DEX Popularity: Tinyman, Algofi, Pactfi
Q70.Algorand Week
- Do we see a change in the number of wallets swapping on these DEXs?
- Do we see a change in the volume of ALGOs being swapped on Tinyman and the other DEXs?
- Are ALGO whales swapping on certain DEXs more than others?
- Have we seen if the recent price change in ALGO impact the number of swaps/wallets/volume on the DEXs? If so, how?
The data source for this report are flipside's algorand.swaps and algorand.price_swap tables.
Some SQL queries are duplicated from my past submissions about Algorand DEXes, such as
Since the beginning of April, the price of Algo crashed, losing 50% of its value.
This had an impact on the number of wallets trading daily on Tinyman, decreasing at a similar rate to the Algo price.
On the other hand, daily volume (Algo sales & Algo buys) increased substantially on May 10th-13th.
Looking at the normalised charts for distinct swappers and Algo volume, Tinyman remains as the most popular DEX for this timeframe.
Despite being in a downward trajectory, Algofi's and Pactfi's volume market share are slowly increasing.
Whales (holders of more than 100,000 Algo) only trust Tinyman for now. This is partly because Tinyman was the first DEX on the Algorand blockchain.
In terms of DEX market dominance, Tinyman is still the top one in Algorand, followed by Algofi and Pactfi.
First mover advantage is a significant factor in DeFi.
Once the Aeneas rewards are depleted from all DEXes, it will be interesting to monitor the growth of the ecosystem.
Twitter: datascientist.algo
Date: 17th May 2022