Optimism is an Ethereum Layer-2 (L2) solution centred on low cost and ease of use. It was first revealed in June 2019, and Optimism’s open mainnet was launched in December 2021. Since Optimism was designed to closely mirror Ethereum, developers can deploy existing contracts on the blockchain in a streamlined manner.

As a blockchain built on top of Ethereum Layer 1 (L1), Optimism uses Ethereum’s proof-of-work (PoW) consensus method to validate transactions – that is, until Ethereum transitions to a proof-of-sake [PoS] method, which is scheduled for the second half of 2022.

In this bounty we were asked to take a closer look at DEXs on Optimism and do a comparison between at least three DEXs.

Methodology:

For this purpose, I have selected Sushiswap, Uniswap and Velodrome.

In flipside, we could access to the Sushiswap and Velodrome data separately, but for analysing the Uniswap transactions we have to use its contract addresses which are ‘0xe592427a0aece92de3edee1f18e0157c05861564’ and ‘0x68b3465833fb72a70ecdf485e0e4c7bd8665fc45’.

Then I compared total and daily count of wallets, count of swaps, average count of swap, most popular pairs and most swapped from and swapped to assets based on count of transactions for each of these 3 DEXs.

Although Uniswap had the highest count of distinct users in the recent 30 days, but the highest count of swaps was submitted on Velodrome.

Sushiswap had a very low share of users and swaps in comparison with the other two DEXs.

In average, in the recent 30 days, each user did 11.2 swaps on Velodrome. This parameter for Uniswap was 5.11 swaps and for Sushiswap it was 2.3 swaps.

Daily count of swaps from June 1st had a decreasing trend until July 11th, then it increased until the first week of August. Then it decreased again until Sep 11th but after that date, although it was very volatile but had a positive trend in total.

Count of swaps on Velodrome had a sharp growth from July 11th to 30th and reached from 4k swaps to 71 k swaps in less than 20 days. Then it decreased sharply until Oct 9th. It increased a bit during last two weeks. Count of swaps on Uniswap was very volatile during the selected period of time. Its highest count was on Sep 21st with 25 k swaps. The highest count of swaps on Sushiswap was on July 1st(1013 swaps), but then it decreased sharply and was less than 200 swaps in most of the days.

The highest average count of swaps on Velodrome was on July 13th with more than 53 swaps per user. The highest average count of swap for Uniswap was on July 1st which was 9.8 swaps per wallet and the highest value on Sushiswap for this parameter was on July 24th with 3.6 swaps per user

UNISWAP

\

In the above charts, you can see the top 10 pairs, and top 10 swap from and swap to assets on Uniswap.

The highest share of swaps on the Uniswap belongs to swaps from USDC--> WETH and the reverse swap, respectively. More than half of swaps on the Uniswap belongs to this pair.

The most swap from asset was hop USDC and then hop WETH. OP was the third most swap from asset in this DEX.

The most swap to asset was hop USDC and then hop WETH. OP was the third most swap to asset in this DEX.

\

In the above charts, you can see the top 10 pairs, and top 10 swap from and swap to assets on Sushiswap.

The highest share of swaps on the Sushiswap belongs to swaps from USDC--> OP and the reverse swap, respectively. More than half of swaps on the Sushiswap belongs to this pair.

The most swap from asset was hop USDC and then OP. DAI was the third most swap from asset in this DEX.

The most swap to asset was hop USDC and then OP. DAI was the third most swap to asset in this DEX.

SUSHISWAP

VELODROME

In the above charts, you can see the top 10 pairs, and top 10 swap from and swap to assets on Velodrome.

The highest share of swaps on the Velodrome belongs to swaps from OP--> USDC and the reverse swap, respectively. More than 72% of swaps on the Velodrome belongs to this pair.

The most swap from asset was hop USDC and then OP. WETH was the third most swap from asset in this DEX.

The most swap to asset was hop USDC and then OP. WETH was the third most swap to asset in this DEX.

Conclusion:

USDC→WETH and WETH→USDC were the most popular ==pairs== in Uniswap during all time, based on number of swaps.

USDC→OP and OP→USDC were the most popular ==pairs== in Sushiswap during all time, based on number of swaps.

OP→USDC and USDC→OP were the most popular ==pairs== in Velodrome during all time, based on number of swaps.

USDC, WETH, OP were the most popular ==swapping from== assets on Uniswap.

USDC, OP and DAI were the most popular ==swapping from== assets on Sushiswap.

USDC, OP and WETH and VELO were the most popular ==swapping from== assets on Velodrome .

USDC, WETH, OP and DAI were the most popular ==swapping to== assets on Uniswap.

USDC, OP and DAI were the most popular ==swapping to== assets on Sushiswap.

USDC, OP and WETH and VELO were the most popular ==swapping to== assets on Velodrome .

In an overal analysis, OP→ USDC and vice versa were the pairs that had been swapped more than any other pairs.