0x Q2 2024 Brief

Key Insights

Research Contents

0x API volume declined in Q2 after two previous quarters of growth, falling to $5.3 billion, down 18% QoQ. While all categories declined in volume in real terms, the volume share of Other AMMs grew 20%, while those of all other categories declined QoQ. Other AMMs volume only fell ~1% QoQ, while all other categories fell at least 20%. Notably, SushiSwap volume fell 43% QoQ, and Uniswap V2 volume fell 62%.

Base’s share of 0x API volume more than doubled (+144% QoQ), while Ethereum’s share of volume stayed relatively steady (+3% QoQ) after Q1 marked its lowest volume share in the past year. Volume share of all other categories declined throughout the quarter: Arbitrum (-15%), BNB Smart Chain (-40%), Polygon (-43%), Optimism (-28%), and Other (-55%).

In Q2, 0x APIs experienced a 7% increase in daily unique traders. This lagged behind the top 10 aggregators and aggregators outside of the top 10, which grew 22% and 222%, respectively. While other aggregators grew the most, they averaged only 1,500 daily unique traders, roughly an order of magnitude less than the top 10 index, which averaged 12,400 while 0x API averaged 28,300. Throughout the quarter, Coinbase and MetaMask had the largest user bases

The close of Q2 marked 0x’s sixth consecutive quarter of growth in daily application integrations, averaging 119 per day (+3% QoQ). In Q1, integration growth led to transaction growth, with transactions processed by 0x APIs increasing 12% QoQ. The top four tagged applications driving trades through 0x APIs include Coinbase, Matcha, DefiLlama, and MetaMask.

Amid the decline in 0x API volume in Q2, RFQ volume on available pairs

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