Introduction

Before diving into the analysis, let us go over some basics and important terminologies in algorand.

Dex - stands for Decentralized Exchanges. Allows for peer to peer transfer of tokens.

DEX on algorand. There are four main Dex based on algorand. They are

1. Tinyman
2. Wagmiswap
3. Algofi
4. Pactfi

Asset - Asset in algorand is similar to a token on etherum.

If you are interested only in the new users who havent used tinyman, then please feel free to skip to the last section

Number of users

We'll start by looking at the total number of users on all the algorand DEXs combined.

There are a total of 179.7 k users who have swapped on the DEXs.

Distribution of users by DEX

We'll now look at how the users are split based on the different DEXs.

It can be clearly seen that the majority of the users are associated with the tinyman exchange. And algofi exchange come a distant second.

Hmm, could there be a reason for this ?

To answer this, we will need to look at when the DEX started functioning, that is, when they processed the first swap.

First swap

Well the above table gives us a clear answer. Tinyman was the first DEX to facilitate swaps on algorand, hence because of the first mover advantage, it now has a huge popularity.

The other three swaps are very new and have been recently established. Among the other three DEX, Pactfi appears to be the most recent one and wagamiswap the oldest. All of them have started in the month of Feb 2022.

Comparing DEX

We now look at the number of users who regularly interact with each DEX since they have become functional. It can be seen that algofi has the majority of user share, however pactfi has shown a good uptick in the last few days.

Users who havent used tinyman before

Now we come to the final section and the main goal of this study. Our objective is to find the number or percentage of users on the new DEXs who hadn't interacted with the tinyman DEX before using the new DEXs.

We can find such users by looking at the minimum of the block time stamp. So if the users 1st transaction on wagmiswap has a lower time_stamp than his 1st transaction on tinyman, then we conclude that the user interacted with wagmiswap before interacting with tinyman. Taking a count of such users will give us our answer.

Number of users who haven't used tinyman before

We shall now plot a graph and visualise how many users a day perform their first swap on the new dex rather than on tinyman.

In simpler terms, the number of users per day who started using DEX (wagmisap,algofi and pactfi) before using tinyman

Inferences from the graph. We can see that the DEX algofi was initally very popular for new entrants, however the trend is now changing and pactfi appears to be a better choice. Is this because pactfi was released after algofi ? that's an interesting question. As the DEX are relatively very new ~ 2 months, it is quite difficult to tell with certainty and i believe in a few more months, we'll be in a better position to comment.

Percent of new users who used tinyman before.

Now coming to the main part of the question. How many users who have used the new DEX had already used tinyman before ?

We calculate this by identifying users who first interacted with new DEX before tinyman, get a count of them, divide them by total users per DEX to get a percentage. And finally subtracting it with 100, would give us the solution for , How many users who have used the new DEX had already used tinyman before ?

Around 90+ % of the users who have interacted with new DEX contracts had interacted with tinyman before. For Algofi, the value stands at 97.43 %, wagmiswap 97.5 %, pactfi 94 %.

Going through the above graph, we can clearly say that almost all the new users entering algorand will go to tinyman for swapping rather than with pactfi or wagmiswap.