Part 1. DEX Updates

— Key Takeaways —

💡 DODO X now supports use on all chains supported by DODO.

💡 Uniswap Wallet can automatically detect taxes (fee-on-transfer, FOT) during swaps.

💡 Trader Joe UX Improvement: Swap Anyway feature.

💡 1inch's front-end trading volume ranked first in November, possibly indicating that traders are becoming more "intelligent".

💡 Trader Joe UI Update: Direct display of slippage numbers in the UI interface and automatic refresh of Swap prices every 30 seconds.

💡 Project Insight - Gearbox: Composable Leverage protocol Margin trade on Uniswap, leverage farm on Curve

💡 In terms of trading volume, the overall market volume has increased by 13.01% in the last two weeks compared to the previous two. DEXs with notable volume growth are still those on L2 public chains or other public chains outside of the ETH chain. For example, Raydium, influenced by the active ecosystem on the SOL chain, saw a significant increase in trading volume. Similarly, Camlot on the ARB chain showed active trading volumes, with the ARB token also performing strongly. Astroport, the main DEX on the Sei chain, however, showed a slight downturn in trading performance over the past two weeks.

— DEX Roundup —

DODO

• DODO X now supports use on all chains supported by DODO.

• DODO now supports @useOneID DID, which is a unified multi-chain identity across 80+ networks.

• DODO has integrated @Marginlycom, supporting up to 20x leverage for long or short positions on Uniswap and other DEXs.

• DODO integrated Rabby Wallet, a multi-chain wallet for Ethereum and all EVM chains. zkPerp and DODO integration are also included.

• Promotion: How to issue your own tokens using DODO.

• Event: Users with more than 10 MEDIA scores on TrustaLabs' Linea or Base chains can swap on DODO Swap with zero fees.

• Buyback: The 30th DODO buyback is complete. DODO protocol's total revenue for the past month was 27,918 USDT, of which 20,938.5 USDT was used to buy back 121,222.48 $DODO tokens, now transferred to the vDODO smart contract.

• DODO 2023 Data Spotlight:

  • Trading Volume and Ranking: In 2023, DODO's total trading volume reached $29.5 billion, ranking it fifth among all observed decentralized exchanges (DEXs).

  • Liquidity Pools and Transactions: The platform facilitated 2.56 million transactions through its liquidity pools, involving 488,000 addresses.

  • Public Chain Contributions: Different public chains made significant contributions to the $29.5 billion trading volume, with Ethereum leading at 76.6%, followed by BNBChain at 11%.

  • DODO X Performance: As an aggregator product, DODO X generated $1.73 billion in trading volume, ranking seventh in aggregator products tracked on Dune based on aggregated trading volume and number of transactions.

  • Layer 2 Deployments: DODO completed deployments on new Layer 2 public chains, including Base, Linea, Scroll, gathering initial data.

• DODO 2023 Year in Review:

  1. Product Launches: In 2023, DODO launched several new products, including a trading widget, Limit Order V2, developer portal, UI/UX upgrade, DODO X aggregator, and dynamic slippage.

  2. Integrations: DODO achieved multiple integrations, including with different chains (such as Scroll_ZKP, MantaNetwork, LineaBuild, Base), bridge protocols (such as ConnextNetwork, AcrossProtocol), wallets (such as KuWallet, FrontierDotXYZ, FoxWallet, okxweb3, gate_io wallet), and other services (such as AlchemyPay, AirSwap, OKX DEX), as well as collaboration with AI service awesomeqa_xyz.

  3. Global Activities: DODO participated in several key global events, including Ethereum Denver, EDCON2024 Montenegro, kbwofficial, gmvn_official, WXblockchain Week Hong Kong, and EFDevconnect Istanbul.

Uniswap

• The Uniswap Wallet now automatically detects tax (fee-on-transfer, FOT) during swaps.

• Swap protection has been launched on iOS and Android platforms.

• Plans to test the new "reordering slippage" metric using USDC-ETH and PEPE-ETH pools: Reordering slippage measures the difference between actual slippage in a transaction and the average slippage experienced in the same transaction executed in a randomly ordered block.

• Data: Mobile app's trading volume reached $982M.

• Data: In 2023, the Uniswap Support team handled 1,614,137 visits, with 27,448 Q&As, averaging a response time of under 1 hour.

• Research Report: Collaboration with @circle to explore how on-chain international remittances can become a safer, cheaper option. Conclusion: DeFi could reduce remittance costs by up to 80%.

• Uniswap 2023 Year in Review:

  1. Growth in Swap Volume: Uniswap Protocol completed 163 million swaps, with a trading volume of $454 billion, with February having the highest swap volume.

  2. Increase in New Users: Uniswap welcomed 2.89 million new wallets for swaps and added 3.33 million new LP positions. In addition, in collaboration with talostrading and FireblocksHQ, DeFi liquidity was introduced to institutional investors.

  3. New Product Launches: Launched UniswapX, released the v4 whitepaper, expanded Uniswap to new chains, and brought Uniswap to iOS and Android platforms.

  4. Enhancing DeFi Accessibility: Committed to making DeFi accessible anywhere, anytime globally, the mobile app supports over 18 currencies and added seven languages.

  5. Global Event Participation: Uniswap participated in various conferences, hackathons, and panels globally, from Paris to New York to Singapore.

Curve

• The issuance volume of crvUSD remains low even after a pullback, currently stable at around $103 million.

• Proposal: Curve's refund proposal passed and implemented, allowing stolen users to claim compensation through the UI interface.

PancakeSwap

• veCAKE multi-chain expansion proposal: Planned launch on zkSync Era.

• @PANCAKESWAP opened voting for a proposal to reduce the $CAKE supply by 300M. The proposal aims to decrease the maximum supply of the $CAKE token from 750 million to 450 million.

• Data: Highlighted the top 10 hottest videos on the Pancake channel on YouTube.

• PancakeSwap 2023 Year in Review:

  1. Product Enhancements and Market Share Growth: Launched v3 and veCAKE. DEX market share doubled, with trading volume surging to $630 billion, and TVL reaching $1.68 billion.

  2. User Base Growth: Supported by 1.5 million monthly active users and a strong community of 2 million.

  3. Multi-Chain Expansion: PancakeSwap expanded to 9 chains, reflecting their commitment to becoming "Everyone's Favorite DEX" in DeFi.

  4. Trading Innovations: Launched v3 and Perpetual v2, offering lower fees and more flexible liquidity provision schemes. Introduced fiat on-ramps and trading rewards, making trading more user-friendly and inclusive.

  5. "Earn" Diversification: Enhanced the power of CAKE stakers through veCAKE and revenue sharing. Offered varied earning paths through Liquid Staking, Simple Staking, and Position Manager.

  6. Foray into GameFi: Entered the GameFi sector with the launch of the PancakeSwap Gaming Marketplace. Introduced engaging titles like Pancake Protectors and Pancake Mayor. Invited developers to build games integrating CAKE, Squad, and Bunnies NFTs.

Balancer

• plsRDNT V2 launched: A governance aggregator, maximizing liquidity and rewards for users through liquid wrappers @arbitrum.

• With V3 set to launch in early 2024, the grant program will resume full funding, aimed at new integrations with Balancer's new technology and improvements to help foster widespread adoption. The funding event will last for 3 months, offering 50k BAL.

— Market Overview —

Trader Joe

• UX Improvement: The "Swap Anyway" feature. Several conditions can disable the "Swap" button, including token quantity, swap enablement, sufficient liquidity, trade simulation, and more due to malicious reasons.

• Benqi migrated their farm rewards to the $QI - $AVAX Trader Joe liquidity pool.

• Demonstrated how to use TraderJoe DEX with CQO tokens.

• Opened trade routing from the Marginly app to Trader Joe, allowing Trader Joe DEX to be used as the settlement layer for Marginly. (Marginly supports up to 20x leverage on long or short positions on Uniswap and other DEXs.)

• In collaboration with @BenqiFinance Folks Finance, deployed their LSD $xALGO to Avalanche.

• mJOE bridged to the Mantle network will be airdropped new tokens, $MOE.

• Trader Joe 2023 Year in Review:

  1. Trading Volume: Reached approximately $19 billion, with $13.8 billion on the AVAX chain and $5 billion on Arbitrum.

  2. Max Supply Hit: Trader Joe's platform token $JOE reached its maximum supply of 500M, ending daily emissions and signifying a new phase in its life cycle with ultra-low inflation. Remaining undistributed $JOE will be gradually unlocked.

  3. Increase in Token Holders: In 2023, Trader Joe's token holders increased to 200,000 across different blockchains, including 131,000 on Avalanche, 47,000 on Arbitrum, 24,000 on BNB, and 500 on Mantle. $JOE, initially issued on Avalanche, has become a cross-chain token.

  4. Unique Wallet Interactions: Approximately 2 million unique wallets interacted with the DEX and Liquidity Book, with about 400,000 wallets using the DEX across multiple chains.

Sushiswap

• Summarized predictions for 2024 by various institutions: Growth and legalization of BTC, Ethereum's continued dominance and development, expansion of DeFi and NFTs, etc.

• Sushiswap 2023 Year in Review:

  1. Expansion of SushiXSwap: SushiXSwap has expanded across 7 networks including Ethereum, Arbitrum, Optimism, PolygonLabs, Base, Avalanche, and BNBChain, offering seamless cross-chain swap services.

  2. Most Popular Trading Pools: In Sushi's most popular trading pools, the top pools in v2 were $ILV/$ETH, $MAGIC/$ETH, $USDC/$ETH, and in v3 were $ETH/$USDbC, $ETH/$USDC.e, $ETH/$ARB.

  3. Expansion of the Multi-Chain World: Sushi's multi-chain world further expanded in 2023, adding 6 new chains and now deployed across 30+ networks.

