Description of work

In this work, we want to analyze qualified DEX Liquidity Pools on Uniswap and Sushiswap on the Ethereum mainnet from different perspectives, including:

Percentage of qualified TVL each DEX have.

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The volume of each of these qualified pools has over the last 100,000 blocks.

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Breakdown of major coin volume across these qualified pools.

First of all, let's explain some terms.

1 - Liquidity Pools

A liquidity pool is a crowdsourced pool of cryptocurrencies or tokens locked in a smart contract that is used to facilitate trades between the assets on a decentralized exchange (DEX). Instead of traditional markets of buyers and sellers, many decentralized finance (DeFi) platforms use automated market makers (AMMs), which allow digital assets to be traded in an automatic and permissionless manner through the use of liquidity pools.

source: gemini.com

2 - Total Value Locked (TVL).

One of the popular metrics employed in measuring how big and popular some DeFi protocols are or even the entire decentralized finance (DeFi) market generally is Total Value Locked (TVL). Basically, the term “Total Value Locked (TVL)” is a figure that shows the dollar value of the crypto locked away on the smart contracts of a single application or even on the entire DeFi space.

There are many ways digital assets are locked in the crypto space, some of them are through**, liquidity pools, lending protocols, yield, and staking.** This metric, however, shows how much capital is in control of those in the DeFi space and it is a very important one for both the investors and the protocols because it has a way of affecting the usability and yields among the end-users of the DeFi application.

source: tokenhell.com

3- Qualified Pools:

Liquidity pools are called qualified Pools: that have AT LEAST $100,000 USD worth of total value locked (TVL).

source: flipsidecrypto definition

How to calculate TVL?

To do this, we first extract the address of the liquidity pools and the address of their token pairs from the [ethereum.dex_liquidity_pools]table.

Then we join these values with the [ethereum.erc20_balances]table and calculate the TVL of each liquidity pool.

NOTE:

some liquidity pools are created with scam tokens. after constructing the pool, the scammer creates a swap transaction with a high price for the scam token, after that, the price of the token shows high while the token doesn't have value.

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If we consider pools with scam tokens in TVL calculations, the final TVL value will be very high and unrealistic. So when we calculate the TVL for a liquidity pool, if the amount_usd field for one of its token pairs in the [ethereum.erc20_balances] table is more than 500 million $, we consider it as a scam token and remove its liquidity pool from the list of liquidity pools.

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To ensure the results of the calculations, these results can be compared with the data available on the defillama. After comparing the results with the data on this site, we realized that there is a slight difference between the results obtained and the data on this site, and this difference can be related to the calculation method, such as removing some inactive pools in the TVL calculation.

We have obtained the way of finding scam tokens from TVL Sushi vs. Uni dashboard.

1 - Percentage of qualified TVL each DEX have.

According to the obtained results:

10.44% of suhsiswap liquidity pools have at least $100,000 TVL.

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Only 2.3% of uniswap liquidity pools have at least $100,000 TVL.
About 97.8% of sushiswap TVL is in qualified Pools.
About 96.9% of uniswap TVL is in qualified Pools.

The volume of each of these qualified pools has over the last 100,000 blocks.

To answer this question:

We extract the last 100,000 blocks produced in the Ethereum blockchain from the [ethereum.core.fact_blocks] table.

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Using the date of the extracted blocks and the address of the qualified pools obtained in section 1, we extract the volume for the qualified pools from the [ethereum.core.ez_dex_swaps] table.

According to these results

The volume of qualified pools for uniswap has always been higher than sushiswap.

during the last 100 days. On June 30 and July 1, 2020, the sushiswap volume is very close to uniswap.
The very interesting point in these charts is that considering that the TVL of uniswap is much higher than that of sushiswap (about 10 times), the volume of qualified pools of uniswap in the last 100,000 blocks of Ethereum is only 2 times that of sushiswap.

According to these charts:

In sushiwap, the highest TVL is related to ILV-WETH pool with $82.65 million $ liquidity.

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In uniswap, the highest TVL is related to DAI-USDC pool with 712 million $ liquidity.

3 - Breakdown of major coin volume across these qualified pools.

According to the charts above:

USDC has the largest volume among the tokens in Qualified Pools related to uniswap (755.67 million $).

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After USDC, the largest volume among the tokens in Qualified Pools related to uniswap is related to WETH (617.553 million $) and DAI (476.97 million $).
WETH has the largest volume among the tokens in Qualified Pools related to sushiswap (202.33 million $).

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After WETH, the largest volume among the tokens in Qualified Pools related to uniswap is related to ILV(34.17 million $) and USDC (33.20 million $).
The interesting thing in these charts is the larger volume of USDC compared to USDT in liquidity pools.

Conclusion

In this work, we analyzed the qualified pools (by definition) of sushiswap and uniswap on the Ethereum blockchain.

Uniswap TVL is much more than sushiwap. (4.23 billion dollars against 460 million dollars)

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Also, the TVL in the qualified pools of uniswap is much higher than that of sushiswap. (4.1 billion dollars against 450 million dollars)

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The highest TVL in sushiswap cash pools is related to ILV-WETH (82.65 million dollars).

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The highest TVL in uniswap liquidity pools is DAI-USDC (712 million dollars).

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Despite the huge difference between the TVLs of uniswap and suhsiswap (about 10 times), the volume of qualified pools in last 100000 blocks of Ethereum blockchain for uniswap qualified pools is almost 2 times sushiswap qualified pools.
USDC has the largest volume among the tokens in Qualified Pools related to uniswap (755.67 million $)
WETH has the largest volume among the tokens in Qualified Pools related to sushiswap (202.33 million $).
The noteworthy point among the tokens with the largest volume in the liquidity pools of these DEXs is the greater volume of USDC to USDT, which shows the greater popularity of this stablecoin in liquidity pools.