There’s no perfect DEX - but CoinMarketCap Academy has chosen the top ten! Let's see if your favorite DEX is on the list!
Slow, clunky, unintuitive and downright frustrating. These are some of the first adjectives that come to mind when describing most of these platforms.
But the gap is closing fast. According to recent data, decentralized exchanges now achieve roughly 12% of the trading volume that centralized platforms do. This number has grown more than 50% in a year and a whopping 800% in the last two years.
Today, we’re going to take a look at the top 10 DEXs currently operating, helping you get a quick overview of the landscape and the range of options that are available now.
In this list, we’ve tried to include the most popular DEXs for each of the main blockchain platforms, as well as a handful of options that operate on multiple chains. Ready? Let’s dive in!
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Founded by Michael Egorov, a physicist and Y-Combinator alumni, Curve makes use of highly efficient bonding curves to enable users to swap stable assets with minimal slippage.
Curve was initially deployed on Ethereum in 2017 but has since expanded to several other popular blockchains, including Avalanche, Polygon, and Fantom, as well as several layer-2 solutions.
Despite its retro aesthetic, Curve has blazed the trail for the DEX industry, and now clocks in several billion dollars in trading volume each month.
As an automated marker maker, SushiSwap allows users to contribute liquidity to the platform to earn fees. It also offers a variety of other features, including heaps of different yield pools, an on-chain lending solution, and a launchpad known as MISO.
Halloween is long gone, but SpookySwap is here to stay. As arguably the most popular DEX on the Fantom Opera blockchain, SpookySwap is an essential tool in any Fantom trader's toolbox.
According to our analytics, SpookySwap regularly clocks in an impressive $300 million in daily trading volume and currently has around $1.5 billion worth of assets locked in its pools.
Besides its powerful trading functionality, SpookySwap also offers yield farms, generative NFTs known as Magicats, and its own governance token — BOO!
Oh, sorry! Wasn’t trying to scare you. That’s the name of the SpookySwap token.
QuickSwap is a popular DEX for Polygon-based assets.
Similar to the aforementioned SpookySwap, QuickSwap supports both traditional swaps, as well as limit orders, giving users ample flexibility when trading.
Currently the second most popular dApp on Polygon, QuickSwap has almost $700 million in locked liquidity, and typically nets $50 to $100 million in daily trading volume, netting liquidity providers more than $100k in fees to share each day.
In line with its name, QuickSwap is incredibly fast. Thanks to the speed of the Polygon blockchain, QuickSwap is able to complete swaps almost instantly, but users will need to make use of a bridge to migrate their assets to Polygon.
The platform also includes a range of yield farms, and several MATIC pairs have a dual mining option — allowing participants to earn both MATIC and QUICK token rewards.
The platform aggregates liquidity both from its own user-contributed liquidity pools, as well as partner platform Serum's order books, helping to ensure users always get the best price for their assets.
Raydium has notched up an impressive $42 billion in trading volume since it launched almost exactly a year ago and is arguably one of the most promising projects building on Solana.
Besides its popular DEX solution, Raydium also has its own project launchpad, aptly named the ‘AcceleRaytor’ — which has helped crowdfund some of the most sought-after Solana projects, including Star Atlas and Genopets.
The platform also offers frequent NFT drops through its DropZone feature and hosts a wide variety of both Raydium and Fusion yield farms, which help users earn rewards for staking their Raydium LP tokens.
To make trading on Avalanche as simple as possible, TraderJoe features an incredibly basic and intuitive user interface, as well as minimalist order controls.
The platform currently supports well over 100 different Avalanche-based assets, and regularly racks up more than $100 million in daily trading volume. TraderJoe is arguably one of the fastest iterating decentralized exchanges operating today and is governed by its community of $JOE token holders.
TraderJoe is rare in that it includes a useful Zap feature, which allows users to convert a single token into liquidity provider tokens without all the usual hassle that comes with manually trading it for multiple tokens and adding liquidity.
AstroSwap, a recently launched DEX for the Velas blockchain.
For those that aren’t familiar, Velas is a fork of Solana that leverages a technology known as “artificial intuition” to improve speed and efficiency.
The platform works hand-in-hand with the cross-chain bridge known as Swapz to help users easily migrate their assets to and from the Velas network from a variety of other blockchains to take advantage of its low fees.
The platform offers generous incentives and is very similar to PancakeSwap in its user experience, making it super simple for most traders.
More than half a decade in the making, Cardano only recently activated its smart contract capabilities, allowing the first wave of dApps and DeFi apps like SundaeSwap to launch. SundaeSwap got off to a rocky start due to Cardano’s teething issues but looks set to improve in the future as Cardano rolls out its near-term parameters changes and scaling upgrades.
Like most DEXs, SundaeSwap is an automated market maker, which means it provides essentially unlimited liquidity for traders while allowing users to provide liquidity and earn trading fees.
The platform features three fee tiers: 0.05%, 0.3% and 1%, depending on the liquidity pool. And overall, it’s relatively barebones in its functionality, offering just simple swap and liquidity provision options.
Nonetheless, SundaeSwap is expected to drop its beta label and move towards community governance soon.