Personally, liquidity is one of the points people should always consider when researching and analyzing any DeFi Ecosystem.
In order to continue our series of articles on the DeFi ecosystem of Solana, we will look at the overview of the Dexs built above.
The Dexs will be mentioned in the article: DEX Serum, AMM Serum, Raydium.
Dex Serum – Dex Orderbook
Serum Dex is a decentralized exchange built on top of the Solana blockchain. Dex Serum uses Orderbook architecture similar to Cex floors.
According to the current data, the Serum Dex List 36 Crypto Assets with 64 trading pairs, the pair with the highest volume is BTC / USDC, the token with the most trading volume is the Stablecoin group (USDC, USDT).
In the last 3 months, the average daily trading volume of Serum Dex fluctuated from 4 – 20M.
The above figure has increased significantly since its launch in September 2020, when daily trading volume ranged from 500K – 2M.
Serum Swap – AMM from Serum
Serum Swap is a simple AMM inspired by Uniswap. It was built with Solana to take advantage of the strong points of the platform (fast and cheap).
According to current data, Serum Swap List 10 Crypto Assets with 29 trading pairs, the most traded tokens are SRM, USDC and SOL.
Serum Swap’s trading volume has no clear fluctuation though. But in general, they tend to increase over time.
TVL of Serum Swap ranged from 6 – 10M. Combining TVL with the transaction volume, we can calculate the relative capital efficiency of the Swap Serum (Capital efficiency is calculated by the trade between the trading volume and the market liquidity – Volume / TVL).
Calculated numbers ranged from 0.25 to 0.42 (In Uniswap, Sushiswap and Pancake ranged from 0.2 to 0.3).
Capital efficiency can be seen as an important factor in the crypto market, a low capital efficiency AMM means that the asset portfolio structure is not yet optimized for profits. From this perspective, Serum Swap is not doing too bad compared to other top AMMs.
Read more: Compare & analyze top AMMs on Blockchain
Similar to Serum Swap, Raydium AMM has a similar design to Uniswap. It is built on top of Solana allowing for faster transactions, significantly lower fees, and the ability to scale later when the need arises.
The main difference is that Raydium pulls liquidity from Liquidity Pool to Serum Dex’s Orderbook to achieve the Liquidity Sharing effect, thereby achieving better liquidity goals.
By combining with reasonable Incentives (Liquidity Mining), Raydium is currently the AMM with the highest TVL on Solana (TVL 161M), but the average daily transaction volume of Raydium is also quite small at only 6-10M.
With the above data, we calculate the relative capital efficiency of Raydium AMM, this number is quite low (0.04 – 0.07) when compared to other AMM.
Overview of Dex on Solana
As I share in many previous articles, even when the market has grown to billions of dollars today, the real users are very few.
People join because of the rewards. If projects do not have or take away the associated bonuses, their platform will not have much appeal in the eyes of users.
Of course, for big projects, they know this, so the reason behind is often, they are not ready to implement or do not want to deploy.
In the general case of Dex on Solana, I believe that they are not ready to deploy, possibly focusing resources on developing DeFi Core on their ecosystem. When everything is ready, it all goes up very quickly, especially the Dex array.
In general, the Solana ecosystem is still very primitive, the Dapps in important sectors are still in a developing stage. As for Dex arrays, almost all of them have not yet implemented Incentives for Users (except Raydium).
I hope the article has provided you with some useful information about Dexs on Solana. What do you think about Dex on Solana, please comment below to discuss and discuss!
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