In this article, we would like to explain how the Sushiswap’s swap volume has changed over the past year? Compare it with Uniswap. What is the difference between changes in swap volume over time in both DEXs?
In Sushiswap, how do you swap tokens?
Using SushiSwap, users can buy and sell different cryptocurrencies among themselves, like they do on a traditional exchange. The tokens are supported by smart contracts as opposed to a central organization, and users lock crypto into the software so traders have access to it.The trader who trades locked assets pays a fee, which is then proportionately distributed among all liquidity providers.
Swap : A swap is the process of trading one cryptocurrency for another, for example, USD Coin (USDC) for Ethereum (ETH).
How to Swap :
- Set up a wallet with SushiSwap (you’ll need some Ethereum to cover gas fees).
- Next, choose which token you want to sell and which token you want to receive.
- After that, enter the amount you wish to trade.
- Uniswap should be approved before swapping tokens.
- As soon as the transaction is complete, your new tokens will automatically appear in your wallet.
Swap Volume of Sushiswap – Monthly
From the graph below, it can be seen that the total Swap Volume between February 2021 and November 2021 was 130.36B. A maximum Total Swap Volume of 28.47B was observed in May 2021, and a minimum Total Swap Volume of 6.06B was recorded in July 2021. Total swap volume increased by 45% from 13.96 billion in February 2021 to 20.28 billion in October 2021.May 2021 saw a higher total swap volume than usual.
In terms of transactions, there were 4 million transactions between February 2021 and November 2021. A maximum of 488K total transactions was observed in October 2021, and a minimum of 299K total transactions was observed in March 2021.Total Transactions increased by 12% in October 2021. In October 2021, there were 488K transactions, an increase of 52% from 321K in February 2021.
In November 2021, the maximum ETH Price was $4.6K, and the minimum was $1.69K in February 2021.The price of ETH increased by 14% in October 2021. The price of ETH more than doubled from $1.69K in February 2021 to $3.81K in October 2021.
Monthly Swap Volume – Sushiswap Vs. Uniswap
We are considering the following platform versions: uniswap-v3, sushiswap, or uniswap-v2. The uniswap-v3 platform version contributed the most to the total swap volume (44.36%) of the three platforms.The lowest Total Swap Volume was 130.36B (sushiswap), the highest was 470.52B (uniswap-v3).Total Swap Volume reached 172.82B peak in May 2021, and total swap volume reached 52.42B minimum in February 2021.Total Swap Volume increased by 31% in October 2021.
In the month of May 2021, total swap volume increased significantly. The increase was 105.2B. Unswap V2 (26.36B) and Sushiswap (+136.44%) were the major contributors. Total Swap Volume dropped significantly in June 2021. Uniswap V2 has been the main cause.
Monthly Swap Volume – Sushiswap Vs. Curve
Out of the 2 platforms, Sushiswap and Curve, Sushiswap contributes the most (56.49%) to the total swap volume.Among the lowest Total Swap Volume is 100.39B (Curve), while the highest Total Swap Volume is 130.36B (Sushiswap).Maximum Total Swap Volume of 44.23B was observed in May 2021 .Total Swap Volume in May 2021 is higher than normal.20.36B worth of swaps were traded in May 2021, which represents a significant rise. Sushiswap was the key contributor, with 16.43B.
Avg. Swap Volume on Sushiswap vs. Uniswap – Monthly
Out of the two platform names, UniSwap contributes the most (65.41%) to the total average swap volume.The lowest total Avg Swap Volume is 171.42K (Uniswap) and the highest total Avg Swap Volume is 324.09K (Sushiswap).The maximum Avg Swap Volume was observed in May 2021 and the minimum was observed in April 2021. Volume of total average swaps increased from 30.14K in February 2021 to 70.45K in October 2021.
In the above graph, we can see that Total Avg Swap Volume was 171.42K from February 2021 to November 2021. In May 2021, Swap Volume reached a maximum of 31.86K, while in July 2021, Swap Volume declined to 8.03K.
Sushiswap Swap Volume In Percentage – Monthly
We can see from the below graph the total swap volume between February 2021 and November 2021 was 1,060.68B.Out of the three Platform Versions, uniswap-v3 contributes the most to the Swap Volume (44.36%).The lowest Total Swap Volume (sushiswap) and the highest Total Swap Volume (uniswap-v3) are 130.36B and 470.52B respectively.The Total Swap Volume in May 2021 grew by 105.2B. The biggest contributors to the growth are Uniswap V2 and Sushiswap.Total Swap Volume declined by -79.37B in June 2021. Uniswap V2 was the main factor responsible for the decline.
Month over Month Change of Swap Volume
There was a maximum Total Swap Volume in May 2021 and a minimum Total Swap Volume in July 2021.In October 2021 total Total Swap Volume increased by 60%. Between February 2021 and October 2021, the total swap volume increased by 45%.The total swap volume in May 2021 was higher than normal.
SushiSwap , Uniswap and Curve Transaction Volumes since Feb 2021 can be seen in the graph above.From all three platforms, Uniswap contributes more volume which is the most (80.13%).Uniswap has the highest total swap volume percentage and Curve has the lowest.
Observations
- In the month of May 2021 the swap volume increased as the transactions increased, but in October 2021 it decreased even as the transactions increased.
- From July 2021 onward, both ETH price and sushiswap swap volume increased. However, in May 2021 even ETH price was less, sushiswap volume was on the rise. This means they are not proportional to each other.
- Sushiswap, Uniswap, and Curve swap volumes are high in May 2021.
- In May 2021, there has been a high volume of transactions compared to the previous month.
- The amount of swap volume contributed by Unswap is greater than that contributed by sushiswap since February 2021.
- Based on Sushiswap vs Curve swap volume, there will be an increase in total swap volume in December 2020, which will be the result of the curve. Sushiswap was responsible for the drop in total swap volume in June 2021.
- In terms of average swap volume of Sushiswap and Uniswap, there is a significant increase in average swap activity for Uniswap in May 2021. In June 2021, Sushiswap experienced a significant drop in average swap activity.