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DEX Wars and Aggregation Theory
We are seeing a similar dynamic occur with DEXes....While initially users interacted with their favourite DEX directly, aggregators such as 1inchexchange...consumers eventually interacting with DEXes via aggregators rather than with the individual DEXes....the DEX itself, but rather the LP....: Most DEXes currently offer only ERC20 tokens.
5 Min
DeFi
Aug 2020
BlackHoleSwap - The Unlimited Liquidity DEX
The BlackHoleSwap’s whitepaper and its “Unlimited Liquidity” claims have made its rounds over Twitter and Telegram this week. Let's dive in....
4 Min
DeFi
Aug 2020
Maverick Takes Aim at the DEX Landscape
Introduction There’s a brand new DEX in town, and it’s quietly sitting among Ethereum’s top 5 DEXs by...Let’s explore why Maverick isn’t just another DEX; it might be the most serious challenger to Uniswap...The overwhelming majority of risk asset pool volume comes from the USDC-ETH 4bp pool, which undercuts...
11 Min
AMM
Jun 2023
Ribbon Expands to Options DEX With Aevo
While Ribbon’s DOVs reached a high of $310M TVL in April 2022, they have since plummeted to $46M TVL...Aevo is a unique derivatives DEX built on its own L2 EVM called the Aevo rollup....leader for options DEXs....The Aevo rollup will be an app-specific rollup that only supports the Aevo DEX.
11 Min
Options
Feb 2023
Uniswap vs Sushiswap: A Tale of Two DEXes
Sushiswap didn’t pioneer AMM models or spend the time actually building the first iteration of the DEX...Broadly, there are many features Uniswap could add to make the DEX more robust, but apart from a few...While Uniswap has been the go-to DEX for new projects to bootstrap liquidity on, Sushiswap is attempting...
8 Min
DeFi
Jan 2021
More Bitcoin Hopium, Yearn Won't Stop, And Polygon DEX Volume
Market Update After a run up past $41,300 yesterday — a potential run on stop loss hunt — BTC is down...Polygon DEX Volume Recovers DEX volumes on Ethereum are still beaten down and yet to recover....But DEX volume on Polygon has bounced hard off lows made earlier in June.
3 Min
DeFi
Jun 2021
Institutional Chat AMA - Nov 4 2020
To be sure all our Institutional members were able to benefit from the open conversations with strong teams building and investing in the space, we’re sharing a transcript of the first official AMA we...
1 Min
DeFi
Nov 2020
DYDX Valuation Analysis & DEX Perps Comparison
A 3% increase in DEX volume share will spur a $470B increase in volume for DEXs at current run rates....The trader repeated the cycle with trades of $4M – $5M, earning $565k in total....Synthetix perps v2 typically has net exposure below 4% of total open interest.
40 Min
Derivatives
Jul 2023
HIP-4:A New Way To Express A Bet
2026 Year Ahead Apps report: perp DEXs are going to eat all of finance....Perp DEXs will be the hub for the digital value age....”​ -​ Delphi Digital, Year Ahead Preview: Perp DEXs Are Going to Eat All of Finance​ HIP-4: A New Way...HIP-4 introduces a new contract type that lets users trade discrete event outcomes alongside spot and...
Derivatives
May 2026
Axie's New DEX and a DeFi Update
DEX Volume Quietly Shoots Back Up Their tokens may not see it yet, but DEX usage is beginning to trend...Excluding the month of May, this was the highest volume week for spot DEXes....Between v2 and v3, Uniswap continues to dominate the DEX landscape....Grayscale Bitcoin ETF 19b-4 filing “noticed” by SEC, starting clock for the conversion of $GBTC to an...
3 Min
DeFi
Nov 2021
DEX Tokens Outperform CEX Counterparts
Today, we compare the performance of CEX tokens with DEX tokens, and our Research team shares some insights...Curve (fintech company, not the DEX) is in discussions to acquire BlockFi’s credit card customers....BTC and a basket of DEX tokens vs. BTC....Since the bankruptcy filing, the DEX basket is up 24% whereas the CEX basket is down 2%.
