Sushiswap Performance In Ethereum Vs Other Blockchains

Source : Image

As part of this article, we examine the Sushi Swap performance in Ethereum over time and compare it with other blockchain systems. This compares the unique user interactions, active users, and new users of Sushiswap on Ethereum and other blockchains. Also, we are about to show a comparison of the swap transactions and the swap volume of Sushi Swap on Ethereum vs other blockchains.

Introduction

 Sushiswap is one of the most prominent DEXs (or AMMs) on the Ethereum protocol. SushiSwap is an automated market maker that uses UniSwap’s code. Users can swap cryptocurrencies, borrow, and receive rewards on a platform that runs on Ethereum. With SushiSwap, users can buy and sell different cryptocurrencies between themselves, like on a traditional exchange.On SushiSwap, tokens are supported by smart contracts rather than a single central entity, and users lock crypto on the software which traders can then access.It should be noted that traders who trade locked assets pay a fee, which is then shared proportionately among all liquidity providers.

Approach

The purpose of this dashboard is to analyze Sushiswap’s performance on Ethereum and other blockchains over time. Sushiswap’s unique user interaction, active users, and new users on Ethereum and other blockchains are shown here. Also compare the swap transactions and swap volume of Sushiswap in Ethereum vs other blockchains.

  • Compare Unique Users Of Sushiswap In Ethereum With Other Blockchains
    • The number of monthly sushiswap users and their distribution by blockchain – Ethereum versus others
    • Month Over Month Change of Users By Ethereum Since Jan 2022
    • A comparison of Weekly Sushiswap users and their distribution – Ethereum versus other blockchains
    • Week-over-week change in Ethereum users since January 2022
  • Sushiswap’s New & Active Users Performance : Ethereum Vs Other Blockchain
    • New Users – Sushiswap In Ethereum Vs Other Blockchains
    • A comparison of Sushiswap’s active users and their distribution between Ethereum and other blockchains
  • Swap Volume and Transactions of SushiSwap in the Ethereum Blockchain vs other blockchains
    • Comparing Ethereum and other blockchains in terms of swap transactions and transaction distribution
    • Monthly Swap Volumes and Distribution By Ethereum Vs. Other Blockchains
    • Compared with other blockchains, the weekly swap volume of Ethereum
    • The average daily swap volume of Ethereum in comparison to other blockchains
    • Comparing Ethereum’s monthly average daily swap volume to those of other blockchains
    • Past 30 Days’ Swap Volume – Ethereum vs Other Blockchains

Compare Unique Users Of Sushiswap In Ethereum With Other Blockchains

According to the below graph, the monthly sushiswap unique users and distribution of users are compared to other blockchains. We can see that initially there are only ethereum users on sushiswap. From May 2021 onwards, we will be able to see the other users of Sushiswap. Additionally, we can see that the number of Ethereum users is decreasing. When we compare the Ethereum Users in Sushiswap with the new blockchain Arbitrum users, we see that from April 2022 onwards there has been an increase in Arbitrum users. Perhaps it is because Sushiswap has made a move to the Layer 2 scaling platform Arbitrum in its latest effort to avoid Ethereum’s costly network fees, and it may be due to its move to a decentralized exchange (DEX) platform.

In SushiSwap, more than half of all users are Ethereum users and the highest total number of users from Ethereum is 1.85M (Ethereum). This indicates that Ethereum is the most popular blockchain out of all blockchains. Arbitrum users are beginning to increase from April 2022 onwards, while Ethereum users are decreasing during the same period. It may be due to the move to a decentralized exchange (DEX) platform that Sushiswap has made to avoid Ethereum’s expensive network fees. Moreover, Arbitrum changes the consensus mechanism to remove the need for zero-knowledge proofs by using optimistic rollups. Users need only intervene if they see an invalid transaction, not if all transactions are correct. Instead of verifying each transaction, the network assumes they are all correct. By doing so, the chain can reduce fees by more than 50x for most workloads.

We can see in the following graph how Sushiswap unique users by Ethereum network have changed month over month since January 2022. On that graph, we can see the decreasing trend of Ethereum network users.

As shown in the below graph, sushiswap’s unique users and distribution of users are compared to those of other blockchains. On sushiswap, there are only ethereum users at first. Users of Polygon, BSC, and Avalanche blockchains were later joined as competitors to Ethereum users. It can be seen that Arbitrum Blockchain users seem to be on the rise from April 2022 onwards. At the same time Ethereum users seem to be on the decline from the same period.

