Amir SohailSAN SALVADOR, El Salvador, (ZM NEWSWIRE) — Bitget Wallet, a self-custodial wallet, has been featured in a newly released quantitative benchmark report by Block Scholes examining how execution quality holds up as onchain trade sizes grow. Decentralized exchanges now account for roughly 14% of global crypto spot volume, up from under 0.1% five years ago. As average trade sizes rise alongside a $300 billion stablecoin market, the report argues that access to liquidity is no longer the differentiating factor – how a routing engine navigates that liquidity is.
The core problem is fragmentation. Crypto liquidity is now spread across dozens of blockchain networks and hundreds of trading venues simultaneously. The routing engine is what separates a competitive outcome from a costly one. The research quantifies that gap using thousands of live API quote comparisons pulled simultaneously across four platforms: Bitget Wallet, KyberSwap, 0x, and Jupiter, covering trade sizes from under $1,000 to $100,000 across Bitcoin, Ethereum, Solana, and stablecoin pairs.
The report’s case study on a $10 million stablecoin swap makes this concrete. A routing engine that intelligently split the order across multiple liquidity pools, rather than routing through a single venue, preserved approximately $8,000 in execution value. At institutional volumes, those differences compound quickly, making routing infrastructure a direct financial decision.
The broader context reinforces the urgency. USD-pegged stablecoin supply has grown from under $1 billion in 2018 to over $300 billion today, with U.S. Treasury Secretary Scott Bessent projecting $2 trillion by 2028. Data from Bitget Wallet shows average swap sizes on its platform grew roughly fivefold in the first five months of 2026, peaking above $1,200, consistent with larger, more sophisticated participants moving activity onchain.
Among the four platforms benchmarked, meaningful performance differences emerge at larger trade sizes on major pairs including Bitcoin and Ethereum against the dollar. Bitget Wallet’s engine factors gas costs into routing decisions upfront and dynamically splits large orders across liquidity pools based on real-time depth – design choices the report identifies as central to its performance advantage at institutional trade sizes, where Bitget Wallet’s quoted prices beat peers in up to 78% of large-trade comparisons on major pairs.
“As trade sizes grow and liquidity becomes more fragmented across blockchains and venues, the quality of the routing engine becomes a material cost consideration,” said Alvin Kan, COO of Bitget Wallet. “Most platforms have solved the liquidity access problem. The next question is whether their engine is making the right decisions with that liquidity, and this research shows the difference is measurable.”
“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 of Block Scholes. “We expect this fragmentation to continue as more applications get built onchain, increasing the need for competitive aggregators that can execute at institutional-grade quality.”
The full report, “From Aggregation to Execution: The Next Layer of Onchain Trading Infrastructure,” is available at Block Scholes website.
About Bitget Wallet
Bitget Wallet is a self-custodial crypto wallet built for everyday finance. Since 2018, it has given 90M+ users worldwide an onchain account to save, pay, and invest in crypto, supporting 1M+ tokens across 130+ blockchains, 100+ fiat currencies, Visa/Mastercard crypto cards, and localized payment methods. Its security is backed by industry-standard key encryption, a real-time risk engine, independent audits from CertiK and SlowMist, and a US$300M+ user protection fund. In 2022, Bitget Wallet raised a US$100M funding round led by Dragonfly. For more information, visit web3.bitget.com
For media inquiries, contact media.web3@bitget.com
About Block Scholes
Block Scholes provides institutional-grade research, data, and analytics for crypto derivatives. Block Scholes oracle service delivers perpetual swap mark prices and implied volatility surfaces on-chain, powering DeFi protocols, margin engines, and trading applications. Offchain, Block Scholes APIs power backtesting and pricing at the largest institutional clients, including Hedge Funds, Asset Managers, and Banks.
