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Let's kick off the series with one of the busiest sub-sectors of DeFi, decentralised exchanges.
301010, Decentralised Exchanges
Definition: Protocols enabling peer-to-peer asset exchanges using automated market-making or order book models.
The combined sub-sector Market Cap stands at $23,300m as of 14/12/2024, up c. 83% from $12,747m as of 01/01/2024, compared to c. 120% growth in the total crypto Market Cap over the course of 2024.
Below is the proposed composition of the 301010 sub-sector, from largest to smallest by market cap, having reviewed 250+ projects over the course of the past week from both the context-of-use and exchange accessibility perspectives:
$UNI
The largest DEX on Ethereum, the largest on-chain marketplace, clearly defines this sub-sector
Market Cap: $10,462m
YTD: +92%
$RUNE
A decentralised liquidity network for cross-chain token swaps with a focus on interoperability
Market Cap: $2,220m
YTD: +44%
$RAY
Provides an order book AMM for low slippage trading on Solana
Market Cap: $1,541m
YTD: +394%
$JUP
Solana's leading DEX aggregator, optimising token swaps across multiple DEXs
Market Cap: $1,513m
YTD: +68%
$AERO
A DEX that focuses on providing liquidity solutions on Base
Market Cap: $1,502m
YTD: +18,211%
$CRV
Focuses on stablecoin swaps via liquidity pools using bonding curves
Market Cap: $1,423m
YTD: +123%
$CAKE
The largest DEX on Binance Smart Chain and a handful of others
Market Cap: $1,002m
YTD: +18%
$1INCH
An on-chain DEX aggregator that splits orders across multiple platforms
Market Cap: $707m
YTD: +47%
$OSMO
Cosmos' native DEX, facilitating inter-chain trading
Market Cap: $459m
YTD: -52%
$SUSHI
A DEX and yield farming platform, originally a fork of Uniswap
Market Cap: $422m
YTD: +75%
$ORCA
A key AMM and DEX on the Solana blockchain
Market Cap: $272m
YTD: +4%
$CETUS
The leading DEX and liquidity protocol on Sui
Market Cap: $263m
YTD: +3,606%
$BAL
A leading AMM and custom liquidity pool protocol, widely recognised as a DEX
Market Cap: $217m
YTD: -6%
$JOE
The leading DEX on Avalanche and Arbitrum
Market Cap: $206m
YTD: -1%
$COW
Combines an AMM, DEX and a DEX liquidity aggregation protocol
Market Cap: $189m
YTD: +357%
$HFT
A DEX aggregator that blends on-chain settlement with off-chain price discovery
Market Cap: $142m
YTD: +117%
$DODO
A DEX with a unique proactive market-making algorithm
Market Cap: $140m
YTD: +14%
$SDEX
Offers a hybrid DEX model with both order book and AMM features
Market Cap: $110m
YTD: -11%
$BNT
A DEX with an auto-compounding concentrated liquidity model
Market Cap: $106m
YTD: +8%
$THE
A DEX on Arbitrum which uses a ve(3,3) model for governance and revenue sharing
Market Cap: $98m
YTD: +1,427%
$PNG
The leading DEX on the Avalanche network and a handful of other chains
Market Cap: $80m
YTD: +308%
$IDEX
An Ethereum-based omni-chain perpetuals DEX known for its hybrid order book
Market Cap: $63m
YTD: +31%
$QUICK
A leading DEX on the Polygon network, offering an Uniswap-like interface
Market Cap: $44m
YTD: +23%
$PSP
An aggregator that splits swaps across multiple DEXs and protocols to find the best rates
Market Cap: $41m
YTD: +34%
$GRAIL
A DEX and a liquidity network on Arbitrum
Market Cap: $37m
YTD: +22%
$AST
A DEX focused on peer-to-peer trading with limited counter-party risk
Market Cap: $27m
YTD: +19%
$SBR
Curve-style stable swap AMM on Solana
Market Cap: $7m
YTD: +7%
$OOE
Leading DEX liquidity aggregator
Market Cap: $7m
YTD: -23%
Let us also explore what the composition of the sub-sector looks like as of today as we prepare for a longer-form analysis of the 2024 performance for this and the other DeFi sub-sectors in search of fundamental indicators of outperformance and underperformance alike.
There have been notable changes and movements since the start of this year, particularly for newcomers $AERO, $CETUS and $THE. $UNI comfortably maintains its dominance of the sub-sector. Curious drop in relevance for $OSMO, which was the third largest in January, and a surprisingly flat year for most others.
We will explore various possible reasons for such outcomes in the YTD 2024 DeFi Report. Now, onto the next sub-sector classification, rather close to this one, but more focused – 301020 Derivatives Trading, which is now firmly gripped by $HYPE.
