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2021-11-16 09:48:17
TOP 10 DECENTRALIZED EXCHANGES IN THE CRYPTO MARKET

Decentralized Exchange (DEX), also known as a decentralized exchange, all transactions on this exchange are automatically and directly between users (peer-to-peer network). These transactions are done automatically without depending on 3rd parties or intermediaries to keep your crypto assets. Besides, users have complete control over funds and transactions without depending on 3rd party intermediaries to avoid unnecessary risks in security, hacker, or fraud issues. In a decentralized exchange (DEX), it is difficult to control the source of funds or tax because all transactions are anonymous.

Currently, using decentralized exchanges (DEX) is not a preferred option for the vast majority of users, however, objectively speaking, the system of decentralized exchanges (DEXs) ) remained steady during the market's intense sell-off in mid-2021.

 

1. dYdX

dYdX is a decentralized exchange built on the Ethereum platform, whose main products are spot (spot), perpetual futures (Perpetuals), and margin trading (Margin). The strength of this exchange is that it helps to create commercial contracts at a relatively low cost for users, high liquidity, and is completely decentralized. dYdX gives investors or traders peace of mind in terms of price transparency and helps to better protect users' digital assets. Additionally, dYdX claims to offer users one of the most liquid order books on decentralized exchanges.

Use Neko Wallet to Swap with dYdX

 

2. PancakeSwap

PancakeSwap is the first Decentralized Exchange (DEX) to follow the Automated Market Makers (AMM) mechanism of Binance Smart Chain, a blockchain platform operated by Binance. The app is launched by anonymous developers with a penchant for rabbits and food. So you will see the same icons appear in this app's logo. Here you can use it to make some profit by creating an account, use it for liquidity, bet (Stake),...

On PancakeSwap, users have the right to exchange tokens (Tokens) of the BEP-20 standard (the token standard of Binance Smart Chain). Therefore, tokens traded on PancakeSwap must be converted to BEP-20 if they are on other networks (ERC, BEP2...).

Use Neko Wallet to Swap with Pancake Swap

 

3. SushiSwap

SushiSwap is an automated market-making (AMM) decentralized cryptocurrency exchange (DEX) built on the Ethereum blockchain. It was born to improve the Uniswap platform (the most popular Ethereum-based DEX in the crypto market today). SushiSwap was born when the field of Decentralized Finance (Decentralized Finance) developed, more and more new financial platforms appeared and continued to be born.

In terms of form and function, SushiSwap is essentially the same as Uniswap. It is a decentralized exchange protocol built on the Ethereum blockchain, without using an order book. Instead, the platform uses an “Automated Market Maker” (AMM) model where liquidity providers transfer funds into a liquidity pool for investors to trade. Liquidity providers receive fees for their services.

Use Neko Wallet to Swap with Sushi Swap

 

4. UniSwap

First introduced to the market in 2018, Uniswap created a revolution. In fact, you can swap ERC20 tokens (Tokens) running on the Ethereum blockchain, but it would be very complicated. Instead, Uniswap used smart contracts (Smart Contracts) that allow users to transact with each other without intermediaries, making it decentralized and peer-to-peer.

Uniswap has a user-friendly and easy-to-use interface. You can quickly connect Uniswap to your MetaMask wallet and start exchanging the tokens you want. Very simple, effective, and perhaps more important to some crypto enthusiasts is decentralization. Until now, Uniswap is still at the top of the decentralized financial system. Uniswap V3 was also recently introduced, improving Uniswap's capital efficiency, performance, and infrastructure. The Uniswap protocol is constantly evolving, so while other protocols with similar interfaces are challenging Uniswap, the Uniswap team has managed to keep the platform fresh for users.

Use Neko Wallet to Swap with UniSwap

 

5. 1inch Exchange

1inch is a DEX Aggregator protocol that allows users to trade tokens with the best prices in the market and low slippage. So 1inch used a smart routing solution (Smart routing) - Pathfinder. With all transactions done in one transaction from your Ethereum based wallet. The 1inch exchange currently supports 283 cryptocurrencies and 296 different trading pairs.

On the 1inch Exchange, users can trade as well as place limit orders for many types of tokens (Token). Trades at 1 inch can be split between exchanges to minimize slippage and provide the best possible price for the desired transaction. The prices and liquidity available from each platform are clearly visible to the user, along with gas fees. This saves users both time and clicks to make a purchase. Besides, users also avoid opening many exchanges and evaluating orders.

