Velodrome

Sushiswap

Uniswap

Methodology

• For Velodrome we look directly at optimism.velodrome.ez_swaps table and calculate the metrics from there.

• For Sushiswap we look at the transactions where

  origin_to_address = lower('0xbE811A0D44E2553d25d11CB8DC0d3F0D0E6430E6')

  • This contract belongs to the sushi Contract Trident Router https://dev.sushi.com/docs/Developers/Deployment Addresses

• 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.

Note: The Swap Volume in $USD seems incorrect of Sushiswap, we have the charts for them, but we will be ignoring those metrics for now in this analysis, however it is still accurate for Velodrome and Uniswap.

Total number of swaps by day over the last month

Velodrome

• Number of swaps see an increasing trend, highest being 180K swaps on July 29, 2022.
• The current trend is ~100K swaps daily as of last week.

Uniswap

• Number of swaps see a stable trend with a few spikes, highest being 9.5K swaps on July 29, 2022.
• The current trend is ~4K swaps daily as of last week.

Sushiswap

• Number of swaps see a stable trend with a few spikes, highest being 165 swaps on July 29, 2022.
• The current trend is ~50 swaps daily as of last week.

Conclusion

• Velodrome absolutely crushes Uniswap and Sushiswap by far.

Total number of wallets swapping by day

Velodrome

• Number of swappers see an increasing trend, highest being 8.3K swappers on July 28, 2022.
• The current trend is ~4K swappers daily as of last week.

Uniswap

• Number of swappers see a stable trend with a few spikes, highest being 2.4K swappers on Aug 02, 2022.
• The current trend is ~150 swappers daily as of last week.

Sushiswap

• Number of swappers see a slightly increasing trend with a few spikes, highest being 118 swappers on July 30, 2022.
• The current trend is ~50 swappers daily as of last week.

Conclusion

• Velodrome absolutely crushes Uniswap and Sushiswap by far.

What are the most popular asset pairs to swap from and to

Velodrome

• The most popular pair in terms of number of swappers is OP→USDC with 9.1K swappers.
• USDC→OP is the top pair in terms of number of swaps with 212K swaps.
• USDC→OP is the top pair in terms of swapped amount with 170M $USD

Uniswap

• The most popular pair in terms of number of swappers is OP→WETH with 7.2K swappers.
• USDC→WETH is the top pair in terms of number of swaps with 34K swaps.
• USDC→WETH is the top pair in terms of swapped amount with 72M $USD

Sushiswap

• The most popular pair in terms of number of swappers is USDC→WETH with 251 swappers.
• WETH →USDC is the top pair in terms of number of swaps with 327 swaps.

Conclusion

• Velodrome absolutely crushes Uniswap and Sushiswap by far, and we mostly see people trading OP and USDC pairs on Velodrome vs WETH on Uniswap and Sushiswap.

Top 10 assets Swapped To

Velodrome

• The most popular asset swapped to in terms of number of swappers is USDC with 36K swappers.
• USDC is the top asset swapped to in terms of number of swaps with 528K swaps.
• USDC is the top asset in terms of swapped amount with 290M $USD

Uniswap

• The most popular asset swapped to in terms of number of swappers is WETH with 8.1K swappers.
• WETH is the top asset swapped to in terms of number of swaps with 58K swaps.
• WETH is the top asset in terms of swapped amount with 96M $USD

Sushiswap

• The most popular asset swapped to in terms of number of swappers is WETH with 503 swappers.
• WETH is the top asset swapped to in terms of number of swaps with 713 swaps.

Conclusion

• Velodrome absolutely crushes Uniswap and Sushiswap by far, and we mostly see people trading OP and USDC pairs on Velodrome vs WETH on Uniswap and Sushiswap.

Top 10 assets to Swapped From

Velodrome

• The most popular asset swapped from in terms of number of swappers is USDC with 32K swappers.
• USDC is the top asset swapped from in terms of number of swaps with 494K swaps.
• USDC is the top asset in terms of swapped amount with 296M $USD

Uniswap

• The most popular asset swapped from in terms of number of swappers is OP with 7.3K swappers.
• USDC is the top asset swapped from in terms of number of swaps with 51K swaps.
• USDC is the top asset in terms of swapped amount with 79M $USD

Sushiswap

• The most popular asset swapped from in terms of number of swappers is WETH with 541 swappers.
• WETH is the top asset swapped from in terms of number of swaps with 665 swaps.

