Introduction

DEXes allow users to exchange cryptocurrencies in a decentralised way by providing different services using smart contracts to subsitute the need of a trusted third party, also called middleman, to verify and secure a transaction like CEXes do.

A very common service for DEXes is the swap of two different cryptocurrencies. In a swap, two type of parties interact in the following way:

• A swapper exchanges one cryptoasset he owns for a different one paying an exchange fee on the process. The exchange operation happens directly between the user's wallet and the liquidity pool.

• A liquidity provider locks a pair of assets in a defined relation in a smart contract (liquidity pool) expecting to earn some passive income from the exchange fees.

Methodoogy

Section 1 - Asset count

A query to count the number of swapped to assets as count(swap_to_asset_id) is made with different variations to obtain the first three figures:

• Figure 1 is obtained only counting the total swaps
• Figure 2 is obtained counting the swaps by asset_id, by joining the swaps and labels table, ordering by swaps in descending order
• Figure 3 is obtained by limiting the query used for Figure 2 to the 10 most swapped assets

Results

Section 2 - Break-up by DEX

The query structure from Section 1 was extended to add the a constraint for each of the four DEXes anlaysed. For Tinyman for instancce,swap_program = 'tinyman' was used. Separate queried were used for Figures 4-7.

All queries have the constrains swap_from_amount > 0 and block_timestamp >= '2022-01-01'

In the new algorand.swaps table there are four DEXes as swap_program as of March 22nd 2022. This bounty will explore the most popular ASA Pools on the DEXes below:

• Tinyman: decentralised trading protocol with an open and safe marketplace. A vulnerability on the smart contract was exploited on January 1st and rebuild in v1.1.
• Algofi: decentralised lending market with own stablecoin STBL
• Pact.fi: a decentralised peer-to-peer protocol which launched on mainnet on February 22nd 2022. Had over 9000 unique users in testnet as of February 12th 2022.
• WagmiSwap: First Algorand Virtual Machine Automated Market Maker (AVM AMM) DEX currently available through its own WagmiSwap Wallet

Conclusions

Most clear conclusion is the dominance of Tinyman in number of swaps as the leading analysed Algorand DEX. This is remarkable given the fact that a hacker exploited a vulnerability on their smart contract. Apparently, they still have the market's confidence after their new platform release.

AlgoFi's own stablecoin, STBL, also seems to be getting track in 2022. It is listed as the Top 4 asset overall and leads AlgoFi's volumen, meaning it is widely used in the whole ecosystem.

It will be very interesting to see the evolution of Pact.Fi and Wagmi once they get larger volumes.

Figure 1. shows the total swaps from the algorand.swaps table in 2022, almost 3M.

Figure 2. shows the distribution of all those swaps. Of the total 2936 different swapped-to assets, Yieldly (16.8%) and USDC (10.9%) are the most swapped to assets leading the top 9 assets by a significant margin. Almost 1M swaps are done with the remaining 2927 assets.

Figure 3. shows the Top 10 swapped to assets by number of swaps. PLANET token makes the list in Top 10. As mentioned in figure 10, Yieldly (320k) and USDC (207k) top the list with a significant lead on Top3, Choice Coin (65k).

Figures 4-6 show the Top 10 distribution for Tinyman, AlgoFi and Pact.Fi DEXes.

• Tinyman replicates the overall Top 10 distribution except for STBL, which falls to Top 8. The volume in Tinyman accounts for over 90% of total volumen of all the top 10 assets except for STBL (around 75%).

• AlgoFi's most traded asset is their own stablecoin STBL with 14k swaps. Note mentioning that this is one third of the volume it sees in Tinyman. goBTC, goETH, Xfinite and Zone also appear in this list.

• Pact.fi's most traded asset is USDC with 3780 swaps. The list is completed with known assets from overall Top 10 as well as with asset like Tinychart, Smile Coin and goETH. Pact.Fi's volumen is very skewed towards USDC and Yieldly, and number of swaps per assets declines very rapidly in the Top 10 list.

Figure 7. shows the Top swaps in Wagmiswap. As a still very young platform, it one has Asia Reserve Currency Coin and Yieldly swaps, in very low volume.