Overview

Cowswap is an Ethereum's MetaDEX Aggregator that allows to trade with MEV protection while using ETH-less orders that are settled p2p among users or the best AMM.

In this dashboard we will analyze the Cowswap activity before the Ethereum merge and we will compare it with some top DEXes like Sushiswap and Uniswap.

Methods

To do that we will use the new Flipside database Ethereum Core. In concrete, the ez_dex_swaps and we will filter the Cowswap contract address to see the platform’s transactions, as well as the Uniswap and Sushiswap to be compared.

We will analyze some metrics to see how many interactions on Ethereum are involving Cowswap, Sushiswap and Uniswap, before, prior and after the merge.

In the first graph we can see that the weeks before the merge the transaction activity of Cowswap decreased a lot. After the merge, transaction activity plummeted.

In the second graph we can see that the user activity has remained very stable previous days and weeks before Merge. However, after the merge the user activity dropped again.

In the third t graph we see that during the weeks before merge there have been more active users.

In the three graphs above, the average of different aspects of Cowswap has been analysed. Firstly, we can see that after the merge, user activity has increased compared to the previous data. Secondly, we see that the transaction activity has dropped considerably after the merge.

In the following, we have analysed the platforms of Cowswap, Uniswap and Sushiswap. We can clearly see that Cowswap has very little user activity compared to the other two platforms which stand out from the rest. Secondly, we can see that transaction activity, in the case of Cowswap, is lower. Uniswap stands out radically. Sushiswap has only twice as many transaction activities as Cowswap.

The three graphs above analyse the average of different aspects of the three platforms. Firstly, we see that after merge users have decreased dramatically in the case of Uniswap. On Cowswap it has also dropped a bit. On the other hand, Sushiswap's after merge platform has gone up compared to the weeks before merge. In the transactions we see that the 3 platforms have also decreased, especially Uniswap, as the previous days had very high amounts and weeks before merge fell sharply. Finally, in the average transactions per user, Cowswap stands out above the other two. It has been decreasing as the Merge has been coming closer.

Key insights

• The weeks before the merge the transaction activity of Cowswap decreased a lot.
• The user activity has remained very stable previous days and weeks before Merge.
• During the weeks before merge there have been more active users.
• User activity average has increased compared to the previous data.
• The transaction activity average has dropped considerably after the merge.
• Cowswap has very little user activity compared to Sushiswap and Uniswap.
• Transaction activity, in the case of Cowswap, is lower. Uniswap stands out radically.
• After merge users have decreased dramatically in the case of Uniswap and Cowswap has also dropped a bit.
• In the transactions, the 3 platforms have also decreased, especially Uniswap.
• In the average transactions per user, Cowswap stands out above the other two.