Part 1. DEX Updates

— Key Takeaways —

💡 DODO's stablecoin strategies across different chains maintain high yields, with the highest APR reaching 32%.

💡 Uniswap has launched limit order functionality, and the Uniswap Foundation has funded the Hook Incubator with $600,000.

💡 Several protocols have incorporated strategies related to crvUSD, and Curve Lending has relaunched with an updated UI.

💡 In terms of trading volume, the overall market volume has increased by 76.09% over the last two weeks compared to the previous fortnight. Sequentially, some exchanges have seen a decrease in volume compared to the two weeks prior. Raydium and PulseX performed exceptionally well, with a significant increase in volume; exchanges with poorer performance include Thena, which saw its volume decrease by about 26.94%.

💡 Regarding market share, the top three DEXs are: Uniswap, PancakeSwap, and Orca. Uniswap's market share has slightly decreased; PancakeSwap remained in second place; Orca stayed in third. Exchanges falling out of the top twenty include: Terraswap and Vertex-Protocol. New entrants into the top twenty include: OpenBook and PulseX, both showing good performance.

— DEX Roundup —

DODO

• Mean aggregator integrates DODO.

• Hosts a $90,000 airdrop event in the Binance web3 wallet.

• High yield strategies for stablecoins across different chains.

Uniswap

• Uniswap hook incubator launched, funded by Uniswap Foundation with $600,000, now open for applications.

• Dividend proposal community temperature check passed.

• Mobile app reaches $200,000 in transaction volume.

• The extension now enables one-click management of assets across all supported chains.

• Limit order functionality now available on the web version.

Curve

• Proposal initiated to reduce llamma's transaction fees.

• Proposal to modify sigma parameters related to crvUSD passed, making crvUSD less prone to depegging.

• After calculation, crvUSD lending has only experienced one hard liquidation in history.

• Strike finance and zunami incorporated into crvUSD.

• Curve lending relaunched.

PancakeSwap

• Integrates hashflow with pancake.

• Provides gas fee rebates for veCake users.

• Integrates Wormhole.

— Market Overview —

Jupiter

• Jupiter Launchpad goes live, with the first two projects of the LFG series decided by community vote.

• Proposes JUP vision, dedicated to transitioning Jupiter's governance towards DAO, with an initial core team of five members.

— Aggregators —

1inch

• The cost of swaps and limit orders on 1inch has now been reduced by up to 16%.

• Adds a new activity screen for @1inchWallet Android users, featuring filters for time frame, tokens, status, or type of transaction.

• Software engineer Tanner Moore delivered a keynote speech at #ETHDenver 2024’s #DeFiDay on behalf of 1inch, discussing how to empower dApps with 1inch.

• 1inch collaborates with @CTradersLeague to host a trading tournament with 100 prizes, totaling $3,000 in rewards, running until March 17th.

Matcha

• Trading over $100 on matcha can earn DEGEN Token.

Part 2. Data Tracking

Trading Volume & Market Share

In terms of trading volume, the overall market volume has increased by 76.09% over the past two weeks compared to the two weeks prior. On a sequential basis, the trading volume of some exchanges has decreased compared to the previous two weeks. Raydium and PulseX performed exceptionally well, with a significant increase in trading volume; the exchange that performed poorly was Thena, whose trading volume decreased by approximately 26.94%.

Regarding market share, the top three DEXs are: Uniswap, PancakeSwap, and Orca. Uniswap's market share has slightly decreased; PancakeSwap remains in second place; Orca holds the third spot. Exchanges that fell out of the top twenty include: Terraswap and Vertex-Protocol. New entrants into the top twenty are: OpenBook and PulseX, which performed well.

III. Project Interpretation

Chainflip

Chainflip is a decentralized protocol that allows for cross-chain exchanges directly from personal wallets, without the need for wrapped tokens, central exchanges, or synthetic assets. It utilizes a network of validators to manage and execute exchanges between different blockchains. The core idea revolves around using Multi-Party Computation (MPC) and Threshold Signature Schemes (TSS) to secure funds and facilitate trustless cross-chain transactions.

Features

• Settlement Layer: Includes multiple cross-blockchain vaults controlled by validators, holding transaction assets.

• Accounting Layer: Chainflip state chain, a Substrate-based blockchain, tracks balances, processes events, and executes instructions.

• State Chain: Records protocol activity (such as validator auctions, vault rotation, etc.), providing security, scalability, and governance for the Chainflip ecosystem.

• Witness Deposits: Validators monitor and register external chain events, verify transactions, and record them on the state chain, ensuring deposit security within the network.

• Validator Auctions, Bonds, and Rewards: Validator slots are allocated through auctions, with bonding and reward mechanisms ensuring network security and decentralization.

• Just-in-Time Automated Market Maker Protocol (JIT AMM): Addresses limitations in cross-chain transfers, improves capital efficiency and pricing accuracy, supports range orders, and prevents front-running.