DeFi Matcha: Best Token Swap Ever?

in hive-175254 •  4 days ago 


As DeFi becoming popular, token swap services are popping up everywhere.
There are so many token exchanges and I have tried so many token swaps, but these guys are my goto swaps so far

Uniswap: on-chain token exchange platform
KyberSwap: cross-chain token exchange platform
Both of them are pretty easy to use, simple and fast token swaps.

Today, I got an early access to another swap platform, Matcha, crypto token exchange (it is still in beta and testing/developing phase) developed by 0x.

Main features

Those are the main features of Matcha and the most important thing is the price aggregation.
I think KyberSwap also does price aggregation already but anyway, Matcha aggregates multiple liquidity platforms and find the best exchange price.
Price aggregation is kind of like airline ticket price match. Matcha will go through different sources and find the best rate for your token swap.


When you swap BAT to ETH Matcha will sample multiple data sources from different platforms and optimize the "fill path".
Matcha will price match BAT -> ETH trade on Uniswap, KyberSwap, Oasis, Curve and all the other decentralized exchanges to find the best rate.

Matcha is more

When we trade tokens we normally think about direct path from BAT to ETH, but Matcha goes further and splits a path into multiple paths.
BAT -> token X -> token Y -> ETH and then check each path against different platforms and merge them together so that
BAT -> token X could be done by Uniswap,
token X -> token Y could be done by KyberSwap,
token Y -> ETH could be done by something else
and then put them all together to find the highest overall return.

Matcha sounds like a winner...

But does Matcha really offer the best price possible?
Here are my test results (i actually didn't swap tokens just checked the estimated rates)

Matcha: 141.682 ZRX -> 176.3299 BAT

Uniswap: 141.682 ZRX -> 177.322 BAT

KyberSwap: 141.682 ZRX -> 176.0613 BAT

So just looking at these results, Uniswap gave me the best exchange price and Matcha 2nd, KyberSwap the worst.
I am not saying this is always the case and Uniswap is always the best or anything. I didn't actually swap tokens and also Matcha includes slippage and gas fees when they calculate the rate so that Matcha still could be the best overall.

Funny thing is that

When I got the trade estimate from Matcha it searched 6 exchanges and saw this "fill path".

It was straight up 100% Uniswap... so I don't know exactly what is going on here but like I said, Matcha is still in beta so these things could get better...

Matcha UI is King

Uniswap and KyberSwap are both simple and user friendly but I would have to say I love the Matcha UI.
I think Matcha UI is the best overall for sure. I think showing the price change % is a nice touch too.
Currently, Matcha only supports 21 assets, but it seems like they are going to add more tokens that are high demand and high liquidity.

Since DeFi is getting more attentions and becoming popular if they can pull this off this is going to be huge!
You can get on the waitlist here.

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