DEX Popularity: Tinyman, Algofi, Pactfi
A DEX (Decentralized Exchange)are a type of transaction between two users directly. They don't rely on or use a third party service for their exchanges. DEX wallets are at a risk for security breaches or transactions as they are completely dependent on the user's security and transaction reliability.
Algorand launched its first DEX known as Tinyman, on October 7th of 2021, and became the standard for decentralized exchanges between users for Algorand. In mid-February 2022, we witnessed three more DEXs launch for Algorand, known as Wagmiswap, Algofi, and Pactfi.
As we see the number of swaps and users on Tinyman begin to fall. And we see the opposite situation for other platforms. This can be clearly seen on the moving average
Despite the launches by the other 3 DEXs, Tinyman is the most popular ALGO decentralized exchanger by a landslide. This is better visualized with the following percentage-based bar chart of daily swaps and swappers by program.
While Tinyman is still the preferred platform, the other 3 DEXs are still relatively new and have more time to mature to garner attention towards them. As we already see, they're slowly but steadily gaining more users who would have otherwise used Tinyman for their exchanges, and as time continues they will certainly gain more reputation and popularity. However for now, we can say with certainty that Wagmiswap, Algofi, and Pactfi had very little impact on Tinyman as a DEX platform.
As we see the decrease in the price of ALGO correlates with a decrease in the number of transactions and users on the DEX platforms on Algorand