Decentralized exchanges (DEXs) are growing in popularity. DEXs facilitate peer-to-peer trading by relying on automated smart contracts to execute trades without an intermediary. There are all kinds of DEXs catering to different types of users and built on a wide variety of blockchain ecosystems. Platforms can feature a broad range of infrastructural implementations and system architecture. Many crypto DEXs offer innovations in order books, liquidity pools, or other decentralized finance (DeFi) mechanisms like aggregation tools for new and experimental financial instruments. Let’s explore some of the most popular DEXs and what makes them stand out.
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What Is A Decentralized Exchange?
A decentralized exchange (DEX) is a peer-to-peer (P2P) cryptocurrency marketplace that connects buyers and sellers. In contrast to centralized exchanges (CEXs) — which retain custody of user funds held on the platform — decentralized platforms are generally non-custodial, meaning a user remains in control of their private keys and assets when transacting on a crypto DEX platform. In the absence of a central authority, DEXs employ smart contracts that self-execute under set conditions and record each transaction to the blockchain. These trustless, secure transactions represent an accelerating segment of the digital asset market, and are pioneering new financial products to enhance market making and liquidity.
Popular DEXs generally offer a wider array of digital assets than their centralized counterparts. In some cases, trading pairs can be established without any centralized oversight or permission. DEXs tend to have lower fees and more accessibility to a wider range of assets, but these advantages are sometimes provided at the expense of liquidity, security, and usability. That said, decentralized crypto exchanges continue to make strides toward refining the user experience and developing scalable infrastructure. Below is a decentralized exchange list covering some of the most popular DEXs in the crypto space today and exploring how they each cater to their own user base of crypto traders and investors.
Pancakeswap Crypto DEX and It’s Native Token CAKE
PancakeSwap is a decentralized exchange (DEX) protocol built on Binance Smart Chain (BSC). Since launching in September 2020 as the first trading platform on the BSC, PancakeSwap has become the largest automated market maker (AMM) on the network as of 2021. The total value locked (TVL) CAKE on PancakeSwap rose to $3.76 billion in the summer of 2021, a figure that highlights not just the rapid growth in the popularity of PancakeSwap and similar platforms like BakerySwap, but the viability of BSC as a DeFi-ready blockchain network.
Also, while BSC utilizes the BEP-20 token standard built for use on Binance Smart Chain, PancakeSwap prioritizes interoperability by supporting wrapped token deposits. As a result, a liquidity pool can include digital assets like ether (ETH) and bitcoin (BTC) alongside BNB and BUSD. However, in contrast to AMMs like Uniswap, PancakeSwap leverages the Centralized Decentralized Finance (CeDeFi) infrastructure that underpins BSC — designed so that users can experience consistent, low-cost transactions. In short, CeDeFi is exemplified by platforms that integrate both centralized and decentralized architecture to improve the user experience.
Uniswap Crypto DEX and Native Token UNI
Uniswap is a popular decentralized trading protocol, known for its role in facilitating automated trading of decentralized finance (DeFi) tokens.
An example of an automated market maker (AMM), Uniswap launched in November 2018, but has gained considerable popularity this year thanks to the DeFi phenomenon and associated surge in token trading. Uniswap aims to keep token trading automated and completely open to anyone who holds tokens, while improving the efficiency of trading versus that on traditional exchanges. Uniswap creates more efficiency by solving liquidity issues with automated solutions, avoiding the problems which plagued the first decentralized exchanges.
In September 2020, Uniswap went a step further by creating and awarding its own governance token, UNI, to past users of the protocol. This added both profitability potential and the ability for users to shape its future — an attractive aspect of decentralized entities.
Uniswap’s UNI governance token is available for trading on major exchanges against other cryptocurrencies, stablecoins, fiat currencies and more.
