Uniswap vs Curve: Which Is the Best DEX?

JUL 19, 2022 • 14 Min Read

DISCLOSURES: THE AUTHORS OF THIS REPORT HAVE MATERIAL OPEN POSITIONS IN CRV. THE AUTHORS HAVE NOT PURCHASED OR SOLD ANY TOKEN FOR WHICH THE AUTHORS HAVE MATERIAL NON-PUBLIC INFORMATION DURING THE RESEARCH AND DRAFTING OF THIS REPORT. DELPHI VENTURES HAS INVESTED IN UNI & OFF-CHAIN LABS (ARBITRUM). THESE STATEMENTS ARE INTENDED TO DISCLOSE ANY CONFLICT OF INTEREST AND SHOULD NOT BE MISCONSTRUED AS A RECOMMENDATION TO PURCHASE OR SELL ANY TOKEN, OR TO USE ANY PROTOCOL. THE CONTENT IS FOR INFORMATIONAL PURPOSES ONLY AND YOU SHOULD NOT MAKE INVESTMENT DECISIONS BASED SOLELY ON IT. THIS IS NOT INVESTMENT ADVICE.

Key Takeaways

  • Curve v2 marks the DEX’s foray into vanilla, unpegged assets. With this upgrade, Curve directly competes with general purpose DEXs like Uniswap, 0x, and others.

  • While both Uniswap v3 and Curve v2 use concentrated liquidity, the two DEXs approach the idea with vastly different solutions. Each DEX thus has its own merits and drawbacks.

  • Curve v2 concentrates liquidity around an internal oracle price. Liquidity in a Curve pool is dependent on the spread between the internal oracle price and the point at which liquidity is maximally concentrated.

  • From our deep data analysis, we were able to unearth some interesting findings — specifically, how Curve v2 actually offers superior execution prices in most situations.

  • The fee environment of a blockchain plays a key role in determining whether Uniswap or Curve offers the best execution. We confirm this by running simulations in a low fee environment.

  • As Ethereum’s scaling roadmap comes to fruition, Curve could become a force to reckon with in the broader DEX landscape.

  • If you would like to mess around with the data yourself, the scripts and csv files have been open-sourced here.

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