DEX Aggregator Market Share: Avalanche, Arbitrum, Optimism
Methodology:
transactions from avalanche.core.fact_event_logs
are filtered by swap lps followed by comparing the tx_hash
of swaps vs tx_hash
of interactions with the DEX aggregator addresses to identify the % volume going through each aggregator or otherwise.
Note:
- only known DEX aggregators are filtered out explicitly to the best of my knowledge, do let me know if there’s any major dex aggregators that I may have missed out.
- Top 10 LPs by volume may vary over time, the ones selected are valid or 15th Oct.
The Top 10 Avalanche liquidity pairs:
- (TraderJOE) WAVAX - USDC
- (TraderJOE) WAVAX - USDT
- (TraderJOE) WAVAX - USDC.e
- (TraderJOE) WAVAX - USDT.e
- (TraderJOE) WAVAX - GMX
- (TraderJOE) WAVAX - WETH.e
- (Pangolin) WAVAX - USDC
- (Pangolin) WAVAX - USDC.e
- (Kyber) sAVAX - AVAX
- (Kyber) WETH.e - AVAX
![db_img](https://uploads.flipsidecrypto.com/product/images/cl8vEkDT9Yxs.png)
Key Summary for Optimism
-
~97% of all swap volume on Optimism from the Top 10 LPs are done directly on DEXs and not through DEX aggregators
-
For both major and minor DEXs, only 2-4% of swap volume goes through a DEX aggregator
- Among the top pools, Matcha has the largest share (3.6%) of the WETH-DAI swap volume
- Sushi’s WETH-USDC pool seems to have almost no volumes through DEX aggregators
-
Stableswap protocols on Optimism have slightly higher volumes from DEX aggregators compared to major & minor DEXs
- Up to 4-7% of swap volume from Velodrome & Curve goes through DEX aggregators
- Curve 3pool has the highest % of swap volume from aggregators at 7.5%
-
Matcha.xyz is the top DEX aggregator on Optimism
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Background:
DEX aggregators have been around to optimize DEX swaps from multiple sources to reduce slippage & fees to give users the most bang for their buck!
How much volumes are they actually getting from DEX swaps and whether this percentage % changes between major DEXs, minor DEXs or even Stableswaps?
In this analysis, I will be looking at the top 10 liquidity pairs in swap volume for the past 90 days on Avalanche, Optimism and Arbitrum to visualise the % of vol that comes from DEX aggregators (based on Defillama & Dexscreener)
The following analysis is long and intense, please take appropriate safety precaution before proceeding
Due to the length of the dashboard, queries and charts might take some time to load
![db_img](https://uploads.flipsidecrypto.com/product/images/gRwxbjtGqm3y.png)
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![db_img](https://uploads.flipsidecrypto.com/product/images/uZaFF2yL94UK.jpeg)
Key Summary for Avalanche:
- ~95% of all swap volumes from the Top 10 LPs are done directly on DEXs and not through DEX aggregators
- For both major and minor DEXs, only 2-3% of swap volume goes through DEX aggregator
- Exception: QI-AVAX on Pangolin does have close to 6%.
- Stableswap protocols have substantially higher volume from DEX aggregators compared to major & minor DEXs
- 10-20% of swap volume from Platypus & Curve goes through DEX aggregators
- On Platypus, the swap volume from paraswap is between 2-3x than that of yieldyak(yakswap)
- Paraswap is the top DEX aggregator which could be due to its integration with CoreApp
- There was an abnormal peak in swap volumes from Yieldyak on 8-9 Oct which could be due to the arbitrage opportunity on KyberSwap & Platypus for sAVAX
![db_img](https://uploads.flipsidecrypto.com/product/images/To2VzPvkYoFq.png)
Top 10 pools by volume on Optimism:
- (Uniswap) WETH-OP
- (Uniswap) WETH-SNX
- (Uniswap) USDC-DAI
- (Uniswap) WETH-DAI
- (Uniswap) WETH-USDC
- (Kyber) wstETH-WETH
- (Velodrome) WETH-USDC
- (Velodrome) OP-USDC
- (Sushi) WETH-USDC
- (Sushi) WETH-OP
Main Takeaways:
- Arbitrum has the highest % volume from DEX aggregators at 7% compared to Optimism at 3% or Avalanche at 5%
- Most base pairs on major DEXs have <5% volume from aggregators
- Stableswaps in general have higher volumes driven through aggregators as compared to normal DEXs
- This is especially so for stablecoin pairs as compared to atricrypto
- this could be because it is cheaper for aggregators to combine swaps from both stableswap and normal DEXs to minimize swap fees.
- The Top DEX aggregator is different depending on each chain:
- Avalanche - Paraswap
- Optimism - Matcha
- Arbitrum - 1inch
Top 10 pools by volume on Arbitrum:
- (Uniswap) WETH-USDC 0.05%
- (Uniswap) WETH-GMX 0.3%
- (Uniswap) WETH-GMX 1%
- (Uniswap) GMX-USDC
- (Uniswap) WETH-WBTC
- (Uniswap) WETH-USDC 0.3%
- (Sushi) MAGIC-WETH
- (Sushi) WETH-USDC
- (Sushi) DPX-WETH
- (Kyber) wstETH-WETH
Key Summary for Arbitrum
- ~93% of all swap volume on Arbitrum from the Top 10 LPs are done directly on DEXs and not through DEX aggregators
- For major DEXs (Uniswap)
- <3% on base pairs (eg. WETH-USDC) while close to <13% on non-base pairs (eg. WETH-GMX)
- no difference in vol % between different fees structures of the same LP (eg. 1% & 0.3% of WETH-GMX)
- For minor DEXs (Sushi)
- similar % vol as major DEXs for base pairs
- substantially higher % vol for non-base pairs at 22-27%
- Stableswap protocol (Only Curve) on Arbitrum have higher volumes than major DEX
- MIM2CRV pool also has substantially higher % vol at 27%
- 1inch is the top DEX aggregator on Arbitrum
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