Dashboard Objectives

The purpose of this dashboard is to compare the market share of the Sushiswap and Uniswap exchanges, on the Polygon, Arbitrum, and Optimism Layer 2 Blockchains. Sushiswap and Uniswap are DEXs, i.e., platforms that allow for the permissionless exchane of assets.

We focus the timeframe of our analysis to the last 90 days. The dashboard is divided into 6 sections, these being:

1. Swap and user activity summary
2. Daily swap activity
3. Aggregate swap data
4. Daily user activity
5. Aggregate user data
6. Distribution of tokens swapped

Main Takeaways

• In Arbitrum, the marketshare of Uniswap and Sushiswap is evenly split. In Polygon, there is significative preference for Uniswap over Sushiswap. Finally, in Optimism, there is a clear dominance from Uniswap relative to Sushiswap in number of swaps.

• The same can be said for the number of users. The most active users are the Uniswap users in Polygon and Optimism, and the Sushiswap users in Arbitrum.

• Regardless of blockchain and platform, USDC and wETH are the most swapped assets.

  \

• In Polygon and Optimism, Uniswap is the prefered DEX with 66% and 98% of the swaps performed in the last 90 days. Sushiswap is the most popular in the case of Arbitrum with 55.2% of the swap activity.
• In terms of total swaps, the most active L2s are Arbitrum, Polygon, and Optimism.
• In all three blockchains the number of Uniswap users outnumbers that of Sushiswap, these being 60% in Polygon, 52% in Arbitrum, and 97% in Optimism.
• While swap activity in Arbitrum and Polygon is more split between the two platforms, in Uniswap has complete dominance in the Optimism blockchain.

2. DAILY SWAP ACTIVITY

• In Polygon, swap activity increased from July to 3rd week of September, after which it seems to have declined.
• The marketshare of Uniswap in Polygon has increased from 40% to 80% in the last 90 days.
• Swap activity in Arbitrum significantly increased in the last week of August, and has been slowly decreasing since.
• Despite some volatility, the marketshare of the swap platforms has remained mostly consistent, with Sushiswap having 60% of the swap activity.
• There is no clear trend in the daily swap count on Optimism for the last 90 days.
• The marketshare of Uniswap in Optimism has consistently above 95%.
• On the first week of September se see a small increase in Sushiswap marketshare on all 3 blockchains.

3. AGGREGATE SWAP DATA

• The daily average swap count shows the same trend we detailed on the total swap activity summary.
• Among Uniswap users the most popular blockchains are Polygon, Arbitrum, and Optimism. The average swap count is fairly similar in the 3.
• Sushiswap users show a strong preference for Arbitrum relative to Polygon and Optimism, the latter having little to no swap activity.

4. DAILY USER ACTIVITY

• In the daily user count and distribution, we see the same trend as in the number of swaps.
• In contrast to the cumulative swap count, we have not stacked the cumulative user count given that there can be overlap among the users of the swap platgorms. Again, we observe that in Arbitrum there are a similar number of users in both platforms, while in Polygon Uniswap has a small advantage and in Optimism Uniswap has most of the swap activity.

5. AGGREGATE USER DATA

• There are almost the same number of Uniswap users in Polygon and Arbitrum, and there’s 25% fewer in Optimism.
• Again, many Sushiswap users have a preference for Arbitrum over Polygon, and very few use Optimism.
• The most active swapers are the Polygon Uniswap users, followed by Arbitrum Sushiswap, and Optimism Uniswap.
• On average, the users that perform the least amount of daily swaps are Optimism Sushiswap, Polygon Sushiswap, and Arbitrum Uniswap.

6. DISTRIBUTION OF TOKENS SWAPPED

• The Optimism native token OP has more relative market share than the Polygon native token MATIC.
• In all three blockchains, on both platforms, and in both directions (i.e., buy/sell) the most traded assets are wETH and USDC.
• Interestingly, the most swaped-in asset in Uniswap is USDC, while that of Sushiswap is wETH.

Conclusion

• In Arbitrum, the marketshare of Uniswap and Sushiswap is evenly split. In Polygon, there is significative preference for Uniswap over Sushiswap. Finally, in Optimism, there is a clear dominance from Uniswap relative to Sushiswap in number of swaps.
• The same can be said for the number of users. The most active users are the Uniswap users in Polygon and Optimism, and the Sushiswap users in Arbitrum.
• Regardless of blockchain and platform, USDC and wETH are the most swapped assets.

Contact Data

Thank you for reading!

For any questions or feedback, feel free to contact me on Discord at CarlOwOs#4288 or Twitter at @CarlOwOs1

October 15th, 2022

Methodology

To get information on the swaps in Uniswap we look at the core.fact_transactions table for each blockchain such that the contract address is either 0xE592427A0AEce92De3Edee1F18E0157C05861564 or 0x68b3465833fb72A70ecDF485E0e4C7bD8665Fc45, the Uniswap Router contracts. To retrieve the tokens involved in the swap we do the same for the core.fact_token_transfers table.

The data on the swaps in the Sushiswap platoform is available in the sushi.ez_swaps table of each blockchain.

Glossary

• DEX: Decentralized Exchange (such as Uniswap and Sushiswap)
• L2: Layer 2 Blockchain. Offloads the traffic of a L1 blockchain while leveraging its security.
• Swap: Permissionless exchange of a pair of assets in a Liquidity Pool (LP) such that the value is given by an Automated Market Maker (AMM).

1. SWAP AND USER ACTIVITY SUMMARY