Power Users

    Using data from January 2022, what percentage of swappers were also liquidity providers at some point in January? You may answer using data from any blockchain were Uniswap is available.

    Methodology

    I decided to look at this question from two different angles. Those users who swapped UNI tokens and also provided liquidity to a UNI pool, and then users to swapped any token and provided liquidity to any pool on Uniswap.

    1. Find all pools that include UNI tokens - or just get list of all pools on Uniswap
    2. Find all users who held tokens (provide liquidity) in one of these pools in January 2022
    3. Find all users who swapped tokens in one of these pools in January 2022
    4. Cross reference list of users who provide liquidity and swapped tokens to get power users
    5. Calculate percentages
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    For the UNI users, we see that 8,776 users provide liquidity to pools where one of the tokens in UNI. 106 users swapped using one of these pools (aka swapped the UNI token). Only 2 users both provide liquidity to one of these pools, and swapped the UNI token. This gives us 0.02% of users who provide liquidity to UNI pools also swapped the UNI token, while 2% of users who swapped the UNI token also provide liquidity to a UNI pool.

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    Next, I decided to look at all users who provide liquidity on Uniswap, against all users who executed a Swap on Uniswap in January 2022. We can see a total of 131,443 users who are providing liquidity to at least one pool on Uniswap, while only 514 distinct users executed a swap. Cross referencing these lists only came up with 12 users who did both actions in January. This means 0.009% of users who provide liquidity also performed a swap, and 2% of users who performed a swap also provide liquidity on Uniswap

    Conclusion

    There are significantly more distinct users providing liquidity on Uniswap than there are actually swapping on Uniswap. My guess is that many of the Swaps happening on Uniswap are actually contracts performing the swap on behalf of users, instead of individual users performing their own swaps.