Use Neko Wallet to Swap with 1inch Exchange

 

6. MDEX

Mdex is a decentralized exchange based on Auto Market Maker (AMM) like Sushi Swap and Uni Swap because both are built on Ethereum and Huobi Eco-Chain. MDEX now has a dual mining mechanism to support trading exchange and liquidity mining. MDEX can combine the advantage of very low transaction fees from the Heco network as well as the advantage of very strong growth from the Ethereum ecosystem. Mdex participates in building the largest DeFi platform integrating IMO, DAO, and DEX on Ethereum and Heco.

MDEX can make users uncomfortable because this decentralized exchange is created by Huobi, a centralized exchange, while Uniswap is created as a decentralized entity, no ICO, it works entirely thanks to the community. If you look at the MDEX homepage, you will feel like a normal centralized exchange with charts and numbers... However, this is not too much of a hindrance as it ensures interoperability. better user interaction. You may find it more convenient to have the number displayed immediately than the static Uniswap interface. The swap feature is as intuitive as Uniswap, with options like pooling (Pool), liquidity (Liquidity), and trading (Trading).

Use Neko Wallet to Swap with MDEX

 

7. Raydium

Raydium is a decentralized exchange using Automated Market Maker (AMM) protocol, built on the Solana platform to leverage Serum central Order Book. Raydium exchange was created to speed up transactions, share liquidity and add more features for Yield Farming.

A major problem with transactions on decentralized exchanges that operate on the Ethereum platform is high gas fees and slow transaction processing. In contrast, Raydium utilizes the performance of the Solana platform for faster transaction processing and lower transaction costs compared to DEXs running on Ethereum.

Use Neko Wallet to Swap with Raydium

 

8. Trader Joe

Trader Joe is an AMM-based DEX built on the Avalanche blockchain. AMM projects on Avalanche (AVAX) are almost new, with most of the projects modeled after other famous projects on Ethereum and BSC, such as Pangolin and Zero Exchange modeled after Uniswap, or Olive and Lydia Finance modeled after Pancakeswap.

The special feature of Trader Joe is that it combines DEX and Lending & Leveraged Trading, which helps to promote liquidity and attract more money to flow into the project. In the DEX section, Trader Joe is one of the very first to plan on executing limit order, which overcomes the weakness of decentralized exchanges in price slippage. If Trader Joe can successfully achieve this target, they will be able to make a significant advantage in the DeFi market.

Use Neko Wallet to Swap with Trader Joe 

 

9. QuickSwap

QuickSwap is a fork of Uniswap that runs on the Polygon network (formerly Matic Network), a Layer-2 scaling solution for Ethereum. Polygon features lower transaction fees compared to the Ethereum mainnet, enabling QuickSwap to facilitate token swaps at a lower cost relative to exchanges like Uniswap v2. QuickSwap's token, QUICK, gives users governance rights over the protocol.

In the context of Ethereum's Gas Fee spike like this, Quickswap can be considered a quality product on Layer 2 Polygon, replacing Uniswap on Ethereum. Because it is built on Polygon (layer 2 of Ethereum), swapping on Quickswap costs almost nothing, users only pay 0.3% of the fee for Liquidity Providers. 

Use Neko Wallet to Swap with Quickswap

 

10. BurgerSwap

Like Uniswap and SushiSwap, BurgerSwap also offers Swap and percentages of liquidity pools. What is special about BurgerSwap is the rewards offered by this platform to the users who participate in the management. This means that if you are an active voter in which the protocol will be routed in the future, you will be rewarded with BURGERs from BurgerSwap. Also, the fact that the platform is being developed on Binance Smart Chain (BSC) and not on the Ethereum blockchain. This means that BurgerSwap will include Bitcoin, ETH, BCH, and XRP as BEP-20 tokens.

As an AMM, BurgerSwap will serve as a protocol allowing users to exchange their assets for other crypto assets. But BurgerSwap mainly provides this functionality to its users because replacing them does not attract the liquidity required to operate and process the swap function.

Use Neko Wallet to Swap with BurgerSwap

If there are any questions, please feel free to join our community for further discussions about Crypto/Neko Wallet with our team and other members!