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ParaSwap launches intent-based protocol to curb MEV attacks

Popular MEV attacks, such as sandwich transactions, have netted attackers nearly $17 billion in the past 30 days.

Decentralized exchange aggregator ParaSwap is launching an intent-based trading protocol designed to mitigate an issue costing millions of dollars on crypto transactions daily: MEV attacks. 

“MEV” refers to the “maximal extractable value,” in which validators use their ability to control the order, inclusion and execution of onchain transactions to profit from users. According to data from data platform EigenPhi, attackers have profited nearly $17 billion over the past 30 days from popular attacks such as sandwich transactions.

“MEV has cost users billions, contributing to a degraded user experience and making protocols less efficient in DeFi,” Mounir Benchemled, founder of ParaSwap, told Cointelegraph.

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‘Significant Changes’ Loom: SEC’s Crypto Strategy Faces Potential Overhaul

Decentralized exchange aggregator trading volumes surge to new highs

More and more traders are turning to DEX aggregators to seek out the best rates for token swaps.

Trading volumes on popular decentralized exchange (DEX) aggregators have surged to new highs over the past few weeks.

Decentralized exchange aggregators provide a way for token traders and swappers to scan several DEX platforms to get the best swap rates at the time.

According to Dune analytics, popular DEX aggregators such as 1inch, 0x, and Paraswap have seen volumes surging over the past month. The combined volume for those three hit a cumulative weekly all-time high of $6 billion last week, increasing by around 50% since the beginning of November.

DEX aggregator weekly volumes - dune.xyz

1inch has a minor lead in terms of the current market share at 53%, but 0x is rapidly catching up with 42% recorded for December so far. Last week, 1inch announced a Series B funding round led by Amber Group that raised $175 million.

On Dec. 5, 0x actually surpassed 1inch in terms of daily volume share with 49% compared to 43.7% according to Dune. According to 0xTracker, the DEX aggregator has processed $3 billion in volume over the past 7 days.

0x provides an application programming interface (API) that can be used by DeFi developers to integrate token swaps sourced from leading DEXes directly into smart contracts.

The 0x protocol also has a native DEX called Matcha which has processed $4.7 billion in trade volume over the past 30 days as reported by its dashboard.

Related: DeFi aggregator growth 'set to dwarf 2020’s volume'

Dune’s DEX analytics reports that there has been $4 billion in trading volume on decentralized exchanges over the past 24 hours and $33 billion for the past week. The aggregator share of that volume is currently 20%.

Uniswap is the current DEX market leader by a long way with a 79% share according to Dune. It has processed $26.2 billion in trading volume over the past week. SushiSwap, which was originally cloned from Uniswap, ranks in second place with a 9.8% share of the DEX market.

‘Significant Changes’ Loom: SEC’s Crypto Strategy Faces Potential Overhaul