Shadow Exchange market summary
Decentralized (DEX). Country Panama. Established 2024. Trust rank 181. Reported 24h volume 15.85 BTC.
Coverage: 36 active pairs across 23 tradable assets. Liquidity profile: Moderate. Concentration: Concentrated. Execution quality: Competitive. Top ten pairs share 97.0%. Key pairs include USDC.E/WETH, USDC.E/WS, WETH/WS, USDC.E/SCUSD. Leading pair USDC.E/WETH. Median spread on leading markets 0.62%.
Liquidity structure and trading conditions
Volume mix: WS is the largest tracked quote currency at about 39.0% of measured flow. Data scope: 39 tickers observed, with spread readings on 39 markets. Trust rank provides a quick placement within a broad group of venues, and 24h BTC volume helps you gauge current activity. Coverage is a breadth check, more pairs and assets generally mean more choice when conditions shift. Concentration indicates how much of the venue depends on its leaders versus a wider set of pairs. Median spread summarizes typical distance between bid and ask on the most active books and is a useful proxy for execution friction. A high top ten share suggests the venue is leader driven, so secondary pairs may react more during volatility. To evaluate fit, use coverage, concentration, spreads, and the leading pairs list together, especially if you rely on fast fills.
Editorial note: This analysis was prepared by the YearBull research team under the direction of Alan Zelvin, Founder and Lead Crypto Researcher. The assessment follows YearBull’s internal research methodology and editorial standards. Methodology · Editorial Policy