Try Quests to earn cryptoTinyman Dex Popularity
Question
Tinyman was Algorand’s first DEX(decentralized exchange) and in 2022 we’ve seen the launch of three other DEXes: pactFi, algoFi, and Wagmiswap. Let’s look at the launch of these other DEXes and see how they have impacted the number of swaps on Tinyman. Chart the number of swaps by day for each DEX in 2022. Note when the swaps started for each PactFi, AlgoFi, and Wagmiswap and describe whether we see a change in the number of swaps on TInyman after the launch of the other DEXs.
According to the chart above, on January 2, the largest number of swaps was performed in Tinyman. 105,473 swaps were performed on this day. In contrast, the lowest number of swaps is related to January 16. Only 176 swaps were performed on this day. On average, 35,548 swaps have been performed daily in Tinyman since the beginning of January 2022. In the period from January 6 to January 18, the number of swaps has clearly decreased. The reason for this could be the hacking of $ 3 million in this DEX in the beginning of January.
On January 19, 2022, there will be a jump in the number of swaps. So that, in one day, the number of swaps has increased from 966 swaps to 86,867 swaps.
Carefully in the chart above, the downward trend in the number of swaps in Tinyman can be seen. However, this is due to the general conditions of the cryptocurrency market.
On February 14, transactions began at another decentralized exchange called Wagmiswap. WAGMIswap is a straightforward and simple to use Defi platform on the Algorand Network. Backed by QMG Labs and supported by the Algorand Foundation, WAGMIswap is about accessibility to those who would benefit the most from open direct accessible finance.
The chart below shows the number of daily swaps on Wagmiswap.
According to the chart above, on the first day of launching Wagmiswap, only 2 swaps were recorded in this DEX. The maximum number of swaps in this DEX was 494 swaps. No swaps were recorded in this DEX between March 14 and March 17. To observe the effect of Wagmiswap exchange launch on the number of Tinyman swaps, we calculated the correlation between the number of swaps of these two DEXs within two weeks after Wagmiswap launch.
On the other hand, on February 17, 2022, the first swap was performed in Algofi. Algofi is a decentralized lending protocol and stablecoin built on the Algorand blockchain
The chart below shows the number of daily Algofi swaps.
According to the chart above, only 7 swaps were recorded in this DEX on February 17th. Two days later, on February 19, only one swap was recorded in this DEX. But since February 21, the number of Algofi swaps has increased. So that on March 13, 2774 swaps were performed in this DEX. On February 17, an average of 1,087 swaps were recorded daily in Algofi.
To observe the effect of Algofi DEX launch on the number of Tinyman swaps, we calculated the correlation between the number of swaps of these two DEXs within two weeks after Algofi launch.
According to the table above, the correlation between the number of Algofi and Tinyman swaps has been weak and direct. According to the chart below, a weak uptrend is observed in the number of daily swaps recorded in Algofi.
The chart below shows the number of daily swaps on PactFi.
On February 22, 365 swaps were recorded in this DEX. On March 4, the highest number of swaps was recorded in this DEX. The number of these swaps was equal to 1712 swaps. Here again, to investigate the effect of PactFi launch on the number of Tinyman swaps, we calculated the correlation between the number of swaps of these two DEXs two weeks after PactFi launch.
According to the table above, the correlation between PactFi and Tinyman is moderate and direct. According to the chart below, the number of daily swaps on PactFi has been on an upward channel since March 12.
According to the table above, the correlation between the number of Wagmiswap and Tinyman swaps was weak and inverse. Ignoring the sudden jumps in the number of swaps performed on Wagmiswap, we get the following chart. This chart shows that the number of swaps in this DEX is very low and is suffering in a low range.
On February 22, the first swap was recorded in another DEX called Pactfi. The Home of Liquidity, Pact is a decentralised Automated Market Maker (AMM) built on the Algorand protocol, offering deep liquidity and low transaction fees.
This dashboard shows the number of daily swaps of different Algorand DEXs and the general trend of their charts.
Results
- The number of daily Tinyman swaps has been more than other DEXs.
- The number of daily swaps of Wagmiswap was the lowest compared to other DEXs.
- The number of Tinyman swaps is on a downward trend.
- The number of Algofi and PactFi swaps are on an upward trend.