1inch surpasses Uniswap? Or for Messari data Oolong

读者

2022-07-25 11:11

This article is about 1519 words, reading the full article takes about 3 minutes

Is a "0" missing for Uniswap's transaction volume?

Uniswap's position in DEX has always been difficult to shake. In the perception of investors, Uniswap has always firmly ranked first in trading with an absolute advantage. Recently, Messari released "2022 Q2 1inch status report"But broke this perception.

According to the report, in the second quarter of 2022, the total transaction volume of major DEXs exceeded 81 billion US dollars. Since the fourth quarter of 2021, the transaction volume has dropped by 31%. Among them, 1inch's trading volume reached US$31 billion, accounting for 39%, and its quarterly trading volume surpassed Uniswap for the first time; Uniswap's trading volume was US$23 billion, accounting for 28%.

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Uniswap official data

According to Uniswap's official analysis tool, the transaction volume of Uniswap V3 exceeded 42 billion US dollars in April alone.

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Messari data

The figure of $192 billion far exceeds the $23 billion announced by Messari. Where does the data for Messari come from? We try to trace the source.

In the chart of Messari, we can see that its data source is Dune. Officially established in MessariDune Kanbanin, findVolume（USD）window.

After monthly statistics of the data, a simple calculation can be concluded that the total trading volume of Uniswap V2 and V3 has exceeded 160 billion US dollars from March to May this year.

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third party data

So how did Messari's $23 billion figure be calculated? Has 1inch surpassed Uniswap? Let's go to several third-party data sources to verify.

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V3 transaction volume data

After exporting all the data and summarizing the trading volume from April 1st to June 30th, we found that the Q2 trading volume of Uniswap V3 according to CoinGecko was as high as 135.2 billion US dollars, and the trading volume of Uniswap V2 was also 14 billion US dollars.

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Has 1inch surpassed Uniswap?

Also taking the CoinGecko data as an example, after exporting all the data and manually summarizing the trading volume from April 1st to June 30th, we found that the trading volume of 1inch Q2 was 27 million US dollars. This data is much lower than Uniswap data.

Of course, the currency pairs included in CoinGecko are limited, and the trading volume routed to other DEXs through 1inch is not included. This data does not objectively reflect the actual trading volume of 1inch. But even considering the statistical error, there is still a huge difference between 27 million US dollars and 100 billion US dollars.

Let’s take a look at the statistics of other platforms that also include 1inch and Uniswap: