Part 1. DEX Updates

— Key Takeaways —

💡 QuickSwap went live on Polygon zkEVM.

💡 Uniswap successfully deployed to BNB Chain; its wallet released V1.2 version update.

💡 Trader Joe experienced significant trading volume growth on Arbitrum.

💡 1inch's proposal to launch an NFT aggregator was approved.

💡 Regarding trading volume, the total market trading volume in the past two weeks nearly halved compared to the previous two weeks, dropping to the average level before the USDC depeg. Most exchanges saw a decrease in trading volume compared to the previous two weeks. Camelot, Apex, and Trader Joe performed exceptionally well, with huge increases in trading volume; Openocean and Thena underperformed.

— DEX Roundup —

Balancer

• Introduced Balancer 80/20 BPT Launchpad proposal, supporting projects with an 80/20 lock ratio.

• veBAL celebrated its first anniversary, resulting in a reduction in BAL token emissions.

• The community paid close attention to the recovery progress of the Euler pool and the distribution of ARB tokens.

QuickSwap

• QuickSwap launched cross-chain swaps and liquidity services.

• QuickSwap initiated a 3-day governance vote, discussing the launch of QuickSwap on zkEVM. The proposal was subsequently approved, and QuickSwap went live on Polygon zkEVM.

— Market Overview —

SpookySwap

• Trading data saw a significant decline in the past two weeks, with market share nearly halved.

Trader Joe

• Trader Joe's trading volume on Arbitrum surpassed its volume on Avalanche.

• Benefiting from a 0.2% transaction fee setting, concentrated liquidity, and incentive mechanisms, Trader Joe experienced a significant increase in trading volume over the past two weeks, primarily on Arbitrum.

Orca

• Initiated the first on-chain governance vote and aimed at approving the allocation of 5 million $ORCA to the existing team, as well as approving a $100,000 USDC bounty payment to a white hat organization for vulnerability detection.

Uniswap

• Uniswap deployed to the BNB Chain.

• Key community focus points included:

  • Deployment of Moonbeam and Gnosis;

  • Governance process for public chain deployment after Uniswap BSL expiration, and which cross-chain bridges to use;

  • New fee mechanisms for the Uniswap protocol and distribution of UNI tokens.

• Uniswap Wallet V1.2 update

  • Added NFT details page;

  • NFT listing price display added to the Collection page;

  • Added a show/hide NFT function;

  • Added dark/light mode.

Sushiswap

• Initiated a proposal to discuss whether to establish a legal defense fund.

1inch

• Integrated Uniswap V3 liquidity on the BNB Chain.

• Fusion audit report was disclosed.

• Tangem integrated 1inch.

Part 2. Data Tracking

Trading Volume and Market Share Analysis

Regarding trading volume, the total market trading volume in the past two weeks nearly halved compared to the previous two weeks, dropping to the average level before the USDC depeg. Most exchanges saw a decrease in trading volume compared to the previous two weeks. Camelot, Apex, and Trader Joe performed exceptionally well, with huge increases in trading volume; Openocean and Thena underperformed.

In terms of market share, the top three DEXes were Uniswap, Curve, and Pancakeswap. Uniswap's market share increased significantly; Curve maintained second place; Pancakeswap held third place; DODO remained in fourth place, with Trader Joe rising to fifth. Other well-performing exchanges included Balancer and Sushiswap.

Whale Watch

Compared to the previous two weeks, the proportion of large and medium-sized transactions on ETH decreased significantly in the past two weeks, with an increase in small transactions. The proportion returned to a level before the USDC depeg.

Part 3. Project Analysis

Syncswap

• Syncswap is a decentralized exchange deployed on zkSync.

• Syncswap features completely open-source code, allowing for use without permission, ensuring platform transparency and security.

• Syncswap distributes a portion of the transaction fees as dividends to native token stakers, and the trading pool follows a dynamically adjusted rate mechanism.

• Syncswap uses the AMM algorithm, which still falls short of the concentrated liquidity algorithm currently used by the top DEXes. Its concentrated liquidity pool has not yet been disclosed in detail.