Mapping the Flow of DEX Swap Execution: Allium’s Orderflow Explorer

Contributors: Soon Guan Tan (Data Analyst, Allium), Soo Hyung Choe (Data Analyst, Allium), Jackie Zhang (Head of Data Science, Uniswap Foundation)

Summary

When a user swaps on Ethereum, the transaction often passes through multiple intermediaries (wallets, meta-aggregators, solvers, aggregators) before reaching liquidity pools. Each layer serves a purpose, but the complexity has made it difficult for researchers and analysts to trace who facilitated the trade and where liquidity actually came from.

The Orderflow Explorer, built by Allium through a Uniswap Foundation grant, maps the complete path of every DEX swap across Ethereum, Arbitrum, Base, and Unichain. This post covers what the Orderflow Explorer does, how we built the underlying schema, and how we validated it.

Explore on DEX Analytics →

‍What is the Orderflow Explorer?

This project offers a generalized model to map the flow of a swap execution, from its origin, through the intermediary routing systems like meta aggregators, aggregators, or solvers, to the decentralized exchanges’ liquidity pools and vaults that settle it. For every trade, users can see:

• Where trades originate: Wallets, dApps, bot contracts, interfaces
• How they are routed: Via aggregators, meta-aggregators, or intent-based systems
• Where liquidity is sourced: DEX protocols and pools that ultimately settle the swap

Coverage includes meta-aggregators, aggregators, solvers, private market makers (PMMs), AMM liquidity pools, and Uniswap v4 hooks.

How We Built It

Allium indexes raw blockchain data (blocks, logs, transactions, and traces) for EVM-compatible chains. From this, we decode DEX activity into two core abstractions:

<table style="border:none;border-collapse:collapse;"><colgroup><col width="220"><col width="381"></colgroup><tbody><tr style="height:34pt"><td style="vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"><p dir="ltr" style="line-height:1.38;text-align: center;margin-top:0pt;margin-bottom:0pt;"><span style="font-size:11pt;font-family:'DM Sans',sans-serif;color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">Model</span></p></td><td style="vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"><p dir="ltr" style="line-height:1.38;text-align: center;margin-top:0pt;margin-bottom:0pt;"><span style="font-size:11pt;font-family:'DM Sans',sans-serif;color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">What It Represents</span></p></td></tr><tr style="height:34pt"><td style="vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"><p dir="ltr" style="line-height:1.38;margin-top:0pt;margin-bottom:0pt;"><span style="font-size:11pt;font-family:'DM Sans',sans-serif;color:#188038;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">dex.trades</span></p></td><td style="vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"><p dir="ltr" style="line-height:1.38;margin-top:0pt;margin-bottom:0pt;"><span style="font-size:11pt;font-family:'DM Sans',sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">AMM swaps emitted directly by liquidity pools (Uniswap v2/v3/v4, Curve, Balancer)</span></p></td></tr><tr style="height:34pt"><td style="vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"><p dir="ltr" style="line-height:1.38;margin-top:0pt;margin-bottom:0pt;"><span style="font-size:11pt;font-family:'DM Sans',sans-serif;color:#188038;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">dex.aggregator_trades</span></p></td><td style="vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"><p dir="ltr" style="line-height:1.38;margin-top:0pt;margin-bottom:0pt;"><span style="font-size:11pt;font-family:'DM Sans',sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">Swaps routed through intermediaries (aggregators, intent-based protocols, RFQ systems)</span></p></td></tr></tbody></table>

These two models form the foundation for the data schema. From this dataset, we aim to identify the following entities that are involved: 

