📝 Introduction

DEX aggregators are the financial protocols which give traders/investors an easy access to various trading pools using a single dashboard. They rely on a complicated algorithm taking into account multiple factors before selecting the best possible provider for a specific token swap across the available platforms.

DEX aggregators have become an essential service, with cryptocurrencies becoming mainstream and decentralized exchanges picking momentum. 1inch is one of the best DEX aggregators on Optimism.

The first DEX aggregator was created as part of a hackathon competition in 2019. At the time, most participants felt that aggregated information from various decentralized exchanges was necessary. Sergej Kunz and Anton Bukov were the creators of the first DEX aggregator in the span of 18 hours during a hackathon which later served as the foundation for today’s 1inch. Even though the first version was not completely functional then it set an example of why DEX aggregators were necessary as a blockchain-based service.

Since then, the era of DEX aggregators began and has since continued to rise. With the crypto and blockchain revolution in personal and enterprise finance, DEX aggregators hold great value allowing investors to make more informed decisions on their trades and swaps than ever before.[1]

🟢 1inch

1inch is an exchange aggregator that scans decentralized exchanges to find the lowest cryptocurrency prices for traders, and is powered by its 1INCH utility and governance token. 1INCH is used to furnish the platform's decentralized "instant governance" model, and facilitates liquidity mining through token staking.[2]

✍🏻 Methodology

• In this dashboard, the following tables are used to extract data:

  • optimism.core.fact_event_logs→ This table was used to extract the data of 1inch.

    The following contract is used to call the data of 1inch:

  • origin_to_address='0x1111111254760f7ab3f16433eea9304126dcd199'→ 1inch

  • Only successful transactions are considered → tx_status='SUCCESS'

  • Time frame considered in this dashboard: Daily, weekly and monthly

  • optimism.core.fact_hourly_token_prices → This table is used to find the swap volume in $USD.

  • The following commands are used to extract data related to 1inch:

    event_name='Transfer' and event_inputs:from=origin_from_address and origin_to_address='0x1111111254760f7ab3f16433eea9304126dcd199' and TX_STATUS='SUCCESS'

💡 Conclusion

In this dashboard, the performance of one of the most famous Dex aggregators on the Optimism chain is analyzed. The results show that in the past months, the number of swaps and the number of users of this DEX had a strong upward trend. Stable coins such as USDC and sUSD have been the most popular among the users of this DEX.

Analyst: Emanoel

***Twitter: ***

Discord: Eman#9698

Special thanks to the Flipsidecrypto 🧡

Overview of 1inch Dex Aggregator

Part 1. Token Analysis

In the first part, considering that the results for each token are different from another token, we pay attention to the graphs and signs instead of analysis.

📃 Purposes of dashboard

In this dashboard, in the first part, by selecting the token and time frame, you can see the swap status of a specific token in 1inch. In the second part, the status of all swaps recorded in 1inch is analyzed. Some of the metrics that are analyzed in this dashboard are:

🟡 Part 1:

• Volume of Swap to & Swap from for each tokens

• Number of unique sellers/buyers of each token

• Number of swap to/swap from of each token

• Average price per token

• Statistical Data abount Token Swap

• Top 10 Token Sellers/purchasers Based on Swap from/to Count/Volume

• Classification of Users Based on Swap From/to Volume

• Activity of Top Users

• Distribution of Users Based on Swap From/to Count

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🟡 Part 2:

• Daily/weekly/monthly Swap Volume
• Number of Daily/weekly/monthly swaps/swappers
• Top 10 assets swapping from/to Based on Swap/Swapper Count
• Most Popular Asset Pairs (Pools)

🧐 Observations

• Since the beginning of July, the number of swaps as well as the number of users who use this DEX on a daily basis has been on the rise.

  • Jul 1, 2022 → 179 Swaps & 153 Unique Users
  • Oct 27, 2022 → 1863 Swaps & 1411 Unique Users
    • The number of swaps has increased more than tenfold.
    • The number of unique users has increased more than 9 times.

• On some days, the swap volume at 1inch has increased dramatically. These days are:

  • Dec 25, 2021 to Dec 27, 2021 - Jan 5, 2022 & Jan 7, 2022 - Feb 25, 2022 - Aug 4, 2022

  • May 31, 2022 & Jun 1, 2022 → In these two days, in addition to the volume of swaps, the number of users and the number of swaps have also increased significantly. → In these two days, the largest volume of buying and selling is related to the OP token. → After OP, the USDC ranks second. → On June 1, OP's buying volume was about 9.3M $USD more than its selling volume. While the number of OP sale transactions was more than the number of OP purchase transactions.

  • A major part of the volume and number of swaps on May 31 and June 1 is related to OP currency.

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🧐 Observations

• The largest volume of swap from and swap to in 1inch is related to USDC. After USDC, sUSD ranks second.
• In terms of the number of swap to and the number of buyers, sUSD ranks first.
• In terms of the number of swap to and the number of buyers, sUSD ranks first. But the largest number of swap from and sellers is related to May 31.
• The WETH/USDC pool has been the most popular currency pair in terms of number of swaps in the last 30 days.
• USDC, sUSD and OP currencies have been the most popular currencies in terms of the number of 'Swap from' and in terms of the number of sellers.
• This is while sUSD and sETH currencies were the most popular in terms of the number of 'Swap to' and the number of buyers. (This data is for the last 30 days.)
• Stablecoins have a large volume of swaps in 1inch.