DEX Aggregator Data Special Report: Total Trading Volume in ETH Ecosystem Surpasses $221 Billion, CoW Swap Emerges as Dark Horse
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DEX Aggregator Data Special Report: Total Trading Volume in ETH Ecosystem Surpasses $221 Billion, CoW Swap Emerges as Dark Horse
In terms of growth rate, aggregators as a whole show a positive trend. Particularly, Kyberswap performs well across multiple key metrics.
Navigating Web3 tides with focused insightsAuthor: OurNetwork
Translation: TechFlow
Aggregators
CoW Swap | Paraswap | Definitive
To date, the total trading volume across all aggregators on Ethereum has surpassed $221 billion this year, with a total of 243 million transactions.
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Since the beginning of the year, signs of recovery have emerged in the crypto market, accompanied by a rapid rise in memecoin popularity. As a result, year-to-date trading volume for aggregators has exceeded $221.48 billion, driven primarily by over 243 million transactions. 1inch continues to lead among all aggregators, achieving a year-to-date trading volume of $109.45 billion. CoW Swap and Paraswap follow closely behind, with volumes of $24.9 billion and $22.9 billion respectively.
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In terms of growth rate, aggregators overall show a positive trend. Notably, Kyberswap stands out across multiple key metrics—its trading volume increased 4.7x, transaction count grew 2.3x, and user base expanded 1.2x.
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Regarding source DEXs, Uniswap maintains the highest connectivity across all chains, capturing a 38.6% market share with a total trading volume of $906.6 billion. Curve and Balancer follow with market shares of 11.1% and 7.8% respectively.
CoW Swap
Alex Vinyas | Website | Dashboard
CoW Swap's frontend surpasses Uniswap and 1inch in Ethereum trading volume, reaching $3.6 billion
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Over the past month, CoW Swap achieved an impressive $3.6 billion in trading volume, exceeding both Uniswap and 1inch and capturing a larger share of front-end market volume on Ethereum. This growth highlights CoW Swap’s rising brand influence, reflecting increasing user trust due to its frequent use of batch auctions. The $3.6 billion in volume came from approximately 93,000 orders, resulting in an average trade size of about $38,000.
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The largest transaction in September involved swapping $10 million worth of USDT for DAI, executed across five platforms. A solver (a program that computes optimal trade execution) first swapped USDT to USDC across four decentralized exchanges (DEXs)—Uniswap, Curve, Dodo, and Balancer Vault—then directly accessed Sky (formerly Maker)'s new Peg Stability Module, which provides direct USDC-to-DAI conversion. This final step completed the entire $10 million transaction.
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CoW Swap has the highest user retention rate among DEX aggregators, consistently ranging between 34% and 41% since January 2024. Its retention rate was 35.6% in September, remaining stable and demonstrating strong user loyalty even in a competitive market.
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Transaction Spotlight: The largest and most recent Coincidence of Wants (CoW) transaction on CoW Swap amounted to $2.6 million, where a solver directly matched two users. One user exchanged 1,000 stETH for ETH, while another used a partially fillable order to exchange 1,500 WETH for stETH, completing 66% of the order. This demonstrates CoW Swap’s ability to seamlessly handle large transactions, maximizing liquidity and offering better prices—thanks to its batch auction mechanism.
Paraswap
Delleon McGlone | Website | Dashboard
Despite market downturns, Paraswap’s dominance on Optimism drives over $10 billion in trading volume
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Paraswap is a decentralized exchange (DEX) aggregator that consolidates liquidity from multiple DEXs on the Ethereum blockchain. The price of Paraswap’s token PSP declined between October 1 and 12, aligning with the overall bearish market sentiment. The Fear & Greed Index stood at 42, indicating “Fear,” as technical indicators showed a downward trend. PSP traded below both its 50-day and 200-day simple moving averages, with a 14-day Relative Strength Index (RSI) of 44.0. Additionally, Paraswap underperformed the broader crypto market, declining 1.60% over seven days while the market rose 0.80%.
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Paraswap is a DEX aggregator that pools liquidity from multiple DEXs on the Ethereum blockchain. The price of its native token PSP dropped between October 1 and 12, consistent with the overall bearish market mood. The Fear & Greed Index was at 42, signaling “Fear,” as technical indicators pointed to a bearish trend. PSP traded below both the 50-day and 200-day simple moving averages, with a 14-day Relative Strength Index of 44.0. Paraswap also underperformed the wider cryptocurrency market, falling 1.60% over seven days compared to a 0.80% gain in the broader market.
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In terms of cumulative trading volume, Ethereum leads with approximately $11 billion in volume. Arbitrum, a major Layer 2 network, follows with $4.5 billion, while Polygon—a proof-of-stake chain closely tied to Ethereum—ranks third with $3 billion. Other chains such as Optimism, Avalanche, and BNB have relatively lower volumes, ranging between $500 million and $1.5 billion.
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Paraswap has 2.06 million unique users, positioning it as a significant mid-tier player in the DEX aggregator space, although still trailing market leaders like 1inch, which boasts over 4 million users. Nevertheless, Paraswap’s substantial user base ensures competitiveness through robust trading volume, creating a strong network effect: more users lead to better rates, which in turn attract even more users.
Definitive
Definitive has become a new hub for advanced DeFi traders, with the average user completing $60,000 in trading volume within just six months.
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Definitive is an on-chain trading and yield aggregation platform. It offers sophisticated trading features and algorithms across 7 EVM-compatible chains and Solana, routing trades through over 100 decentralized exchanges (DEXs). For example, Starkiller Capital, a fund, used the platform to purchase $700,000 worth of AERO, a popular token issued by Aerodrome. The order was split into 678 individual trades, routed across more than 10 venues, with network fees amounting to only $10.71. This strategy minimized market impact and yielded approximately 20% more AERO compared to typical OTC desks, which often impose large bid-ask spreads on small- and mid-cap tokens.
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Likewise, DeFi whales are using Definitive to execute large memecoin and small-cap token trades with minimal market impact. One user successfully swapped 150 ETH for INST (the token of the Instadapp platform) over two weeks, achieving a 7.5% price improvement while reducing gas fees to just 0.3% by splitting the order across more than 100 liquidity venues.
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Beyond serving as a DEX aggregator, Definitive integrates yield strategies from over 50 protocols, offering returns 2x to 5x higher than standard yields—for instance, Hyperstaking, a leveraged liquid staking position. Typically used by advanced traders, Definitive automates complex risk management, making these high-yield strategies more accessible.
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