Introduction and methods

Followed by the UST deppeging of Terra stablecoin, during the second week of May we saw some huge volatility in the market and prompted many to sell their volatile assets and take a flight to safety.

In this dashboard we are gonna analyze the volume in decentralized exchanges on Ethereum during that period in order to see some critical movements. As well we will analyze the most popular assets in terms of buys and sells exchanges.

Results

In terms of volume swapped, it followed a similar trajectory in the different DEXes. The volume swapped increased on May 9th and decreased to the starting values on May 10th. Then, the volume went up again during 11-12 of May.

During the first days, more volume was swapped in inflow direction, while during the last days, the netflow volume was negative, having more volume outflowing.

If we take a look at the net swapped by DEX, we can see how the positive netflow during the first days was thanks to Uniswap. In fact, in the major of the cases, the netflow on Sushiswap was negative.

Looking at Sushiswap DEX, we can see how the top 10 tokens are formed by:

• WETH
• USDC
• USDT
• DAI
• UST
• LDO
• SUSHI
• LUNA
• OHM
• APE

However, it has a huge difference between WETH swaps and the rest of the tokens, being it the most popular one. Taking a look at the net swaps of each token, we can see how the netflow tend to be 0 in all of the cases. The main differences are observed in LUNA and USDC, that were the most sold tokens, while WETH is teh only that shows positive signs.

Looking at Uniswap DEX, we can see how the top 10 tokens are formed by:

• WETH
• USDC
• USDT
• LUNA
• DAI
• SHIB
• FRAX
• HEX
• SAITAMA
• STRNGR

However, it has a huge difference again between WETH swaps and the rest of the tokens, being it the most popular one. Taking a look at the net swaps of each token, we can see how the netflow tend to be 0 in this case on the half of the cases. The main differences are observed in LUNA, SAITAMA and USDC, that were the most sold tokens, while WETH wsa the only that shown positive signs, in a higher amount than in Sushiswap.

Finally, I have calculated the most swapped considering the both DEX platforms. As well, I have plotted the top 10 tokens b the number of users swapping them.

Looking at both DEXes, we can see how the top 10 tokens by number of swaps are formed by:

• WETH
• USDC
• USDT
• DAI
• LUNA
• UST
• SAITAMA
• SHIB
• APE
• STRNGR

However, it has a huge difference again between WETH swaps and the rest of the tokens, being it the most popular one. USDC, USDT and LUNA also show higher values than the rest of the tokens.

Taking a look at the net swaps of each token, we can see how the netflow tend to be 0 in this case on the half of the cases. The main differences are observed in LUNA, SAITAMA and USDC, that were the most sold tokens, while WETH wsa the only that shown positive signs, in a higher amount than in Sushiswap.

Finally, I have calculated the most swapped considering the number of users swapping the tokens. The top 10 are:

• WETH
• USDT
• USDC
• DAI
• LUNA
• UST
• WBTC
• LDO
• SHIB
• FXS

In this case, the difference between WETH and others is not so different. The distribution is more heterogeneous. USDT and USDC are also highlted. The negative netflow of users are shown in USDT, LDO, LUNA and DAI.

Conclusions

In this dashboard we have analyzed the market volatility during UST depegging period and we have compared the activity among Ethereum DEXes. The key insights extracted are:

• The volume swapped increased on May 9th and decreased to the starting values on May 10th. Then, the volume went up again during 11-12 of May.
• During the first days, more volume was swapped in inflow direction, while during the last days, the netflow volume was negative, having more volume outflowing.
• In Sushiswap, the main differences are observed in LUNA and USDC, that were the most sold tokens, while WETH is teh only that shows positive signs.
• In Uniswap, the main differences are observed in LUNA, SAITAMA and USDC, that were the most sold tokens, while WETH wsa the only that shown positive signs, in a higher amount than in Sushiswap.