ON–313: Aggregators 🔄
Coverage on Jupiter, 1inch, CoW Swap, KyberSwap, Symphony & Enso
Feb 14, 2025
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Jupiter | 1inch | CoW Swap | KyberSwap | Symphony | Enso
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👥 Aishat Suleiman | Website | Dashboard
- Jupiter, the biggest aggregator on Solana, has been on a steady rise to the top — on Jan. 20, 2025, total swap transactions reached an all-time high of 57.1M.
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- 90% or more of the traders on Jupiter are human, while bots account for the remaining percentage. However, when looking at trading volume, bots contribute significantly more—between 1.2x to 1.5x the volume of human traders.
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Editor's Note:
Bots here are defined as addresses with at least 10,000 transactions or a 25% transaction fail rate.
Bots here are defined as addresses with at least 10,000 transactions or a 25% transaction fail rate.
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- 1inch is a time-tested aggregator which has maintained its strong market share on EVM chains. Among EVM chains, 1inch ranges between 33% and 45% in terms of volume, 40% and 50% in terms of users, and 38% and 45% in terms of swaps. These metrics underscore 1inch's dominant position in the aggregator landscape and highlights its appeal to a wide range of users.
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- In 2024, 1inch recorded 53M completed swaps, marking a 51% increase compared to the previous year.
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- In 2024, the number of swaps on 1inch conducted on the Base blockchain accounted for 26.5% of the total swaps, surpassing Ethereum, which had a 16.3% share. This shift highlights Base’s growing adoption and its increasing role in DeFi, particularly within 1inch.
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👥 Alex Vinyas | Website | Dashboard
- CoW Swap's market share reached a new all time high of 28.4%, surpassing 1inch (not including the aggregator's Fusion product) market share for the first time since inception. CoW Swap's market share has performed strongly, with an increase of 11% month-over-month, despite having lower volume compared with December 2024 ($7.4B vs $7.8B). CoW Swap is on track to becoming Ethereum’s largest DEX Aggregator.
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- CoW Swap continues to build on its strong growth seen across 2024. In December it reached an all-time high of $7.8B in terms of trading volume. In January the aggregator came just short with $7.4B. CoW Swap settled almost twice as much volume as all other intent-based trading platforms combined in that time.
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- Want to know what the team behind the 47th President of the United States has been trading? World Liberty Financial, backed by Donald Trump Jr. and Eric Trump, has placed 45 orders through CoW Swap. Out of those, $9,892,558 in volume are for buy orders, and $154,351,659 in volume are in sell orders, with an average surplus across all trades of 15.64%.
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Transaction Spotlight:
The largest and latest Coincidence of Wants (CoW) on CoW Swap was a $1.65M trade, where a solver directly matched two users out of the four in the batch. One user was swapping $1.65M USDT for USDe, the synthetic dollar issued by Ethena. The other swapped $4.6M USDe for USDT. This showcases CoW Swap’s ability to handle large trades seamlessly, maximizing liquidity and providing better pricing —made possible by batch auctions.
The largest and latest Coincidence of Wants (CoW) on CoW Swap was a $1.65M trade, where a solver directly matched two users out of the four in the batch. One user was swapping $1.65M USDT for USDe, the synthetic dollar issued by Ethena. The other swapped $4.6M USDe for USDT. This showcases CoW Swap’s ability to handle large trades seamlessly, maximizing liquidity and providing better pricing —made possible by batch auctions.
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- KyberSwap is an aggregator which continues to power seamless token swaps, cumulatively processing 5.7M transactions from 782K active addresses, and moving $16.36B in total volume. With 98K+ trading pairs, users have diverse options and averaging $3K per swap in the last 180 days.
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- KyberSwap traders are most active from 13:00-15:00 UTC, with 600K+ transactions and 200K+ swappers in that time frame. Volume peaks at $2B around 14:00 UTC, suggesting high liquidity and strong trading momentum in midday hours. Planning a big swap? This might be the best window for optimal execution.
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- KyberSwap’s daily swap volume has surged, reaching $381M on Feb 3. 2025, a significant increase from previous months. This growth highlights rising user activity and liquidity, making Kyber a key player in the DeFi landscape.
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Transaction Spotlight:
A KyberSwap trader executed a massive swap, totaling $73.46M in a single transaction. This high-value trade highlights significant whale activity on the platform, possibly impacting liquidity and price slippage. Such transactions can indicate institutional moves or arbitrage strategies.
A KyberSwap trader executed a massive swap, totaling $73.46M in a single transaction. This high-value trade highlights significant whale activity on the platform, possibly impacting liquidity and price slippage. Such transactions can indicate institutional moves or arbitrage strategies.
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👥 Williams Lin | Website | Dashboard
- Moving past $1M in trading volume for the first time, Symphony notched a spike in trading volume in November 2024, before pushing past $1.2M the following month. This coincides with the announcement of the Memecoin Madness campaign on the Sei blockchain, which prompted demand for trading.
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- Daily swaps as of Feb. 3 on Symphony are down over 60% since the all-time of 1.7K on Nov. 25.
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- In December 2024, Sei reached a trading volume of ~$200M. Today, it is sitting at ~$100M or at ~50% of previous volume. With this, Symphony is still picking up growing volume, swaps, and unique traders. This, in confluence with volume data, shows a rise in Symphony's market share among traders.
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📈 Enso Leads DeFi Token Volume after its Shortcuts Product Processed $3.1B of TVL Executed on Berachain.
- Enso, an infrastructure project which offers prebuilt blockchain actions that enable bundling of DeFi actions like swaps, lending, and staking, leads 7-day aggregators’ market share after executing a cumulative $3.1B TVL transfer from Ethereum to Berachain. The largest transaction was a single $300M Lombard Staked BTC. In total, Enso moved DeFi positions ranging from liquidity provider (LP) positions to liquid staking tokens (LSTs), from Boyco's Ethereum vaults to the 12 Berachain protocols, in partnership with LayerZero.
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- Zooming in on the DeFi token-only dollar volume for all aggregators over the past 30 days, Enso positions itself as the leading aggregator for DeFi tokens followed by projects 0x and 1inch over that time period.
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- Breaking down the 30-day daily DeFi token volume for each project, volume comes in majority from the stablecoins sUSD ($290M), sUSDe ($214M), executed by 0x API and Kyberswap respectively, and other large ETH LSTs are WEETH ($601M), wstETH ($309M), and rwsETH ($153M) executed by 1inch, Kyberswap and 0x respectively.
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