In terms of growth rate, aggregators show an overall positive trend. Notably, Kyberswap has excelled in several key metrics.
Author: OurNetwork
Compiled by: Deep Tide TechFlow
Aggregators
CoW Swap | Paraswap | Definitive
Louis Wang | Dashboard
As of now, the total trading volume of all aggregators on Ethereum has exceeded $221 billion this year, with a total of 243 million transactions.
Since the beginning of the year, the crypto market has begun to show signs of recovery, while the popularity of memecoins has also been rapidly rising. Consequently, the year-to-date trading volume of aggregators has surpassed $221.48 billion, primarily driven by over 243 million transactions. 1inch continues to lead among all aggregators, with a year-to-date trading volume of $109.45 billion. CoW Swap and Paraswap follow, with trading volumes of $24.9 billion and $22.9 billion, respectively.
Dune - @sixdegree
In terms of growth rate, aggregators show an overall positive trend. Notably, Kyberswap has excelled in several key metrics—trading volume increased by 4.7 times, the number of trades grew by 2.3 times, and the user base expanded by 1.2 times.
Dune - @sixdegree
In terms of source DEXs, Uniswap maintains the highest connectivity across all chains, with a market share of 38.6% and a total trading volume of $906.6 billion. Curve and Balancer follow with market shares of 11.1% and 7.8%, respectively.
Dune - @sixdegree
CoW Swap
Alex Vinyas | Website | Dashboard
CoW Swap's front end has outperformed Uniswap and 1inch in Ethereum trading volume, reaching $3.6 billion.
In the past month, CoW Swap's trading volume reached an astonishing $3.6 billion, surpassing Uniswap and 1inch, capturing a larger share of the front-end market for Ethereum trading volume. This growth highlights the increasing brand influence of CoW Swap, reflecting a rising user trust due to its advantages in frequent batch auctions. The $3.6 billion trading volume came from about 93,000 orders, giving CoW Swap an average trade size of approximately $38,000.
Orderflow.art
The largest trade in September was the exchange of $10 million USDT for DAI, which was executed across five platforms. A solver (a program used to compute the best trading method) first exchanged USDT for USDC on four decentralized exchanges (DEXs)—namely Uniswap, Curve, Dodo, and Balancer Vault—before directly tapping into Sky (formerly known as Maker)'s new Peg stable module, which provided a direct exchange from USDC to DAI. This step completed the entire $10 million trade.
CoW Explorer
CoW Swap has the highest user retention rate among decentralized exchange aggregators, consistently stable between 34% and 41% since January 2024. The retention rate for September was 35.6%, remaining steady, indicating high user loyalty in a competitive market.
Dune - @cowprotocol
Trading Focus: The largest and latest demand coincidence (Coincidence of Wants, CoW) trade on CoW Swap amounts to $2.6 million, where one solver matched two users directly. One user exchanged 1,000 stETH for ETH, while another user completed 66% of an order exchanging 1,500 WETH for stETH in a partially fillable order. This showcases CoW Swap's capability to seamlessly handle large trades, maximizing liquidity and providing better prices—thanks to the batch auction mechanism.
Paraswap
Delleon McGlone | Website | Dashboard
Despite the market downturn, Paraswap's dominance on Optimism has driven over $10 billion in trading volume.
ParaSwap is a decentralized exchange (DEX) aggregator that integrates liquidity from multiple DEXs on the Ethereum blockchain. The price of ParaSwap's token PSP dropped between October 1 and 12, consistent with the overall bearish sentiment in the market. The fear and greed index at that time was 42, indicating 'fear', and technical indicators also showed a bearish trend. The trading price of PSP was below its 50-day and 200-day simple moving averages, with a 14-day relative strength index of 44.0. Additionally, ParaSwap's performance was also below the broader crypto market, declining 1.60% over 7 days, while the market overall rose 0.80%.
ParaSwap is a DEX aggregator that integrates liquidity from multiple DEXs on the Ethereum blockchain. The price of ParaSwap's token PSP fell from October 1 to 12, aligning with the overall bearish market sentiment. The fear and greed index was at 42, indicating 'fear', as technical indicators showed a bearish trend. PSP traded below the 50-day and 200-day simple moving averages, with a 14-day relative strength index of 44.0. ParaSwap's performance also lagged behind the broader cryptocurrency market, declining 1.60% over 7 days, while the market rose 0.80%.
CoinGecko
In Paraswap's cumulative trading volume, Ethereum ranks first with approximately $11 billion in trading volume. Following closely is Arbitrum, a major Layer 2 network, with $4.5 billion, while Polygon, a proof-of-stake chain closely related to Ethereum, ranks third with $3 billion. Other chains like Optimism, Avalanche, and BNB have relatively lower trading volumes, ranging from $500 million to $1.5 billion.
DeFiLlama
Paraswap has 2.06 million unique users, making it a significant mid-tier player in the DEX aggregator market, although it still lags behind market leaders like 1inch, which has over 4 million users. However, Paraswap's large user base ensures its competitiveness through ample trading volume, creating strong network effects: an increase in users leads to better rates, attracting more users.
Dune - @sixdegree
Definitive
Winnie Lau | Website
Definitive has become a new hub for advanced DeFi traders, with the average user completing $60,000 in trading volume in just six months.
Definitive is an on-chain trading and yield aggregation platform. It offers complex trading functionalities and algorithms across 7 Ethereum Virtual Machine chains and Solana, routing trades through over 100 decentralized exchanges (DEXs). For example, Starkiller Capital used this platform to purchase $700,000 worth of AERO, a popular token issued by Aerodrome. The order was split into 678 trades routed through more than 10 venues, with network fees at just $10.71. This strategy minimized market impact, resulting in about 20% more AERO compared to the large spreads typically faced by OTC traders on small and mid-cap tokens.
Definitive
Similarly, DeFi whales are also using Definitive to execute large memecoin and small-cap token trades with minimal market impact. One user completed a transaction of 150 ETH for INST (the token of the Instadapp platform) within two weeks, with prices rising by 7.5% and gas fees reduced to 0.3% by splitting orders across over 100 liquidity venues.
Definitive
In addition to being a DEX aggregator, Definitive integrates yield strategies from over 50 protocols, offering strategies that provide 2 to 5 times the standard yield, such as Hyperstaking, which is a leveraged liquidity staking position. Typically used by advanced traders, Definitive automates complex risk management, making these yield strategies more accessible.
Definitive
