Five Numbers That Change How You Read a Falling Market

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Summary

Sara K. takes the H1 2026 report from swap aggregator simpleswap.io and does what the report itself asks for: reads each figure next to the public benchmark it should be judged against.

Swap volume fell by a third against the second half of 2025 — but the market fell considerably further, leaving the platform 17 points above its own market.

“A platform falling 17 points below its own market is not a platform losing customers. It is a platform whose customers stayed and brought less.”

Key Takeaways

  • Swap volume fell a third while the market fell further, leaving the platform 17 points above its market.
  • Average swap size dropped 18.9% and the median 17%: the same users, spending less.
  • Assets in active use fell only 4.2% while active pairs fell 15.5%.
  • New listings ran about ten a week, with a median 48-day wait before first meaningful use.
  • Cross-chain swaps held between 90.3% and 93.3% of activity every month.
  • Carrying an unused route costs little while missing one costs users, so listing early wins.

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