Introduction

Uniswap is the most popular decentralized exchange. Its first version was launched in November 2018 and the second and third were introduced in May 2020 and May 2021 respectively. Uniswap V3 now has the highest volume of daily transactions among DEXes.

Uniswap has its own native token UNI that is used for gas fee on the platform.

This dashboard investigates the correlation between UNI price and some other tokens including ETH, Sushi and AAVE.

Data Visualization

The graph below shows how the hourly price of UNI and ETH have been changed over time. The graph shows that in some time periods there is high correlation between UNI and ETH price; for instance, from May to August 2021. However, in some other time periods there is no correlation or even negative correlation; for instance, in October and November 2021.

Sushiswap which was inspired by Uniswap is another popular DEX amongst amongst the top 20 DEXes according to CoinMarketCap data. Uniswap and Sushiswap in many aspects are comparable.

The graph below shows how the price of SUSHI in compare to UNI have been changed over time.

The correlation between the two prices is clearly observable.

Aave is also another protocol comparable with UNI and SUSHI.

The graph below also shows the positive correlation between AAVE and UNI price.

Correlation Analysis

The table below shows the result of correlation analysis:

	UNI_PRICE	ETH_PRICE	SUSHI_PRICE	AAVE_PRICE
UNI_PRICE	1			
ETH_PRICE	0,600107796	1		
SUSHI_PRICE	0,835738332	0,390452741	1	
AAVE_PRICE	0,931450369	0,536136671	0,855305442	1

We can see from the table that UNI and AAVE are highly significantly correlated. UNI's price is highly correlated with Sushi's price as well.

The correlation between UNI's price and ETH price is lower than the other mentioned correlations.

Data

For the purpose of this analysis the table ethereum.token_prices_hourly from FlipSide's on-chain database has been used.

The analysis has been done on token's hourly basis price.

The time period for the analysis is: 17-09-2020 and 28-03-2022.