Conclusion

• Velodrome absolutely crushes Uniswap and Sushiswap by far, and we mostly see people trading OP and USDC pairs on Velodrome vs WETH on Uniswap and Sushiswap.
• What is surprising is the quite variation of Top Asset Swapped From on Uniswap.

Conclusion

• Overall Velodrome seems to be beating Uniswap and Sushiswap, the two most popular Dexes on Ethereum.
• Velodrome is definitely giving Uniswap a run for its money on Optimism.

Popular Pairs

Popular Asset Swapped To

Popular Asset Swapped From

Number of Swaps/Swapers/Swap Volume

What is Velodrome ?

• Velodrome is an AMM designed as the trading and liquidity marketplace on Optimism network, launching on May 31st 2022.
  • Their mission is to be the liquidity base layer of Optimism, allowing users to trade digital assets in a secure way, with very low fees and low slippage.
  • As an AMM adapted from Solidly, Velodrome shares certain features with AMMs like Uniswap, with certain modifications:
  • trading fee of 0.02%
  • near-zero slippage on uncorrelated or tightly correlated digital assets
  • route trades through stable and volatile asset pairs no-upkeep, flashloan-proof, 30 minute time-weighted average price (TWAP) with direct quoting support
  • It incorporates elements of Curve, Solidly and Votium with ve(3,3) tokenomoics.[1]
• Velodrome was inspired by Solidly, which was designed as a next-gen AMM optimized to facilitate the swapping of both correlated and uncorrelated assets. Similar to Curve, those who lock their tokens are able to vote to steer emissions to desired pools and receive a cut of protocol fee revenue[2]

Transaction Metrics

$VELO Metrics

\

Transaction Frequency - Overtime

• We see around 80k-100k transactions daily on Optimism.
• The highest was 260K, with 233K Successful and 38K Failed transactions.
• The frequency has an increasing trend in July 2022.

Transaction Frequency - Cumulative, Overtime

• We see around 15k-20k users daily on Optimism with recent rise upto 60K users at the end of July 2022.
• The highest was 65k users, with 63k users having Successful txns and 2k with Failed transactions.
• The daily number of unique users interacting with the platform has increased over time.
• Looking at the cumulative number of txns vs user, we have see 6.3M transactions till date since Jun 15, 2022 with 776K users.

Gas User over Time - $USD

• Optimism like other L2s is known for its very low gas fees.
• We saw there are ~100K transactions everyday and the gas fee is a mere 500 - 1000 $USD per day.
• Till date we have seen only 26k $USD in Gas fees.

ETH Deposits Native vs Hop

• Highest deposit was 3K ETH deposited on Jul 29, 2022 for optimism vs .5K ETH for Hop.
• Highest number of wallets depositing were 122 wallets on July 27, 2022 for the native bridge vs 285 for Hop, totalling around 400.
• The amount of average ETH deposited in going down, while the daily amount deposited is quite consistent.

Conclusion

• Overall in terms of number of transactions Optimism has seen an increase in activity in July 2022, plus the Transaction Performance is increasing.
• The only thing concerning is the Transaction Failure Rate as well as the decreasing amount of ETH deposits

Amount of $VELO Locked

• The amount of $VELO locked has seen normal numbers, except a few peaks, the amount of $VELO locked is between 1M-3M daily.
• The number of user locking is see an increase daily trend on an average with 150users locking $VELO every day.
• The average duration of $VELO locked has seen high numbers with wallets locking $VELO for around 3 years on an average daily.

Governance and Voting

• We have seen a growth in the number of daily votes in the recent times, some peaks were made in the recent times of about 600 users voting in a single day.
• The most popular pool is 0x47029bc8f5cbe3b464004e87ef9c9419a48018cd, which is the OP/USDC pool.