Introduction

The Algorand protocol launched its first decentralized exchange (DEX), Tinyman, in 2021. Now in 2022 Algorand has launched three new DEXes: pactFi, algoFi, and Wagmiswap.

This dashboard looks at whether the users of these new DEXes are new to Algorand DEXes overall, or if they had already gotten their feet wet before by trying out swapping on Tinyman.

Method

Using Flipside Crypto's Algorand swaps data, we round up the wallet addresses of the swappers who:

a) have used pactFi, algoFi, or Wagmiswap at least once to make a swap, and

b) have also transacted on Tinyman, and

c) whose first transaction on one of the new DEXes happened after their first transaction on Tinyman, Algorand's pioneering DEX.

We also calculate the share of new DEX users (on all 3 new DEXs, and also by individual DEX) who have had prior experience with Tinyman.

Results

How many wallets first used Tinyman and then a new Algorand DEX?

The analysis found 1539 unique wallet addresses who have transacted on one of the new Algorand DEXes, and also had transacted on Tinyman prior to that.

Listed in the table below are the wallets with:

• their first timestamp on one of the three new DEXes,

• first timestamp on Tinyman, and

• the number of days it took for a user to go from their first experience with Tinyman to one of the new DEXs (hover over the table and scroll right to see the rightmost column(s)).

How long did they wait in-between?

Zooming in on the lag between using Tinyman and using a new DEX (algoFi, pactFi, or Wagmiswap) reveals the following (see table below):

• the shortest gap is 0 days - some users started with Tinyman and went on to also use a new DEX on the same day,

• the longest gap is 175 days,

• on average users went about 3 months (93 days) in between old and new DEX,

• however the most frequent wait (as measured by the mode) is actually 0 days! The most frequent use case in the pipeline from Tinyman to new Algorand DEX was to go from trying the old (Tinyman) to trying the new on the same day.

Breaking this down by DEX,

• of algoFi users 78.1% had tried Tinyman prior,

• somewhat fewer of the pactFi users (74.8%) had tried Tinyman before,

• and Wagmiswap users had the highest percentage of Tinyman veterans: 80%.

What is the share of wallets who made the leap from old to new?

Of all the wallets who have swapped on the newer Algorand DEXes, 76.4% had used Tinyman before.

Takeaways

1. This analysis found 1539 unique wallet addresses who have transacted on one of the new Algorand DEXes, and had also been Tinyman users prior to that.

2. The vast majority of users swapping on new Algorand DEXes **(between 3/4 and 4/5th) had prior experience with Tinyman.

3. The longest wait between a Tinyman swap and a new DEX swap was 175 days.

4. However, the most frequent case was for a user to go from trying Tinyman for the first time, to trying a new DEX for the first time over the course of the same day.