Sources:
Let's kick off the series with one of the busiest sub-sectors of DeFi, decentralised exchanges.
301010, Decentralised Exchanges
Definition: Protocols enabling peer-to-peer asset exchanges using automated market-making or order book models.
The combined sub-sector Market Cap stands at $23,300m as of 14/12/2024, up c. 83% from $12,747m as of 01/01/2024, compared to c. 120% growth in the total crypto Market Cap over the course of 2024.
Below is the proposed composition of the 301010 sub-sector, from largest to smallest by market cap, having reviewed 250+ projects over the course of the past week from both the context-of-use and exchange accessibility perspectives:
$UNI
The largest DEX on Ethereum, the largest on-chain marketplace, clearly defines this sub-sector
Market Cap: $10,462m
YTD: +92%
$RUNE
A decentralised liquidity network for cross-chain token swaps with a focus on interoperability
Market Cap: $2,220m
YTD: +44%
$RAY
Provides an order book AMM for low slippage trading on Solana
Market Cap: $1,541m
YTD: +394%
$JUP
Solana's leading DEX aggregator, optimising token swaps across multiple DEXs
Market Cap: $1,513m
YTD: +68%
$AERO
A DEX that focuses on providing liquidity solutions on Base
Market Cap: $1,502m
YTD: +18,211%
$CRV
Focuses on stablecoin swaps via liquidity pools using bonding curves
Market Cap: $1,423m
YTD: +123%
$CAKE
The largest DEX on Binance Smart Chain and a handful of others
Market Cap: $1,002m
YTD: +18%
$1INCH
An on-chain DEX aggregator that splits orders across multiple platforms
Market Cap: $707m
YTD: +47%
$OSMO
Cosmos' native DEX, facilitating inter-chain trading
Market Cap: $459m
YTD: -52%
$SUSHI
A DEX and yield farming platform, originally a fork of Uniswap
Market Cap: $422m
YTD: +75%
$ORCA
A key AMM and DEX on the Solana blockchain
Market Cap: $272m
YTD: +4%
$CETUS
The leading DEX and liquidity protocol on Sui
Market Cap: $263m
YTD: +3,606%
$BAL
A leading AMM and custom liquidity pool protocol, widely recognised as a DEX
Market Cap: $217m
YTD: -6%
$JOE
The leading DEX on Avalanche and Arbitrum
Market Cap: $206m
YTD: -1%
$COW
Combines an AMM, DEX and a DEX liquidity aggregation protocol
Market Cap: $189m
YTD: +357%
$HFT
A DEX aggregator that blends on-chain settlement with off-chain price discovery
Market Cap: $142m
YTD: +117%
$DODO
A DEX with a unique proactive market-making algorithm
Market Cap: $140m
YTD: +14%
$SDEX
Offers a hybrid DEX model with both order book and AMM features
Market Cap: $110m
YTD: -11%
$BNT
A DEX with an auto-compounding concentrated liquidity model
Market Cap: $106m
YTD: +8%
$THE
A DEX on Arbitrum which uses a ve(3,3) model for governance and revenue sharing
Market Cap: $98m
YTD: +1,427%
$PNG
The leading DEX on the Avalanche network and a handful of other chains
Market Cap: $80m
YTD: +308%
$IDEX
An Ethereum-based omni-chain perpetuals DEX known for its hybrid order book
Market Cap: $63m
YTD: +31%
$QUICK
A leading DEX on the Polygon network, offering an Uniswap-like interface
Market Cap: $44m
YTD: +23%
$PSP
An aggregator that splits swaps across multiple DEXs and protocols to find the best rates
Market Cap: $41m
YTD: +34%
$GRAIL
A DEX and a liquidity network on Arbitrum
Market Cap: $37m
YTD: +22%
$AST
A DEX focused on peer-to-peer trading with limited counter-party risk
Market Cap: $27m
YTD: +19%
$SBR
Curve-style stable swap AMM on Solana
Market Cap: $7m
YTD: +7%
$OOE
Leading DEX liquidity aggregator
Market Cap: $7m
YTD: -23%
Let us also explore what the composition of the sub-sector looks like as of today as we prepare for a longer-form analysis of the 2024 performance for this and the other DeFi sub-sectors in search of fundamental indicators of outperformance and underperformance alike.
There have been notable changes and movements since the start of this year, particularly for newcomers $AERO, $CETUS and $THE. $UNI comfortably maintains its dominance of the sub-sector. Curious drop in relevance for $OSMO, which was the third largest in January, and a surprisingly flat year for most others.
We will explore various possible reasons for such outcomes in the YTD 2024 DeFi Report. Now, onto the next sub-sector classification, rather close to this one, but more focused – 301020 Derivatives Trading, which is now firmly gripped by $HYPE.
Sources:
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