frax

🚧 workshopping an analysis comparing Fraxswap vs Uniswap vs Curve. 

my left curve take is that for Frax-centric tokens like FRAX, FXS, frxETH, we *should* see higher volumes on Fraxswap than Uniswap, right?

otoh, i wouldn't be terribly surprised if Uniswap had higher trade vol.

let's take a look 👀

Moving data 
@Exponent_cx
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 @paulapivat on twtr

I queried all trading pairs that incl. FRAX, FXS and frxETH 
for a past 7-day trade volume across Fraxswap, Uniswap and Curve. 

To keep things manageable the data (currently) only goes back a week, but that can be lengthen later.

For these pairs, Fraxswap’s volume is double that on Uniswap, and yet Curve more than doubles than on Fraxswap, so:

Curve ($72.78M) > Fraxswap ($29.84M) > Uniswap ($14.59M)

can't post more than 3 pics per cast.

this is Uniswap's total trade vol in the past 7-days (pairs incl. FRAX, FXS and frxETH)

Each DEX has a mix of trading pair that tends to be unique (w/ some overlap); here are all the trading pairs for Fraxswap and Curve:

If you examine the pairs w/ highest trade vol. across Fraxswap, Uniswap and Curve, they're all different:

Fraxswap -> FRAX/FXS
Uniswap -> FRAX/USDC
Curve -> frxETH/WETH

But to really get a fair comparison, we need to see Trade Pairs that are COMMON across DEXs 

*note*: There were several pairs common across 2 DEXs, but no pair was found across _all_ 3 DEXs.

At a glance, we can see that whenever Fraxswap or Curve overlapped with Uniswap, they dominated 👀 

For FRAX/USDC, even tho this was Uniswap's highest volume pair, Curve still had 4X more volume. 

For FRAX/FXS, Fraxswap had 17X higher volume (!)

However, Uniswap wasn't completely dominated. When looking at common trading pairs, across COMMON pairs, Uniswap fares better:

- Uniswap: 5
- Fraxswap: 4
- Curve: 2

Tentative take-aways:

It's not too surprising Curve is leading in trade volume among pairs including FRAX, FXS and frxETH. Curve is, after all, Frax's strategic swap facility. 

However, the data does suggest it *is* possible to carve out a niche against a juggernaut like Uniswap.

By partnering with Curve and creating a custom AMM in Fraxswap, Frax Finance has managed to direct trade volume for its own tokens (FRAX, FXS, frxETH).

Let me know what other questions you'd like answered about Fraxswap. 

We could also go deeper into the mechanics of Fraxswap itself. This comparative analysis doesn't get into the unique aspects of Fraxswap like TWAMM, protocol use and DAO-to-DAO swaps.

WIP dashboard here: https://dune.com/paulapivat/fraxswap-comparison