DefiLlama’s DEX Aggregator Reaches $5 Billion Cumulative Transaction Volume

03/19/2023 04:29 • AI & Tech Insights • 68 views

On March 19th, it was reported that the cumulative transaction volume of the DEX aggregator launched by DefiLlama, an online data analysis website, has reached $5 billion. Among them, 63280 independent users have used the aggregator for a total of 410200 conversions, with nearly 80% of the transaction volume coming from Ethereum, and Arbitrum accounting for 10%, but the transaction frequency is the highest.

DefiLlama’s DEX aggregator has accumulated a trading volume of $5 billion, or has been airdropped for contributors and users

Analysis based on this information:

DefiLlama, an online data analysis website specializing in decentralized finance (DeFi) analytics, has reported that their DEX aggregator has processed over $5 billion in cumulative transaction volume as of March 19th. The aggregator has attracted 63,280 users, who have conducted a total of 410,200 conversions.

The vast majority of transactions on the aggregator, nearly 80%, were conducted on the Ethereum network, with Arbitrum accounting for 10% of the volume. Furthermore, despite having a smaller share of transaction volume, Arbitrum had a higher transaction frequency compared to Ethereum.

The rise of Decentralized Finance (DeFi) has led to the proliferation of DEXs and subsequently, DEX aggregators. DEXs function as trustless exchanges, where users can swap tokens without the need for intermediaries. DEX aggregators, on the other hand, aim to simplify the process of finding the best rates across multiple DEXs for a particular trade.

DefiLlama’s DEX aggregator is one of the many such aggregators in an increasingly crowded market. A key metric for their aggregator is its ability to attract users and transaction volume. With $5 billion in cumulative transaction volume, it seems that their aggregator has gained a significant following.

The high usage of Ethereum on the DEX aggregator is not surprising given that Ethereum is the leading platform for DeFi applications. Ethereum’s success has led to increasing congestion on the network, which has led some to explore alternative networks such as Arbitrum. The popularity of Arbitrum on DefiLlama’s DEX aggregator suggests that it’s beginning to attract a significant user base.

In conclusion, the $5 billion in cumulative transaction volume reported by DefiLlama’s DEX aggregator is a promising sign that their aggregator is gaining traction in the competitive DeFi analytics market. The dominance of Ethereum on the aggregator was expected, given its position as the leading DeFi platform, while the growing usage of Arbitrum is a notable development that is likely to continue in the future.

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