Everything You Wanted to Know about TWAMM (Pt.2)

TWAP and DCA options in DeFi are still limited and each protocol works different. Large traders should be aware of the diverse set of venues that provide DCA and TWAP implementations.

In our previous posts, we have explained the difference between dollar-cost averaging and trading based on a time-weighted average price. If you’re unfamiliar with these concepts, take a look at our explainer piece on the two.

While both concepts are native to traditional finance, they have also been adopted by the decentralized finance crowd, and several protocols have sprung up which allow users to take advantage of these techniques.

Why use a DCA or TWAP protocol?

Both the DCA and TWAP are strategies meant to optimize the bang for an investor’s buck. But replicating these strategies on chain has lots of problems. First is gas prices. Doing buys over set time incurs ever-expanding transaction fees that eat into returns. Another consideration is avoiding the negative impacts of MEV. There are hidden dangers in the dark forest and large, regular trades are some of the most susceptible to frontrunning and sandwich attacks.

One solution to this problem is to create a smart contract that will execute these strategies for you. In this way, you can socialize the costs of trades across a larger set of users and add properties that make transactions resistant to MEV. In this piece, we review some of the options available today in DeFi to do DCA and TWAP.

Integral SIZE

  • Fees: .01% fee
  • Available pairs: WETH-USDC, CVX-WETH, SUSHI-WETH
  • Ease of use: Like a Uniswap swap
  • Address: Ethereum

What is SIZE?

Integral SIZE is a new decentralized exchange that lets traders execute trades at the TWAP price of an asset.

How does SIZE work?

SIZE works by holding the traders’ funds for a set amount of time, calculating the TWAP from an external oracle like Uniswap or Sushi, and then executing the trade at the TWAP price with zero price impact against the SIZE liquidity pool. This lets traders get an experience very similar to OTC trading where large trades can settle outside of the market with minimal/no price impact.

What’s next for SIZE?

For launch, we have started with a 30-minute TWAP and only a few trading pairs. However the smart contract architecture allows us to expand and we are continuing to add pairs and other options based on community feedback.


  • Fees: .3% fee
  • Available pairs: trades between FRAX, FPI, FPIS, WETH
  • Ease of use: Like a Uniswap swap with time controls
  • Address: Ethereum

What is Fraxswap?

Fraxswap is Frax Finance’s implementation of the Paradigm TWAMM concept. The TWAMM combines the concepts of TWAP execution with an automated market maker design. This allows users to place long-term orders with the protocol that will execute around the TWAP of an asset.

How does Fraxswap work?

Fraxswap implements Paradigm’s TWAMM specification with only minor optimizations for gas. The TWAMM is a two-part market. Some users place long-term resting orders for swaps between two assets over a set time. The TWAMM computes these block trades as infinite small orders and adjusts its internal price accordingly. If the internal price of the TWAMM deviates too far from the outside market, other actors will arbitrage the price back in line. The result is the end pricing for any resting order is the time-weighted average price.

For more details on how a TWAMM works, check out our explainer piece: Everything you wanted to know about TWAMM

What’s next for Fraxswap?

Fraxswap launched with little fanfare aside the Frax Price Index, inflation-resistant stablecoin. For now, the swaps are limited to WETH and the Frax ecosystem tokens. However, there are likely plans to expand that in the near future.

Fraxswap fits into Frax’s larger ambitions in the stablecoin market. Frax’s founder has even suggested that Fraxswap will allow them to do large orders between DAO assets and perfect their Algorithmic Market Operations.


  • TWAP or DCA: DCA
  • Fees: Gas fees and small margin for Dopex team
  • Available pairs: trades between WETH, ETH, WBTC, USDT, USDC, CVX, CRV, DAI, LINK, SPELL, MIM, FRAX
  • Ease of use: Like a Uniswap swap where you need to choose some time and percentages for your trade clips
  • Address: Arbitrum, Ethereum

What is TZWAP?

Dopex is an options protocol running on Ethereum mainnet and Arbitrum. As part of their product offering, they also created a long term orders trading protocol that they call TZWAP.

How does TZWAP work?

The TZWAP lets traders place a large trade and specify a batch size in percent and a time delay between each trade in minutes or hours. For example, a 100 ETH sell could be done in batches of 5% every 5 minutes. So despite the name suggesting that this is a TWAP protocol, it is more similar to dollar-cost averaging. Trades are executed at a set interval and size until the amount is finished.

What’s next for TZWAP?

TZWAP has already been put in use by DAOs to do larger buys of CVX as part of their entry to the Curve Wars. TZWAP is on its third iteration and its sure that the Dopex team will have further plans for the implementation.

Mean Finance

  • TWAP or DCA: DCA
  • Fees: .6% market maker fee
  • Available pairs: DCA trades between any ERC20
  • Ease of use: like a Uniswap swap

What is Mean Finance?

