Protocol Profiles

Market microstructure analysis of major protocols in crypto — from DEX design to MEV infrastructure.

DEX

Aerodrome — Aerodrome is the dominant DEX on Base (Coinbase's L2), using a ve(3,3) tokenomics model inspired by Velodrome on Optimis...
Balancer — Balancer is an AMM protocol that generalizes the constant product formula to multi-token pools with arbitrary weights, f...
Curve Finance — Curve Finance is a DEX optimized for stablecoin and pegged-asset trading, using a Stableswap invariant that concentrates...
PancakeSwap — PancakeSwap is the dominant DEX on BNB Chain, originally forked from Uniswap V2 with additions including an AMM, yield f...
Raydium — Raydium is a leading DEX on Solana, operating as both an AMM and an order book-integrated exchange. Unlike pure AMMs, Ra...
Uniswap — Uniswap is the largest decentralized exchange by cumulative volume, pioneering the constant product AMM (V1/V2) and conc...

dYdX — dYdX is a leading perpetual futures DEX that migrated from an Ethereum-based StarkEx L2 to its own Cosmos-based appchain...
GMX — GMX is a decentralized perpetual exchange on Arbitrum and Avalanche that uses a pooled counterparty model — a multi-asse...
Hyperliquid — Hyperliquid is a high-performance Layer 1 blockchain purpose-built for perpetual futures trading, operating a fully on-c...

1inch — 1inch is a leading DEX aggregator operating across 12+ EVM chains, routing trades through its Pathfinder algorithm to sp...
CowSwap — CowSwap (Coincidence of Wants) is an intent-based DEX aggregator that uses batch auctions to match trades peer-to-peer w...
Jupiter — Jupiter is the dominant DEX aggregator on Solana, routing trades across all major Solana DEXs (Orca, Raydium, Meteora, e...

bloXroute — bloXroute is a blockchain infrastructure provider operating the Blockchain Distribution Network (BDN) — a low-latency tr...
Flashbots — Flashbots is a research and development organization that builds MEV infrastructure for Ethereum, including the MEV-Boos...
Skip Protocol — Skip Protocol (now part of the Interchain Foundation) is a validator-owned MEV infrastructure provider for the Cosmos ec...

EigenLayer — EigenLayer is a restaking protocol on Ethereum that allows staked ETH to secure additional services (Actively Validated ...

Aave — Aave is the largest decentralized lending protocol by total value locked, enabling permissionless borrowing and lending ...

Chainlink — Chainlink is the dominant decentralized oracle network, providing price feeds, verifiable randomness (VRF), and off-chai...

Tornado Cash — Tornado Cash is a decentralized privacy protocol on Ethereum that uses zero-knowledge proofs (zk-SNARKs) to break the on...

Ethena — Ethena is a synthetic dollar protocol that issues USDe, a stablecoin backed by delta-neutral positions — holding spot ET...