We can see in the following graph how Sushiswap unique users by Ethereum network have changed week over week since January 2022. As we can see on that graph, Ethereum users have been decreasing over time. We can see from the below graph that almost 30% of users have decreased between May 15-21 2022 when compared with the previous week. Possibly due to the launch of the new blockchain Arbitrum. It is through this Arbitrum blockchain that Sushiswap manages to avoid Ethereum’s expensive network fees by switching to a decentralized exchange (DEX) platform in order to avoid the expensive network fees that Ethereum charges.

Sushiswap’s New & Active Users Performance : Ethereum Vs Other Blockchain

Between September 2020 and October 2022, 2.27 million new users were added. There was a 45.34% contribution from Ethereum Blockchain to total New Users. The lowest number of new users is from Optimism, and the highest number is from Ethereum. There is a decrease in the number of new users on Etthereum. The number of new users of Ethereum and Gnosis is positively correlated (0.78). Except for Arbitrum, other networks are also experiencing a decline in new users. In comparison with Ethereum blockchain, Arbitrum is attracting more new users owing to its low transaction fee concept.

In this case, we define an active user as someone who trades at least once every 30 days. Initially, in Sushiswap, we can see that 100% of users are Ethereum users. In later periods, other blockchain users are found to be active. We see a decreasing trend in Ethereum ative users when compared to the initial period. Furthermore, we can see that more Arbitrum users have been added since April 2022, and the Arbitrum active users are on an upward trend compared with Ethereum active users. Users may be attracted to it because it has lower transaction fees than Ethereum.

Swap Volume and Transactions of SushiSwap in the Ethereum Blockchain vs other blockchains

On a weekly basis, we can see the swap transactions between Ethereum and other blockchains in the graph below. Almost half of the swap transactions are made by Ethereum blockchain. Polygon takes second place after Ethereum in terms of swap transactions. Total swap transactions are decreasing. In addition, Ethereum and other block chains are showing decreasing swap transactions except for Arbitrum. Comparing Arbitrum with Ethereum blockchain, we can see an increasing trend of swap transactions after its introduction. This may be due to the fact that it has lower transaction fees than Ethereum.

Below is a graph comparing Ethereum’s swap volume with that of other blockchains. Total Swap Volume was contributed by Ethereum Blockchain at 92.62%. Optimism generates the lowest total Swap Volume, while Ethereum generates the highest total Swap Volume. In this graph, we can see the decreasing trend of swap volume across all Blockchains. Furthermore, we can see that Ethereum’s swap volume has dropped from $25B to $650M. There may be a reason for this because of the volatility in the crypto market.

In the below graph, we see how weekly swap volumes have changed over time for Ethereum compared to other blockchains. In W20, 2021, Ethereum recorded a maximum swap volume of $10.15B. A decreasing trend can be seen in this graph of swap volume across all Blockchains. There has been a significant decrease in the swap volume of Ethereum. Due to the volatility in the crypto market, this may be the reason.

The below graph shows the average daily swap volume of Sushiswap in Ethereum compared to other Blockchains by quarter. Optimism has the lowest average Swap Volume of $9.42K and Ethereum has the highest average Swap Volume of $228.25M. The maximum average swap volume was observed in Q1 2021 and the minimum average swap volume was observed in Q3 2022. As we all know the crypto market has been volatile, which is why this has happened.

The monthly average daily swap volume of Ethereum compared to other blockchains shows a decreasing trend. Additionally, we can observe that the swap volume of all blockchains is declining as well. This drastic drop in average swap volume on all blockchains can be attributed to market volatility.

The graph below shows Sushiswap daily swap volume in Ethereum versus other blockchains for the past 30 days. Observe the sudden increase in Ethereum swap volumes on Oct 20 2022 on Sushiswap. Swap volume for Ethereum is decreasing overall.

