Optimism DEXs (redux)

    Introduction

    • In this analysis, You will Read about four Popular DEXs on Optimism. Velodrome, Uniswap, Sushiswap and 1inch. I went through each of them and compared them based on below parameters:
    • Total Swaps and Volume in USD
    • Total number of wallets swapping by day
    • Top asset pairs to swap from
    • Top 10 assets swapping from
    • Top 10 assets to swap to
    • Users Breakdown
    • New Users

    Analyzed By Hess - Reading Time Almost 8 Min.

    Method

    • The method of finding DEXs on Optimism was a little challenging because we don’t have an exact Swap table for Optimism ( We only have a Sushiswap and Velodrome Dex table ). 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 Filtered famous DEXs like Uniswap and 1inch and added them to my DIM table list.
    • After that, I needed to find From and to tokens 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 the 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 the DIM label and extract token names. I created a custom table for Optimism DEXs and started to analyze my result.
    • In the end, I joined my findings to Token Hourly prices for swap volume and joined the Sushiswap and Velodrome DEX table to my findings.

    All Data is in the last 30 days.

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    Top Pairs based on Volume and Number of Swaps

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    Top Swapped from and to Tokens

    • The below charts show the top 10 swapped from tokens based on transactions and volume per platform. As you can see, Some tokens are mutual among platforms and some tokens are only at the top list of one platform. For Example, Based on transactions and volume, USDC is a popular token on all platforms. But Uniswap is only at the top list of Uniswap. There are other tokens like OP, WETH, and DAI that are popular on all platforms.
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    Users Breakdown

    • Based on the number of swaps, the User’s behavior on all platforms was the same. The large group of swappers had only one swap in the last 30 days. The velodrome has the highest active users with above 5 swaps.
    • Based on the total swap volume, The large group of swappers on Velodrome swapped between 100 and 1000 US dollars, on Uniswap swapped 10-100$, on Sushi swapped between 10-100$ and on 1inch swapped between 100 and 1000 US dollars.
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    New Users

    • Velodrome attracted the highest number of new users between September 25 and October 1. Te Uniswap had the same stats too. But new users on all platforms decreased over time in the last 30 days.
    • Veldorme has 42K new users, Uniswap 38K, 1inch 11K, and Sushi 1.4K.
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    Conclusion

    • We can definitely say that Uniswap and Velodrome are the most popular DEXs on the Optimism chain. Based on Volume, Swaps, and swappers, These two platforms had a huge difference with Sushi and 1inch.
    • However, there are some tokens that are specifically swapped in one Platform and it’s not on the top list of other platforms. For example, the Velo token is only swapped on Velodrome and not other platforms. or WBTC is only in the top list of Velodrome and Sushiswap.

    A summary of the most important findings

    • Based on Users, Swaps, and Volume, Velodrome and Uniswap are the most popular DEXs on Optimism.
    • 44% of swappers use Veldorome and 40% of swappers use Uniswap. Others use 1inch and Sushiswap.
    • Velodrome had nearly 450K swaps, Uniswap had half of Velodrome, 210K, Sushiswap around 4K, and 1inch had 36K swaps in the last 30 days.
    • The highest swap volume went through Uniswap with 320M US dollars. The second one is Velodrome with 200M US dollars.
    • Almost USDC, WETH, and OP tokens are the most popular assets to swap from and to.
    • The large group of swappers had 1 and 2 transactions. Also, These groups swapped 10-100 and 100-1000 US dollars.
    • Velodrome had the highest number of new users with 40K and the second platform was Uniswap with 38K New Users.
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    Full Analysis

    Users and Swaps

    • Velodrome had 42K unique users, Uniswap 38.5K, 1inch 12K, and Sushiswap 1.6K unique swappers.
    • The highest share of swappers belongs to Velodrome and Uniswap with 44% and 40% of swappers.
    • Over time, The daily share of Velodrome increased from 40-50% up to 75% but after a short time, Again decreased to 45%.
    • Also, During that time, Uniswap faced more ups and downs and on some days, The share of swappers on Uniswap increased up to 56%. Sushiswap and 1inch had the lowest shares from swappers.
    • At the end of September and the beginning of October, The 1inch shares were around 12% but when Velodrome and Uniswap shares increased, The shares of 1inch decreased to 5%. Lastly, 1inch shares increased.

