Try Quests to earn cryptoOptimism DEXs
Introduction
In this analysis, You will read about Optimism Dexs. I chose velodrome, Uniswap V2,3, 0x and balance to compare. I went through these DEXs and examined these parameters:
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Total and Daily Number of Swaps
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Total and Daily Number of Unique Users
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Top 10 Assets from
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Top 10 Assets To
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Top 10 assets amount
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Top Pairs
What is Optimism?\
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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.
Analyzed by Hess - Reading Time Almost 15 Min.
Method
- The method of finding DEXs on Optimism was a little challenging because we don’t have an exact Swap table for Optimism. So I needed to find from existing tables and actually create a custom table.
- So, I used optimism.core.fact_event_logs and extracted all tx hashes that include Swap in their event name. I used the DIM contract table with the DEX label filter.
- I couldn't find All Dexs from the DIM label. So I found some famous DEXs and added them to my DIM table list. I tried some other DEXs like 1inch but couldn’t find any data in Flipside tables.
- Now I have Velodrome, Uniswap (V2, V3), Balancer, and 0x.
- After that, I needed to find From and to token and amounts. I tried the Fact event logs table again and set origin from address equal event_inputs: from and select my finding tx in the first place. The result shows all from activities. Again I used the Fact event label and set origin from address equal event_inputs:to. Now we have To activities too. The last thing I needed was Token’s name. This part was easy. I joined my finding to DIM label and extract token names. I created a custom table for Optimism DEXs and started to analyze my result.
This Dashboard Includes Velodrome, Balancer, Uniswap and 0x Platfrom and all chart data is in the last 30 Days.
Image Source:
Optimism Swaps overview is based on Total Swaps in The last 30 Days on Uniswap, Velodrome, Balancer and 0x
Daily Swaps on Optimism
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Daily Swaps On Optimism
- The total number of swaps and unique users in the second 15 days of July increased +100%.
- The highest number of Swaps and unique users occurred on July 29th with 49.7K swaps by 5915 users.
- It means each user had almost 10 swaps on that day.
- You can see the growth of swaps on the Cumulative chart. Do you think which platform caused that growth? Let’s find out.
Share of Users and Swaps
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In the last 30 days, The share of Uniswap was higher than Velodrome but number of swaps in Velodrome was higher than Uniswap.
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If we analyze this dashboard next month,
Definitely share of Velodrome will increase
significantly.
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Velodrome
:1st_place_medal: USDC is the most popular token to swap from in Velodrome. USDC was involved in 45% of swaps with 94K swaps.
:2nd_place_medal: The biggest rival of USDC is the OP token. 35% of swaps in Velodrome were from OP token with 73K swaps.
:3rd_place_medal: The third popular token had a huge difference with USDC and OP. WETH used in 13% of swaps in the last 30 days on Velodrome.
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Swaps Amount from Token
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USDC was common in all four DEXs. on Velodrome 91.2M USDC, on Uniswap 97.4M, on Balancer 1M and 0x 15.7M USDC swapped to another token. The total swaps of USDC in Velodrome was 92K but on Uniswap was 72K. Users with a large amount of USDC, between Velodrome and Uniswap, prefer Uniswap.
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OP: Op is another popular token in all 4 DEXs. Users swapped 62M OP in Velodrome, 37M Uniswap, 472K balancer, and 8.4M in 0xProject. I think Op caused a huge growth in swaps on Optimism and specially Velodrome.
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WETH: it’s time to examine about the swapped amount of WETH. 14.3K WETH swapped on Velodrome, 88K swapped on Uniswap, 667 swapped on Balancer, and 2K on 0x. The native token of ETH swapped more on Uniswap. Users chose Uniswap to swap their WETH.
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Velodrome
:1st_place_medal: USDC is the most popular token to swap from in Velodrome. USDC was involved in 45% of swaps with 88K swaps.
:2nd_place_medal: The biggest rival of USDC is the OP token. 34.7% of swaps in Velodrome were from OP token with 67K swaps.
:3rd_place_medal: The third popular token had a huge difference with USDC and OP. WETH used in 13% of swaps in the last 30 days on Velodrome.
Swap Pairs
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OP → USDC is the most popular pair among these DEXs. 23.3% of swaps were swapping Op to USDC. During the past few days, The price of OP increased significantly. So many users started to sell their OPs to a stablecoin. As we know, They chose Velodrome to swap.
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USDC → OP: The second popular pair was USDC → OP. When the price of tokens increases, we face two types of People. Those who sell their tokens and those who buy tokens.
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USDC → WETH: Ethereum price increased about 70% in the last 30 days. When users saw the Ethereum movement, They started to buy That token.
- The total number of swaps and unique users increased above 100% on the Optimism chain in the last 30 days.
- The velodrome has a huge role in growing swaps on Optimism. From 29-30% share at the beginning of the month, its share reached to 60-65%.
- Uniswap loses some of its users. nearly 5K of Uniswap users did a swap on Velodrome in the last 30 days. The right chart shows the growth of migration from Uniswap to Velodrome.
- USDC, OP, and WETH are three popular tokens that users swapped from.
- Also, these tokens are popular in swapped to.
- USDC → OP and op → USDC are top pairs in total.
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Uniswap
Uniswap is the biggest rival of Velodrome. Let’s find the share of tokens in this DEX.
:1st_place_medal: Dislike Velodrome and 0x, WETH is the most popular token in Uniswap with 36% of the share and 72K swaps.
:2nd_place_medal: The second token is Stablecoin. USDC was involved in 35% of swaps with 70K swaps.
:3rd_place_medal: Op token in this platform is in third place.
Until now, We understand that users chose Velodrome and 0x to swap their OPs.
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Balancer
The balancer is less popular in the Optimism chain in comparison to the other three DEXs.
:1st_place_medal: In this DEX, Users swapped their USDC higher than the other token.
:2nd_place_medal: The second popular token is WETH. WETH was involved in 21% of swaps.
:3rd_place_medal: Their native token BAL is in third place with 640 Swaps which is 15% of the total share.
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Uniswap
Uniswap is the biggest rival of Velodrome. Let’s find the share of tokens in this DEX.
:1st_place_medal: Dislike Velodrome and 0x, WETH is the most popular token in Uniswap with 40% of the share and 77.9K swaps.
:2nd_place_medal: The second token is Stablecoin. USDC was involved in 32% of swaps with 63K swaps.
:3rd_place_medal: Op token in this platform is in third place.
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Balancer
The balancer is less popular in the Optimism chain in comparison to the other three DEXs.
:1st_place_medal: In this DEX, Users swapped their USDC higher than the other token.
:2nd_place_medal: The second popular token is Op. Op was involved in 32% of swaps.
:3rd_place_medal: Their native token is not in top 3 list. The third one is WETH with 14.7% of share.
> # In the last 30 days, There were 453K swaps made by 27.2K unique users.
The short answer to the previous chart is Velodrome. Velodrome caused a huge growth in swaps on Optimism. The growth was 130%. Velodrome played a key role in that growth. As I mentioned the highest number of swaps was on July 29th with 49K swaps. 60% of that swaps happened through Velodrome. The second platform that had a place in Optimism Swaps growth was Uniswap. Swaps increased on all platforms recently but the share of Uniswap and Velodrome was higher than 0x and Balancer. At the beginning of the month, Velodrome had 28-30% of swaps share but day by day increased and reached above 60% recently. Uniswap shares were above 60% at the beginning of the month but decreased to 30-35%. The share of swaps in 0x and balance didn’t change too much. This means Uniswap loses its users to Velodrome. It seems Uniswap users migrated to Velodrome.
