Huobi Ventures Weekly Report #19
Huobi Ventures Weekly Insights
Insight provided by Huobi Ventures
As the decentralized exchange sector matures and DEXs start to form their edges in the market, the importance of DEX aggregators is more pronounced than ever.
Although the DEX market is still very much oligarchical with Uniswap and Sushiswap occupying over 68% of the DEX market share, protocols such as Curve and 0x’s native DEX are able to generate over $250 million volume on a given day as well. Additionally, some long-tail assets have better liquidity on one DEX over another, or are only available on certain DEXs.
As such, aggregators emerge as a way to address the problem of liquidity fragmentation and provide the best price execution across DEXs. This process is usually rather complex, involving some combinations of order splitting, routing, and gas fee optimization, and the different ways these tools are used together have deterministic influence on the final price of a trade.
However, currently there is very little research focusing on how aggregators execute orders and what their order execution logic is. While the overall framework of routing, splitting, and lowering gas fees remain the same, different aggregators can have very different preferences in terms of which tools to use, and their preferences may also change over time.
In this study, we reviewed over 810,000 transactions across 1inch V1, V2, and 0x, which are the top 2 aggregators in the market. We found that a majority of the transactions on these aggregators are for major assets such as ETH or stablecoins, and small to medium-sized trades (<150 ETH) tend to be more popular.
Aggregators also do not usually choose to perform order splitting, although order routing is more common. Notably, 1inch performs both more routing and splitting than 0x. The number of splits and hops also have varying degrees of impact on gas fees.
It is important to note that the order execution logic described in this report is derived from the aggregators’ final transactions history as extracted from Etherscan. Therefore it may not fully reflect how their algorithms actually work. Nevertheless, it provides a useful glimpse into the inner working of aggregators and helps us understand the role that aggregators serve in the increasingly more complex DEX ecosystem.
The contracts we use to extract these aggregators’ transactions and the time periods our research covers are listed below.
Huobi Ventures Latest Update
Huobi Ventures portfolio Lootex Raises $9 Million to Build Out Gamer-Centric Metaverse Marketplace.
Huobi Ventures portfolio Neptune Mutual completed strategic round of financing, led by AnimocaBrands, aim to cover metaverse in addition to CeFi & DeFi.
Portfolios Weekly Status
[Animoca Brands]
Animoca Brands, REVV and Sand box join hands with SuperPlastic to create #metaverse gaming experiences for the upcoming Headtripz NFTs. Details
[Astar]
Astar is going to integrate Clover from the beginning. Details
[Aurora]
Radom Network has secured a grant from Aurora. Details
BoringDAO announced that partnership with Aurora. Details
[Biconomy]
Biconomy has partnered with ChainSwap to simplify Web 3 experiences that will drive mass adoption. Details
[ClearDao]
$CLH is available on CryptoRank. Details
$CLH listed on CoinMarketCap. Details
$CLH listed on Coingecko. Details
ClearDao announced their partnership with SolvProtocol on $CLH distribution management through their innovative NFT Vesting Vouchers. Details
[Clearpool]
Auros Partners with Clearpool to Become a Borrower on the Protocol. Details
[Clover]
The Clover Extension Wallet is now supported on Beefy. Details
Astar is going to integrate Clover from the beginning. Details
Clover is pleased to announce the partnership with OpenDAO. Details
Clover is integrated with beethoven_x, the first next-generation AMM protocol on Fantom Opera. Details
Clover is excited to partner with NFTSCAN to facilitate all users the best experience with a real Web 3.0 infrastructure. Details
[Connext]
Connext gets integrated into Swing. Details
Connext gets integrated into Li.Finance. Details
[DeBank]
Moonbeam chain is now integrated in debank.com. Details
[Defina]
Defina is listed in Spintop Network Gamepedia. Details
[GamesPad]
GamesPad NFTs will be listed on OKEx NFT Jan 14th. Details
[Immutable X]
Immutable X announced to suppport kolectiv.gg. Details
[Moonbeam]
Moonbeam is Live on Polkadot. Details
[Nine Chronicles]
Revomon and Nine Chronicles are forming an official partnership to bring cross-game experiences to their respective communities. Details
Binance Labs Makes Strategic Investment in Nine Chronicles to Bring Open-Source Blockchain Gaming Mainstream. Details
[OpenOcean]
OpenOcean is integrated into Li.Finance. Details
[RangersProtocol]
RangersProtocol’s first batch of NFTs are coming alive soon. Details
[Slope]
The asset management with a diversified portfolio on Solana Solfire is attainable on Slope Wallet. Details
[Stader]
Stader has announced to launch their ICO on Coinlist, one of the leading ICO platform. Details
[Vee.Finance]
Vee.Finance Adds Integration with Coinbase Wallet. Details
[zkSync]
New Soft Proposal: Matterlabs x Mirana: zkDAO Endowment
This proposal creates and funds a community owned zkSync ecosystem accelerator with $200M that helps bootstrap the zksync ecosystem, empowers builders, and enables the fractal growth of BitDAO and all DAOs. Details
About Huobi Ventures
Huobi Ventures is focused on growing its venture investment portfolio and supporting blockchain projects through long-term investment strategies.Huobi Ventures aims to identify strategic opportunities across different blockchain verticals to complement and expand Huobi’s product offerings. Acquisitions will be integrated into Huobi’s growing suite of blockchain-enabled applications and services to expand the business into new markets.
