Definitions & Parameters

Let’s define activities as:

1. the number of txn_hashes grouped by day which represents transaction volume.
2. the number of unique origin_from_addresses grouped by day which represents the number unique users per day.

A note on #2: The definition is the number of unique origin_from_addresses grouped by day because simply counting the origin_from_addresses would yield no new information, as each txn_hash would be accompanied by an origin_from_address.

Finally, let’s time-bound the date range of analysis as current_date (not inclusive as the current day’s partial day of data is not representative of a full day’s worth of activities) minus 365 days.

Analysis of the Transaction Volumes

The below line graph of Uniswap-v2 daily transaction volume vs. the Sushiswap daily transaction volume shows that a surge in transaction volume on Uniswap-v2 does not necessarily translate to a surge in transaction volume on Sushiswap. Cases in point: November 2021 and late July 2022.

The below correlation analysis corroborates the above visual analysis by showing that transaction volumes between the two dexes are only moderately correlated with a correlation coefficient of 0.55.

	TXN_COUNT Uniswap-V2	TXN_COUNT Sushi
TXN_COUNT Uniswap-V2	1
TXN_COUNT Sushi	0.551903387	1

Analysis of the Daily Unique Users

The below line graph of daily unique users shows that a surge in the number of daily unique users on Uniwap-v2 does not seem to lead to a surge in the number of daily unique users on Sushiswap. Cases in point: November 2021, February 2022, and April 2022.

However, the correlation analysis shows that with a correlation coefficient of 0.78, there actually is a strong positive correlation between the number of daily unique users on Uniswap-v2 and Sushiswap. The visual analysis did not yield this insight likely because the scales are so different. Perhaps instead of visually analyzing the absolute number of daily unique users, an analysis of the number normalized to each platform’s average would yield more insight.

	Daily Unique Users Uniswap-V2	Daily Unique Users Sushiswap
Daily Unique Users Uniswap-V2	1
Daily Unique Users Sushiswap	0.783607374	1

Analysis of the Daily Unique Users Normalized to Each Platform’s Average

Indeed, once each platform’s absolute number of daily unique users is normalized against each platform’s average number of daily unique users over the past 365 days, the two platforms show very a strong correlation.

Conclusions

The daily transaction volumes on Uniswap-v2 and Sushiswap have a moderate positive correlation.

The daily unique users on the two dexes have a strong positive correlation.