5 - 2 Volume of swaps($)

3 - 2 Number of swaps

1 - 2 Number of users

4 -2 Users with highest numebr of swaps

7 - 2 Users with highest volume of swaps

6 - 2 Number of swaps based on swap volume($)

8 - 2 Top 10 assets with highest swap volume($) that swapped to other assets

9 - 2 Top 10 assets with highest swap volume($) that swapped from other assets

10 - 2 ALGOs that hold by swappers

Description of work

In this dashboard, we want to compare DEXs on the Algorand blockchain from different perspectives.

This dashboard includes the following sections:

a - Definitions

1. Comparison of DEXs in terms of overall criteria.

   1 - 1 Comparison of DEXs in terms of the number of swaps.

   2 - 1 Comparison of DEXs in terms of the number of users.

   3 - 1 Comparison of DEXs in terms of the number of new users.

   4 - 1 Comparison of DEXs in terms of the volume of swaps($).

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2. Scrutinize pairs of DEXs.

   • In this section, you can compare different DEXs using the available options at the top of the page based on different timespans and different timeframes of charts.

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3. Conclusion

Definitions

What Is Algorand?

Algorand is a decentralized network built to solve the Blockchain Trilemma of achieving speed, security, and decentralization simultaneously. Launched in June 2019 by computer scientist and MIT professor Silvio Micali, Algorand is a permissionless, open-source blockchain network upon which anyone can build. Algorand is designed to be a payments-focused network with rapid transactions and a strong focus on achieving near-instant finality — that means processing over 1,000 transactions per second (TPS) and achieving transaction finality in less than five seconds.

Algorand uses a Proof-of-Stake (PoS) consensus mechanism, and distributes validator rewards to all holders of its native ALGO cryptocurrency. Through strong throughput capacity and equitable community incentivization, Algorand is capable of managing the high-throughput requirements of widespread global usage and a variety of use cases.

As a public smart contract blockchain that relies on staking, Algorand is currently capable of hosting decentralized application (dApp) development and providing scalability. Rising gas fees on Ethereum have led many dApp developers and decentralized finance (DeFi) traders to look for alternative blockchain solutions. Some have turned to Algorand as an Ethereum-alternative for dApp development and DeFi applications.

Algorand also allows developers to use the Algorand Standard Asset (ASA) protocol to create new tokens or to transfer existing tokens to the Algorand ecosystem. For example, stablecoins like USDT and USDC also exist as ASAs on the Algorand blockchain and enjoy much higher throughput and much lower transaction fees than what is typical on Ethereum. Further, as central banks continue to research networks to host their central bank digital currencies (CBDCs), Algorand has become a viable option and has been chosen to host the Marshall Islands CBDC.

DEXs reviewed in this dashboard

1 - Algofi

Algofi is a decentralized exchange (DEX) and lending protocol which allows users to lend different Algorand assets to earn interest. In addition to that, users can also borrow digital assets while leveraging the existing assets already placed on deposit as collateral.

Source: exodus.com

Algofi docs

Launch App

2 - FXDX

FXDX aims to build derivatives products by bringing together all the liquidity sources across multiple blockchains into a single platform, enabling unlimited liquidity and providing best trade execution at the fastest speed and lowest cost.

FXDX docs

Launch App

3 - HumbleSwap

HumbleSwap is the first product built by the DeFi suite Humble on the Algorand Blockchain. Humble’s mission is to bring DeFi for everyone by offering a suite of products that are easy to use and connect with everyday users. HumbleSwap is an automated market maker (AMM) where users can swap between ASA tokens and provide liquidity through the use of liquidity pools. It is fully decentralized, which means that swap rates and liquidity are determined by users and the volume of their inputs.

Source: algonaut.space

Launch App

4 - Pact.Fi

Pact is a decentralized AMM (automated market maker) built on the Algorand blockchain. It is a protocol which allows users to seamlessly swap between $Algo and other ASAs. It offers deep liquidity and low transaction fees, and allows users to make trustless secure swaps. Their goal is to be the home of liquidity on Algorand, and are building on six key pillars: decentralization, accessibility, immutability, security, and permissionless swaps.

