[Optimism] - Optimism DEXs (redux)
Bounty Question
Let’s take a closer look at DEXs on Optimism. Make a dashboard that compares at least three DEXs 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 to
- Top 10 assets swapping from
- Top 10 assets to swap to
![db_img](https://uploads.flipsidecrypto.com/product/images/l6Y-cu2vIZWh.webp)
What Exactly is a DEX, & How is it Different From a CEX?
There are many different types of decentralized exchanges, but a simple way to explain a DEX is as a platform that facilitates the peer-to-peer (P2P) trading of cryptocurrency from one wallet (that gives you control of your keys) to another. Instead of giving funds to a CEX, you give them to an escrow-like service such as a smart contract (used on the Ethereum blockchain) that conducts the transaction. Essentially, DEX’s remove the need for a third-party. Benefits include skipping the Know Your Customer (KYC) verification process, avoiding withdrawal/trading limits and heavy fees, and mitigating the risk of someone hacking the exchange and stealing your tokens.
Optimism
Optimism is a Layer 2 scaling solution for Ethereum that can support all of Ethereum’s Dapps. Instead of running all computation and data on the Ethereum network, Optimism puts all transaction data on-chain and runs computation off-chain, increasing Ethereum’s transactions per second and decreasing transaction fees. Tests have shown a 143x decrease in transaction fees on Synthetix Exchange and up to a 100x decrease on Uniswap. Since transaction data still stays on the Ethereum network, this scaling solution does not sacrifice Ethereum’s decentralisation or security for scalability.
![db_img](https://uploads.flipsidecrypto.com/product/images/l-GTdC21Wltz.jpeg)
Methodology
In this dashboard, I used the wonderful cryptoicicle dashboard that he compiled for the "OP Price vs Swapper Activity" bounty as my source of inspiration for answering this bounty. Extracting UniSwap data was a unique learning experience for me.
But for the demands of this bounty, the following things were done:
> In the ==first== step, I prepared and reported an overview of what happened in the last 30 days in these three DEXs (SushiSwap, Velodrome and UniSwap). In this overview, a series of general parameters such as the number of swap transactions, the number of swaps, the number of swappers and the volume of USD swaps were examined. Then, in the averages section, the average volume of USD per swap transaction, the average volume of USD per swap, the average volume of USD per swapper and the number of swaps per swapper were specified and reported. > >
> > In the ==second== step, the daily status of these 8 parameters mentioned in the first step along with the cumulative values of the first 4 parameters were calculated, drawn and checked. > >
> > In the ==third== step, the top 10 asset pairs of each of these DEXs were determined and reviewed based on 4 criteria (number of swaps transactions, number of swaps, number of swappers and volume of swaps). > >
> > In the ==fourth== step, the top 10 assets of each DEX that were swapped to other assets were sorted and evaluated separately based on the number of swap transactions, the number of swaps, the number of swappers, and the volume of swaps. > >
> > In the ==fifth== step, the top 10 assets of each DEX that were swapped from other assets were sorted and evaluated separately based on the number of swap transactions, the number of swaps, the number of swappers, and the volume of swaps. > >
> > In the ==sixth== step, the top 10 swappers of each DEX were sorted and evaluated separately based on the number of swap transactions, the number of swaps, and the volume of swaps.
Top Asset Swappers
There are no shared addresses among the top 10 swappers of each of these DEXs.
Velodrome's top swappers outperform the top swappers of the other two DEXs by a wide margin in all parameters.
Top Assets Swapping To
- In terms of the number of swap transactions, the number of swaps, and the number of swappers, 15 assets and in terms of the volume of USD swaps, 16 unique assets are among the top assets of these three DEXs.
- In terms of the number of swap transactions, there are 5 assets that are among the top 10 assets of all three DEXs:
- USDC
- WETH
- OP
- DAI
- USDT
- In terms of the number of swap transactions, there are 3 assets, with two of the three DEXs in the top 10:
- FRAX at Velodrome and UniSwap
- SNX at Velodrome and UniSwap
- WBTC on SushiSwap and UniSwap
- In terms of the number of swaps, everything mentioned for swap transactions also applies here.
