Moon Capital Report - DexGuru
DexGuru is a trading terminal that brings real-time data from multiple DEX markets, on-chain analytics and trade execution capabilities — in one fully integrated UI. Currently, DexGuru aggregates transaction order routing for Ethereum, BSC and Polygon networks, including Uniwap, SushiSwap, PancakeSwap, QuickSwap and other DEX platforms.
DexGuru aims to build a one-stop transaction aggregation platform to solve the pain points faced by most investors when dealing with DEX and DEFI products, which need to open many web sites at the same time (e.g. Uniswap, Etherscan, Tradingview, etc.), greatly simplifying the trading operations.
The product is mainly composed of two functional modules of trading and on-chain data analytics, which meets both the trading and analysis needs of investors.
Investors can look up the on-chain transaction process of the current trading pair in the trading history section, including swap price, transaction amount, transaction time, etc. At the same time, DexGuru also appropriately annotates user addresses for each transaction. The annotation is made according to some datasets of the address: trading volume in the past 30 days, trading frequency and other characteristics of screening identification. This function helps investors to make better decisions in the investment of some emerging crypto currencies.
At the same time, DexGuru has added a secondary feature for on-chain transactions called “Market Screener”. For each trading pair, investors in the whole market are divided into three categories according to their trading volume and trading frequency: Casual Trader (30-day volume between 1W-10W USD), Active Trader (30-day volume between 10W-50W USD), Heavy Trader (30-day volume over 50W USD).
Through the data analysis and tracking of each trading address in every transaction pair, the transaction behaviors of different types of investors reflect the current speculative sentiment of the market on a specific token to some extent. This is a quite good trading data auxiliary tool, which is conducive to judging the on-chain trading situation and market investment sentiment in the near future, as well as the investment interests of medium and large traders on a specific token.
- Market Selector
DexGuru provides basic information about project tokens in the aggregated market, including token names, trading volume and price in the past 24 hours, as well as the underlying blockchain where the tokens are located. It is similar to the decentralized CoinMarket/Coingecko website and their token information module. DexGuru provides the function of connecting user wallets. Users can view assets, prices, trading volumes and other information of their wallet among multiple blockchain networks after a simple wallet connection. (Blockchains supported by DexGuru)
Gainers/Losers rank in different blockchains aggregated by DexGuru is also available under Market Selector section. It provides investors with the hottest tokens and their information.
- Token Liquidity
This section shows available on-chain token liquidity and AMM’s pool activity.
(Liquidity addition, liquidity removal, liquidity pool data, etc.)
Currently, DexGuru supports token transactions and data on four blockchains: Ethereum, Polygon, BSC and Avalanche.
- DYOR（Do Your Own Research)
DYOR is primarily used by investors for project research. After selecting a specific project token in the market selector, they can click DYOR to view the specific information of the corresponding token, including the official website, community links, market value ranking, market value data, etc., similar to a simplified version of CMC. Investors can directly jump to the links of the corresponding project to look for the detailed information behind the token, and make a judgment on whether to invest after conducting self-research on the project. From Market Selector to DYOR function, all operations are in one go.
- Trading Tools
DexGuru effectively routes orders through the 0X API, aggregates order routing from different DEX platforms on Ethereum, BSC, Polygon and Avalanche networks, including DEX platforms on different chains such as Uniwap, SushiSwap and DODO. As a result, DexGuru can directly make transactions of almost all project tokens listed on DEXes. Investors will be able to trade newly launched tokens through DexGuru easily, which simplifies the trading process of DEX on different chains and makes token information available to everyone.
At the same time, DexGuru provides candlestick chart, so that users trading in DEX can have a clearer understanding of the price trend of each token. It provides a simplified and direct trading interface for users compared to other Dexes such as Uniswap, SushiSwap and PancakeSwap.
The entire product of DexGuru is organized around the two core concepts of “transaction and information”. It is centered on project tokens, providing traders with on-chain data (trading information, project information, token screening, liquidity pool data, etc.) and trading interface (order operation interface).
The whole process of the use case is: select a specific token → check candlestick chart →DYOR（research in project details）/ Information of different types of traders on the chain/liquidity pool data, etc → Select a currency of potential interest → make a transaction in the trading screen.
This process is carried out around investment/trading, integrating multiple types of data, enabling traders to understand the tokens with one click, simplifying the trading operations, and enabling users to better execute transactions. The operation interface of the platform, the ease of use, and the acquisition of project information are all friendly to users.
DexGuru launched its beta version in February. From April, the platform ushered in the first wave of order volume and user growth until the midst of May. Subsequently, the order volume and the number of active users remained stable. The peak number of daily orders is 4500 with about 1500 users. In the past two months, the overall daily order volume has remained in the range of 2000–3000, and the number of users in the range of 1500–2500.
Compared with other DEX and aggregators, according to DeBank report, the average user ranking of DexGuru in the last two months is around the 10th to 15th place among all the listed projects. The average number of transactions (orders) is around 25–30th. Compared to the leading dexes aggregator, 1inch, more users of DexGuru may be used to view the price information of on-chain assets (tokens that are not listed in CEX), i.e. there may be a “watch-but-no-trade” situation. At present, the overall number of DexGuru users is in a relatively stable stage, with the peak of traffic around May. The data from SimilarWeb’s website also proved the current user trend.
