Question

• Let’s take a closer look at DEXs on Optimism, specifically Velodrome. Make a dashboard that compares Velodrome to any other Optimism DEX based on:
  • 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

This dashboard will compare Velodrome with Uniswap

A brief Introduction and some insights.

• Velodrome and Uniswap are both decentralized exchanges (DEX), that means a place where users can trade without a entity controlling all the process like a real-life bank, the trade works with Liquidity Pools (LP) where users can trade 2 different types of assets/tokens using these LPs, or provide (deposit) 2 assets to the LPs to gain some interest when wallets use these LPs.
• Both DEX works in the Optimism blockchain, with Velodrome having VELO as their native Token and Uniswap the UNI token, Velodrome is a DEX focused in the Optimism network a layer-2 ethereum network, but Uniswap works in the main ethereum network, but also works in the Optimism Network, having different addresses for pools/swaps.
• The comparison will be with data only from the Optimism network for both DEX.

Flipside Optimism data starts from June 2022 onwards.

Daily unique user activity and swaps made in Uniswap and Velodrome during July 2022

Uniswap have most unique users than Velodrome, and the number of swaps at the start of the month, seems to correlate with the user trend.

But from July 15 swap activity from Velodrome starts to rise up, and finally in July 26 Velodrome swap activity defeats Uniswap, with July 29 the best day for both DEX in swap activity, with a difference between swaps close to +14k in transactions for Velodrome over Uniswap.

Velodrome users are less but swap more, and Uniswap have more users but they swap less.

Maybe Uniswap have more unique users because most of them are doing swaps tasks.

Now let’s look to Liquidity Pools usage of both DEX

Other(X) refers to the rest of LPs didn’t include because they have few swap activity, with X the total of remaining LPs

For example in the LP ETH-BTC: ETH is the “swap troken from”, BTC is the “swap token to”

OP/USDC is the favorite LP in Velodrome, ETH/USDC is the favorite LP in Uniswap, LPs with WETH-X seems to be the favorite for Velodrome, LPs with ETH-X are popular in Uniswap.

Now let’s look at the top assets to swap from

As expected OP is the favorite asset to swap from in Velodrome with over 200k swaps, meanwhile ETH is the favorite for Uniswap with over 326k swaps.

For second place, VELO the native token of Velodrome is a good choice to swap with over 79k swaps and for Uniswap OP is the second with over 46k swaps.

For the next places Uniswap difference is swap is giant meanwhile 3rd place in Velodrome the WETH is really close to the second place with over 78k of swaps. For Uniswap 3rd place is the USDC with over 25k swaps.

Now let’s look at the top assets to swap to.

In Both DEX the favorite choice to swap to is the USDC, they want to quickly convert their tokens to the USD standard and their favorite token to do is the USDC.

~15% of people in Uniswap prefer the DAI over the USDC as their USD standard, meanwhile ~7% prefer the USDT.

As second place for Velodrome and third place for Uniswap, the OP the governance token for Optimism is other asset favorite to swap to, mostly because having OP means the right to participate in some governance activity inside the Optimism network.

Some extra data about Swaps and users in Uniswap and Velodrome:

Summary

• DEX in the Optimism Network such as Velodrome and Uniswap seems to have a lot of activity related to swaps for OP, the governance token, being one (if not the top 1) of the top in both (to swap to and swap from ) assets ranking for both DEX.

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• Although Velodrome have fewer users than Uniswap, Velodrome users really like to swap VELO for tokens, making Velodrome being the DEX with most Swap activity.

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• Is probably that Uniswap have more users, because they have more presence in the network and this means a lot of users swap once or a few times to complete task.

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• ETH is the favorite token to swap from in Uniswap, OP is the favorite to Velodrome.

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• In both DEX, the users seems to swap to tokens related to the USD, such as USDC-DAI-USDT.

Methodology

• Using Flipside Data banks tables:
  • optimism.core.fact_event_logs: To get Uniswap info about swaps, with these address 0xe592427a0aece92de3edee1f18e0157c05861564 0x68b3465833fb72a70ecdf485e0e4c7bd8665fc45 Router from swaps and event_name = ‘Swap’.
  • optimism.velodrome.ez_swaps: To get Velodrome swaps info with the following router address 0xa132DAB612dB5cB9fC9Ac426A0Cc215A3423F9c9.
• To get info about the pools address i used the Info provide in Flipside discord from Rodrigo Lima, (credits in their respective sqls), and then i searched for more LPs to add because there was a lot of significant pools missed for Uniswap and Velodrome.