DeFi Planet

@PlanetDefi

13h

Nick Research

@Nick_Researcher

Oct 26

what makes me take DeFi aggregators seriously is the growth in actual usage

liquidity is spread across pools and chains

aggregators can compare those sources and split trades to improve the result

as onchain markets expand, reliable execution becomes more valuable

1) there is ese are the projects i’m interested in:

→ @Uniswap: aggregator hooks make external liquidity accessible as v4 pools, routes combine Uni liquidity + outside sources in 1 txn

→ @metricxyz: active-pool DEX whose pricing + liquidity adjust as new info arrives

→ @matchaxyz / @0xProject: combines AMM liquidity with quotes from market makers

→ @1inch: aggregation + intent-based and cross-chain swaps

→ @CoWSwap: solvers compete to execute orders, with batch auctions + MEV protection

→ @JupiterExchange: aggregates swap routes on Solana & lets routing engines compete

→ @lifiprotocol: aggregates DEXs + bridges + intent systems through one integration

→ @KyberNetwork: dynamic routing across DEX liquidity + consistently improves net output across different trade sizes

trailing 30D routing volumes:
- Metric: ~$23.8B within 8 days
- Jupiter: ~$14.81B
- KyberSwap: ~$7.24B
- 0x, the infrastructure behind Matcha: ~$8.74B
- CoW Swap: ~$3.65B
- 1inch: ~$3.11B

2) the opportunity extends beyond crypto-native trading

tokenized stocks grew from ~$700M at the start of 2026 to over $3B in Sept

their share of DEX activity averaged 11% in Sept, up from near zero previously

that is growth in the market aggregators can serve, rather than proof that every aggregator benefits equally

@metricxyz makes this opportunity more concrete

- its DEX uses external price feeds for assets such as tokenized stocks, ETFs, commodities
- gives routers another type of liquidity to access as more traditional assets move onchain

3) distribution could matter as much as routing

2 relevant scenarios in its 2022 DEX report:

- aggregators become the main trading interface and direct orders to DEXs
- wallets own the user relationship and route trades through aggregators underneath

an aggregator can process growing volume while the wallet controls access to the customer

uniswap’s agg hook adds another competitive angle

external liquidity is now included automatically in its Web App and available through its API

this is why i’m interested in APIs + wallet integrations

users can generate recurring flow without ever visiting the aggregator’s website

4) how much revenue survives the costs

CoW’s core team reported $41.9M in cumulative DAO rev across products since rev generation began in 2024

but solver incentives + development costs limited the cash available for meaningful supply reduction

uniswap adds a mechanism, using others' liquidity to BURN ITS OWN TOKENS

swaps routed through aggregator hooks pay protocol fees that contribute to $UNI burns

my conviction increases when i see:
→ repeat usage
→ better execution after all costs
→ integrations that keep generating orders
→ revenue retained after incentives & operating expenses
→ a clear mechanism connecting that rev to token holders

DeFi Planet

@PlanetDefi

Nov 3

Ishmael Asad

@AsadIshmael

Nov 2

You should be investing in DeFi in 2026

- Positive on the year
- Outperformed majors (BTC, ETH)
- 2.24x return YTD

Index includes AAVE, RUNE, SKY, UNI, LDO, RAY, ORCA, AERO, JTO, JUP, ENA, KMNO, HYPE, MORPHO, DRV, KNTQ, LIT

Onchain businesses that return revenue to holders 💰