Top Tokens and Pairs

• USDC is the most swapped from Token with 600M in total followed by OP with 300M
• USDC is the most swapped to Token with 525M in total followed by OP with 300M
• USDC → WETH is the most common swap pair with 250M $USD in volume, followed by OP → USDC with 225M $USD.

Conclusion

• Looking at the swap frequency/volume vs OP price, we see there is not much co-relation between the two either.

• The price of OP has been consistently going down, where as the swap frequency on the other hand has seen highs and lows in the same time similar to the swap volume.

• The only similarity is that overall both the metrics have seen a decrease overall just as the swap volume.

• The number of swap transactions has seen a decrease as well with the OP price decreasing especially since Sep 2022.

• However, the number of wallets swapping has gone up in last few weeks, this is highly likely due to wallets selling OP tokens.

Methodology

• Find all swaps for Uniswap, Sushiswap and Velodrome on Optimism from optimism.velodrome.ez_swaps , optimism.sushi.ez_swaps and optimism.core.fact_event_logs

• For Uniswap we look at all the even transactions with Swap Event directed to the Uniswap V3 Routers, then look at transactions with Transfer Event for each transaction.

  • '0xE592427A0AEce92De3Edee1F18E0157C05861564 -- Uniswap V3: Router
  • '0x68b3465833fb72A70ecDF485E0e4C7bD8665Fc45' -- Uniswap V3: Router 2

• For Prices and Token Name we refer to the optimism.core.fact_hourly_token_prices

  and optimism.core.dim_contracts tables respectively.

Swap Volume($USD)

• The swap volume overall has been decreasing from a highs of 48M $USD in Aug 2022 to 6M $USD in Oct 2022.
• The highest swap volume was 48M $USD on Aug 19, 2022.
• The lowest swap volume was 6M $USD on Oct 1, 2022.
• Most of the swap volume is coming from Velodrome, followed by Uniswap and then Sushiswap.

Swap Volume vs OP Price

• Looking at the swap volume vs OP price, we see there is not much co-relation between the two.
• The price of OP has been consistently going down, where as the swap volume on the other hand has seen highs and lows in the same time.
• The only similarity is that overall both the metrics have seen a decrease overall.

Swap Frequency vs OP Price

• Looking at the swap frequency vs OP price, we see there is not much co-relation between the two either.
• The price of OP has been consistently going down, where as the swap frequency on the other hand has seen highs and lows in the same time similar to the swap volume.
• The only similarity is that overall both the metrics have seen a decrease overall just as the swap volume.

Other Observations

• The number of swap transactions has seen a decrease as well with the OP price decreasing especially since Sep 2022.
• However, the number of wallets swapping has gone up in last few weeks, this is highly likely due to wallets selling OP tokens.