Part 1. DEX Updates
— Key Takeaways —
💡 SpiritSwap launched a vote to allow the community to decide whether to start a multi-chain strategy.
💡 Uniswap webapp: transaction wallets, hit an all-time high of 55,550.
💡 1inch launched Router V5.
💡 The overall trading volume of the market in the past two weeks has doubled compared with the previous two weeks. Affected by the market and extreme events(i.e. FTX collapse), most exchanges have achieved a sharp increase in trading volume month-on-month. The exchanges with better performance month-on-month include Orca, Sunswap, and Biswap; the exchanges with poorer performance include Quickswap and Zigzag.
— DEX Roundup —
Balancer
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Initiated a vote, Index Coop x Balancer DAO Partnership (failed).
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Discussed the possibility of future cooperation in the token economy with the Paraswap community.
Paraswap
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Initiate the revised proposal to upgrade the token economy PSP 2.0: PSP 2.0 - Revised Voting Edition
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XDEFI Wallet integrated Paraswap.
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DexGuru integrated Paraswap.
Pancakeswap
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Updated supported trading pairs on Aptos.
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Hippo Labs integrated Pancake on Aptos.
SpiritSwap
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Initiated a proposal, A proposal to take SpiritSwap multi-chain, aiming to start SpiritSwap's multi-chain strategy. The UpperOctave team suggested SpiritSwap to deploy to Canto Network.
The proposal states the following reasons:
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There are strong emotions in our community about the need for multi-chains, especially given the reduced TVL on Fantom. It is an essential move. Multi-chain has the following benefits：
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Guarantee revenue flow to SpiritDAO.
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Create additional revenue streams for the Treasury.
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Become more agile in the marketplace.
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Find new growth opportunities by expanding into new markets.
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— Market Overview —
Uniswap
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Uniswap release the fourth-anniversary data inventory to celebrate 4 year birthday.
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After the collapse of FTX, Uniswap expressed the advantage of DEX over CEX.
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Transaction wallets, Uniswap webapp, hit an all-time high of 55,550 on Nov 15.
Sushiswap
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Published a questionnaire for LP users who use DEX with concentrated liquidity(such as Uniswap V3).
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Cooperated with Web3Dubai to hold an online hackathon competition, and products built on the basis of sushiswap-related products can participate.
1inch
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The ios wallet app was updated. Including new support for HE Wallet and Ledger Nano X, new wallet selector, and other updates.
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Published the cross-chain bridge research report.
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Initiated a proposal to distribute safe tokens for the Gnosis Safe DAO airdrop.
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Launched Router V5 which decreased the gas fee by 10% at least.
Part 2. Data Tracking
Trading Volume and Market Share Analysis
In terms of trading volume, the overall market in the past two weeks has doubled compared with the previous two weeks. Affected by the market and extreme events, most exchanges have achieved a sharp increase in trading volume month-on-month. The exchanges with better performance month-on-month include Orca, Sunswap, and Biswap; poorer performance include Quickswap and Zigzag.
In terms of market share, the top three DEXs were: Uniswap, Curve, and Pancake. Uniswap's market changed little. Curve rose to second place. Pancakeswap rose to third place. DODO fell to fourth place. Balancer remained in fifth place. Siennaswap is new to the top 20.
The Aggregator share of DEX volume on Ethereum had a slight increase compared to the previous two weeks, from 15.6% to 20.7%.
Whale Watch
Compared with the previous two weeks, the proportion of large-scale and medium-scale transactions has increased significantly, while the proportion of small-scale transactions has decreased.
Part 3. Project Analysis
Perpetual Protocol
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Perptual Protocol is a decentralized perpetual trading protocol on Optimism. V1 was launched on xDAI at the end of 2020. V2 Curie was launched on the Optimism mainnet in November, 2021. The protocol aims for perpetual contract transactions.
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Using the vAMM algorithm, users deposit collateral into the vault. When a user opens a position or provides liquidity, the free collateral is converted into vtoken, and the vtoken is converted into free collateral when the position is closed.
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Users can provide liquidity within a range like Uni V3. Unlike CEX which settles funding fees at fixed intervals, users pay funding fees after positions are closed in Perpetual.
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