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    • Velodrome had the highest number of swaps with 476K in the last 30 days. Following the Velodrome, Uniswap with half of Velodrome had 210K. 1inch with 30K and Sushiswap with 3.8K had the lowest number of swaps among these platforms.
    • Between October 6 and October 10, The total number of swaps on all platforms decreased for a short time. Almost 4 days. But after that time, Again the total number of swaps increased. The highest number of swaps happened between September 25 and September 30.

    Volume in USD

    • Based on the total swap volume in the last 30 days, Uniswap with 320M US dollars is in the first place. I can see that Uniswap had a huge difference in comparison to Velodrome. Almost, Uniswap had 120M US dollars lower than Velodrome. Like Transactions, The total number of swaps on 1inch and Sushiswap had a huge difference with top platforms.
    • Velodrome and Uniswap swap volumes were similar to each other. Some days Velodrome had more volume and some days Uniswap had more volume.
    • It is interesting that 1inch is in the second place based on Average swap volume.
    • The average Volume on Uniswap was 1.5K and on 1inch was 1.3K US dollars. Velodrome and Sushiswap average volume had a huge difference with Uniswap and 1inch. It seems users with lower budgets chose Veldorome and Sushi and Users with higher budgets chose 1inch and Uniswap.
    • between these four platforms, Uniswap's rival is Veldorme, and Sushiswap's rival is 1inch. We can not compare all four DEXs together because they have a huge difference.
    • Based on Volume, Uniswap has the highest cumulative volume in USD, and based on transactions, Veldorme has the highest cumulative swaps.
    • Uniswap:

      :1st_place_medal: USDC → WETH :2nd_place_medal: WETH → USDC :3rd_place_medal: USDC → sUSD

    • Velodrome:

      :1st_place_medal: WETH → USDC :2nd_place_medal: OP → USDC :3rd_place_medal: USDC → WETH

    • Sushiswap:

      :1st_place_medal: WETH → USDC :2nd_place_medal: USDC → WETH :3rd_place_medal: USDT → WETH

    • 1inch:

      :1st_place_medal: USDC → sUSDC :2nd_place_medal: sUSD → USDC :3rd_place_medal: OP → USDC

    • I Can say with a hundred percent sure, USDC → WEHT and WETH → USDC are two popular pairs between these DEXs. Also, On Specific Optimism DEX like Velodrome, OP pairs are at the top list. If we ignore the top tokens, I can see sUSDC is popular in two DEXs like Uniswap and 1inch.

    • Uniswap:

      :1st_place_medal: USDC → WETH :2nd_place_medal: WETH → USDC :3rd_place_medal: DAI → WETH

    • Velodrome:

      :1st_place_medal: OP → USDC :2nd_place_medal: USDC → OP :3rd_place_medal: USDC → WETH

    • Sushiswap:

      :1st_place_medal: WETH → USDC :2nd_place_medal: USDC → WETH :3rd_place_medal: WETH → OP

    • 1inch:

      :1st_place_medal: USDT → USDC :2nd_place_medal: USDC → DAI :3rd_place_medal: USDC → USDT

    • All top 3 Pairs on 1inch are Stablecoin swaps. The difference with top pairs based on the number of swaps is that OP token almost is in all Platforms top tokens.

    Top Swapped token to based on transactions and volume per platform

    THANK YOU FOR READING!

    ALL CODES AND CONTENTS WERE WRITTEN BY HESS.

    :bird: Twitter: @hessaminanloo

    :t-rex: Discord: hess#0890

    :calendar: Analyze Date: 2022/OCT/27

    What are DEXs?

    • A decentralized exchange (DEX) is a peer-to-peer platform where users can trade cryptocurrencies directly with other users without relying on any intermediaries. Users trade directly from their own wallets without the requirement of KYC.

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    What is Optimism?

    • Optimism is a fast, stable, and scalable L2 blockchain built by Ethereum developers, for Ethereum developers. Built as a minimal extension to existing Ethereum software, Optimism's EVM-equivalent architecture scales your Ethereum apps without surprises.