<table style="border:none;border-collapse:collapse;"><colgroup><col width="142"><col width="306"><col width="154"></colgroup><tbody><tr style="height:34pt"><td style="vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"><p dir="ltr" style="line-height:1.38;text-align: center;margin-top:0pt;margin-bottom:0pt;"><span style="font-size:11pt;font-family:'DM Sans',sans-serif;color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">Entities</span></p></td><td style="vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"><p dir="ltr" style="line-height:1.38;text-align: center;margin-top:0pt;margin-bottom:0pt;"><span style="font-size:11pt;font-family:'DM Sans',sans-serif;color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">Definition / Role</span></p></td><td style="vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"><p dir="ltr" style="line-height:1.38;text-align: center;margin-top:0pt;margin-bottom:0pt;"><span style="font-size:11pt;font-family:'DM Sans',sans-serif;color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">Examples</span></p></td></tr><tr style="height:34pt"><td style="vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"><p dir="ltr" style="line-height:1.38;margin-top:0pt;margin-bottom:0pt;"><span style="font-size:11pt;font-family:'DM Sans',sans-serif;color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">Frontend</span></p></td><td style="vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"><p dir="ltr" style="line-height:1.38;margin-top:0pt;margin-bottom:0pt;"><span style="font-size:11pt;font-family:'DM Sans',sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">User-facing interface that collects swap intent and submits transactions.</span></p></td><td style="vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"><p dir="ltr" style="line-height:1.38;margin-top:0pt;margin-bottom:0pt;"><span style="font-size:11pt;font-family:'DM Sans',sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">Uniswap UI, MetaMask Swaps, Rainbow Wallet</span></p></td></tr><tr style="height:34pt"><td style="vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"><p dir="ltr" style="line-height:1.38;margin-top:0pt;margin-bottom:0pt;"><span style="font-size:11pt;font-family:'DM Sans',sans-serif;color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">Meta-Aggregator</span></p></td><td style="vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"><p dir="ltr" style="line-height:1.38;margin-top:0pt;margin-bottom:0pt;"><span style="font-size:11pt;font-family:'DM Sans',sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">Routes swaps across multiple aggregators to find the best execution path. We currently group intent-based protocol as meta-aggregator as well.</span></p></td><td style="vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"><p dir="ltr" style="line-height:1.38;margin-top:0pt;margin-bottom:0pt;"><span style="font-size:11pt;font-family:'DM Sans',sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">CowSwap, LiFi, KyberSwap, etc</span></p></td></tr><tr style="height:34pt"><td style="vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"><p dir="ltr" style="line-height:1.38;margin-top:0pt;margin-bottom:0pt;"><span style="font-size:11pt;font-family:'DM Sans',sans-serif;color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">Aggregator</span></p></td><td style="vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"><p dir="ltr" style="line-height:1.38;margin-top:0pt;margin-bottom:0pt;"><span style="font-size:11pt;font-family:'DM Sans',sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">Optimizes trade execution across multiple DEX pools and liquidity sources.</span></p></td><td style="vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"><p dir="ltr" style="line-height:1.38;margin-top:0pt;margin-bottom:0pt;"><span style="font-size:11pt;font-family:'DM Sans',sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">1inch, OpenOcean, Matcha</span></p></td></tr><tr style="height:34pt"><td style="vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"><p dir="ltr" style="line-height:1.38;margin-top:0pt;margin-bottom:0pt;"><span style="font-size:11pt;font-family:'DM Sans',sans-serif;color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">Liquidity Source</span></p></td><td style="vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"><p dir="ltr" style="line-height:1.38;margin-top:0pt;margin-bottom:0pt;"><span style="font-size:11pt;font-family:'DM Sans',sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">Pools or venues providing actual token liquidity for swaps.</span></p></td><td style="vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"><p dir="ltr" style="line-height:1.38;margin-top:0pt;margin-bottom:0pt;"><span style="font-size:11pt;font-family:'DM Sans',sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">Uniswap v2/v3, Curve, Balancer, Kyber AMM</span></p></td></tr><tr style="height:34pt"><td style="vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"><p dir="ltr" style="line-height:1.38;margin-top:0pt;margin-bottom:0pt;"><span style="font-size:11pt;font-family:'DM Sans',sans-serif;color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">Private Market Maker (PMM)</span></p></td><td style="vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"><p dir="ltr" style="line-height:1.38;margin-top:0pt;margin-bottom:0pt;"><span style="font-size:11pt;font-family:'DM Sans',sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">Off-chain liquidity providers offering RFQ prices and competitive execution for large trades.</span></p></td><td style="vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"><p dir="ltr" style="line-height:1.38;margin-top:0pt;margin-bottom:0pt;"><span style="font-size:11pt;font-family:'DM Sans',sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">Wintermute, Flowdesk</span></p></td></tr><tr style="height:34pt"><td style="vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"><p dir="ltr" style="line-height:1.38;margin-top:0pt;margin-bottom:0pt;"><span style="font-size:11pt;font-family:'DM Sans',sans-serif;color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">Solvers</span></p></td><td style="vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"><p dir="ltr" style="line-height:1.38;margin-top:0pt;margin-bottom:0pt;"><span style="font-size:11pt;font-family:'DM Sans',sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">Agents that determine the optimal execution across DEXs, PMMs, and liquidity pools; can batch or net trades.</span></p></td><td style="vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"><p dir="ltr" style="line-height:1.38;margin-top:0pt;margin-bottom:0pt;"><span style="font-size:11pt;font-family:'DM Sans',sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">CoW Protocol solvers, UniswapX fillers</span></p></td></tr></tbody></table>

