SushiSwap is one of the most prominent DEX (Decentralized Exchange) out there. SushiSwap is a decentralized exchange that processes token swaps and yield farming through an Automated Market Maker (AMM) smart contract. Running on Ethereum, the exchange is an advanced fork of the Uniswap protocol, another DEX running with the same AMM system. SushiSwap automatically sets prices with mathematical formulas and processes trades using smart contracts. Token swaps are for trading, while yield farming is for earning interest on existing assets.
The exchange financially incentivizes liquidity providers to bring tokens to the platform by rewarding them with fees. Decisions relating to the SushiSwap software are made by holders of its native cryptocurrency, SUSHI. Anyone holding a balance of the asset can propose changes to how it operates.
There are a lot of things that can be done on SushiSwap, swapping allows you to trade one currency for another, turning your USD Coin(USDC) into Ethereum(ETH). Farming is the deposition of crypto into one of SushiSwap’s liquidity pools to earn rewards. Liquidity pools contain combinations of two or more cryptocurrencies and equal amount of each currency must be deposited. You can deposit your SushiSwap tokens to earn rewards and become a stakeholder.
Today, we are going to talk about SushiSwap APIs, how to get Sushiswap trading data, analytics, and other on-chain data using our Bitquery Explorer. We will also compare SushiSwap’s performance on different chains such as Ethereum and Polygon.
Trading Volume
Let’s take a look at the volumes of trade taking place on different blockchains like Binance, Polygon and Ethereum on different exchanges like Quickswap, Uniswap and compare it with SushiSwap.
| SushiSwap on Ethereum | UniSwap on Ethereum | |
|---|---|---|
| Total trade | 7,072,191 | 80,112,144 |
| Total volume | $154 billion | $700 billion |
| Average trade | $22,084 | $8,821 |
| Median trade | $4,921 | $1000 |
| Biggest trade | $18 million | $1.82 billion |
As we can analyse from the table given above,despite Uniswap being the largest DEX on the ethereum network with the highest amount of total trade and total volume, Sushiswap has a higher amount of average and median trade.
Now let’s take a look at the stats for the Polygon network.
| SushiSwap on Polygon | QuickSwap on Polygon | |
|---|---|---|
| Total trade | 25,456,362 | 64,039,782 |
| Total volume | $14.8 billion | $24.5 billion |
| Average trade | $576 | $383.50 |
| Median trade | $1.77 | $2.10 |
| Biggest trade | $5 million | $25 million |
Here too, we can see that despite QuickSwap being the larger DEX with higher total trade, total volume, median and biggest trade, SushiSwap has a higher value of average trades.
| QuickSwap on Polygon | SushiSwap on Polygon | Uniswap on Etherum | SushiSwap on Ethereum | |
|---|---|---|---|---|
| Average Gas spent per transaction | 329,735.47 | 91.13 | 166,490.153 | 125.734 |
It is safe to say that Sushiswap consumes a much lesser amount of average gas per transaction as compared to other DEXs.
You can use the following query to get the above data for any network:
Top Token
Now let’s take a look at the top tokens being traded on the Ethereum and Polygon network using the different DEXs.
Using our Bitquery Explorer you can find the top traded token pairs for any of the blockchain networks, in this example we will consider the Ethereum network.
All you need to do is search for the network on our explorer and then go to the DEX Tokens tab.
Clicking on the topmost WETH/USDC pair will give us more information about the token pair.
From the above table and pie charts, we can see that the highest number of trades and the highest amount being traded are both using the Uniswap exchange for the given token on the Ethereum network. SushiSwap is the second most popular DEX here.
Similarly for the Polygon network we will find the top traded token pairs using the Bitquery Explorer.
We can see that the WETH/WMATIC pair has the highest amount in USD here and a trade count of 624,190. Clicking on the token pair we’ll try to get more information about it.
On scrolling down we get the DEX Exchanges for the token with the highest traded amount and the stats are displayed like follows:
We can observe that QuickSwap Exchange has the maximum count and amount traded for the given token with the highest traded amount on the Polygon network. Here also, SushiSwap is the second most popular DEX.
Top Trader
In this section we’ll a look at the top traders on each of the network
From the results of the above queries, we get the following data:
| SushiSwap on Ethereum | UniSwap on Ethereum | |
|---|---|---|
| Top trader | “0x07e02088d68229300ae503395c6536f09179dc3e” | “0xd5b47b80668840e7164c1d1d81af8a9d9727b421” |
| Trade amount | 28,493,363.446169198 | 5,547,774,427.768264 |
| Trade count | 2 | 50 |
As can be observed the amount traded by top trader using the Uniswap exchange on the Ethereum network is way greater than that traded using SushiSwap. This can be due to the fact that Uniswap is relatively a much older DEX as compared to SushiSwap.
Now moving on to the Polygon network we have:
| SushiSwap on Polygon | QuickSwap on Polygon | |
|---|---|---|
| Top trader | “0x4725eb9a99b9d021e46aca142665037159fee7cb” | “0xa6021d8c36b2de6ceb4fe281b89d37d2be321431” |
| Trade amount | 5,060,681.389213 | 97,287,954.7755919 |
| Count | 1 | 15 |
Even though the trade amount is less than that of QuickSwap but it is decent enough for a DEX which is comparatively a lot younger than the others. From the data above it is clearly visible that Uniswap exchange has the highest amount traded by the top trader as well as the highest trade count.
You can get all of the above data using the following query yourself. Feel free to tweak the query to get the data you require.
Trends
Now let’s try to analyse the trend on the Ethereum Network
As we can observe from the bar graphs above, on the Ethereum network, the highest count and highest amount of trades take place using the Uniswap exchange only. The second most used exchange is Sushiswap with value much less than Uniswap but significantly more than the other exchanges.
The largest amount was traded using the Uniswap exchange in the month of October with
Total trades: 4,699,675
Trade amount : 84,169,923,607.96227
Currencies: 7164
In the same month Sushiswap witnessed it’s largest trading too with
Total trades: 659,620
Trade amount:15,840,879,662.975967.
Currencies: 797
This data can be fetched with the help of the following query:
Uniswap still remains the largest exchange for the Ethereum network with a trade count of 3,365,293 with SushiSwap standing at the second position with 538,016 trades. Uniswap trades 7072 currencies whereas Sushiswap has traded a total of 922. The Amount traded using Uniswap was almost 7 times the amount traded using SushiSwap.
Now let’s take a look at the trends on the Polygon(Matic) network.
On this network Quickswap is the largest DEX with
Trade count: 7814947
Currencies: 3028
Trade amount(USD): 3710140412.413901
Sushiswap is the second largest DEX here as well with
Trade count: 2748244
Currencies: 964
Trade amount(USD): 1410335615.2954867.
QuickSwap witnessed highest trades in the month of December with a total of 7547832 trades taking place and an amount of 3544985106.071929 being traded in a total of 3008 currencies. SushiSwap too had the highest trades in the month of December with 1383893 trades and an amount of 313911688.7622677 being traded in 216 currencies
You can use this query to fetch the above data.
Analysing all the stats and trends, we can say that SushiSwap is one of the most promising DEX in today’s time. Despite the fact that it came into existence only a year ago, it has managed to come in the league of prominent DEXs like Uniswap and Quickswap. Be it the Ethereum network or the Polygon network, SushiSwap has managed to emerge and the second largest DEX. Bitquery provides a plethora of APIs, widgets and tools to fetch data from SushiSwap exchange, do try out our products and let us know how you like them!
If you have any doubts or queries regarding our product please join our Telegram channel or mail us at hello@bitquery.io.