Observations

  • Based on the above analysis, more than half of SushiSwap users are Ethereum users, and the highest number of users from Ethereum is 1.85M.
  • As a result of the above analysis, we can see that there are initially only ethereum users on sushiswap compared to other blockchains. We will be able to see other Sushiswap users from May 2021 onwards. Furthermore, we can observe a decrease in Ethereum users. Comparing Sushiswap Ethereum users with Arbitrum users, we find that Arbitrum users have increased from April 2022 onwards. To avoid Ethereum’s costly network fees, Sushiswap has switched to Arbitrum, a Layer 2 scaling platform, and to a decentralized exchange (DEX). 
  • Ethereum Blockchain contributed 45.34% to the total number of new users, based on the above analysis.
  • Other blockchains, except for Arbitrum, are all experiencing a decline in new users. Due to its low transaction fee concept, Arbitrum is attracting more users compared to Ethereum blockchain.
  • Across all Blockchains, we can observe a decreasing trend in swap volume. We can also see that Ethereum’s swap volume has dropped from $Billions to $Millions. It may be due to the volatility of the crypto market that this is happening. 
  • This graph shows that swap volume has been declining across all Blockchains. A significant decrease has been observed in Ethereum’s swap volume. There may be a reason for this due to the volatility of the crypto market.
  • In terms of average swap volume, Ethereum has $228.25 million. A maximum average swap volume was observed in Q1 2021 and a minimum average swap volume was observed in Q3 2022. This can be attributed to the volatile crypto market.

Reference Query

1. /**
	Approach: 
		1. Find the number of days between two transactions for every wallet by blockchain
		2. If the distance between two transcations is less than 30 days then consider the wallet as monthly active wallet
		3. If the distance between two transcations is more than 30 days then exclude the wallet from monthly active wallet

**/
WITH swaps as (
  SELECT 
    blockchain,
    origin_from_address,
    block_timestamp,
    date_trunc(month, block_timestamp) as date,
    lag(block_timestamp) over(partition by blockchain, origin_from_address order by block_timestamp) as last_txn_block_timestamp,
    datediff(day,last_txn_block_timestamp,  block_timestamp) as lag_days
  FROM  flipside_prod_db.crosschain.ez_swaps
  where platform ='sushiswap'
  and block_timestamp >= CURRENT_DATE - {{days}}  
)

SELECT 
  	blockchain,
  	date,
  	count(distinct origin_from_address) as active_users
FROM swaps
WHERE lag_days between 1 and 30
GROUP BY blockchain, date


-------------
2. with swaps as (
  	select 
		tx_hash,
  		block_timestamp,
  		origin_from_address as wallet,
  		pool_name, 
  		blockchain,
  		CASE 
  			when amount_in_usd is not null and amount_out_usd is not null then least(amount_in_usd, amount_out_usd) -- to handle scenarios like 0x817d872cab4d985c1f902a7c6da0dd6d66adcba751e2fb2fc95b11ca70062a0b on BSC
  			else  NVL(amount_in_usd, amount_out_usd) 
  		end as amount_usd
  	from flipside_prod_db.crosschain.ez_swaps
  	where platform ='sushiswap'
  		and amount_usd > 0
  		and date_trunc(day, block_timestamp) >= CURRENT_DATE - 30
  	
),
daily_volume as (
  SELECT 
    	date_trunc(day, block_timestamp) as date,
    	blockchain,
    	sum(amount_usd) as daily_vol_usd
  FROM swaps
  GROUP BY date, blockchain
),
aggregate as (
  	SELECT 
  		date_trunc({{frequency}}, date) as date, 
  		blockchain,
  		avg(daily_vol_usd) as avg_swap_vol_usd
  	FROM daily_volume
  	GROUP BY date,blockchain
)
SELECT * from aggregate

--------------------

3.with swaps as (
  	select 
		tx_hash,
  		block_timestamp,
  		origin_from_address as wallet,
  		pool_name, 
  		blockchain,
  		CASE 
  			when amount_in_usd is not null and amount_out_usd is not null then least(amount_in_usd, amount_out_usd) -- to handle scenarios like 0x817d872cab4d985c1f902a7c6da0dd6d66adcba751e2fb2fc95b11ca70062a0b on BSC
  			else  NVL(amount_in_usd, amount_out_usd) 
  		end as amount_usd
  	from flipside_prod_db.crosschain.ez_swaps
  	where platform ='sushiswap'
  		and amount_usd > 0
),
aggregate as (
	select 
 		date_trunc({{frequency}}, block_timestamp) as date,
  		blockchain,
  		count(tx_hash) as txns,
  		count(distinct wallet) as wallets,
  		sum(amount_usd) as swap_vol_usd
  	from swaps
	group by date, blockchain
)
SELECT * FROM aggregate