Crypto wallet provider Bitget Wallet on Monday cited a Block Scholes benchmark showing routing-engine design is increasingly deciding quote quality in onchain trading as liquidity access becomes more commoditised.
The study compared live API quotes across Bitget Wallet, KyberSwap, 0x and Jupiter, spanning trades from under $1,000 to $100,000 in BTC, ETH, Solana and stablecoin pairs. Performance gaps widened at larger trade sizes on major pairs, the release said, with Bitget Wallet’s quoted prices beating peers in up to 78% of large-trade comparisons.
Most aggregators can now reach the same liquidity; the edge sits in how an engine chooses routes, prices gas and splits flow across pools as ticket size rises. A $10 million stablecoin case study in the report showed that splitting across multiple pools rather than routing through a single venue preserved about $8,000 in execution value.
“Over the past few years, decentralised exchanges have steadily taken volume share away from centralised venues while liquidity and volume has fragmented across various blockchain networks,” said Thahbib Rahman, Research Analyst at Block Scholes.
DEXs now account for roughly 14% of global crypto spot volume, up from under 0.1% five years ago, according to the release.
Bitget Wallet also offers a DEX trading API that lets external platforms connect to its routing and liquidity aggregation infrastructure, according to The Block.
