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Data doesn't lie: How is Uniswap V3 performing?



In order to answer this question, I compared and analyzed the transactions of Uniswap V2 and Uniswap V3 according to the total transaction volume and total USD transaction value. I really want to know more about the USD transaction volume of Uniswap V3, but since the focus here is on the "usage" indicator, and the USD value is fluctuating, let's focus on the "transaction volume" indicator first : Top: Trading volume—Left: Total trading volume; Right: Total trading volume (hourly chart) As we can see, Uniswap V3 was officially launched on May 5, and the trading volume surged on the day of its launch , and then began to grow steadily, with an increasing share. At the end of the day on May 5, Uniswap V3 accounted for 10% of Uniswap’s total transaction volume. But at the time of writing (May 8th), that figure has risen to 25%. Above: USD transaction volume - Note: Since the release of Uniswap V3, the price of ETH-USD trading pair has increased by about 7% Facebook Marcus: Stablecoin Diem and wallet Novi data will not be mixed with social data: September 18 According to news, David Marcus, director of Facebook’s encryption business, said in a recent interview that the data of Facebook’s stable currency Diem and wallet Novi will not be mixed with social data, and users do not need to worry about security or privacy issues. Marcus understands that Facebook has a poor reputation on both counts, and he stresses that no data from Diem and Novi will be used for ad targeting, or for any purpose related to Facebook's advertising model. "We spent a lot of effort building it in the right way so that people's financial data doesn't get mixed in with their social data," he said. Marcus said that Diem is committed to disrupting the overseas retail remittance market, which is a huge market and the time is ripe for harvest. He hopes people will give Diem a chance: We plan to win people's trust, but it will take time. ( [2021/9/18 23:34:25] 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 transaction services for trading pairs, you could only use a few DeFi protocols designed specifically for such services, such as Curve. Deribit documents and blog pages were down due to the fire in the cloud service provider OVH data center, and trading applications and data were not affected: On March 11, the cryptocurrency derivatives exchange Deribit stated that "due to the OVH in Strasbourg, France Deribit documentation and blog ( pages are now under maintenance as the data center was destroyed by fire. As Deribit's trading data and trading applications have been moved to EquinixLD4 in 2020, they will not be affected." March On the evening of the 10th, the OVH data center in Strasbourg, France was destroyed by fire, causing a large number of customer sites to be paralyzed. OVH is the largest cloud service and hosting service provider in Europe and the third largest hosting service provider in the world. The cloud computing company provides VPS, dedicated servers and other web services. [2021/3/11 18:34:58] 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. The Dash core team released Dash v0.11, an important update that may make old data incompatible with the new version: The core team of the privacy project Dash recently released Dash v0.11, which includes a major update to Evonet, which is a platform Functional testing environment. Recent changes to the Dash platform on Evonet include a public data contract registry that removes internal restrictions on data contract registry on Evonet. Dash core developers have added additional validation rules, and state transitions can now be parsed and validated in a separate virtual machine on the platform. Essentially, the new update provides enough security for users that they can safely issue their own contracts without compromising the integrity of the entire network. In the old Dash platform, many of the DAPI endpoints included in the previous version were either unnecessary, deprecated, or contained potential attack vectors that could be exploited by malicious actors. These endpoints have been removed from the latest version, making the DAPI interface safer and simpler. Some of the most important updates included in the v0.11 release of the platform will make data previously created on Evonet incompatible with the latest version and developers will need to wipe all old data stored in their local settings. (thedailychain) [2020/3/23] Picture above: Uniswap V3 trading interface - guide users to "get better prices on V2" (slippage rate on V3 is 1.92%) Live | Yi Huanhuan: Big Data Cannot live without blockchain: Jinse Finance live report, guided by Zhongguancun Science and Technology Park Management Committee, China Information Association, and hosted by China Information Technology Development Research Institute, China Communications Industry Association Blockchain Special Committee Blockchain & Digital Economy Summit Forum The 8th Zhongguancun Big Data Day 2019 was held in Zhongguancun, Beijing on December 12. Yi Huanhuan, dean of the Beijing Internet Finance Association Research Institute, delivered a keynote speech on "Blockchain: Shangganling of the Digital Economy". He said that the blockchain is a killer application, and the national digital currency in the context of competing for global digital hegemony. Blockchain can be without big data, but big data cannot be without blockchain. The application mode of blockchain technology: synchronization mode, mutual trust mode, traceability mode, digital currency. Ten predictions in the field of blockchain: 1. There will be a special department to track this field; 2. A national blockchain association will be established; 3. There will be a number of pilot projects in various industries, and the financial industry and government affairs industry will be the first to rise; 4. China's digital currency will play an important role in the world; 5. There will be national digital banks, digital asset exchanges, digital investment banks, and digital asset management; 6. The global blockchain standard will be dominated by China in the future; 7. There will be a large number of world-class blockchains in China Leaders, entrepreneurs, and scholars in the field of high-level blockchain; 8. The performance of blockchain will be greatly improved in the next three to five years; 9. Mathematics, cryptography, and computing theory will become the most popular subjects; 10. Blockchain will become an important hotspot in the capital market[2019/12/12] So, if you compare the trading pairs with the largest trading volume, is there any difference between Uniswap V3 and Uniswap V2? News | Foxconn Industrial Internet Co., Ltd. Chairman Blockchain can make shared data not leaked: Chen Yongzheng, Chairman of Foxconn Industrial Internet Co., Ltd., said in an interview recently, "In an ecosystem, data must be able to be shared, and everyone may be quite worried about this issue. Fortunately, there is a blockchain now, and there will be a more equal method in the future. My data can be shared, but I can’t get your data. Everyone’s data is safe in my own hands, and it will not be shared in the future. We will open up the upstream and downstream data first, and then open up the external data.” [2018/7/30] Frankly speaking, in some trading pairs with the largest trading volume, there is indeed a gap between Uniswap V3 and Uniswap V2 There are some differences. Since the release of Uniswap V3, the 10 trading pairs with the highest USD-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, ranking fourth DAI/USDC, ranking sixth DAI/USDT, ranking No. Nine 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 these, 88.5% went to Uniswap V3, totaling about $7.6 million (51.8% of the total volume). Has Uniswap V3 released a "catch WBTC" signal? Compared with other altcoins, Uniswap V3 users seem to prefer Bitcoin-anchored coins, or perhaps Uniswap V3 users have a greater demand for both Bitcoin-anchored coins and altcoins. ETH Trading Pairs Still Focused on Uniswap V2 - Value Opportunity? : The ETH/stable currency trading pair has the largest transaction volume on Uniswap, but compared with WBTC, the ETH trading pair transactions are still concentrated on Uniswapv2, and the ETH/USDT transaction volume in Uniswap V3 accounts for only 27%. 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 transaction 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. "V3 market dominance advantage": the ratio of a trading pair's Uniswap trading volume through V3 to the total trading volume. Picture above: Comparison of Uniswap V2 and Uniswap V3 transaction volume, and "V3 market dominance advantage": a trading pair through Uniswap V3 transaction volume / (Uniswap V2 transaction volume + Uniswap V3 transaction volume) * 100% Above picture: On Uniswap V2 Most Popular Trading Pairs - All are ETH Trading Pairs Above: Most Popular Trading Pairs on Uniswap V3 - Three of the top 10 trading pairs in USD terms are stablecoin trading pairs We discussed which trading pairs most like to use Uniswap V3. In order to make a better comparison, we will turn the analysis focus to value acquisition and see which trading pairs "least like" to use Uniswap V3. As of now, the number of trading pairs that "least like" 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 the BADGER / WBTC transaction Yes, this trading pair is mainly used to provide BadgerDAO incentives, aiming to give token rewards to those who provide liquidity for the fund pool. Therefore, BadgerDAO's failure to opt into Uniswap V3 is likely related to their liquidity incentives, so we expect them to ensure that the status quo remains the same before switching liquidity provider incentives to Uniswap V3. We don't know why other trading pairs have not chosen Uniswap V3, but one point may be worth noting: it takes more effort for users to start a brand new Uniswap V3 vault, so for those who are trying to take advantage of some opportunities for arbitrage That said, costs can get quite high. Above: Some of the most popular Uniswap V2 trading pairs that are not currently using Uniswap V3 In fact, the analysis in this article is purely out of personal curiosity, but when the relevant research began to develop in depth, a series of questions began to bother 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, who commented on Uniswap V3: "I like Uniswap V3 a lot, so let's see what it will look like in the future. I found an analysis data , That is: compare the trend of USD transaction volume after the release of each Uniswap version on a daily basis.


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