Decentralised Exchanges (DEXs) are fundamental to blockchain ecosystems as they facilitate the exchange of assets like tokens and NFTs between parties. They limit the negative possibilities associated with centralised exchanges such as security, transparency, and accessibility.

The Avalanche chain DEXs will be the focus of this study with the exchanges under study being Curve, Fraxswap, GMX, Hashflow, Kyberswap, Pangolin, Platypus, Sushiswap, Trader Joe and Woofi. This study will analyse volume and usage to determine what the competition is like among these exchanges between April 2022 and April 2023.

The data used in this study was primarily from avalanche.core.ez_dex_swaps where Avalanche DEX data is housed.

To help filter out sh*tcoins avalanche.core.fact_hourly_token_prices is used to limit the tokens under study to tokens with active price tracking.

Also, avalanche.core.dim_labels is utilised to identify the contract addresses in this study.

The tables are used in unison to analyse the volume and usage answering questions like:

• Which DEX is the leading exchange by volume?
• Where is each DEXs volume coming from stable or non-stable coins/tokens?
• What is the source of each DEXs volume EOA(Externally Owned Addresses) or contracts?
• What DEX is the dominant exchange in the Avalanche ecosystem?

Finally, the limitations of this study are discussed in the conclusion.

• Trader Joe is the most dominant exchange in the space for trading, dwarfing other DEXs in volume. However, the dominance is not in every aspect of this study.
• Curve provides more non-stable volume than stable volume.
• Platypus provides the most stable volume with a lower transaction count than others.