...will accelerate this broader shift: The rise of intent-based front-ends: Today, the most popular “aggregators...primarily bias the front-ends that provide a more aggregated, one-stop-shop UX (e.g. wallets, cross-chain aggregators...Fluid DEX For the first time since Curve’s stableswap, another DEX could challenge Uniswap’s dominance...

Thala’s most successful product to date is its DEX, Thalaswap....The DEX on its own is not super differentiated, but it does not need to be....When Aptos enters its “Solana era”, where aggregators own swap customers, execution will be the only...Mirage is the marriage between a CDP-stablecoin protocol and a perps DEX....But Mirage also has a perpetuals DEX.

...before analyzing the core value drivers, let’s first unpack the current state of the perps and spot DEX...Consequently, any perps DEX can spin up perps for any asset across any chain....As long as an oracle exists, any perps DEX can support any asset....Said differently, in the perps DEX world, product is what matters.

Ecosystem Updates DEX volume on Sui has consolidated from the highs of the previous quarter, but we can...In addition to MetaStables, Aftermath launched a Perp DEX on testnet....For example, a popular trading pair on a DEX can independently adjust fees according to its needs.

...more nuanced in the DEX market....Historically, if you asked me which model is more defensible — DEXs or aggregators — my answer would...Aside from some DeFi integrations and an off-chain algorithm that handles routing, aggregators do not...Today, the most popular “aggregators” are now intent-based front-ends.

Despite historically dominating the order-flow market, DEX front-ends are increasingly losing market...Generally, solver models and aggregators disproportionately dominate “fee sensitive” flow....Today Hyperliquid is the leading perps DEX by trading volume at 27% market share....Hyperliquid has also recently integrated their own spot DEX.

Cetus protocol and Aftermath Finance have led DEX volume, while NAVI protocol and Suilend lead lending...Sui currently processes 1.5-5% of DEX volume among all major L1s....Deepbook provides a wholesale liquidity venue for DeFi protocols on Sui, which is especially useful to aggregators...

For example, the DEX to CEX spot volume ratio has grown to 20% this year, thanks to popular applications...Private DeFi have boasted a combined $300M in monthly volume throughout 2024, or 0.04% of the total DEX...Over the next 5-10 years, we estimate the total DEX monthly volume could hit $5.4T, with privacy protocols...

...recently, the ratio between decentralized and centralized exchange volume has reached historic highs, with DEX...The growth of memecoins on Solana has helped Raydium capture a large market share in the spot DEX market...success of Hyperliquid and Raydium demonstrates the massive untapped demand for institutional-grade DEX...

Let’s roll back the clock to Nov. 2023: Solana’s DeFi TVL held steady at ~$400M, daily DEX trading volumes...A quick hop back to the present: TVL has grown to $12B (30x), daily DEX trading volumes have touched...dominant in Total Value Locked (TVL), Solana has outpaced Ethereum in activity-based metrics, including DEX...

Even today, in a much less frothy market, Pump assets are still driving ~40% of monthly DEX transactions...Pump-related assets accounted for over 40% of all Solana DEX volume at their height....Even now, they consistently make up about 25% of total DEX volume — a staggering figure for a single...

CEX-DEX Arbitrage Paladin doesn’t stop at on-chain opportunities....It extends its reach to CEX-DEX arbitrage through a clever permissionless bulletin board system....The ability to do CEX-DEX arbitrage will make the Paladin bot more attractive to validators, as competing...A valuable service that improves transaction execution from existing aggregators like Jupiter.

...throughput chains are meaningfully better in execution and user experience, and start to seep into DEX...Shadow Exchange, a DEX on Sonic, has the 4th highest 30-day revenue.

When we look at coin aggregators like CoinMarketCap or CoinGecko, the token lists are over 100 pages...These aggregators don’t even tell the whole story when it comes to public market token supply....year, we noted that Solana was at parity with Ethereum across several lower-level data points like DEX...

In my last alpha feed, I covered the two early DEX contenders on Hyperliquid’s L1, the HyperEVM.

The TVL on Fuel Ignition has dropped below $10mn with DEX trading volumes consistently below $1mn per...A DEX scans these pending orders (predicates) to create a limit orderbook....Let’s say the DEX wants to enable application-specific sequencing (ASS)....The predicate creation process adds another constraint: the need to sign off on transactions with the DEX...

Drift is also interesting because BET composes with its perps DEX and borrow/lend platform....CEX/DEX arbs are estimated to make up around 20% of all DEX volume....has anyone done an updated analysis on % of cex-dex volume that @FrontierDotTech did ~1.5 years ago?

Users can stake WEMIX for a 5.3% APR or interact with their DEX, PNIX, where tokens like CROW and DRACO...Its blockchain arm, built around the WEMIX platform, spans a blockchain, DEX, NFT marketplace, and a...

They could end up with substantially powerful and lucrative positioning, occupying a similar role of aggregators...

...collateral within the Elixir ecosystem, accepted by nearly all of Elixir’s decentralized exchange (DEX...