Part 1. DEX Updates

— Key Takeaways —

💡 DODO has successfully integrated the @Scroll_ZKP mainnet.

💡 Balancer has created a "claim submission form" to facilitate compensation reviews, with a deadline for submitting withdrawal hashes set for 60 days later.

💡 The issuance of $crvUSD has reached a new all-time high of 130M.

💡 PancakeSwap: The transaction volume on the ETH trading chain has exceeded $2B, with the total trading volume surpassing $500B.

💡 Trader Joe has announced the specific details of $ARB rewards.

💡 Project Interpretation - brc20-swap: The first native exchange protocol based on the Bitcoin mainnet.

💡 In terms of trading volume, the overall market volume has increased by 23.83% over the past two weeks, maintaining active growth, with a roughly 50% increase in transactions over the past month. Influenced by a market upturn, there has been a significant increase in DEX trading volume over the past two weeks. Exchanges such as Balancer and TraderJoe performed well, while Curve and Maverick showed weaker performance.

— DEX Roundup —

DODO

• Collaborated with @okxweb3 to host the DODO x OKX Wallet Trading Event, splitting 10,000 USDT in trades on DODO.

• Stopped incentives for the USDT-BUSD currency pair, shifting rewards to the new USDC-USDT pair.

• DODO V3 announced on @immunefi, offering a $10,000 reward for identifying potential bugs.

• After integration into the Manta Network, hosted an AMA with @MantaNetwork on Binance Live.

• Proposal passed to transfer 2 million DODO tokens to Scroll for liquidity mining, trade incentives, and other strategic initiatives.

Uniswap

• Hook Promotion: Introduced hooks such as allowing governance token holders to vote and LP at the same time, and encouraged Hook developers to tag them.

• Data: UniswapX's trading volume exceeded $1B.

Curve

• crvUSD launched on AAVE.

PancakeSwap

• Launched Dumb Mode: automatic closure after 60s, 5m, and 10m, currently supports: $BTCUSD, $ETHUSD, $CAKEUSD, $BNBUSD, $SOLUSD, and launched on BNB Chain and Arbitrum.

• Website update on veCAKE governance capabilities: Gauges voting and veCAKE, which will radically change its governance system, especially in managing CAKE emissions.

  • Gauges Voting: Allows veCAKE holders to influence CAKE emissions, directly determining the distribution of CAKE emissions in each pool, thus rewarding specific liquidity pools and projects.

  • veCAKE Features: veCAKE is non-transferable and can only be obtained by staking CAKE. The longer the lock-in period, the more veCAKE is earned.

  • vCAKE to veCAKE Migration: vCAKE and CAKE Syrup Pool will be phased out, and all CAKE staking positions must be migrated to veCAKE to continue receiving rewards.

  • Incentives through External Market Voting: Projects can offer "voting incentives" for pools through external bridge markets to gain more votes and liquidity. veCAKE holders can choose to vote through external markets for additional rewards.

Balancer

• Anticipated launch of Balancer v3.

• PlutusDAO and RDNT Capital collaboration to launch the first #ve8020 Combiner $plsRDNT V2, offering users automatic compounding, maximized enhanced dLP positions, and soon to support $plsRDNT LP on Balancer for additional $BAL, $esPLS, and $ARB gains.

— Market Overview —

Trader Joe

• Trader Joe announced a frontend vulnerability bounty on @ArkhamIntel, offering 5,000 ARKM for identifying vulnerabilities.

• Follow-up on frontend attack: A total of 97 Avalanche users, 17 on Arbitrum, and 6 on BSC were compensated with ~$87k.

• Data: Liquidity Book TVL on AVAX chain exceeded $30.5m, increasing by $10m in November.

SuhshiSwap

• Sushi is expanding to @zetablockchain, a Layer 1 public chain focused on interoperability, supporting native BTC swaps.

• SushiSwap opened a proposal to integrate Algebra Integral (V4) into its platform, aiming to create a significant DeFi moment with this infrastructure integration.

  • Algebra Integral: A modular architecture designed for decentralized exchanges (DEX) that enhances liquidity management and fee adjustment. Represents a new approach to centralized liquidity, allowing easy integration of plugins to liquidity pools.

  • Algebra Integral Divides DEX into core codebases and plugins. This separation is intended to ensure security and flexibility.

  • Benefits of Integrating Integral into SushiSwap: The integration is expected to bring several advantages, including reduced Gas costs (saving 7-22%), enhanced modularity and customizability, and new revenue streams through innovative plugins.

  • Plugin Market Concept: The proposal envisions establishing an AppStore-like DeFi plugin market within SushiSwap, aimed at fostering innovation and providing various new functionalities in the DeFi space.

• Voting began on the SUSHI token economic model proposal, introducing a new $SUSHI economic model covering transaction fees, routing fees, staking fees, and partnerships, specifics of which can be referred to in the last issue.

— Aggregators —

1inch

• #1inch integrated with Blocto's wallet.

• 1inch Fusion deployed on the Base chain.

• 1inchWallet Android update: launched anti-fraud UX and NFT sending features.

• Proposal: Seeking funding for 1inch Network to order four quarterly analysis reports from Messari for Q3 and Q4 of 2023, and Q1 and Q2 of 2024, seeking a total of 80,000 USDC.

Paraswap

• Arken Finance announced the integration of @paraswap into the Arken Super Aggregator.

• Commemoration of one year of PSP 2.0.

• Data: Reached $55B in cumulative trading volume.

Part 2. Data Tracking

Trading Volume & Market Share

In terms of trading volume, there was a decline for the first time, with the overall market trading volume decreasing by 22.37% compared to the last two weeks. This decrease in volume was evenly distributed among various DEXs. On a sequential basis, all DEXs experienced a slight contraction in trading volume. DEXs in the Solana ecosystem, such as Orca, Raydium, and Serum, showed impressive performance. Orca appeared in the Top 5 for the first time, followed closely by Raydium in the sixth position. This is closely related to the activity within the Solana ecosystem.

In terms of market share, Uniswap and PancakeSwap maintained their top positions, with Thorchain holding the third spot, followed closely by Curve. Orca and Raydium leapt to the fifth and sixth positions with nearly 4% market share. Trader Joe and DODO followed closely. It's evident that the market structure maintained the "one super, many strong" pattern of the top DEXs on various blockchains dividing the market as seen in the previous week.

Part 3. Project Analysis

TURTSAT: A Community-Driven Ordinals Launchpad Platform

Turtsat is a community-driven Ordinals Launchpad platform, aiming to become the Gitcoin of Ordinals. It provides a platform for everyone to build, donate, and influence Bitcoin Ordinals and BRC-20 through Turtsat. By adopting a foundational donation protocol, it engages more open-source developers and communities in the growth of the Ordinals ecosystem, allowing them to reap the benefits.

• For Builders: They can apply for initial funding assistance, enhance their influence, seek technical help, and use a comprehensive toolkit and robust infrastructure specifically designed for Ordinals Builders, accelerating their development progress.

• For Retail Investors: They can participate in voting, including project recognition and Turtsat operations; select, vote, and donate to support open-source Ordinals projects around the world; get involved and benefit from workflow distribution and early project development.