1-TVL Gap between Uniswap and Sushiswap quickly narrowing

Author: Footprint analyst, Simon in July 2021
Following its launch in August 2020, Sushiswap has expanded by leaps and bounds nowadays, seemingly becoming a contender to Uniswap.
But what does the data say? Is Sushiswap poised to become the world’s leading DEX, or will it likely remain a niche exchange in the near future?
Using Footprint’s powerful analysis features, we can compare the performance of these two platforms according to the dimensions of TVL, volume, token price, and market capitalization to draw data-informed conclusions.
TVL
TVL comparison between Uniswap and Sushiswap since Oct 2020 Data source: Footprint
Starting in October 2020, SushiSwap began to take bites out of Uniswap’s market share. Although, from April to May of this year its TVL dropped, indicating it is still steadily on the rise.
After governments tightened regulation on cryptocurrencies in late May, causing cryptocurrencies to plummet, the gap between Uniswap and Sushiswap gradually narrowed. By July 25, the discrepancy of TVL between Uniswap and Sushiswap was only 17.5%.
Volume
Uniswap still has an absolute advantage in terms of the trading volume. Data source: Footprint
Market share of Uniswap and Sushiswap since Jun 2021 Data source: Footprint
According to the data from Footprint, Uniswap still accounts for around 40% of the DEX volume, widening the gap with SushiSwap, which is less than 10%.
Token Volume of UNI and SUSHI since May 2021 Data source: Footprint
However, in terms of the token volume, SUSHI (the token of Sushiswap) has been gradually overtaking UNI (token of Uniswap ) since May 2021, with the gap gradually narrowing. The volume of DEX tokens is a basic measure of DEX transactions, and higher volume means more gas fees from the protocol, which increases the value of these tokens.
Price
Price of UNI and SUSHI since May 2021 Data source: Footprint
SUSHI is currently priced around $8, while UNI is around $18. It is worth noting that SUSHI holders have the option to stake their tokens and get xSUSHI for 16.6% of all fees generated by Sushiswap. Although UNI does not have this function, it has still performed better than SUSHI in terms of market gains.
Market Cap
Market Cap of UNI and SUSHI since May 2021 Data source: Footprint
Market capitalization is calculated by multiplying the circulating supply of a crypto asset by the price of an individual unit. Due to the difference in their circulation and the current large price gap between SUSHI and UNI, there is still a 6-fold difference in market capitalization.
Summary
In general, Sushiswap, which has been around for less than a year, is still some distance away from Uniswap. However, SUSHI is getting stronger in terms of price and other metrics. Sushiswap may have started as an offshoot of Uniswap V2, but it is now evolving into a new DeFi project that can stand on its own feet.

DeFi data - Previous

1-Will on-chain data be used to predict the next DeFi explosion?

Next - Market Analysis

2-5 Stablecoins Growth Trends in Q2 2021

Last modified 1yr ago

Copy link