The objective of this article is to compare the number of active users (wallets) per week on Uniswap and Sushiswap over the past year. And how do they relate?
SushiSwap? How does it work?
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.
Uniswap vs. Sushiswap
Both Uniswap and SushiSwap are decentralized exchanges based on the Ethereum blockchain. While UNI has more volume and has been around for a long time, SUSHI has some unique features, such as yield farming and bonuses for token holders.
Similarities : Each is an automated market maker (AMM) that operates on the Ethereum blockchain. Both platforms enable users to swap currencies by leveraging liquidity pools filled by other users in the DeFi ecosystem. Although some changes have been made, the core products remain the same. SushiSwap began as a fork of Uniswap, a literal copy-paste.
Differences :Uniswap offers multiple fee tiers where the full amount goes to the LP. In contrast, SushiSwap offers a 0.3% transaction fee, of which 0.25% goes to the LP with 0.05% going to token holders.You will earn more as a token holder in SUSHI, whereas you will make more money as a liquidity provider in a Uniswap pool.
SushiSwap offers a yield farming platform. Let’s imagine you staked Ethereum into a smart contract for Ethereum 2.0. You’d receive an Ethereum 2.0 token that could later be redeemed for your original Ethereum. In this way, you are holding a token that represents your “real” token, and you can stake some of those tokens to increase yield. This approach is called “yield farming”.
Weekly Transactions and Active Users – SushiSwap
There were 56.87K Total Active Users between W5, 2021 and W46, 2021. The highest number of Active Users was 1.73K in W25, 2021. Total Active Users are in decreasing trend.Transactions during W5, 2021 to W46, 2021 totaled 40.84M. The highest total of 1.55M was observed in W19, 2021. After W19, transactions trended downward but have again increased from the start of October.
Comparing Sushiswap active users to the ETH price, the maximum number of total active users was recorded in W30, 2021, while the minimum number was recorded in W5, 2021. Sushiswap’s active users have also increased from then on compared to last week, as well as the ETH prices.The number of total active users is increasing even as the price of ETH goes up.
Weekly Active Users – Sushiswap Vs. Uniswap and CurveUniswap contributes the most (68.23%) to the total active users of the two platforms.The lowest number of Total Active Users is 7,008 (Sushiswap) and the highest number is 15,051 (Uniswap). On both platforms, it was recorded that the maximum Active Users in W30, 2021 were 646 and the minimum Active Users in W5, 2021 were 373.The number of active users is on the rise.
Out of the 3 Platform Versions included in Uniswap (V2 and V3) and Sushiswap, Uniswap-V2 is the highest contributor (59.1%) to Total Active Users.Uniswap-v3 has the lowest Total Active Users at 2,014 while Uniswap-v2 has the highest at 13,037. Total Active Users shows an increasing trend. Uniswap-v2 has a steady percentage of Total Active Users.
Between W5, 2021 and W46, Sushiswap and Curve Total Active Users were 41,816.From the two platforms, Curve contributes the most (83.24%) to total active users.(Sushiswap) has the lowest Total Active Users, while (Curve) has the highest.The maximum number of Total Active Users of 1,361 was observed in W17, 2021.
Weekly Growth and Percent changes for SushiSwap, Uniswap and Curve
You can compare the percentage growth of SushiSwap and Uniswap week by week here.We can also see in percentage wise how Sushiswap compares with Uniswap(V2 and V3), and Curve Weekly Active Users.
We can see from the graph below that Total Active Users have steadily increased in Uniswap. A maximum of 646 Total Active Users was observed in W30, 2021, while a minimum of 373 was seen in W5.
Of the three platform versions, uniswap-v2 contributes the most (59.1%) to Total Active Users. And from the graph below, we can see that uniswap-v2 has a steady percentage of Total Active Users.
Comparing Sushiswap with the Curve Platform, the Curve Platform is the largest contributor (83.24%) to the Total Active Users
Sushiswap’s Weekly Active Users Forecast
There were 55,487 active users between W5, 2021 and W46, 2021. W25, 2021 recorded the highest total active users (1,729) and W46, 2021 recorded the lowest (564).Forecasts for Sushiswap Total Active Users show a decline. Therefore, we can predict that Active users of Sushiswap will decrease to 1110 the last week of November, and then increase to 1177.84 the first week of December.
Observations
- We saw a larger number of transactions between 09-15May 2021, but we did not see a higher number of Sushiswap active users.
- We can see a decline in transactions from May to October 2021 on sushiswap. Again from October onwards we can see an increase in transactions.
- Sushiswap active users are increasing in spite of the higher price of ETH in October 2021.
- Uniswap-V2 is contributing the highest number of active users when we compare Sushiswap and Uniswap versions.
- If we compare these two, Curve has more Active users than Sushiswap.
- Even though Sushiswap contributes SUSHI Tokens to users, UniSwap has a greater percentage of active users than Sushiswap.
- Lastly, we can predict that Sushiswap’s active users will decrease in the last week of November, and then increase again in the first week of December.