CEU Electronic Theses and Dissertations, 2025
| Author | Beelen, Dennis |
|---|---|
| Title | An Analysis of DeFi Aggregators with a Focus on Swapping Functionalities |
| Summary | **Abstract** This capstone investigates the performance of five leading decentralized exchange (DEX) aggregators on the Ethereum blockchain, 1inch, CowSwap, KyberSwap, Velora, and Odos through a combined qualitative and quantitative analysis. The study evaluates platform design, routing logic, and fee models, supported by transaction-level data collected from smart contracts during two periods in early 2025. Key performance metrics include gross and net trader slippage, and transaction latency. Results reveal significant differences in aggregator architecture. Overall, CowSwap leads in price performance, KyberSwap in speed, and Velora in transaction fee efficiency, indicating that aggregator effectiveness is context-dependent. This analysis highlights the importance of routing algorithms and fee structures in DEX aggregator performance and provides new insights for users and developers navigating Ethereum’s DeFi landscape. |
| Supervisor | Schindele, Ibolya |
| Department | Economics MSc |
| Full text | https://www.etd.ceu.edu/2025/beelen_dennis.pdf |
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