Within a transaction, we classify each project and protocol from the dex.trades and dex.aggregator trades into one of the entities above based on the DEX mechanism (intent-based, meta-aggregator, simple aggregator, AMMs). We aggregate all entities involved in the transaction and use priority ranking and event order to decide which project takes precedence over the other. 

What We Capture

The final schema captures five dimensions:

1. Frontend: Origin & Integrators: Aggregators emit frontend data in their event logs (KyberSwap's ClientData, LiFi's integrator tags). We aggregate these signals and normalize raw identifiers to recognizable names.
2. Meta-Aggregator & Aggregator: What protocol made the routing decisions? Meta-aggregator captures protocols coordinating across multiple aggregators. Aggregator captures standard routing when no meta-aggregator is present.
3. Solvers & Market Makers: For intent-based protocols, the solver that won the batch auction (CoW) or filled the Dutch auction (Uniswap X). For RFQ systems, the PMM provides liquidity outside traditional pools.
4. The Swapper: Usually the transaction initiator. For intent-based protocols where the sender might be a relayer, we extract the actual token owner using protocol-specific logic.
5. Liquidity Details: Every underlying pool interaction: project, pool address, token pair, USD volume, log index, and Hook ID for Uniswap V4. This allows users to trace the pools or vaults utilised for each transaction.

How We Validated the Schema

DEX swaps range from simple single-pool trades to complex multi-layer routes. We profiled swap complexity by the number of distinct projects involved in each transaction:

