Cointime

Download App
iOS & Android

ON–208: DEXs 💱

From OurNetwork by Spencer Noon

DEXs 💱

① Orca 👑

👥 Lewis Harland | Website | Dashboard

📈 Orca facilitates >40% of Jupiter aggregator volume, >48% Solana DEX market share

  • Orca is a Solana automated market maker (DEX) launched in February 2021. To date, the exchange has facilitated over $40.8B volume, generating $72.4m in fees. Weekly volume hovers at ~$1B, after peaking at >$3B during the Solana DeFi and JUP airdrop momentum. Despite volume fluctuations, Orca has consistently dominated as the leading Solana DEX despite increasing competition — the DEX commands a ~45% market share today.

Source: Dune Analytics & Re7

  • The % of Jupiter aggregator volume sourced from Orca >40% and has been generally trending up from ~22% since June last year. Given Jupiter users still pay for Orca LP fees on the backend, what has been good for Jupiter has also been good for Orca.

Source: Dune Analytics & Re7

  • Since January, the DAO treasury now takes ~12% of fees from high-fee pools (>0.3% rate), taking in $3m+ in fees. 88% of total 30D trading fees are driven by high-fee pools but only account for 16% of total volume. Capturing revenue from the more esoteric asset pools has been economically successful.

Source: Dune Analytics & Re7

  • 💦🔬 Tx-Level Alpha: DAO treasury fees are programmatically siphoned to the designated treasury address. Leading up to the JUP airdrop event, Orca fees surged as more users traded on Jupiter. In a single treasury income transaction, Orca took in $600k. It signaled that during periods of high volatility and speculation, Orca can generate meaningful income based on its revised economic model that can be directed to future development and the long-term success of the platform.

② Uniswap 🦄

👥 Matías Andrade | Website | Dashboard

📈 Uniswap Has Broken $34B+ in Cumulative Volume in 2024

  • Since its inception, Uniswap has revolutionized the way people think about trading in crypto, thanks to its seamless token swaps without the need for centralized parties. As we step into 2024, Uniswap's trading volumes have surged past $34 billion, showing strong recovery from the challenges faced in 2023.

Source: Coin Metrics

  • Uniswap V3 is one of the most popular DEXs out there and boasts trading pairs with volumes in excess of $100M/mo. The mechanism that allows V3 pools to trade with lower fees, starting at just 0.05%, caters to high volume traders, driving deeper liquidity—a trend distinctly visible in the robust stablecoin markets.

Source: Coin Metrics

  • Uniswap V2 continues to be a nurturing ground for newer token pairs thanks to its simple process to list and seed liquidity. While the total volume may not match that of Uniswap V3 — thanks to the latter’s concentrated liquidity model — the diversity of pairs on V2 is notable, as it offers a platform for smaller and often more speculative tokens such as HPOS10I, PEPE, and other meme coins.

Source: Coin Metrics

  • 💦🔬 Tx-Level Alpha: One of the largest swaps in 2024 was worth a staggering $36M on a USDT-USDC V3 pool. This swap funded an MEV bot and later triggered a series of ~23 transactions that cumulatively earned the validator proposing that slot 3.57 ETH. MEV bots act as pressure-relief valves by routing liquidity between different pools and exchanges. Although some see MEV as a negative externality that can adversely affect individual trader's execution, it increases the efficiency of the markets at reacting to price shocks.

③ Jupiter 🐱

👥 Vishesh Choudhry | Website | Dashboard

📈 Jupiter does $50B+ volume in past 12 months, 1.9M+ traders

  • Just looking back at the past 12 months, Jupiter did $50b in trading volume, about 60% of which was single-trade swaps. Often arbitrage takes the form of a multi-trade transaction. This ticked up significantly starting in December, coinciding with the Jito airdrop announcement on Dec 7. There were large spikes of volume around Christmas 2023, and Feb. 1 2024. Since Dec. 7, we have seen daily volume fluctuate mostly between ~$400M and ~$700M with a few days hitting $1B.

Source: Dune Analytics - @ilemi

  • Jupiter recently hit 2M traders (wallets). There have typically been more new than returning wallets month over month. This changed in February, where the number of returning wallets is on track to outpace the number of new wallets interacting with Jupiter. Based on some rudimentary heuristics, it seems ~70% are retail/human traders.

Source: Dune Analytics - @ilemi

  • Orca (Whirlpool) has accounted for ~40% of Jupiter's daily trading volume in the past 90 days. Lifinity and then Raydium follow as a close 2nd and 3rd currently around 15% and 12% respectively. The top 5 AMMs account for ~87% of Jupiter volume. Meteora also accounts for ~3.5-4% of volume.

