Ethereum

During the last 3 months, swap volumes were highest on the USDC-WETH pool.

It is surprising to see the Ohm token in the second ranked pool. Ohm is a new token that is generating a lot of hype.

When it comes to stablecoins Dai generates the largest combined volume of swaps. This is because Dai forms part of both the second and the fourth ranked pairs by trading volume. When combining swap volumes for these two Dai pools, the volume of swaps involving Dai is larger than the swap volume involving USDC.

Polygon

At first glance we see that the total volume of swaps on Polygon is smaller than on Ethereum. This is consistent with NotAndy's analysis which we previously discussed.

During the period of observation, swap volumes were highest on the USDC-WETH pair. This pair generates the largest swap volume on both Ethereum and Polygon.

Dai stablecoin does not generate as much volume on Polygon as it does on Ethereum. Stablecoin swaps involving USDC generate the largest volumes on Polygon.

Analysis

• The top 10 pools by volume are all on the Ethereum network;
• The USDC-WETH pair generates the most volume on both Polygon and Ethereum;
• Dai stablecoin forms part of many popular pools. In the last 3 months Dai was involved in over $10B of swap volume. Most of this swap volume took place on Ethereum. Dai is not as popular on Polygon;
• Ohm is viral.

In his submission for Polygon 6, NotAndy#8337 compared the use of Sushiswap on Ethereum versus Polygon: > Polygon is clearly generating more unique traffic with daily interactions that are on average 5 to 10 times higher than Ethereum. When it comes to total swap volumes though, Ethereum is outperforming Polygon by a landslide. The numbers are ridiculously high with Ethereum users swapping an average of $570M every day. August 27, 2021

Methodology:

1. The swap volume is the sum of all swaps in US dollars during the period.
2. The period of observation is the last 3 months as of December 4, 2021.

In this post I measure swap volumes on the Top 10 pools for each network.

As a complement to this post I recommend listening to this recent Bankless podcast on Polygon. In this episode the founders of Polygon share surprising stats about the sidechain as well as their plans for its future.