Comparison between sushiswap (ethereum) vs sushiswap (polygon)
Sushiswap is the fork of uniswap but had implement multiple chain such as fantom, polygon, bsc, harmony and coming soon is avax. Since when sushiswap is launch on polygon the TVL surge up fast and reach 1billion solely on polygon chain. However the market crash on May had caused some panic in market and affect the liquidity on most DEXes. In this article we will comparing the stats of sushiswap on both chain and do some analysis. Data by Flipside Crypto
To start off we will look into the TVL on sushiswap vs the TVL solely on polygon. The liquidity of sushiswap on polygon had goes sideway and consistent at around 500 million in USD. At the same time we can see the TVL on sushiswap had started to increasing slowly due to all the new feature implemented like kashi (lending), miso (launchpad), xsushi(interest-bearing) and many others feature. Coming up next is the trident which is brand new feature and is not a fork by any other protocol. Nevertheless we wanted to see whether sushiswap user on ethereum are swapping over sushiswap polygon. (data by Flipside Crypto)
Next we can see the daily unique addresses by these common users that are swapping on both ethereum and polygon network. There are only 13% of sushiswap eth users swapping over sushiswap polygon. The activities on sushiswap ethereum had showed increasing activities by more users while activities on sushiswap polygon decreases. At the late of august, due to all new minting activities on ethereum the gas fees had gone insane and interestingly the activities on sushiswap follow. We betting is the users are swapping for ethereum to mint or purchase NFT on secondary market. Since nearly all new NFT are launching on ethereum network, it comes with sense to swap over on ethereum network rather than on polygon network although the fees is much lower. Next we compute and compare the fees paid by these common users.
Everyone know polygon due to its cheap transactions fee. It comes with no surprise this chart show a huge gap between. Sushiswap users on polygon generally just paid less than 0.1 USD in doing all kind of transaction while sushiswap users on ethereum are paying over 50 USD to do a single transactions.
What differentiate between sushiswap (polygon) and sushiswap (ethereum)?
We had discussed the fees difference sand the users differences. What are the major factor separating these two? To examine this we need to look into the top pool most favorite by common users on both network.
We are plotting these chart by the total number of transactions on these pool and group it together to see which pools has the most transactions and hence the most favorite pools by users.
This pie chart clearly show us the difference between these 2 chains. On sushiswap polygon, top 10 pools consists of coins like iron, titan, matic, and usdc. All these coins are now under 0.001 USD and is becoming the retailers favorite in getting next 100x coins. This could also due to the low transactions fee on polygon. On the other side, the top 10 pools on sushiswap ethereum is mostly consist on big coins like ETH, sushi and stablecoin. From the previous discussion, users are trying to swap over ETH to mint or purchase NFT on secondary market which caused these 10 pools to be the most favorite pools by sushiswap common users.
Sushiswap on polygon is more for retailers as more users are swapping for the current post-hack coins like IRON and TITAN. Sushiswap on ethereum is more for whales in swapping and trading between big coins like ETH — stablecoins. In final thoughts, sushiswap on polygon had developed into the platform for retailers in speculate certain 100x coins due to its low transactions fees while sushiswap on ethereum is well established and safe to trade due to its large liquidity.
Data by Flipside Crypto
Compiled by me