section 4 by marketplace, this time adding a case with the project_name, and if this value was Null, i have to manually input their name using the data provided in etherscan of the token.

🦄4.- Uniswap Aggregator by Marketplace🦄

Here we use the same daily charts from the section one, but this time we add platform_name to see the marketplace choosed in the aggregation.

🦄3.- Where else the Buyers and Sellers of Uniswap Aggregator Spent/Gain their Money on NFT Sales?🦄

In one cte i select all the Buyers or Sellers from ==Uniswap Aggregator, then in the final select i used date aggregation and a case **to select only ==Uniswap Aggregator **using origin_to_address, in case there isn’t an aggregator_name and the origin_to_address isn’t ==uniswap aggregator== then i select platform_name, finally if there is an aggregator_name and the origin_to_address isn’t ==uniswap aggregator (In case ==Uniswap Aggregator== is added later on Flipside) i selected the Aggregator_name.

🦄2.- Uniswap Aggregator Growth and Cumulative statistics🦄

For the DoD Growth Rate, and New User Percentage i used some SQL Recipes learned in my Alchemist Data Bootcamp, so is better if you see it for yourself, in a nutshell the DoD uses Lag() function to compare the actual day with the previous, and the New user percentage use ctes to cohort the new and the existing users, and cumulative doing a sum(X) over (order by date)

🦄1.- Uniswap Aggregator statistics🦄

Using ethereum.core.ez_nft_sales we get all the info about Uniswap Aggregator using origin_to_address = '0xef1c6e67703c7bd7107eed8303fbe6ec2554bf6b' as filter, to get the sales we use count(*) because a single tx_hash can have multiples sales, count (distinct buyer_address/seller_address) to get unique users, sum(price_usd) to get the ==$USD Volume and sum(tx_fee_usd) to get the ==transactions Fee $USD Volume. For the total metrics i use a query with 2 Union all, each one with a time period, one considering all the time, another with block_timestamp>= Current_date - 1 and the last with block_timestamp>= Current_date - 7. Another Query with Date aggregation to get the daily Metrics.

To get Stickiness Ratio we use 2 cte, in one we select first all Unique users by daily date aggregation, and then select again using weekly date aggregation to get the weekly Avg(Unique Users). In the second CTE we count all the unique users by weekly date aggregation. finally i joined both tables on date, and then calculate the percentage using Avg(Unique Users)/Weekly Unique Users * 100.

For the Marketshare, i used again 2 cte, One for the Uniswap Aggregator Sales and the Second for all the NFT Sales on Ethereum, in the final select we join both ctes on date, and calculate the marketshare using Uniswap Sales / All Ethereum NFT Sales *100 = Uniswap Aggregator Marketshare

In all my queries i filter the NFT Sales table with event_type = 'sale'.

🦄8.- Uniswap Aggregator $USDC Airdrop to Genie Users🦄

To Answer the Last Metric asked, we need to use a cte with ethereum.core.fact_token_transfers, and then select distinct to_address to get the Users receiving the airdrop and finally sum(raw_amount) to get the $USDC but we need to apply the Decimal correction to that amount by 6, and then we filter by from_address = '0x8b799381ac40b838bba4131ffb26197c432afe78' and contract_address = '0xa0b86991c6218b36c1d19d4a2e9eb0ce3606eb48' To get the Airdrop Transactions.

I used 2 more ctes, in one i manually input 5,000,000 as the ==Total $USDC Airdrop Supply==, and get the total $USDC being airdropped by adding the $USDC from the cte before, and in the other cte i use a case to assign a tier to the users from the first cte using the total $USDC, if they have $300 are Tier 1, if they have $1000 they’re Tier 2 and if they have $1300 they’re both tiers.

In the final select i used one of the 2 ctes to get the Users by tier or the Total Airdrop Amount, and i add date aggregation in all CTEs in case i need a daily chart.

🦄7.- Uniswap Aggregator vs Other Aggregators in Transactions Fees (Gas Savings)🦄

To answer the Gas savings you’ll see the daily Transaction Fees between the 3 Aggregators, we need to use Transaction fees (tx_fee_usd) and no the Total Fees (total_fees_usd), because these include the Royalty and Creator Fees and doesn’t have anything to do with gas.

🦄6.- Uniswap Aggregator vs Other Aggregators vs Marketplaces🦄

Here we can see the difference between Uniswap Aggregator between all NFT Projects in ==Ethereum==, i used a case to select Uniswap Aggregator, a Marketplace if their Sale wasn’t made with an Aggregator, and finally the Aggregator if it was present in the sale.

