Liquidity pools are most often ranked by Total Value Locked (TVL) or by swap volume. It is easy to find websites that rank pools based on these metrics.

As far as I am aware, no website ranks liquidity pools based on the daily increase in swappers.

Identifying the Fastest Growing Pools

In this post, I rank Uniswap pools based on their increase in daily active swappers over a 30 day period.

For this analysis I use Ethereum data from Flipside's 'UniswapV3' schema. So, the result is limited to Uniswap V3 pools only.

The period of observation is from February 25 to March 28, 2022.

The objective is to find the pool with the largest increase in daily distinct swappers over a thirty-day period.

What have we learned?

Swappers are identified in the recipient field of uniswapv3.swaps. The number of swappers per pool is queried by counting distinct swappers and grouping the result by pool_name.

The functions first_value() and last_value() are crucial to measuring the increase in daily swappers over the period of observation. The increase in swappers is found by substracting the first_value() of the recipient field from the last_value() of the same field.

I use this approach to uncover the five pools with the highest increase in daily swappers over a 30-day period.

Overall, liquidity pools that are gaining popularity will see large increases in swappers. Ranking pools based on this metric is an under-utilized way to reveal current trends.

The ASH token is Burn protocols token. Burn is an unusual project. It allows users to burn NFTs in exchange for ASH tokens. It is a creative way to recycle NFTs that are no longer wanted.

When looking at the daily number of distinct swappers on the pool, we see an unusually large spike in activity on March 28.

On that day, Burn protocol dropped a new NFT collection called Metamorphosis. To mint an NFT, addresses had to own ASH tokens. This explains the large number of transactions on the ASH-wETH pool observed on that day.

info.uniswap.org ranks Uniswap liquidity pools by TVL and swap volume

The ASH-wETH pool stands out with its 2878 increase in daily swappers over the period.

A potential improvement would be to rank pools based on their weekly average swapper count. This would mitigate the impact of daily spikes in swappers.

Liquidity pools are often ranked by their TVL or swap volumes. Comparing pools based on their increase in daily swappers is a way to rank them on popularity.

One limitation with this approach is that daily spikes in usage are not necessarily indicative of a sustained rise in the popularity of a pool. On the other hand, identifying such spikes can help finding projects which are shipping new products (such as NFT drops).