Source: algonaut.space

Pact.Fi Docs

Launch App

5 - Tinyman

Tinyman is a decentralized marketplace for all tokens on the Algorand blockchain. It was launched on 7th of October 2021 and raised a total of $2.5 million from different investors prior to launch.

The Tinyman platform is revolutionary to the Algorands ecosystem. It allows liquidity pools to be formed between Algorand and different ASAs, or even between the ASAs themselves. In other words, you don't need a token to be listed on an exchange to trade it. In addition, users and developers can set up their own liquidity pools for token pairs previously not existing. Not only that but all of this is provided by a secure, cheap, and fast protocol - much thanks to Algorands underlying technology.

Source: algodaddy.blogspot.com

Tinyman Docs

Launch App

6 - Wagmiswap

Developed by the team behind International Blockchain Monetary Reserve (IBMR), WAGMIswap is a Decentralized Exchange (DEX) on Algorand. More specifically, it is an AMM employing smart contracts deployed to the Algorand blockchain with a web-based app as a visual interface to interact with said smart contracts.

Source: yieldly.medium.com

Wagmiswap Docs

Launch App

1 - Comparison of DEXs in terms of overall criteria.

Methodology

• To find the number of swaps and the number of users, we use data from [algorand.defi.fact_swap]table.

• To find the volume of swaps, in addition to data of [algorand.defi.fact_swap], to find the price of assets, we use data from [algorand.defi.ez_price_pool_balances]table.

• Since the price of some tokens in the ‍‍[algorand.defi.ez_price_pool_balances] table was not recorded correctly, irrational and very large numbers are obtained when calculating the volume of swaps. For this reason, we have ignored swaps with a volume of more than 500,000 dollars in all calculations.

• Due to the fact that token prices are available in the [algorand.defi.ez_price_pool_balances] table as of June 19, 2022, onwards, all calculations begin on July 19, 2022.

• All queries in this dashboard are set to run every 24 hours

1 - 1 Comparison of DEXs in terms of the number of swaps.

✔️Observations

• The number of swaps on the Algorand blockchain is in a downward trend.

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• 87.5% of all swaps in the Algorand blockchain have been done on tinyman so far.

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• With the decrease of tinyman's share from the number of swaps, the share of algofi and pactfi in the number of swaps has increased.

2 - 1 Comparison of DEXs in terms of the number of users.

✔️Observations

• Like the number of swaps, the number of users doing swaps on the Algorand blockchain is in a downward trend.

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• 91.1% of the total number of users have done swaps on tinyman so far.

  
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4 - 1 Comparison of DEXs in terms of the volume of swaps($).

3 - 1 Comparison of DEXs in terms of the number of new users.

✔️Observations

• The number of new users doing swaps on the Algorand blockchain is on a downward trend.

• The number of new users in September 2022 has increased significantly compared to the previous month.

  • This increase in the number of new users is mostly seen on tinyman.

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• In the last 6 months (except September), about 50% of users have done their first swap on tinyman.

✔️Observations

• About 78% of the total volume of swaps($) has been related to tinyman.

• The volume of swaps in May 2022 has increased significantly compared to the previous month.

• There was always a decline in swap volume ($) on the Algorand blockchain between May 2022 and October 2022.

2 - Scrutinize pairs of DEXs.

2 - 2 Number of new users

13 - 2 Age of wallets that performed swap on the DEXs

12 - 2 Popular assets that hold by swappers

11 - 2 Top 10 swappers that hold the highest number of ALGOs

3 - Conclusion

This dashboard provides a detailed comparison of the DEXs on the Algorand blockchain. The following results were obtained.

• tinyman is by far the most popular DEX (based on various criteria such as the number of users and transaction volume, etc.) on the Algorand blockchain.

  • After tinyman, algofi and pactfi are the most popular DEXs.

• The number of users, the volume, and the number of swaps on the Algorand blockchain in 2022 have almost had a decreasing trend.