ETH Open bounty: ETH platform comparision
ETH popular platform comparision
Introduction
For this bounty I will compare three diferent popular platforms operating on Ethereum. I will compare Uniswap, metamask and sushiswap.
- MetaMask is a cryptocurrency wallet, users can keep their Ether and other ERC-20 tokens safe.
One of the top cryptocurrency wallets, MetaMask, relies on browser integration and a usable interface to serve as a key entry point into the worlds of Web3, decentralized finance (DeFi), and NFTs.
- Uniswap is an automated liquidity mechanism that uses non-upgradable smart contracts on the Ethereum blockchain to enforce a fixed product formula. It prioritizes decentralization, censorship resistance, and security while eliminating the need for dependable arbitrators.
- In SushiSwap, users may purchase and trade various cryptocurrencies. Each swap is subject to a fee of 0.3%, of which 0.2%5% goes to liquidity providers and 0.05% is converted to SUSHI and paid to holders of the SUSHI token.
Methodlogy
In order to compare the platorms I will calculate sevaral metrics:
- Swap Activity
- User Activity and platform usage
- Volume by platform
- Fees by platform
- Top tokens
Notes:
- The tables used are the following:
ethereum.core.fact_event_logs , ethereum.core.ez_token_transfers , ethereum.core.ez_dex_swaps
- The contracts address used are the following:
Metamask ORIGIN_TO_ADDRESS = ('0x881d40237659c251811cec9c364ef91dc08d300c')
- For sushiswap an uniswap I used their specific tables where contract address was <>
('0x881d40237659c251811cec9c364ef91dc08d300c')
- I filtered several tokens because of the unusual data:
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symbol not in ('SAITAMA','BTCBR','PARAINU', 'Para', 'Akihiko','X2Y2','VOLT', 'SHINJA','$WEAPON','BurnX','CENT', 'SHINTAMA','DG','DSD','PN','ABC')
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Charts
Observations
- Swap activity:
- Uniswap has clearly much more tx than Sushiswap and Metamask. In fact, comparing the 3 platforms Uniswap accounts for more than 80% of swaps.
- Uniswap managed more than 7M of swaps during 2022 while Metasmask and Sushiswap has managed a volume of 0,8M and 0,7M.
- We can say that users tend to do their swaps on Uniswap. We will try to find out why, maybe because of their fees? or tokens? We will find out.
- User Activity:
- Regarding user activity again Uniswap is #1. They have had more than 4M users snce January while Metamask and Sushiswap had 0,6M and 0,4M.
- Uniswap accounts for 77% of users activity. However, we can say that of all users analysed 83% only uses 1 platform, 13% 2 platforms and the rest uses etamask, Uni and Susgi.
- In the 3 platforms we can see a downtrend reagarding users starting on Mid March.
- Volume:
- Checking volume charts again Uniswap is #1. Accounting for crazy numbers on total volume in 2022. Volume was being normal during all the 2022 despite recent days where the Ethereum merge was close and huge volume was moved through Uniswap. To be more precise on September 21st 4e22 $ were moved. If we don’t take into account last days Uniswap will stiil be #1 in volume compared to Sushi an Metamask who mamaged a total of $12B and $4B.
- Nevertheless, if we talk about swap size we can say that Sushiswap has bigger swap size than Uniswap and metamask. This means that in less tx more volume was swap. Worth mentioning that in this past days swap size went crazy on Uniswap due to Ethereum merge.
- Fees:
- Daily total fees have seen a negative trend since the beginning of the year leaving less and less fees per transaction which favours users.
- Regarding average fees, which is the correct metric to use to compare the several platforms, Uniswap has the most lowest fees in average. Metamask is really close but Sushiswap has expensier fees per tx.
- During mid May fees went really high on all the platforms, that happened due to $LUNA crash.
- Top Tokens:
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Uniswap top volume tokens are Shibdodge, USDC and SILv. However, if we consider more useful tokens than Shibdodge and SILv. The TOP 3 will be USDC, USDT and ETHM.
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Metamask top volume tokens are ETH, USDC and USDT.
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Sushiswap top volume tokens are USDC, DAIand USDT.
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