Tourist Journeys
Introduction
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In this Dashboard, You will read about Two popular platforms on Near and Ethereum. I compared chain native tokens swaps ‘to and from’ Stablecoins on Ref Finance and Sushiswap. By chain native tokens, I mean Near on Near chain and ETH on Ethereum. I selected my tournament dashboard about Ref Finance and compare it with Sushiswap from Layer 1.
I went through these platforms and analyzed these parameters:
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Native tokens swap from and to Stablecoins
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Swappers
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Native tokens swap volume from and to Stablecoins
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Stablecoins Breakdown
Analyze By Hess - Reading Time Almost 8 Min.
Method
Near:
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First, I should mention that I Extracted All Swap Activities from Near to Stable Coins before. I used my previous method and codes. Thanks to Pinehearst and Hamed for help in extracting logFile before. But I tried and added Swap Activities from Stablecoins to Near too.
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Near Chain and its tables are new to me, and I struggled to extract what I wanted from Near tables. I used some help like Pinehearst in Discord Near tournament in my codes. I used its Stablecoins sample. With Ref finance address which is v2.ref-finance.near, I extracted all transactions belonging to Ref finance. First, I calculated Daily Success and Failure transactions, Then I picked up Near → Stablecoins swaps and Stablecoins → Near Swaps.
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All Swaps data are recorded in a Log file. I needed to extract near amounts, Stablecoins amounts, and Symbols from a single column. I split the log file and made a swap table for myself.
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Ethereum:
- We have swap tables on the Ethereum chain. I used that table and filtered the Sushiswap platform. Then, I Filtered ETH and WETH as symbols in and USDC, USDT, and DAI as symbols in and vice versa.
Swaps To Native tokens From Stablecoins
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We already examined the swaps from native tokens like ETH and Near to Stablecoins on Sushiswap and Ref Finance. Now it’s time to analyze Swaps from Stablecoins to Native tokens.
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The number of users and percentage are the same as the previous method. The only difference is that Sushiswap had 30K fewer swappers from Stablecoins to ETH. Even the weekly shares and growth are the same. The highest share of Ref finance was in May which increased up to 22%.
Conclusion
- You may know that the ETH token and Ethereum chain are one of the most popular tokens and chains in the Crypto world. Almost in Each CEX and DEXs, ETH is in the top 3 most swapped tokens based on transactions and Volume. But As you have seen, In some basic parameters like transactions, The total number of swaps from and to Near was similar to Sushiswap. If we ignore the popularity of ETH, I can say that Ref Finance is doing awesome. Besides Ref Finance, Near token is doing well too. I can imagine a good future for Ref Finance and Near token.
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A Summary of The Most Important findings
- Since January 2022, 138K unique users swapped their ETH to stablecoins on Sushiswap and 12K unique swappers swapped their NEAR to stablecoins.
- Based on Transactions, These two platforms are like each other. Nearly 300K users swapped their native tokens ( ETH and Near ) to stablecoins.
- Swap Volume on Sushiswap is 10x higher than Ref finance based on swaps native to Stablecoins.
- Based on swappers and transactions, USDC is the most popular token on both platforms but based on Volume USDC is at the top list on Sushiswap and USDT is in the top list on Ref Finance.
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Full Analysis
Swaps From Native tokens to Stablecoins
- As I mentioned before, Sushiswap had 138K Unique users that swapped their ETH to Stablecoins While only 12K users swapped their Near to Stablecoins. Between January 2022 and March, The Weekly share of users on Ref Finance was 5-9% in comparison to Sushiswap. After March, The weekly share increased up to 20% for Ref finance but again decreased to the previous weeks.
- It is interesting that those 12K users on Ref Finance made 300K swaps like 138K Sushiswap users that made 300K swaps. Over time, Some weeks Sushiswap had more swaps, and some weeks Ref Finance. There were two weeks that Ref Finance swaps increased significantly and become 2x higher than Sushiswap swaps. I should repeat that all these swaps are Native tokens like ETH and NEAR to stablecoins.
Sushiswap swaps ( ETH → Stable) volume was much higher than Ref Finance (Near → Stable) over time. Only during May, The Ref Finance volume increase but exactly that week, The Sushiswap volume increased too. Lastly, The swap volume on Sushiswap decreased to 10-11M US dollars weekly and 1-2M US dollars on Ref Finance.
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- Average Swap Volume of ETH to Stablecoins on Sushiswap: 11.9K US dollars
- Average Swap volume of Near to Stablecoins on Ref Finance: 1.2K US dollars.
The average volume on Sushiswap is almost 10x higher than Ref finance. However, The average swap volume on Sushiswap dropped from 33K to 2K lastly. Also, Ref Finance's average volume dropped from 1.3K to 800-1000 US dollars.
Number of Swaps
- Ref Finance :1st_place_medal: USDT :2nd_place_medal: USDC :3rd_place_medal: DAI
- Sushiswap :1st_place_medal: USDC :2nd_place_medal: USDT :3rd_place_medal: DAI
Volume
- Ref Finance :1st_place_medal: USDT :2nd_place_medal: USDC :3rd_place_medal: DAI
- Sushiswap :1st_place_medal: USDC :2nd_place_medal: USDT :3rd_place_medal: DAI
Average Volume
- Ref Finance :1st_place_medal: USDT :2nd_place_medal: USDC :3rd_place_medal: DAI
- Sushiswap :1st_place_medal: USDC :2nd_place_medal: USDT :3rd_place_medal: DAI
- In this type of swap, Sushiswap had 300K swaps and Ref Finance had 241K swaps. Fewer swaps happened on Ref Finance based on swaps from Stablecoins to Near. Swaps from Near to Stablecoins were higher than this type of swap. The highest number of swaps on Ref finance was on May 9 and the highest number of swaps on Sushiswap was that time too.
Based on Swap volume, Sushiswap has a huge difference from Ref Finance. Over 3.8B US dollars were swapped from Stablecoins to ETH while only 354M US dollars were swapped from Near to Stablecoins. However, The weekly swap volume on Ref finance increased over time. Right now, The swap volume on Sushi decreased to 10-15M US dollars and 1-3M US dollars on Ref Finance.
- The average swap volume on Sushiswap is 12.8K US dollars and 1.4K US dollars on Ref finance. Over time, The average volume on Sushiswap decreased from 37K to 2.2K US dollars. On Ref Finance, The average swap volume decreased less than Sushiswap.
- I can say that USDC → ETH is the most popular pair on Sushiswap and USDT → NEAR is the most popular pair on Ref Finance. Overall, USDC is more popular than USDT and DAI on Sushiswap and USDT is more popular than USDC and DAI on Ref Finance.
ALL CODES AND CONTENTS WERE WRITTEN BY HESS.
:bird: Twitter: @hessaminanloo
:t-rex: Discord: hess#0890
:calendar: Analyze Date: 2022/OCT/27