ParaSwap is a middleware streamlining user's interactions with various DeFi services. It gathers liquidity from the main decentralized exchanges together in a convenient interface abstracting most of the swaps' complexity to make it convenient and accessible for end-users

In simple terms, Paraswap is a liquidity aggregator and optimized to facilitate highly optimised swapping of tokens.

ParaSwap connects to most major decentralized exchanges, such as Uniswap, Kyber, Curve, or the 0x network. When you input a trading pair on ParaSwap, for instance, ETH to DAI, ParaSwap compares the available rates for the pair on each exchange also accounting for your transaction's volume.

It performs operations like :

• Splitting order across several decentralized exchanges, to reduce slippage
• Auto routing to explore every relevant path - to optimise gas spent
• Allow once and for all - to reduce gas expenditure on approval transactions for multiple DEXes

A strong rival to 1Inch and other aggregators, we shall look into the volume of new users interacting with the protocol over the past two months.

We can see that over the past two months, the protocol had atleast 60 new wallets interacting with it. However as the recovery momentum slowed over the past few weeks on Ethereum, we have seen drop in new users.

The data was source from FlipsideCrypto's ethereum_core.transactions table. Transactions that were made to Paraswap's v5, i.e Augustus swapper contracts were filtered out. Then the first transaction was selected for each user as the first transaction made by the user as interacting with Paraswap. Then the date of first transaction was used to aggregate and number of users were counted to retrieve the correct number of users on a given day, that used the protocol for the first time.