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
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
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
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