Try Quests to earn cryptoAlammex, DEX Aggregator
Introduction
Where’re you gonna swap? You could ask yourself every time, go get quotes on all exchanges and plan out your move. Sounds like too much work? That’s because it is and everyone knows it. So why not use an aggregator instead?
In this dashboard we will have a closer look at the swaps going through the Alammex DEX aggregator on the Algorand blockchain and compare its activity to the overall day-to-day volume.
Methodology
When the Alammex aggregator is used for a swap, the protocol fee is paid to the fee collecting address.
- Alammex Fee Collector:
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Starting on June 27, 2022, all the fee transactions include a note containing details about the aggregated swap that the fee is being paid for. The crucial piece of information we are going to collect from the note is the list of tx_group_ids of the DEX swaps executed by the aggregator. Alammex quotes multiple sources before making the swap and if needed, splits the swapped amount between multiple DEXes.
Using the obtained list, we can cross reference the flipside_prod_db.algorand.swaps table and use the swap_program column to identify what exchanges was the swap routed to. Currently the table only contains swaps from four DEXes, tinyman, algofi, pactfi and wagmiswap, leaving out two of Alammex’s sources, humbleswap and algodex.
The USD value of the swapped assets will be converted with the flipside_prod_db.algorand.prices_swap table using the price at the time of the transaction.
Results
We can see below the number of swaps that were split between DEXes, as well as the number of swaps aggregated by Alammex. In the short observed period we can see a lot of day-to-day variation in activity, with the most swaps going through the aggregator on Jun 28. There does not seem to be any particular trend forming in this time frame, but during the last few days there’s been an increase in activity.
In total, 196 aggregated transactions went through Alammex, which further split the amounts in 365 swaps.
The swap volume going through Alammex varies just as much but it is not strongly correlated with the number of swaps. We can see the most daily volume on Jul 6, continuing the growth streak of the previous days.
The individual swap sizes are not too large, averaging around the 100 USD mark, but with a median value of 1 USD on most days. There is however a slight uptrend forming up as Alammex proves itself as a reliable and efficient protocol, recently having its largest swap of 1.29k USD.
Since Jun 27 over 54k USD trading volume went through Alammex.
Dex Comparison: Swaps
With Alammex being a fairly recent project, it is yet to have attracted much of the daily activity away from the exchanges people got to use and trust. On a daily basis Alammex routes as much as 0.29% of all swaps. By the end of the observed period it routed about 0.16% of all swaps going through Algofi, Pact.fi, Tinyman and Wagmiswap* (Alammex is not integrated with Wagmiswap, but it is included in order to better gauge the size of the DEX landscape on Algorand).
Looking at DEXes individually, Alammex routed the largest share of swaps on Pact.fi with 0.72% of all swaps originating from the aggregator. This helps to show that aggregators are not necessarily competing with the exchanges, but offer a user-friendly solution to access the best exchange rates and ensures an efficient allocation of on-chain capital. At the same time, smaller liquidity pools are more likely to facilitate swaps of users that might not have looked that far.
If Alammex were an exchange it wouldn’t be a large one yet, but we can see it having more swaps than Wagmiswap.
Dex Comparison: Volume
The swap volume tells a similar story of what part of the journey Alammex is on, only starting to capture more of the activity on the Algorand blockchain. Over the observed period around 0.15% of the swap volume originated on Alammex, but on a daily basis it went as high as 0.46%.
Pact.fi is again the main destination of Alammex swaps with around 0.83% of the total swap volume since Jun 27 coming from the aggregator.
Looking at the daily swap volumes of each platform we can observe a general slowdown in the activity on Algorand, making it not the ideal time for an aggregator either. But despite the adversity we can see Alammex actually riding a slight uptrend over the last few days.
tl;dr
- Still early to tell, but recent activity hints towards healthy growth of Alammex.
- Over 196 transactions were split by the aggregator in 365 individual swaps between multiple DEXes. In total 0.16% of all swaps originated on Alammex.
- Over 54k USD of swap volume went through the aggregator, with an average swap size of around 100 USD. The swap volume is on a slight uptrend and accounted for 0.15% of the observed time frame’s total swap volume.
- Pact.fi had the greatest share of activity coming from Alammex in both number of swaps and volume, of 0.72% and 0.83% respectively.