DEX Market Structure
Last updated
Last updated
The DEX market is rapidly moving toward an aggregator-based âintentsâ model, in which user-facing frontends (e.g. 1inch Fusion, Metamask, UniswapX, Cowswap, etc) allow third party âsolversâ to compete to fill trades by composing in multiple sources of liquidity. These solvers always algorithmically route in the DEX offering the best price. Since Clipper has best prices, it tends to win these trades. 95% of Clipperâs volume comes from 1inch and UniswapX. Clipper is the only onchain permissioned filler for UniswapX.
The âbig winâ for Clipper would be processing the majority of all DeFi spot volume (~$1 Trillion annually). This solely requires winning the market for ETH<>USD (and on other chains the native token of that chain). The more the DEX market moves toward a âsolverâ model, the more possible this becomes, because solvers will algorithmically route to Clipper. One could can think of Clipper as a leveraged bet on the trend of Aggregators, Intents & Solvers. Note this is not financial advice and we give no assurances or predictions about SAIL price.
Clipperâs roadmap (proposed by and subject to approval by DAO governance) prioritizes:
Increasing volume by deploying new Solvers and on new Chains.
Increasing TVL by improving the LP UX, analytics, and integrating with third party vaults.
Full roadmap here: