1. Introduction 🏁

Crypto Winter - Uniswap V3 Dasboard (Flipside): https://flipsidecrypto.xyz/Rodolfo-Lima/crypto-winter-usage-of-uniswap-v3-e2bDBa

Uniswap User Behaviour Dashboard (Tableau): https://public.tableau.com/app/profile/rodolfo/viz/Uniswapv3TraderBehavious/Dashboard?publish=yes

1.1 Protocol Introduction 🦄

Uniswap was launched in November 2018 and has since become one of the most popular decentralized exchanges in the cryptocurrency space. It is known for its simple and user-friendly interface, low fees, and ability to support a wide range of tokens. As of July 2023, Uniswap is the largest decentralized exchange by trading volume, with over $1 billion in daily trading volume on average, and has already processed over $1.5 trillion since its launch.

1.2 Objective 🎯

The main purpose of this article is to understand user behavior during the crypto winter, It includes both users who continued using the protocol after the beginning of the bear market and those who left.

However, this is not enough to validate the dimension of the crypto winter and we provide a deep dive into time series analyses before and during the crypto winter, as well as cohort analyses to take an x-ray of this phenomenon.

2. Methodology 🔬

It's important to mention that the scope of the project is restricted to v3 pools in Uniswap once is easier to find reliable data sources for structured data that provide the fee percent for hundreds of different pools. In this way, we can accurately assess the protocol revenue generated by traders.

We believe it's a good approach for covering other topics because the trading volume accumulated by V3 pools accounts for 70% of the total volume, as shown in the chart below:

Source: Defillama

2.1 Definitions ‼️

Before kicking off the analysis is important to set some definitions.

The first important definition is when the bear market starts. Considering the Uniswap Trading volume over time in the following chart, we observed a downward trend in early December, then the start date of the crypto winter for our analyses is Dec 1st.