  4. New Products in 2023: Launched v3 AMM, DEX aggregator, SushiXSwap v2, Smart Pools, and stylish UI updates.

  5. Participation in Global Crypto Events: Participated in various global crypto events such as EthCC, ETHDubaiConf, EthereumDenver, kbwofficial, token2049, Permissionless, messarimainnet, etc., and looks forward to seeing more community members in real life in 2024.

0x Protocol

• Proposal: Requested funding for developing batch multiplexing features to improve the core protocol. Amount: $25k. The proposal was approved.

— Aggregators —

1inch

• In November, 1inch's front-end trading volume ranked first. Since the volume is generated by human users (not MEV Bots, etc.), and aggregators often have better prices, it implies that users are becoming increasingly "smarter."

• Proposal: Seeking funding from the 1inch DAO for comprehensive and dynamic support services, tailored specifically to help develop the 1inch Network ecosystem. The total for 12 months is $890K.

• 1inch **2023 Year in Review:**

  1. Ethereum Market Downturn, but Growth for 1inch: In 2023, Ethereum's trading volume decreased by 7% and user numbers by 14%, yet 1inch saw a 70% increase in trading volume on Ethereum to 6.5 million transactions, totaling $83 billion. The user base grew by 30%, reaching 1.1 million.

  2. Key Updates in 1inch Wallet: Including Ledger integration, managing contacts with Address Book, viewing assets across all networks at a glance, and easy connection to dApps via WalletConnect v2.

  3. Portfolio and User Experience: Providing a complete performance overview of assets, effortless 1inchFusion swaps on Android, flexible backup solutions across platforms, and a focus on offering the best UI/UX.

  4. Launch of 1inch Developer Portal: Since its launch in July 2023, it has become a crucial Web3 SaaS platform, deploying 12 APIs, supporting 9 billion API calls, welcoming 15,000 developers, onboarding 163 partners, and becoming essential for in-house operations.

  5. Global Impact: Sponsored 32 events across 13 countries on 4 continents, supported 10 hackathons with 229 project submissions from developers, engaged in 79 speaking slots, and hosted 10 legendary 1inch parties.

Paraswap

• Paraswap 2023 Year in Review:

  1. Growth in Trading Volume and Transactions Processed: Processed $15.6 billion in volume, with 5.46 million transactions and over 1 million addresses using ParaSwap. Achieved a record-breaking 24-hour volume of $697 million. Expanded to two new chains: Polygon zkEVM and Base.

  2. PSP 2.0 and Social Escrow Introduction: Saw a 900% growth in $PSP TVL on the mainnet. Distributed 738 ETH to $PSP stakers and 13.9 million PSP for the Gas Refund Program.

Matcha

• Matcha 2023 Year in Review:

  1. Trade History Review: Provides the functionality to view personal trade history, allowing users to reminisce about past bear and bull markets.

  2. Sharing Trading Experiences: Encourages users to share their funny, random, or embarrassing trades on the platform, with the most popular stories winning Matcha merchandise.

  3. Fee-Free Public Liquidity Swaps: Maintained free swaps on Matcha, offering liquidity across more than 100 DEXs, including Uniswap.

  4. Enhanced Trading Efficiency: Emphasizes that standard mode swaps are fee-free and offer deeper liquidity and better prices than competitors.

Part 2. Data Tracking

Trading Volume & Market Share

In terms of trading volume, the overall market volume has increased by 13.01% in the last two weeks compared to the previous two. DEXs with notable volume growth are still those on L2 public chains or other public chains outside of the ETH chain. For example, Raydium, influenced by the active ecosystem on the SOL chain, saw a significant increase in trading volume. Similarly, Camlot on the ARB chain showed active trading volumes, with the ARB token also performing strongly. Astroport, the main DEX on the Sei chain, however, showed a slight downturn in trading performance over the past two weeks.

Regarding market share, Uniswap's share continues to be significantly compressed. The Ethereum ecosystem's recent performance is concerning, with Raydium surpassing Orca to rank third. Although Astroport's trading volume declined on a week-over-week basis, it still strongly holds the fourth position. The pattern of the leading DEXs on various public chains dividing the market in a "one super, many strong" framework continues.

III. Project Interpretation

Gearbox: Composable Leverage Protocol for Margin Trading on Uniswap and Leveraged Farming on Curve

GearBox: Instead of paying any funding rates, it achieves leverage trading by paying cheaper borrowing fees, using leverage on Curve and liquidity on Uniswap. Gearbox Protocol brings the possibility of composable leverage. It allows anyone to engage in margin trading on Uniswap, leverage farming on Curve, utilize liquid staking on Lido, and use over 10 times the funds on protocols of their choice.

• Gearbox Protocol is not just a few pools; it's an entire architecture supporting plug-and-play smart contracts. Depending on use cases and risk segmentation, different protocol components can be reassembled to achieve these functionalities.

• Composability. Gearbox doesn't have its own order book or trading environment. The leverage obtained by users - for use across multiple DeFi protocols and assets - is entirely composable.

• Leverage as a Service. Other protocols can offer leverage to their users with the help of Gearbox Protocol, without needing to modify anything in their own architecture. They can even participate in Gauge Wars by staking GEAR and making their protocol's rates more competitive.