Translated by: Lu Jiangfei
Translated by: Lu Jiangfei
What exactly is the usage of Uniswap?
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Above: Trading volume—Left: Total trading volume; Right: Total trading volume (hourly chart)
Lianwen Note: The data used in this article was extracted on May 8, 2021.
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Above: USD trading volume - note: ETH-USD trading pair price has increased by about 7% since the release of Uniswap V3
Will the new version affect Uniswap trading pairs?
This is probably the most pressing question I have ever asked.
One of the main innovations of Uniswap v3 is to allow liquidity providers (LP) to specify the range they want to provide funds, instead of going from 0 to infinity as in the past. If all goes well, this innovative mechanism can help users get better prices on Uniswap, especially for similar trading pairs with consistent and predictable exchange rates (such as DAI / USDC, ETH / stETH, etc. ). In the past, if you wanted to obtain on-demand trading services for trading pairs, you could only go through a few DeFi protocols designed specifically for such services, such as Curve.
Now, Uniswap's application user interface has been set to V3 by default, but if users feel that they can get better prices on V2, they can also switch to the old version with one click. As such, we should see volume flow naturally to the better priced version of Uniswap. If users can get better prices on "like for like pairs", we should also see more demand for such trading pairs on Uniswap compared to competing products.
If you still don't understand how Uniswap works, don't forget to read "How Uniswap Worksimage description
Above: Uniswap V3 trading interface - guiding users to "get better prices on V2" (slippage rate on V3 is 1.92%)
So, if you compare the trading pairs with the largest trading volume, is there any difference between Uniswap V3 and Uniswap V2?
Frankly, there are some differences between Uniswap V3 and Uniswap V2 in some of the most traded pairs.
Since the release of Uniswap V3, the 10 trading pairs with the highest dollar-denominated trading volume on Uniswap V2 are all "ETH trading pairs", such as ETH/USDT, ETH/WBTC, etc. On Uniswap V3, among the 10 trading pairs with the highest USD-denominated trading volume, three are stablecoin trading pairs, namely:
USDC/USDT, ranked fourth
DAI/USDC, ranked sixth
DAI/USDT, ranked ninth
Uniswap V3 should be more suitable for stablecoin trading pairs, at least so far, it has successfully done so.
Surprise of WBTC: I was surprised by the transaction volume of WBTC / stablecoin trading pair on Uniswap V3 (chain news note: WBTC=Wrapped BTC). Since the launch of V3, as much as 99.95% of the USD transaction volume of the WBTC/USDT trading pair has flowed to Uniswap V3, totaling about 7.5 million USD (accounting for 83.4% of the total transaction volume), while the USD trading volume of the WBTC/USDC trading pair Of this amount, 88.5% went to Uniswap V3, totaling about $7.6 million (51.8% of the total transaction volume). Has Uniswap V3 released a "capture WBTC" signal? Compared with other altcoins, Uniswap V3 users seem to prefer Bitcoin-anchored coins, or perhaps Uniswap V3 users have a large demand for both Bitcoin-anchored coins and altcoins.
ETH Trading Pairs Still Focused on Uniswap V2 - Value Opportunity? : ETH/stable currency trading pair has the largest transaction volume on Uniswap, but compared with WBTC, ETH trading pair transactions are still concentrated on Uniswapv2, and ETH/USDT accounts for only 27% of USD transaction volume on Uniswap V3. ETH/USDC accounted for a slightly higher proportion of USD transactions on Uniswap V3, but only 36%. Although the ETH/stable currency trading pair has a relatively large trading volume on Uniswap V3, Uniswap V2 still has a big advantage in terms of trading volume. Generally speaking, where the ETH trading pair is, the funds are there, but if we look at how much liquidity provider's trading volume can be captured on Uniswap V3, the result may be surprising.
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Above: Most popular trading pairs on Uniswap V3 - Three of the top 10 trading pairs by volume in USD are stablecoin trading pairs
Which trading pairs like to use Uniswap V3 the most? Which trading pairs use Uniswap V3 "least favorite"?
We have explored which trading pairs like to use Uniswap V3 the most. In order to make a better comparison, we will next turn the analysis focus to value capture and see which trading pairs "least like" to use Uniswap V3.
As of now, the number of "least favorite" trading pairs using Uniswap V3 does not seem to be many, so there may be other reasons why these trading pairs still choose to trade on Uniswap V2, the most typical example of which is BADGER / WBTC trading Yes, this trading pair is mainly used to provide BadgerDAO incentives, aiming to give token rewards to those who provide liquidity to the fund pool. Therefore, BadgerDAO's non-option to Uniswap V3 is likely related to their liquidity incentives, so before switching liquidity provider incentives to Uniswap V3, we expect them to ensure that the status quo remains the same.
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Above: Some of the most popular Uniswap V2 trading pairs that are not currently using Uniswap V3
Uniswap V3: success or failure?
In fact, the analysis in this article is purely out of personal curiosity. However, when the relevant research began to develop in depth, a series of questions began to trouble me. At present, transactions on Uniswap V3 only account for about 10-20% of the total transactions. I know that Uniswap V3 has just been launched for a few days, but such a small proportion of transactions seems to be worthy of attention. In other words, several days have passed, is it really good to still only have such a small ratio? How should I evaluate this phenomenon? Then, I saw a tweet from Uniswap founder Hayden Adams, and he commented on Uniswap V3 like this:
"I like Uniswap V3 very much, so let's see what it will look like in the future. I found an analysis data, that is, comparing the dollar transaction volume trend of each Uniswap version after its release by day." (As shown in the figure below )
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