Mean Finance is a protocol that lets users conduct DCA trades between any two ERC20 tokens. It currently runs on Ethereum and soon Optimism.

How does Mean Finance work?

A user can go to Mean Finance, deposit a set amount of capital and specify a time to do their DCA. Then the protocol gives the user an NFT representation of the position and the funds are put in the smart contract. From there, the trades are matched as a coincidence of wants between users or by external market makers.

What’s next for Mean Finance?

Mean Finance is currently paused after a responsible bug disclosure raised through their ImmuniFi program. No user funds were lost and when the bugs have been fixed it is expected the second version of the Mean Finance DCA protocol will launch.

If you would like to reach out to us to discuss it more deeply, or want to suggest a topic for us, feel free to email us info@integral.link.


Integral Insights


May 9th, 2024

Integral Insights April ‘24

The combined average daily volume across Ethereum and Arbitrum is now at 8.8 million USD, a remarkable 22% increase compared to last month.


April 25th, 2024

Introducing New Pool Analytics: Elevate Your Liquidity Provision Experience

A standout feature in our latest update is the "LP vs Hold" tab, which provides a comparative analysis of various holding strategies against Integral's LP positions.


April 1st, 2024

Integral Insights March ‘24

We achieved several important milestones, including a new all-time-high daily volume for Arbitrum and the addition of four new pools on the Ethereum mainnet.


March 4th, 2024

Integral Insights February ‘24

Another milestone was reached on February 21st when Integral processed over $2 billion in cumulative volume.


February 1st, 2024

Integral Insights: January ‘24

Our initial launch with the ETH-RPL pool was a success, quickly elevating us to the second most utilized liquidity pool for this pair’s trading.


January 17th, 2024

Is Liquidity Fragmentation Really That Bad?

When the token evolves into a store of value, it attracts outside traders, focusing on trading costs and slippage. This is when concentrated liquidity truly shines.


January 2nd, 2024

2023 Review

At Integral, our focus remains on developing a sustainable product for on-chain trading, serving both traders and liquidity providers.


December 12th, 2023

Integral Now Rewards Liquidity Providers with Trading Fees on Ethereum Mainnet

This enhancement enables liquidity providers (LPs) to directly receive a portion or all trading fees from Integral pools.


December 6th, 2023

Integral Insights: November ‘23

During November, Integral processed an average of approximately 6 million in volume with around 1.5 million in TVL. The system’s overall capital utilization sits at around 350%. It is the 10th most used DEX on Ethereum.


November 28th, 2023

Integral Now Rewards Liquidity Providers with Trading Fees

This enhancement enables liquidity providers (LPs) to directly receive a portion or all trading fees from Integral pools.


November 15th, 2023

How Do University Blockchain Societies Gain So Many Votes?

Explore how university blockchain societies like FranklinDAO and Michigan Blockchain have grown into influential players in DAO governance, utilizing delegated votes and strategic partnerships to shape the future of DeFi protocols like Uniswap, Compound, and Aave.


November 6th, 2023

Integral Insight: October ‘23

We give an update for our work in October and highlight a profitable LP position from a long-term user.


October 26th, 2023

Understanding the Stakes in Lido’s Growing Share of Staked ETH

The community is arguing whether a protocol may have too much control over the Ethereum network. Lido controls a large percentage of staked ETH, which could have consequences for the network’s future security and neutrality.


October 14th, 2023

Changes to Staking and Farming

Looking back at our progress so far and to the future with new updates to staking and farming.


October 11th, 2023

Integral Insight: September ‘23

We give an update for our work in September with utilization going up on higher volume for our new pools.


October 11th, 2023

The Hottest Narratives of the Summer

What were the hottest narratives of the summer? Our DeFi research team delves into the growth of trading bots, RFV traders and more in this overview.


October 2nd, 2023

Uniswap Governance: A Deep Dive

Governance is considered a critical component for the decentralization and community-driven development of DeFi protocols. We take a look at one of the largest goverance ecostystems in DeFi, Uniswap. In this blog post, we'll discuss the landscape of Uniswap's governance, pulling data from empirical research to dissect the system's delegates and proposals, revealing some interesting findings.


September 19th, 2023

What is the DAI Savings Rate (DSR)?

Our research team takes a look at the DAI Savings Rate and its influence on various yield dynamics in DeFi.


September 15th, 2023

Integral Insight: August ‘23

We give an update for our work in August with cheaper gas fees and the launch of the Integral Relayer on Arbitrum!


September 7th, 2023

Integral Relayer Launches on Arbitrum

We are excited to announce the launch of the Atomic Relayer on Arbitrum. This will bring the efficient and tested system for atomic trades to the Arbitrum Layer 2 network!