<table style="border:none;border-collapse:collapse;"><colgroup><col width="165"><col width="289"><col width="148"></colgroup><tbody><tr style="height:34pt"><td style="vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"><p dir="ltr" style="line-height:1.38;text-align: center;margin-top:0pt;margin-bottom:0pt;"><span style="font-size:11pt;font-family:'DM Sans',sans-serif;color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">Swap Type</span></p></td><td style="vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"><p dir="ltr" style="line-height:1.38;text-align: center;margin-top:0pt;margin-bottom:0pt;"><span style="font-size:11pt;font-family:'DM Sans',sans-serif;color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">Description</span></p></td><td style="vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"><p dir="ltr" style="line-height:1.38;text-align: center;margin-top:0pt;margin-bottom:0pt;"><span style="font-size:11pt;font-family:'DM Sans',sans-serif;color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">Volume Contribution</span></p></td></tr><tr style="height:22.75pt"><td style="vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"><p dir="ltr" style="line-height:1.38;margin-top:0pt;margin-bottom:0pt;"><span style="font-size:11pt;font-family:'DM Sans',sans-serif;color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">Single AMM</span></p></td><td style="vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"><p dir="ltr" style="line-height:1.38;margin-top:0pt;margin-bottom:0pt;"><span style="font-size:11pt;font-family:'DM Sans',sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">One AMM project, no intermediaries</span></p></td><td style="vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"><p dir="ltr" style="line-height:1.38;margin-top:0pt;margin-bottom:0pt;"><span style="font-size:11pt;font-family:'DM Sans',sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">High</span></p></td></tr><tr style="height:34pt"><td style="vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"><p dir="ltr" style="line-height:1.38;margin-top:0pt;margin-bottom:0pt;"><span style="font-size:11pt;font-family:'DM Sans',sans-serif;color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">Aggregator → multi-AMM</span></p></td><td style="vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"><p dir="ltr" style="line-height:1.38;margin-top:0pt;margin-bottom:0pt;"><span style="font-size:11pt;font-family:'DM Sans',sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">One aggregator routing to multiple AMMs</span></p></td><td style="vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"><p dir="ltr" style="line-height:1.38;margin-top:0pt;margin-bottom:0pt;"><span style="font-size:11pt;font-family:'DM Sans',sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">High</span></p></td></tr><tr style="height:34pt"><td style="vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"><p dir="ltr" style="line-height:1.38;margin-top:0pt;margin-bottom:0pt;"><span style="font-size:11pt;font-family:'DM Sans',sans-serif;color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">Meta-aggregator chain</span></p></td><td style="vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"><p dir="ltr" style="line-height:1.38;margin-top:0pt;margin-bottom:0pt;"><span style="font-size:11pt;font-family:'DM Sans',sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">Meta-aggregator → aggregator → AMM</span></p></td><td style="vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"><p dir="ltr" style="line-height:1.38;margin-top:0pt;margin-bottom:0pt;"><span style="font-size:11pt;font-family:'DM Sans',sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">Low</span></p></td></tr><tr style="height:34pt"><td style="vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"><p dir="ltr" style="line-height:1.38;margin-top:0pt;margin-bottom:0pt;"><span style="font-size:11pt;font-family:'DM Sans',sans-serif;color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">Multi-aggregator</span></p></td><td style="vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"><p dir="ltr" style="line-height:1.38;margin-top:0pt;margin-bottom:0pt;"><span style="font-size:11pt;font-family:'DM Sans',sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">Complex routing with multiple aggregators</span></p></td><td style="vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"><p dir="ltr" style="line-height:1.38;margin-top:0pt;margin-bottom:0pt;"><span style="font-size:11pt;font-family:'DM Sans',sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">Lowest</span></p></td></tr></tbody></table>

For each swap type, we ran consistency checks:

Simple AMM Swaps: No meta-aggregator, aggregator, PMM, or integrator fields should be populated. Liquidity source should match the AMM project in dex.trades.

Aggregator Swaps: Aggregator fields must match dex.aggregator_trades. Liquidity sources must match AMM projects in dex.trades.

Meta-Aggregator Swaps: Validates routing from meta-aggregator → aggregator → AMM. Meta-aggregator field must match the project in dex.aggregator_trades.

Intent-Based Swaps: Validates routing from intent protocol → meta-aggregator → aggregator → AMM. Intent field must match the protocol in dex.aggregator_trades.

Each check is translated into SQL to verify the transformation layer. 

Current limitations: 

• Some protocols are not yet indexed (Bebop, LiquidMesh, MetaMask as aggregator, Angstrom V4; these are planned for Q1 2026). 
• Frontend attribution relies on metadata that varies across aggregators, creating bias toward well-tagged frontends. 

This schema is not static, but adapts as the DEX landscape evolves. We'll continue adding new protocols, routers, and solver frameworks as they appear on-chain, and welcome feedback from researchers using the data.

Explore the Data and Get in Touch

The Orderflow Explorer is live on DEX Analytics. Explore Orderflows →

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