Most Popular DEX?

Comparing Crosschain Decentralized Exchanges GMX, Sushi, Osmosis and their Ability to Convert Web Visitors

A DEX (decentralized exchange) is a peer-to-peer marketplace where users can trade cryptocurrencies in a non-custodial manner without the need for an intermediary to facilitate the transfer and custody of funds.

In this story we will be figuring out which DEX has the most web traffic that converts to transacting users.

Data in this story was sourced from WeMeta’s private beta for their decentralized data warehouse, which holds social, onchain, market, app/ game & other offchain data in a single interface, enabling automated reports, streams, understanding & app/ game development across chains.

DEX Traffic

DEX popularity can be gauged in a ton of ways.

• Pure onchain activity isn’t enough to truly compare popularity, because it requires a conversion.
• Pure offchain activity isn’t enough to truly compare popularity, because it doesn’t account for conversions.

Bots and other noise that can be added to social sites like Twitter, Discord, Reddit or others also plague onchain activity through methods like wash trading.

Using WeMeta, we can easily compare GMX and Sushi Swap web visitors and their average visit duration.

(source)

Once we add in Osmosis, however, things shift a bit!

(source)

Numbers don’t lie. Based on web traffic, Osmosis is the most popular exchange. But what about volume?

Well it’s time to come clean… While Osmosis and Sushi are both DEXes, GMX actually falls under the category of a Decentralized Derivatives Exchanges. So it wouldn’t be fair to directly compare GMX volume to Osmosis and Sushi.

DeFiLlama portions out Sushi volume across chains, and Osmosis all on Cosmos.