- In terms of the number of swappers, everything mentioned for swap transactions also applies here.
- In terms of volume of swaps, there are 4 assets that are among the top 10 assets of all three DEXs:
- USDC
- WETH
- OP
- DAI
- In terms of volume of swaps, there are 4 assets, among the top 10 assets are two of the three DEXs:
- FRAX at Velodrome and UniSwap
- SNX at Velodrome and UniSwap
- WBTC on SushiSwap and UniSwap
- USDT on SushiSwap and UniSwap
Top Assets Swapping From
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In terms of the number of swap transactions, the number of swaps, and the number of swappers, 15 assets and in terms of the volume of USD swaps, 16 unique assets are among the top assets of these three DEXs.
\
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In terms of the number of swap transactions, there are 5 assets that are among the top 10 assets of all three DEXs:
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USDC
-
WETH
-
OP
-
DAI
-
SNX
\
- In terms of the number of swap transactions, there are 4 assets, with two of the three DEXs in the top 10:
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FRAX at Velodrome and UniSwap
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sUSD on Velodrome and SushiSwap
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USDT on SushiSwap and UniSwap
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WBTC on SushiSwap and UniSwap
\
- In terms of the number of swaps, everything mentioned for swap transactions also applies here.
Top Asset Pairs
- In terms of the number of swap transactions and the number of swaps, 18 pairs, 19 pairs in terms of the number of swappers, and 20 unique pairs in terms of the volume of USD swaps are seen among the top asset pairs of these three DEXs.
- In terms of the number of swap transactions, there are 4 pairs that are among the top 10 asset pairs of all three DEXs:
- WETH ---> USDC
- USDC ---> WETH
- OP ---> WETH
- WETH ---> OP
- In terms of the number of swap transactions, there are 4 pairs, with two of the three DEXs among the top 10 asset pairs:
- OP ---> USDC in Velodrome and UniSwap
- USDC ---> OP in Velodrome and UniSwap
- DAI ---> WETH in SushiSwap and UniSwap
- WETH ---> DAI in SushiSwap and UniSwap
- In terms of number of swaps, there are 4 pairs that are among the top 10 asset pairs of all three DEXs:
- WETH ---> USDC
- USDC ---> WETH
- OP ---> WETH
- WETH ---> OP
- In terms of the number of swaps, there are 4 pairs, with two of the three DEXs among the top 10 asset pairs:
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OP ---> USDC in Velodrome and UniSwap
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USDC ---> OP in Velodrome and UniSwap
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DAI ---> WETH in SushiSwap and UniSwap
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WETH ---> DAI in SushiSwap and UniSwap
\
Main parameters
- The most swap transactions took place on October 25. 27.3k swap transactions were made on this day. In this number of transactions, 113.723k swaps were done by 3.133k swappers. The USD volume of these swaps was $20.264m.
- The lowest swap transactions were recorded on October 9. 6.7k swap transactions were made on this day. In this number of transactions, 18.43k swaps were done by 2.307k swappers. The USD volume of these swaps was $3.127m.
- The valley-like trend can be seen in the 4 parameters of the Velodrome. In general, a downward trend can be observed in the first 15 days of this thirty-day period and an upward trend in the second 15 days, although there have been fluctuations in these periods. Of course, these fluctuations are inevitable.
- UniSwap also has this valley-like trend, but it's wider than it was with Velodrome. The highest swaps were on September 26 and the lowest swaps were on October 9. The highest number of SOPARs was on October 13 and the highest volume of USD swaps was on September 30.
- The number of UniSwap daily swappers has had a steady trend with almost regular fluctuations in this 30-day period.
- A clear upward trend can be seen in all 4 parameters of SushiSwap in this 30-day period. Clearly, in the second half of this thirty-day period, this growth has become more intense, and this can be seen well in the cumulative charts. Where the slope of the cumulative graph suddenly increases in the middle of this graph, this indicates the higher growth of the parameters that have been investigated.
- On October 15, SushiSwap recorded the highest number of transactions, swaps, swappers and swap volumes.
Averages
Average daily USD volume per swap transaction: Velodrome: If we divide this one month into 4 weeks, each week a different behavior can be seen in this DEX. UniSwap: If we divide this one month into 4 weeks, we have downward and upward trends in one week out of two weeks in a row. SushiSwap: A downward trend has been established in the first 10 days and a continuous upward trend in the second and third days of this thirty-day period.
Average daily USD volume per swap: Velodrome: an almost constant trend can be observed in this parameter. UniSwap: Trends are the same as discussed in the previous parameter. SushiSwap: Here there is a trend similar to the trend of the previous parameter, but here the intensity of the changes is less than the previous one.
Average daily USD volume per swapper: Velodrome: In the first 15 days we see a decreasing trend and in the second 15 days an increasing trend. The decrease occurred by 83% and the increase was 739% (compared to the day when we had the lowest average volume of USD per swapper.) UniSwap: Downtrends in the first 10 days and stable trends in the remaining days. SushiSwap: first a slight decrease and then a clear increase.
Daily average of swaps per swapper: Velodrome: At the beginning and end of this 30-day period, the highest values for this parameter can be seen. UniSwap: same as the trend observed in the previous parameter. SushiSwap: decreasing trend at the beginning and stable at the end.
Overview
Velodrome completely dominates the other two DEXs in all areas. Clear signs of this superiority can be seen below:
- In terms of the number of swap transactions: 11.3 times of UniSwap and 122.75 times of SushiSwap
- In terms of the number of swaps: 38.66 times UniSwap and 159.8 times SushiSwap
- In terms of the number of swappers: 25.67 times SushiSwap and 471.7 times UniSwap
- In terms of the volume of swaps: 2.46 times UniSwap and 789 times SushiSwap
From the point of view of the averages, the absolute superiority of UniSwap can be seen:
- In terms of average USD volume per swap transaction: 4.58 times Velodrome and 29.68 times SushiSwap
- In terms of average USD volume per swap: 191.25 times Velodrome and 5895.11 times SushiSwap
- In terms of average USD volume per swapper: 15.67 times Velodrome and 78.36 times SushiSwap
- In terms of average swaps per swapper: 12.43 times Velodrome and 76.66 times SushiSwap
Top Asset Pairs
- In terms of number of swappers, there are 4 pairs that are among the top 10 asset pairs of all three DEXs:
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WETH ---> USDC
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USDC ---> WETH
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OP ---> WETH
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USDC ---> DAI
\
- In terms of number of swappers, there are 3 pairs with two of the three DEXs in the top 10 asset pairs:
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WETH---> OP in Velodrome and UniSwap
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DAI ---> WETH in SushiSwap and UniSwap
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WETH ---> DAI in SushiSwap and UniSwap
\
- In terms of volume of swaps, there are 2 pairs that are among the top 10 asset pairs of all three DEXs:
-
WETH ---> USDC
-
USDC ---> WETH
\
- In terms of the number of swaps, there are 6 pairs, with two of the three DEXs among the top 10 asset pairs:
- OP ---> USDC in Velodrome and UniSwap
- USDC ---> OP in Velodrome and UniSwap
- DAI ---> WETH in SushiSwap and UniSwap
- WETH ---> DAI in SushiSwap and UniSwap
- OP ---> WETH in SushiSwap and UniSwap
- WETH ---> OP in SushiSwap and UniSwap
Top Assets Swapping From
- In terms of number of swappers, there are 6 assets that are among the top 10 assets of all three DEXs:
- USDC
- WETH
- OP
- DAI
- SNX
- USDT
- In terms of number of swappers, there are 2 assets that are among the top 10 assets in two of the three DEXs:
- sUSD on Velodrome and SushiSwap
- WBTC on SushiSwap and UniSwap
- In terms of volume of swaps, there are 5 assets that are among the top 10 assets of all three DEXs:
- USDC
- WETH
- OP
- DAI
- SNX
- In terms of volume of swaps, there are 6 assets, with two of the three DEXs among the top 10 asset pairs:
-
sUSD on Velodrome and SushiSwap
-
USDT on SushiSwap and UniSwap
-
WBTC on SushiSwap and UniSwap
\