ON–109: DeFi

Coverage on the Polygon, OpenSea, and Uniswap

Feb 18, 2022

ON–109: DeFi

About the editor: Spencer Noon is Co-founder & General Partner at Variant.

Codeless Conduct

Our friends at Codeless Conduct are running a 2-week long, no-code hackthon aimed at non-technical contributors looking to make their mark in web3. Featuring workshops from mentors and bounties covering design, marketing, tokenomics, data/analytics, community, and governance, the event aims to onboard the next wave of talent and connect them with career opportunities. Click here to learn more.

Network Coverage
Coverage on Polygon, OpenSea, and Uniswap.


📈 Polygon hits 2.4mm unique monthly active addresses

  • Polygon’s user base continues to expand and display increasing engagement, with 2.36m unique addresses last month. Daily unique addresses have increased over the past 3 weeks, and are now back to 346k after dipping from Sunflower Farms’ peak insanity. Last week’s top dApps by users include QuickSwap (77.1k), Crazy Defense Heroes (66.5k), Arc8 (32.2k), Pegaxy (30.6k), Sunflower Farmers (19.2k), SushiSwap (18.8k), and Uniswap (16.6k).
Source: @raphaelsignal
  • Polygon is seeing multiple successes in the gaming sector. Last month, at least 7 titles had >10k monthly active users. Gaming impact extends to NFTs, where currently all of the top 10 collections on OpenSea are gaming related, led by Decentral Games.
Source: Polygon Analytics
  • Weekly net inflows averaged +$93mm last month over PoS bridge. More impressively, there are 38x the number of depositors as withdrawers. Finally, network revenues have recovered back to $92k/day after the implementation of EIP 1559 stabilized and adjustments were made.
Source: @raphaelsignal


👥 Chuxin

📈 OpenSea Polygon reaches 1m unique wallets

  • The NFT market has experienced a fantastic bull run since the start of the year, and a ripple effect was felt on OpenSea's Polygon PoS sidechain. In January, more than 218k users actively traded on OpenSea Polygon, which made it the second highest month of active traders. Earlier in February, over 1m wallets had participated in at least one trade on OpenSea Polygon since its launch in July 2021.
Source: Dune Analytics @niftytable
  • OpenSea's Polygon marketplace recorded its best month ever, with total transaction volume topping $79.2m in January. However, compared to OpenSea's mainnet marketplace, volume on Polygon only represents 1.6% of the total on Ethereum (~$4.9b).
Source: Dune Analytics @niftytable
  • Sales amount per transaction on OpenSea Polygon is still largely concentrated around $100 or less, which could be the result of both low gas fees and smaller projects listed on the marketplace.
Source: Dune Analytics @niftytable

③ Uniswap

📈 Uniswap captures ~45% of DEX market share on Polygon

  • Uniswap deployed on Polygon in late December of 2021. Since then, the project has rapidly gained market share. Within a week, Uniswap captured 20-25%; after two weeks, closer to ~30%, taking significant volume from QuickSwap and Sushiswap. This uptick is despite Uniswap having ~11% and ~18% of the token options on QuickSwap and Sushiswap, respectively. The project’s current market share is about 45% on Polygon. For reference, it’s tracking around 75% on Ethereum.
Source: Dune Analytics @derekw23
  • Uniswap’s users on Polygon appear relatively sticky. About 70% of daily users over the past few weeks have traded on the platform at least once. This behavior is relatively similar to users on Ethereum, where ~75% of daily users were returners over a similar period.
Source: Dune Analytics @derekw23
  • Uniswap’s TVL on Polygon jumped 2x+ over the past two weeks and is currently tracking around $140m. This growth still lags its peers, with QuickSwap and Sushiswap TVL tracking around ~$800m and ~$280m, respectively. Given increasing volume, Uniswap’s LP yields from trading fees appear competitive.
Source: DeFi Llama