The live uniswap data at the of this wiring is $11.35 USD with a 24-hour trading volume of $289,193,747 USD. We update our UNI to USD price in real-time. Uniswap is up 5.44% in the last 24 hours. The current CoinMarketCap ranking is #24, with a live market cap of $7,824,225,354 USD. It has a circulating supply of 689,060,376 UNI coins and a max. supply of 1,000,000,000 UNI coins. If you would like to know where to buy Uniswap, the top cryptocurrency exchanges for trading in Uniswap stock are currently Binance, OKX, CoinFLEX, Bybit, and CoinTiger.
dydx Crypto DEX and Native Token DYDX
DYDX (dYdX) is the governance token for the layer 2 protocol of the eponymous non-custodial decentralized cryptocurrency exchange. It serves to facilitate the operation of layer 2 and allows traders, liquidity providers and partners to contribute to the definition of the protocol’s future as a community. Token holders are granted the right to propose changes on the dYdX’s layer 2, and are presented with an opportunity to profit through token staking and trading fee discounts.
Built on Starkwire’s StarkEx scalability engine, layer 2 is used for trading of cross-margined perpetuals on the platform. The scaling solution allows dYdX to increase transaction speed, eliminate gas costs, reduce trading fees and lower minimum trade sizes on the protocol. An open-source platform with smart contract functionality, dYdX is designed for users to lend, borrow and trade crypto assets. Although dYdX supports spot trading, the main focus of the platform is on derivatives and margin trading.
The exchange was founded in 2017 by Antonio Juliano a season programmer with Blockchain background, with over $10 million in seed venture capitalist funding and went live in 2019. DXDY token Initial coin offering (ICO) was on September 9th 2021.
The live dYdX price today at the time of writing this article is $5.89 USD with a 24-hour trading volume of $144,318,124 USD. We update our DYDX to USD price in real-time. dYdX is up 8.94% in the last 24 hours. The current CoinMarketCap ranking is #161, with a live market cap of $385,991,098 USD. It has a circulating supply of 65,569,295 DYDX coins and a max. supply of 1,000,000,000 DYDX coins. The token is available on almost all crypto exchanges .
Spiritswap Crypto Dex and Native Token SPIRIT
SpiritSwap is one of the first Decentralized exchanges (DEXs) built on the Fantom Opera Chain that the platform is based on an Automated Market Maker. It allows users to swap without any intermediary and centralized governance. Working with an AMM, Liquidity Pools automatically calculates the token price for two deposited tokens with high performance.
Whenever each swap is securely executed, traders will be charged a small fee of 0.3% as usual. And the fees are distributed to Liquidity Providers and inSPIRIT token holders to motivate the growth of the exchange platform.
The live SpiritSwap price at the time of writing this report is $0.105538 USD with a 24-hour trading volume of $1,023,334 USD. We update our SPIRIT to USD price in real-time. SpiritSwap is up 5.52% in the last 24 hours. The current CoinMarketCap ranking is #707, with a live market cap of $28,185,005 USD. It has a circulating supply of 267,060,293 SPIRIT coins and a max. supply of 1,000,000,000 SPIRIT coins.
If you would like to know where to buy SpiritSwap, the top cryptocurrency exchanges for trading in SpiritSwap stock are currently Gate.io, MEXC, CoinEx, Beethoven X, and SpiritSwap.
Bakerysawp Crypto DEX and Native Token BAKE
Launched in September 2020, BakeryToken (BAKE) is a part of the BakerySwap ecosystem. Liquidity providers are rewarded with BAKE tokens which can be used to earn a share of BakerySwap’s trading fees and to participate in voting as part of BakerySwap’s governance process.
BakerySwap is a decentralized automated market-making (AMM) protocol that is based on the Binance Smart Chain (BSC). The BAKE token is a native BEP-20 governance token on the platform.
Users have the ability to earn BAKE tokens by providing liquidity on BakerySwap, and BAKE holders can use their tokens for governance voting and to receive transaction fee dividends. The BAKE rewards are offered in several liquidity pools, initially including BTC, ETH, DOT, LINK, BUSD and BAKE versus BNB.
The live BakeryToken price at the time of writing this report is $0.684837 USD with a 24-hour trading volume of $35,195,885 USD. We update our BAKE to USD price in real-time. BakeryToken is up 3.80% in the last 24 hours. The current CoinMarketCap ranking is #347, with a live market cap of $132,536,206 USD. It has a circulating supply of 193,529,485 BAKE coins and the max. supply is not available.
If you would like to know where to buy BakeryToken, the top cryptocurrency exchanges for trading in BakeryToken stock are currently Binance, CoinTiger, BingX, KuCoin, and Gate.io .
