一. 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

• Successfully integrated with the mainnet of @Scroll_ZKP.

• Support for the Transaction Boost feature by @blocknative that allows transactions to be submitted via Blocknative's dedicated RPC nodes, mitigating potential MEV attacks.

• Integrated with the OKX Web3 wallet.

• Participated in the Scroll Mainnet Alliance Week event initiated by @taskonxyz to encourage interactions on the Scroll mainnet.

• Proposal: The annual emission rate of the vDODO staking pool is 3.1%, which may have led to stagnation in the growth of vDODO holders. Therefore, it has been decided to suspend DODO emissions in the vDODO staking pool. This measure will not affect fee dividends, and the withdrawal fee for vDODO will also be reduced to 0% once the proposal is effective.

Balancer

• The ve33 aggregator project Root has joined the 8020 plan (ve33 aggregator).

• A "claim submission form" has been created for users withdrawing from affected pools to facilitate compensation reviews, with a 60-day deadline for submitting withdrawal hashes.

• Launched a new Dune dashboard: #ve8020.

Curve

• $crvUSD has accumulated $1M in fees.

• $crvUSD is now available on Instadapp Pro.

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

— 市场一览 —

Trader Joe

• Added a Quick-Picks feature, which allows for quick exchanges with the most popular tokens in just two clicks. However, there is a bug that may recommend multiple identical tokens.

• Announced the specific details of $ARB rewards aimed at generously rewarding market makers and native token holders, ensuring the smooth execution of three phases, specifically:

  1. 1.51 million $ARB tokens to be distributed over three months from November to January, in three phases, each lasting four weeks.

  2. Rewards distributed to three main areas: native token market maker rewards 50%, multi-chain token MM rewards 16%, new Arbitrum token MM rewards 10%, and auto pool yield farming 24%.

  3. Market-making incentives (accounting for 76% of LB rewards) require a high score on the trading fee leaderboard to unlock rewards. AutoPool (accounting for 24%) is an automated liquidity manager built by Trader Joe for the Liquidity Book, offering one-click liquidity provisioning.

• The first phase of Reward is now live.

Uniswap

• Actively promoting UniswapX and the Uniswap wallet.

• Celebrating Uniswap's 5th anniversary.

• On Arbitrum, Polygon, Optimism, Base chain, Uniswap has become the number one DEX by 7-day trading volume.

PancakeSwap

• Transaction volume on the ZK mainnet @zksync has exceeded $1B.

• Bybit and Binance have launched $CAKE perpetual contracts, supporting up to 25x and 50x leverage, respectively.

• ETH trading chain's transaction volume has surpassed $2B, with a total trading volume over $500B.

• Announcement: Compared to Uniswap, PancakeSwap's advantage lies in having no front-end fees and low transaction fees starting from 0.01% (Uniswap starts from 0.05%).

SuhshiSwap

• Given BobaAvax's announcement of ceasing operations, users must withdraw BobaAvax LPs liquidity by October 31, 2023, and transfer assets to prevent losses.

• Proposal: Proposes a new $SUSHI economic model covering transaction fees, routing fees, staking fees, and partnerships, specifically:

  1. The new model aims for sustainable growth and long-term strategy to support the growth of the protocol.

  2. The model is based on the pillars of protocol sustainability, token utility enhancement, and treasury diversification. Current challenges include improving liquidity subsidy efficiency, balancing value extraction, economic stability, and LP incentive adjustments.

  3. The new economic model design emphasizes transaction fees, routing fees, staking fees, and partnerships as sources of revenue. It will consider the interests of LPs, xSushi holders, traders, and partners. Goals include promoting decentralized ownership, enhancing liquidity, sustainable growth, protocol stability, improving $SUSHI utility, and treasury diversification.

— Aggregators —

1inch

• On the Ethereum chain, 1inch's total trading volume has exceeded $300B, with trading volume over $400B across all chains.

• In the third quarter, 1inch maintained its leading DEX aggregator position with over $2B in trading volume and a 50% market share.

• Binance wallet announced that it will use 1inch routing by default.

Matcha

• Launched the feature to view transaction history, with rewards for the earliest transaction recorders.

Paraswap

• Actively promoting the ParaSwap wallet.

• AAVE has integrated the Swap widget, now allowing asset exchanges directly in the Aave UI, with aggregation services provided by @paraswap.

• Integrated 0xPolygon's Migrator contract, supporting a 1:1 swap from $MATIC to $POL.

• Integrated @VelocimeterDEX on the Base chain.

• Upgraded the $PSP Gas Refund UI with a new dashboard. This is intended to encourage users to interact with the ParaSwap ecosystem as much as possible, the more they stake, the more they get refunded.

Part 2. Data Tracking

Trading Volume & Market Share

In terms of transaction volume, the overall market volume has grown by 23.83% compared to the last two weeks, maintaining active growth with an approximate 50% increase in transactions over the past month. Influenced by a warming market trend, DEX's transaction volume has generally seen a significant increase in the last two weeks. Exchanges such as Balancer and TraderJoe performed well, while Curve and Maverick showed weaker performance.

In terms of market share, Uniswap remains at the top, still holding a dominant 50% market share. PancakeSwap remains in second place, followed by Curve, Maverick, Thorchain, DODO.

Part 3. Project Analysis

brc20-swap: The first-ever Ordinals native swap

The brc20-swap is the first native exchange protocol built on the Bitcoin mainnet that leverages the brc20 protocol as the underlying asset infrastructure. It officially launched on November 1st. This system operates independently of bridging technologies, cross-chain EVMs, sidechains, or layer-2 networks; it is an exchange protocol integrated into the Bitcoin blockchain through inscription technology.

Key points about the brc20-swap protocol include:

• It showcases the capability for genuine exchanges using ordinals and represents the first demonstration of expanding the potential of the brc20 protocol.

• The UniSat brc20 indexer aims to be a leader in the space by supporting innovation and aims to boost its competitive edge. The brc20 protocol strives to maintain its core attributes of simplicity, stability, and reliability. Any extensions should be made without disrupting the existing system.

• During the initial phase on the mainnet, brc20-swap will operate in a "black module state," meaning that withdrawal functionalities will be restricted: withdrawals within the module can only be fulfilled when there are new external user deposits. Consequently, a lack of deposit requests for assets might lead to delays in corresponding withdrawal requests. Assets with at least 15 days of trading activity on the UniSat market in the last 30 days will be included, ensuring transaction activity and liquidity. Thus, the initial phase of brc20-swap will support 14 assets, including sats, ordi, trac, etc., to mitigate the risk of withdrawal delays.

Note: brc20-swap is currently only available for addresses that are whitelisted or have the brc20-swap Prime Access inscription on the mainnet.