一. DEX Updates

— Key Takeaways —

💡 DoDo has successfully deployed on Scroll Alpha Testnet

💡 Paraswap supports Gas Refund on multiple chains, such as Optimism

💡 QuickSwap integrates ParaSwap's API, ensuring all transactions get the best rates

💡 Sushiswap proposes collaboration with DWF Labs to improve the liquidity and trading volume of Sushi V3, and to increase the liquidity of $SUSHI token on major exchanges

💡 Pancakeswap launches on Polygon zkEVM

💡 Regarding trading volume, the overall market trading volume in the past two weeks has decreased by 21.04% compared to the previous two weeks. Looking at the situation month-on-month, the trading volume of most exchanges has significantly decreased compared to the previous two weeks. Spookyswap performed exceptionally, with a noticeable increase in trading volume; exchanges that performed poorly include Curve, Balancer.

— DEX Roundup —

DODO

• DODO has hit a major milestone of 20 million in total transactions and surpassed $120 billion dollars in all time volume.

• The cross-chain bridge temporarily removes MultiChain.

• Deployed on a Scroll Alpha Testnet.

• Release **A Mid-Year Recap of 2023.

Balancer

• Timeless Finance, Paraswap, AIchemix, Y2K, and others officially announced joining Balancer's #8020Initiative.

• Launched Cross-chain veBAL boosts to sync $veBAL governance position and earn up to a 2.5x liquidity mining BOOST on L2s.

Paraswap

• Supports Gas Refund on multiple chains, such as Optimism.

Quickswap

• QuickSwap integrates ParaSwap's API, ensuring all transactions get the best rates.

Curve

• Proposal passed: Set a separate monetary policy for the crvUSD market of WBTC and ETH, and reduce the loan interest rate by 40%. This leads to a decrease in the interest rate of non-staked assets, while crvUSD continues to rise.

— Market Overview —

Trader Joe

• DeltaPrimeDefi has integrated $JOE as a collateral option, which can be used to borrow stablecoins, $ETH, $BTC, or $AVAX.

• Announced cooperation with OKX for liquidity management.

Uniswap

• Passed 200M unique transactions

• Updated Uniswap wallet, safer and more flexible, added the feature to show and hide tokens.

Sushiswap

• Collaborates with the decentralized off-chain computing protocol Steer to strengthen the liquidity management of concentrated liquidity pools.

• Deployed Concentrated Liquidity to the Optimism network and incentivized with sushi tokens.

• Proposed a collaboration with DWF Labs to improve the liquidity and trading volume of Sushi V3, and to increase the liquidity of $SUSHI token on major exchanges.

• The Sushi community plans to hire Gresham International as the corporation to protect Sushi's business and initiate a vote.

Pancakeswap

• Launched on Polygon zkEVM.

• Used CELER network to bridge $OP to BNB Chain.

• Published mid-year Recap.

1inch

• Added scroll bar customization to Fusion Mode orders for parameters such as "maximum/minimum, auction time," etc.

• Collaborated with decentralized order book Lighter.xyz to reduce transaction costs and provide the best prices through on-chain order books.

• 1inch wallet supports QR code receipt of tokens.

Part 2. Data Tracking

Trading Volume and Market Share Analysis

In terms of trading volume, the overall market trading volume decreased by 21.04% in the past two weeks compared to the previous two weeks. When compared on a month-on-month basis, the trading volume of most exchanges significantly decreased. Spookyswap showed outstanding performance with a noticeable increase in trading volume, while Curve and Balancer performed poorly.

In terms of market share, the top three DEXs are Uniswap, Pancakeswap, and Curve. Uniswap's market share slightly decreased, while DODO maintained the fourth position, and Apex-pro maintained the fifth position. Other exchanges that performed well include Ferro and Quickswap, among others.

Whale Watch

Compared to the previous two weeks, there was little change in the proportion of large-scale and small-scale transactions on ETH in the past two weeks, while the proportion of medium-scale transactions continued to slightly decrease.

Part 3. Project Analysis

LI.FI

LI.FI is a cross-chain bridge aggregation protocol that supports any-2-any exchange by aggregating network bridges and connecting them to DEX aggregators.

• The future is multi-chain, and cross-chain bridge solutions will play a crucial role at the infrastructure level.

• For users: Many users encounter interesting dApps on other chains but lack the funds. The bridge to learn how to transfer funds across chains becomes a significant friction point in attracting user adoption. High-yield protocols on L2/side chains need a secure and reliable way to transfer funds, and multi-chain wallets aspire to compete with CEXs by enabling asset exchanges across different chains.

• As a cross-chain bridge and DEX aggregator, LI.FI can route any asset on any chain to the desired asset on the desired chain, providing an excellent user experience.

• For developers: There are too many cross-chain bridges that require self-learning, and it would be better to receive support from professionals and algorithms. Additionally, the current cross-chain bridge networks are not mature, which may bring security risks, insufficient liquidity, and significant maintenance costs.

• LI.FI maintains all bridge connections, allowing developers to access multiple bridge connections and handle rollbacks and decisions programmatically. Additionally, LI.FI connects to various DEX aggregators, addressing the limitation of bridges being limited to stablecoins and native currencies.