From the perspective of growth rates, aggregators as a whole are showing a positive trend. In particular, Kyberswap has performed exceptionally well across multiple key metrics.
Author: OurNetwork
Translation: Shenchao TechFlow
Aggregators
CoW Swap | Paraswap | Definitive
As of now, the total trading volume of all aggregators on Ethereum has exceeded $22.1 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. As a result, the year-to-date trading volume of aggregators has surpassed $22.148 billion, primarily driven by over 243 million transactions. 1inch continues to lead among all aggregators, with a year-to-date trading volume of $10.945 billion. CoW Swap and Paraswap follow closely behind, with trading volumes of $2.49 billion and $2.29 billion, respectively.
- In terms of growth rates, aggregators as a whole are showing a positive trend. In particular, Kyberswap has excelled in several key metrics—its trading volume increased by 4.7 times, the number of transactions grew by 2.3 times, and the user base expanded by 1.2 times.
- 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 $90.66 billion. Curve and Balancer follow closely, with market shares of 11.1% and 7.8%, respectively.
CoW Swap
Alex Vinyas | Website | Dashboard
CoW Swap's frontend has surpassed Uniswap and 1inch in Ethereum trading volume, reaching $3.6 billion.
- In the past month, CoW Swap's trading volume reached an impressive $3.6 billion, surpassing Uniswap and 1inch, capturing a larger share of the frontend market in Ethereum trading volume. This growth highlights the increasing influence of CoW Swap as a brand, reflecting a growing user trust due to its advantage of utilizing frequent batch auctions. The $3.6 billion trading volume came from approximately 93,000 orders, resulting in an average trade size of about $38,000.
- The largest transaction in September involved exchanging $10 million of USDT for DAI, executed across five platforms. A solver (a program for calculating the best trading method) first exchanged USDT for USDC on four decentralized exchanges (DEXs)—Uniswap, Curve, Dodo, and Balancer Vault—before directly connecting to Sky's (formerly Maker) new Peg stable module, which provides a direct exchange from USDC to DAI. This step completed the entire $10 million transaction.
- CoW Swap has the highest user retention rate among decentralized exchange aggregators, remaining stable between 34% and 41% since January 2024. The retention rate for September was 35.6%, maintaining stability and demonstrating high user loyalty in a competitive market.
- Transaction Focus: The largest and most recent coincidence of wants (CoW) transaction on CoW Swap amounted to 2.6 million dollars, where a solver directly matched two users. One user exchanged 1,000 stETH for ETH, while the other user exchanged 1,500 WETH for stETH in a partially fillable order, ultimately completing 66% of the order. This showcases CoW Swap's ability to seamlessly handle large transactions, maximizing liquidity and providing better prices—thanks to the mechanism of batch auctions.
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 consolidates 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 sentiment in the market. During that time, the Fear and Greed Index was at 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 lagged behind the broader crypto market, declining by 1.60% over seven days, while the overall market rose by 0.80%.
ParaSwap is a DEX aggregator that consolidates liquidity from multiple DEXs on the Ethereum blockchain. The price of ParaSwap's token PSP fell from October 1 to 12, consistent 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 average lines, with a 14-day relative strength index of 44.0. ParaSwap's performance also underperformed compared to the broader cryptocurrency market, declining by 1.60% over seven days while the market rose by 0.80%.
- In the cumulative trading volume of Paraswap, Ethereum leads with approximately $11 billion in trading volume. Following closely is Arbitrum, a major Layer 2 network, with a trading volume of $4.5 billion, while the proof-of-stake chain Polygon, 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.
- 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 a strong network effect: an increase in users leads to better rates, attracting even more users.
Definitive
Definitive has become a new hub for advanced DeFi traders, with average users 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 seven Ethereum Virtual Machine chains and Solana, routing trades through over 100 decentralized exchanges (DEXs). For example, Starkiller Capital utilized the platform to purchase $700,000 worth of AERO, a popular token issued by Aerodrome. The order was split into 678 trades, routed through over 10 trading venues, with network fees totaling only $10.71. This strategy minimized market impact, resulting in approximately 20% more AERO compared to the significant bid-ask spreads typically seen with OTC traders for small and mid-cap tokens.
- Similarly, DeFi whales are also using Definitive to execute large memecoin and small-cap token trades with minimal market impact. One user completed a trade of 150 ETH for INST (the token of the Instadapp platform) within two weeks, resulting in a price increase of 7.5%, and reduced gas fees to 0.3% by splitting orders across over 100 liquidity venues.
- In addition to being a DEX aggregator, Definitive also 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 liquid staking position. Typically used by advanced traders, Definitive automates complex risk management, making these yield strategies more accessible.
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