Profit for AMMs

    I will show the total profit per day that is generated through swaps out of the liquidity pools in 2022, and then compare the Sushiswap and Uniswap.

    The profit calculation for the swap is equal to the swap volume multiplied by 0.25%. So the essential point here is to calculate the swap volume in liquidity pools. For this purpose, I used the Ethereum database and the Dex_Swaps table. The results are as follows:

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    Introduction

    As it is clear from the chart's labels above, this chart is related to the profits of decentralized exchanges such as Sushiswap, Uniswap, and Curve. From the chart above, it can be understood:

    • The volume of swaps in uni exchange is more than the rest, and therefore its profit amount is higher.
    • If we look at the chart weekly, it is clear that the most significant volume of swaps occurred from Monday to Saturday, so these exchanges are more prevalent in countries where the weekend is Sunday.
    • If we consider the decrease or increase of bitcoin price as ascending or descending market, we can say that the highest volume of swaps and consequently the highest profits of DEXs were in the days when bitcoin price changes were relatively significant or at the beginning of an uptrend and downtrend, the largest volume has occurred.
    • On January 21, February 14, 21, 24, and April 11, the most profits were made by DEXs, which are consistent with the price of Bitcoin on the exact dates and trading volume.

    Analysis

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    Sushiswap vs Uniswap

    As mentioned in the previous section, the volume of swaps in Uniswap is more than in Sushi, and the most significant volume for both occurred from Monday to Saturday. The point that I think is worth mentioning here is the existence of problems in the Dex_Swaps table. I multiplied its value by 0.25% to calculate the swap profit. But in some cases, the Dex_Swaps table does not specify the correct swap amount. For example, if you check the following transaction ID:

    ('0xebe63169c13abb1e352aee3be4e225a2cadf8b7bde459d20cbd0853a9abcc207')

    on Etherscan.io, you will see that the volume of transactions in USD is different from what is listed in the Dex_Swaps table.

    Also, these problems are more common in cases where DEX is Uniswap. Perhaps it can be said that some of the volume differences in the chart, compared to the Uniswap and Sushiswap, were due to this problem.

    Of course, I tried my best to eliminate the transactions that had the problem.