DEX aggregator

Liquidity for a token is often spread across dozens of pools on different DEXs. A DEX aggregator queries them, calculates the output of each possible route after fees and price impact, and can split one order across several pools or chain several swaps together to find a better rate than any single exchange would give.

Well-known examples include 1inch and CoW Swap on Ethereum and Jupiter on Solana, and many wallets build an aggregator directly into their swap screen. Some use auctions or solvers that compete to fill the order, and some offer protection against MEV bots by sending orders privately instead of through the public mempool.

Aggregators add a layer of smart contracts and sometimes a fee, so the quoted rate should be compared with the minimum amount received after slippage. Users also grant token approvals to the router, which have been targeted in past exploits.