As of September 17, the total trading volume of DexGuru platform is $362.63m, the trading volume of the recent 7 days is $13.70m, of the 24 hours is $1.83m.
Similarly, the trading volume of The DexGuru platform reached the peak in May, with the peak daily trading volume of $5.5m. In the past month, the trading volume of DexGuru’s platform maintained at about 1m-1.1m, still in the “sleeping” range. According to DeBank one-day trading volume data on September 12, the top DEX of Ethereum, BSC and Polygon chains and their trading volume data are Uniswap V3 (ETH, $612.3m), PankcakeSwap (BSC, $528.5m), QuickSwap (Polygon, $89.6m). DexGuru is still far from the top DEX platform. But DexGuru is not a 100% DEX. It is more of a dex aggregator integrating various functions (trading, analytics, data, candlestick chart, etc.).
DexGuru’s transactions from March to September can be divided into two different stages. Overall, trading transactions on BSC dominated the platform (55.65%), followed by Polygon (22.65%) and Ethereum (21.68%). Transactions on Avalanche account for a relatively low proportion (0.005%).
From April to May, asset trading of BSC blockchain was absolutely dominant on DexGuru. With the development of other public chains, asset trading of Polygon gradually climbed up on DexGuru since July. This also reflects what kind of public chain ecological transaction is in the stage of prosperity.
DexGuru is expected to integrate more blockchains in the future, allowing users to conduct more on-chain transactions, project researches, data access, etc. With the increasing number of connected blockchains, the trading volume and active users of DexGuru platform will also be improved. The changing trend of popular public chains can be found from the transaction data of the platform.
According to the all-dimension data of DexGuru platform, we summarized the followings:
- DexGuru currently leads asset transactions on BSC and Polygon. The platform will gradually connect to more blockchain ecosystems.
- At present, daily active users and transaction orders on DexGuru are still in a stable period or “not yet boom period”. The overall transaction data of DexGuru ranks in the middle and lower reaches of similar projects in the market. But its product features determine that it still has a high potential for growth.
- Combined with DexGuru product functions, the project can aggregate multichain asset trading, project information overview, transaction data analysis, etc. DexGuru is not only a single exchange, but can also provide platform users with various functional services, which is essential for trading on DEX. The data mentioned above is all obtained through the 0X API, i.e. traders data, as well as other non-traders (for project researches, data analysis, etc.).
- Overall, DexGuru’s transaction data is not top notch, but its product functionality is very promising.
DexGuru belongs to the Dex aggregator category and transaction + data tool from its current platform functionalities. Therefore, competitor analysis is carried out in these two categories.
1inch (multichain dex aggregator), Parawap (multichain dex aggregator) and Slingshot (direct competitive product) were selected for multi-dimensional analysis and comparison. Then reasonable market value expectations can be given to DexGuru for subsequent launch.
In terms of funding alone, DexGuru only raised $1 million in the pre-Seed round. The financing amounts of pre-seed round (the earliest stage) is relatively low compared to other similar projects, and the premium space is worth expecting.
From the perspective of investment institutions, ParaFi Capital, the leading investment institution, is also one of the well-known investment institutions in the crypto field, participated in investment projects including Solana, YGG, Aave and other leading projects from many major crypto sections, and mostly participating in the financing of early projects, with feasible strength.
- Supported Blockchains
Comparing the supported blockchains of four projects. DexGuru, 1Inch and ParaSwap support all four blockchains. Slingshot is a trading platform specifically for Polygon. In terms of the supported blockchains, the four blockchains currently supported by DexGuru (Ethereum, Polygon, BSC and Avalanche) can basically meet the needs of most traders in the market. More blockchains will be supported according to the project roadmap.
- Market Cap Expectation
We obtained the corresponding valuation of 4 projects from the information published on current social platforms and trading software. If the project does not disclose the actual tokenomics on their official website, we will use the financing amount to make a horizontal comparison.
Based on known data and financing information, DexGuru only raised $1 million in the pre-Seed round. Compared with 1inch ($540 million in circulation market value and about $4.475 billion in total market value), the premium space of this round of valuation of DexGuru is worth expecting. Compared with other two projects (ParaSwap and Slingshot) that has not disclose tokenomics yet, the amount of financing was also in a relatively reasonable expectation range.
As multiple public blockchains set off a boom in the market, the importance of multichain aggregator and further trading assistance will become increasingly prominent. Whether it’s DexGuru, 1Inch, ParaSwap, or other multichain aggregators, they all have a plan to integrate more blockchains for aggregated trading. Users can also make more convenient use of trading data, research functions on these platforms to better conduct on-chain transactions.
About Moon Capital
Moon Capital is a cutting-edge investment firm focused on blockchain and cryptocurrency. Moon Capital portfolio includes, Wootrade, Litentry, Subsocial Network, Bifrost, DeepDAO and some other high-quality projects.