A close look at trading volumes on Uniswap and SushiSwap

Quick Take

  • Upcoming DEX updates will lead to an increased userbase and capital efficiency.
  • A small part of Uniswap’s volume was generated as a result of wash trading.
  • Retail users still create most of the trading volumes on Uniswap.
  • SushiSwap is very capital ineffective in its current implementation.
  • Bots are already starting to play the leading role in SushiSwap’s trading volumes.
For more than half a year, the volume of Ethereum DEXs has consistently been more than 5% of centralized exchanges volume. This figure would have likely been much higher if it were not for the bull market, in which users started actively trading altcoins not on Ethereum. In any case, volume growth on DEXs may […]

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