2.0 Top DEX Platforms

2.0.1 Which DEX metamsak users mostly use?

The below chart shows the distribution of total transaction made by Metamask Users.

Uniswap tops with 20.78 M transactions, compared to Metamask with only 5 M transactions.

The following chart indicates that Uniswap dominates 70 % of total transactions by Metamask Users and Metamask only account for 16.9% of total transactions.

This indicates, Metmask Users tend to use Uniswap more than Metamask for swapping assets.

2.0.2 Trend

Which DEX Metamask Users prefers over time?

The below chart shows the Volume of transactions made on DEX by Metamask User.

Beginning Nov 2019, Uniswap txn Volume has been in increasing, but in cyclical pattern. On Jan 2021, Metamask Volume managed to overtake Uniswap Volume till Nov 2021. Then, Uniswap reclaims with larger volume of txn per month.

The chart indicates that Uniswap and Metamask leads in DEX uses in terms of Total transaction over the past year.

2.1 DEX Fees

This part will concern with Fees spent by Users on Each DEX. We will study minimum Fees, average Fees, and Maximum Fees.

Minimum Fees

Minimum fees is studied to measure the baseline Fees spent by user for successful transaction.

Maximum Fees

Maximum Fees are measured to identify how often users spent large fees to get their transactions prioritized. This is usually done in Higher Order transaction by users to ensure their transactions goes through or experience lowest possible slippage.

Average Fees

Average fees is calculated to visualize the overall fee spent by Metamask Users by using these DEXs.

2.1.1 Max Fees

The max fees by Metamask Users are spent on 1 Inch DEX, and followed by Sushiswap. Metamask Swap has the lowest max fees transaction by its user, even compared to Uniswap.

This may be the reason many address uses Metamask Swap and Uniswap due to their low Max fees needed for sucessful transaction.

2.1.2 Average Txn Fees

Avg Transaction fess on DEX indicate that Metamask Users pays the most fees on 1inch.

Metamask is the 2nd highest in terms of average fee paid. whilst Uniswap is the lowest.

This suggests that overall transactions on Uniswap is much cheaper than on Metamask Swap.

2.1.3 Metamask vs Uniswap; Trend

The chart below shows the trend of Monthly average fees paid by user on DEX transactions.

We can see that since the inception of Metamsk swap, its fee is higher than Uniswaps Fee.

On Feb, 2021, the average fee on Uniswap is 0.093 ETH whilst on Metamask is 0.039, which is about 4 times higher.

Although the fees seems to have lowered and began to fit Uniswaps trend, the average fee paid by users on Metamsk is still higher than on Uniswap

3.0 Conclusion

The Top 2 DEX that is used by Metamask Users are Metamask and Uniswap. Uniswap accounts for 70% of the total transactions made by Metamask Users. Metamask Swap only able to get 30% of the total transactions.

When looking at max fees paid, both Metamask and Uniswap are amongst the lowest of the Top 5 Dex.

In terms of average transactions fees Metamask is the 2nd DEX with highest avg fee, whilst Uniswap is the lowest.

This shows that users paid less fees when using Uniswap than Metamask, which explains the high transaction volume on Uniswap than Metamask.

This is confirmed when looking at the trend of average fees paid over time, comparingg Metamask and Uniswap.

3.1 Ideas

In order for Metamask to compete against other DEX, they need to offer competent fees, or add additional value to attract users for using their Metamask Swap.

For Example, Rango Exchange offers rankings, affiliate program, and competetions for using their DEX.

1.0 Introduction

This analytics is done to study the total volume of transaction on DEXs, made by Metamask users, and how much fees are they spending on each DEX.

By doing this, we can study how to improve Metamask swap to compete against other DEX.