Despite only being released, the trading volume of DeFiLlama's liquidity aggregator DEX has eclipsed that of Matcha and Metamask in the last 24 hours.
The new decentralized exchange aggregator from data analytics platform DeFiLlama, which reduces transaction costs for swaps, was the most widely used application over the previous 24 hours, according to the 0x platform that aggregates liquidity across most of the leading DEXs.
The DeFi sector is now being driven by DeFiLlama, one of the most well-known data platforms in the crypto world. Although still in beta, DeFiLlama's liquidity aggregation protocol, known as the DefiLlama DEX aggregator, has shown encouraging signals since being live earlier this week.
By routing transactions through the users' own servers and not storing IP information, the aggregator also aids users in conducting private transactions. Furthermore, the absence of incentives like liquidity mining programs at the platform's introduction makes the DefiLlama DEX aggregator truly unique.
Because there are no LP mining programs or other incentives, users still show a lot of interest in the DEX aggregator, indicating that they are searching for a platform that can affect their ability to accurately analyze data for their research and trading purposes. And when it comes to meeting the actual needs of people, this is also regarded as the project's first successful step.
It enables customers to compare exchange costs from eight other aggregators and select the best offer, claims DeFiLlama. The aggregator enables free customer integrations with the majority of chains that are EVM-compatible. Users can perform transactions privately thanks to the aggregator because it routes transactions through its own server, which does not retain IP information.
Over the past two years, many other DEXs on the market have used liquidity mining strategies to attempt and attract users. However, that model does not support sustainability and long-term growth. DeFiLlama had a different strategy, first creating a platform for free data usage before releasing DeFi applications once it had a sizable initial user base.