Source: Dune Analytics - @ilemi

DEX
Comments

All Comments

Recommended for you

  • DeFi investment platform Prodigy.Fi completes $5 million seed round of financing, led by Quantstamp and Republic

    DeFi investment platform Prodigy.Fi announced the completion of a $5 million seed round of funding, with Quantstamp and Republic leading the investment, and Arbelos Markets, RSK Capital, and Samara Alpha Management participating. The new funds are intended to support the platform's ability to buy or sell packaged cryptocurrencies such as Wrapped Ethereum (WETH) based on Berachain.

  • Solana restaking protocol Fragmetric completes $7 million seed round

     Solana's re-staking protocol, Fragmetric, has completed a $7 million seed round of financing. Finality Capital Partners and Hashed jointly led the investment, with Hypersphere, Presto Labs, Bitscale Capital, Halo Capital, and Flowdesk also participating. The new funds aim to enhance the security and economic growth of the Solana ecosystem by establishing a re-staking ecosystem through standardized LRT and community contributions.

  • Lightchain AI announces testnet launch and completes $15 million in financing

    blockchain project Lightchain AI has announced the official launch of its testnet and has completed a $15 million financing round. The project's main technological innovations include the Proof of Intelligence (PoI) consensus mechanism and the AI Virtual Machine (AIVM). The PoI consensus mechanism is achieved by rewarding nodes to solve AI computing problems, while the AIVM provides developers with a toolkit to build AI applications on the blockchain. The project is currently in the final round of presale, and the funds raised will be used for technology development, infrastructure expansion, and talent recruitment. Lightchain AI plans to launch its mainnet in 2025 and will focus on developing enterprise-level decentralized AI solutions in the future.

  • Over 64.5404 million USD was liquidated in the past hour, mainly due to long orders

    According to data, in the past hour, the total liquidation amount of the entire network reached 64.5404 million US dollars, of which the liquidation amount of long positions was about 63.1007 million US dollars, and the liquidation amount of short positions was about 2.2016 million US dollars.

  • The State Council Tariff Commission: Additional tariffs will be imposed on some imported goods originating from the United States

    The State Council Tariff Commission issued a notice: with the approval of the State Council, tariffs will be imposed on some imported goods originating in the United States from February 10, 2025. A 15% tariff will be imposed on coal and liquefied natural gas, and a 10% tariff will be imposed on crude oil, agricultural machinery, large-displacement cars, and pickups. (Jinshi)

  • Japanese listed company Remixpoint increased its holdings by 30.83 BTC, bringing its total Bitcoin holdings to 509.33

    Japanese listed company Remixpoint announced on February 3 that it had released a "Notice of Additional Purchase of Cryptocurrency" on January 30, 2025, and passed a resolution to purchase a total of 2 billion yen (approximately $12.89 million) worth of cryptocurrency at a board meeting held on the same day. Based on the resolution, the company completed the purchase of the first 500 million yen (approximately $3.22 million) worth of cryptocurrency on January 31, 2025, including the addition of 30.83 BTC, bringing the company's total Bitcoin holdings to 509.33.

  • US spot Ethereum ETF had a net inflow of $83.54 million yesterday

    According to  TraderT monitoring shows that the net inflow of US spot Ethereum ETF was 83.54 million US dollars yesterday.

  • Yesterday, Fidelity Ethereum ETF had a net inflow of $49.7 million, while Bitcoin ETF had a net outflow of $177.6 million

    According to Farside monitoring, yesterday, the net inflow of Fidelity Ethereum ETF (FETH) was $49.7 million, while the net outflow of Bitcoin ETF (FBTC) was $177.6 million.

  • GOAT Gaming, the AI ​​gaming network on Telegram, completes $4 million in strategic financing

    According to official sources, AI game network GOAT Gaming on Telegram announced the completion of a $4 million strategic financing round, led by TON Ventures, Karatage, Amber Group, and Bitscale Capital. This financing round brings the total funding for Mighty Bear Games, the game studio behind the game, to $15 million.

  • Thailand SEC plans to launch tokenized securities trading system

    According to a report from the Bangkok Post on February 3, Jomkwan Kongsakul, Deputy Secretary-General of the Thai Securities and Exchange Commission, stated that token investment is increasingly being taken seriously, and regulatory agencies will allow securities companies to trade digital tokens to leverage their large investor base. Jomkwan Kongsakul said, "The SEC is using technology to improve the efficiency of the capital market by promoting the electronic securities ecosystem," adding, "New regulations will be introduced to promote the issuance of electronic securities and online purchase of bonds," which are medium- to long-term debt instruments that large companies use to borrow money.