5 Min
Macro & Markets
Nov 2022
DEX Volume Spikes After FTX Collapse
📊 DEX Volume Spikes After FTX Collapse Weekly DEX volume across all chains increased 146% from...$20B to $49.2B during the first week of November as the FTX saga unfolded....Monthly DEX volume  also increased 110% from $107B in October to $50.8B in November....This was reflected in market prices as a basket of DEX tokens vs.
3 Min
Spot Exchange
Nov 2022
Examining the Design and Traction of GMX's Hybrid DEX
The DEX space is rife with innovative designs that enable efficient swaps across a multitude of assets...One of the newer additions to this space is GMX – a hybrid spot-derivatives DEX on Arbitrum and Binance...But we expect that to pick up with more activity on Arbitrum and integrations with DEX aggregators on...a year) rewards of 48%.
13 Min
Derivatives
Nov 2021
Terra's TVL Growth, Lido's LUNA Benefits, DEX Valuations
...native token prices as they are very commonly used as collateral in DeFi and as base pairs for native DEXes...In Terra’s case, DEX base pairs usually utilize UST instead of LUNA, therefore this growth in TVL is...Relative DEX Valuations Accusations broke out against the Sushi team this week, as investors and the...
4 Min
Staking
Dec 2021
BAYC Flips CryptoPunks, NFT Search Trends, & Derivative DEXes Slow
Derivative DEXes Slowdown on Shaky Markets Volume on derivative DEXes has cooled off as market conditions...shaky. dYdX maintains a strong lead against its competitors as it makes up the bulk of all derivative DEX...MCDEX volume dwindles on both BSC and Arbitrum, GMX and Perpetual Protocol seem to be the only two DEXes...
3 Min
NFTs
Dec 2021
Uniswap vs Curve: Which Is the Best DEX?
Uniswap v3: The Most Dominant DEX in DeFi As mentioned earlier in this post, Uniswap v3 is the latest...Curve v2: A Truly Automated Market Maker While Uniswap focused on being a general purpose DEX for all...Curve intended to build an extremely efficient DEX to trade stablecoins and liquid derivatives....And so, the DEX wars are once again igniting.  ...
14 Min
AMM
Jul 2022
DEX Aggregator Wars: The Positive Slippage Experience
As 2020 came to an end, which aptly coincided with the launch of the 1inch token (DEX aggregator), talks...Still, with the recent growth in 2020 of DEX aggregators (1inch, Matcha, ParaSwap), Defi Dashboards (...October, 0x released a fantastic, all be it possibly biased, piece breaking down the nuances behind DEX...
4 Min
DeFi
Jan 2021
MetaMask Revenues, DEX Fee Competition, and Aggregator Wars
Machine In Sept. 2020, Metamask announced its native swapping feature that gets quotes from multiple DEX...The (Fee) Race to the Bottom Uniswap’s market share among Ethereum spot DEXes hit a record high of...Trading fees on Binance and FTX are far lower than on DEXes....DEX Aggregator Wars 1inch is still the leading DEX aggregator by a large margin.
3 Min
DeFi
Nov 2021
Prices Rebound, Avalanche Dev Activity, & DEX Volumes
Avalanche Climbs Development activity on Avalanche’s C-Chain has grown meaningfully this year, with over 400...In the past month alone, unique C-Chain developers have doubled from 200 to 400....DEX Trading Activity Down From DeFi Summer Levels After a blow-off top in DEX spot volume in May. 2021...
4 Min
Layer 1 / L1
Dec 2021
DAUs of Solana DEXs, Gm.studio Collections, Future of Crypto Gaming
) of DEXs on Solana have declined from 118K on 26th June to 69k (nice!)...On the other hand, DAUs of NFT marketplaces on Solana have stayed consistent between 20-40k during the...Solana’s DEX downtrend is primarily due to STEPN moving their DEX from Orca to their own....of DEXs […]...
6 Min
NFT Marketplace
Jul 2022