🦄Introduction to the Dashboard🦄

All the Charts will have Daily Refresh, and we’ll have 8 areas to see Uniswap:

• 1.- Uniswap Aggregator statistics: Important Metrics of Uniswap Aggregator, with an overview of the last 7 days and last 24 hours.
• 2.- Uniswap Aggregator Growth and Cumulative statistics: To compare Uniswap against Itself over the time.
• 3.- Where else the Buyers and Sellers of Uniswap Aggregator Spent/Gain their Money on NFT Sales?: We’ll see the $USD Volume from buyers and sellers that interacted with Uniswap Aggregator on all platforms, that means aggregator if they’re using one, or the marketplace if they’re not using an Aggregator.

• 4.-Uniswap Aggregator by Marketplace: We’ll see the metrics of Uniswap aggregator by marketplace.
• 5.- Uniswap Aggregator by NFT Collections: What are the top NFT Collections which interacted with Uniswap?.
• 6.- Uniswap Aggregator vs Other Aggregators vs Marketplaces: How is doing Uniswap Aggregator vs all the others Aggregators and Marketplace?, for this section we’ll consider Aggregators, and Marketplaces activity since Uniswap Launch.
• 7.- Uniswap Aggregator vs Other Aggregators in Transactions Fees (Gas Savings): Is Uniswap Cheaper than Blur or Gem?
• 8.- Uniswap Aggregator $USDC Airdrop to Genie Users: And finally Metrics About the Airdrop

Extra Definitions

There are some charts that may needed an explanation.

Stickiness Ratio (DAU/WAU): This chart will show you the percentage of Weekly Active Users (Buyers/Sellers) that were active daily on that week.

Users/Sales/Sales Volume Marketshare: This chart will show you the percentage of Users/Sales/Sales Volume that Uniswap Have daily against all the Marketplaces and Aggregators.

DoD Growth Rate: This chart will show you the growth that uniswap have in comparison with the previous day, the initial day of November 29 isn’t included because the Growth rate will have an explosive number.

⭐Key Takeaways⭐

• Uniswap Aggregator seems to have good and bad days after launch, it’s seems to have a better traction for sellers than buyers, so most people are using Uniswap to list their NFTs more than Purchasing NFTs.
• Both Seller and Buyer Stickiness ratio seems to stay above 15% in the past weeks, the current week will always have a bigger numbers until that week ends.
• Marketshare for Uniswap is really low, for users and sales it stays between 0.5% to 2.7%, and for Sales Volume less than 1%, again we need to wait until the end of the day to see the real Marketshare, because during the day this number may present unusual spikes.

⭐Key Takeaways⭐

• The Percentage of New users is above 50%, with all days having more new users than existing.
• In general the DoD Growth rate is having a ping pong reaction, with some positie spikes and the day after with a negative spike in Growth.
• December 6 and 12 have the biggest $USD Sales Volume, but this spike doesn’t correlate with anything.
• Sales DoD Growth== and ==Transaction Fees DoD Growth== Are correlated between them.
• New Buyers chart doesn’t present notable spikes, and after launch most days have the same amount of New/Existing Buyers.
• New Sellers have notable spikes in some days, and it’s seems to correlate with the amount of New Buyers, only that the difference between days is more visible in this chart.

Uniswap have better days than others in activity, but the amount of new users is always higher! (in comparison with existing users)

⭐Key Takeaways⭐

• Buyers in Uniswap Aggregator seems to switch between Blur and Opensea to make their purchases of NFTs, in some days X2Y2 $USD Volume increases making a decrease in the total $USD Volume of ==Uniswap but overall the Buyers using Uniswap spent between 10% to 40% of their $USD Volume in Uniswap Daily.
  • There are some exceptions where the $USD Volume spent on Uniswap pass the 50%.
• Sellers in Uniswap Aggregator seems to gain between 1% to 10% of their total $USD Volume in ==Uniswap, Opensea and Blur have the best $USD Volume winnings in NFT Sales for the Sellers.

Because the amount of Buyers is lower than Sellers, the difference between both of them is bigger, but in overall users in Uniswap Aggregator are choosing this platform without considering Blur and Opensea obviously.

⭐Key Takeaways⭐

• 🥇Opensea is the Marketplace most popular to be aggregated by ==Uniswap==, having more than 50% of the total activity in the ==Uniswap Aggregator.==🥇
• 🥈Looksrare is the second Marketplace with most Volume but the amount of Sales and Users is lower than X2Y2.🥈
• 🥉Although X2Y2 is at fourth Place in $USD Sales Volume, because of the bigger amount of Sales, Users and Transactions Fees i decided to put in third place.🥉

🏅Sudoswap also presents the third place in Most $USD Volume and Larva Labs present a single Sale (at 21-12-2022) with a high $USD Price🏅

⭐Key Takeaways⭐

• Froggy Friends is the Collection with most activity in general, by number of users, sales and royalty fees.
• The Collections with most $USD Volume, only have some expensive sales but aside from that doesn’t have too much Activity.
• LilPudgys and Valhalla are collections which appear in both Sales and Sales Volume Top 10.

⭐Key Takeaways⭐

All the data is since the start of Uniswap, first we see that as expected by the Marketshare Charts at the beginning, Uniswap Aggregator doesn’t have too much Activity on Ethereum.

• Opensea Activity is really significant, if we remember, most of the activity from the ==Uniswap Aggregator== comes from Opensea, the same can be applied to Blur and Gem Aggregators, and with that Handicap Opensea still present more activity with more NFT Sales being made directly there and without the use of Aggregators.
• Uniswap Aggregator== Activity on total Sales and Sales Volume is less than 1%.
• In NFT Sale Price, Uniswap Aggregator and Opensea have similar Values, meanwhile the washtrading from other platforms skyrockets the Maximum and Average $USD Price and Median $USD Price.
• Surprisingly ==Uniswap Aggregator== Have the highest Median and Average $USD Transaction Fees.

Blur keeps being the Number #1 Aggregator and Opensea the Number #1 Marketplace, ==Uniswap== will need to win the trust of the NFT Traders to grow.

⭐Key Takeaways⭐

• Uniswap Aggregator== presents the biggest value for all type of Transactions Fees, except for the Maximum, which some days is lower or higher than Gem.
• The difference between Minimum Transactions Fees is pretty easy to see, and Gem have the cheapest transaction fees being almost $0.5 to $2 $USD cheaper than ==Uniswap Aggregator.
  • In November 30 the Minimum Transaction Fee for Uniswap reached their spike with $4.92 $USD.
• In Median Transaction Fees we can see difference of over $10 to $30 $USD in Transactions fees for Uniswap against the other Aggregators, with December 16 being the day with the biggest spike.
• in Average Transaction Fees the difference is lower but some days such as December 9 or 20, presents differences of $20 to $30 USD between Uniswap and the Others Aggregators.
• In Maximum Transaction Fees, Uniswap is always cheaper than Blur, and with Gem it depends on the day, in December 13 there are a difference of $960 between Blur and ==Uniswap==.

Summary

🦄Uniswap Aggregator🦄 launched at a bad time, because they were later on the Launch, Blur takes the advantage and becomes the most successful Ethereum NFT Marketplace Aggregator being released months before Uniswap.

Because of the Royalty Fees and Airdrops in Blur, users are farming the system making this Aggregator the most active of all, and after a users becomes comfortable with an UI, they’re gonna stay on that Platform to have a better UX.

One of the biggest attraction for Uniswap was the Gas Savings, but we can see that overall the transaction fees on Uniswap Aggregator are expensive than the rest of aggregators, with an exception for the maximum fees.

Only a half of the total Genie $USDC Airdrop was claimed, and after users claim their airdrop they’ll switch to other platforms to farm more Airdrops.

Uniswap Marketshare== is very low, and we’ll need to wait a few months to know if this Project can have a bigger share of the NFT Activity on Ethereum.

They’re gonna need more ways to improve Activity like blur are doing with their “Lucky Airdrops”.

There are Benefits using this marketplace to trade NFTs?

Absolutely, is always good to use an aggregator to navigate accross marketplaces, and reduce transactions fees, as always Uniswap likes to compensante Historical users, so being in this aggregators since the beginning could be a good idea to have a better position in future Airdrops or new Features on the Uniswap Aggregator.

And we must place our faith on Uniswap Labs, this Aggregator will be the bridge between ERC-20 and ERC-721 Tokens to have more interesting features, the possibilities could be endless such a Liquidity Pool for NFT Collections, and with that people could have a pilar behind to mantain the Price of their NFTs, or to purchase NFTs with any ERC-20 Token accepted by ==Uniswap, in the end we don’t really know until we know. But we must Remember the Historical Value of Uniswap and with that hope for a better future to the NFTs which already have a lot of Untrust for the Average People with thinks that all of them are Scams.

In the end Genie Spiritual successor will win against Gem again thanks to ==Uniswap==.

Personal Comments

This was a long Dashboard, i take my time to wrote the Introduction and i hope it was interesting to read, aside from that i used a lot of Queries i learned in my Alchemist Data Boot Camp.

I tried to explained methodology in all Areas now, to be more interactive.

I hope you don’t have problems loading these charts, if you have please change of browser?, in the end they will load but yeah, this is one of the things the new app will improve i guess!.

At the end i tried to stop with the amount of charts, but i didn’t want to leave behind things like marketplaces or NFT Collections so i have to include only the most importants things such as Sales or Sales Volume.

Made by Popex404, twitter link here

Welcome!, ==All charts have Daily Refresh,== you’re invited to read a piece of history about Uniswap meanwhile the Charts load, or you can go directly to the charts!.

If the Charts doesn’t load entirely, try changing your browser Application

In my personal case Chrome always give me some trouble, but mozilla never failed me a single time in loading all the charts.