Cryptocurrency

PancakeSwap

Uniswap

Orca

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 <p class="paragraph">The total value locked (TVL) in DeFi has surpassed countries’ GDPs with more than $52 billion invested.</p>
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 <p class="paragraph">Infrastructure layer-1 blockchains are the body of this system, sustaining this value. Meanwhile, decentralized exchanges (DEX) are the hearts that keep the body alive, connecting every asset and protocol.</p>
 <p class="paragraph">Essentially, a DEX allows cryptocurrency investors to trade <a rel="noopener noreferrer nofollow" title="tokens" href="https://thebittimes.com/tag/tokens.html">tokens</a> of its ecosystem in a <a rel="noopener noreferrer nofollow" title="decentralized" href="https://thebittimes.com/tag/decentralized.html">decentralized</a> manner. There are single-chain and multi-chain <a rel="noopener noreferrer nofollow" title="decentralized" href="https://thebittimes.com/tag/decentralized.html">decentralized</a> <a rel="noopener noreferrer nofollow" title="exchange" href="https://thebittimes.com/tag/exchange.html">exchange</a>s built under each infrastructure’s rules.</p>
 <p class="paragraph">In particular, three decentralized exchange protocols shine amid their competitors: Uniswap (UNI), PancakeSwap (CAKE), and Orca (ORCA). Finbold retrieved data from <em>DefiLlama</em> on December 21 that justify these picks for 2024.</p>
 <figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="587" src="https://cdn.thebittimes.com/images/2023/12/22/d5dbdab1a6f9450255515d695fea3903.webp" alt class="wp-image-144595" srcset="https://cdn.thebittimes.com/images/2023/12/22/d5dbdab1a6f9450255515d695fea3903.webp 1024w, https://cdn.thebittimes.com/images/2023/12/22/d5dbdab1a6f9450255515d695fea3903.webp 300w, https://cdn.thebittimes.com/images/2023/12/22/d5dbdab1a6f9450255515d695fea3903.webp 768w, https://cdn.thebittimes.com/images/2023/12/22/d5dbdab1a6f9450255515d695fea3903.webp 1536w, https://cdn.thebittimes.com/images/2023/12/22/d5dbdab1a6f9450255515d695fea3903.webp 2048w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption">
   DEXes TVL rankings. Source: <em>DefiLlama</em>
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 </figure>
 <h2 class="wp-block-heading" id="h-leading-decentralized-exchange-uniswap-uni">Leading decentralized exchange: Uniswap (UNI)</h2>
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 <p class="paragraph">Uniswap is the leading decentralized exchange and one of the most solid protocols in this category. It was initially built on Ethereum (ETH) but now already supports 12 chains with a $4.06 billion TVL.</p>
 <p class="paragraph">Interestingly, its total value locked surged by 69% in the last 24 hours, for a similar increase in the week. With a current $5.98 per <a rel="noopener noreferrer nofollow" title="token" href="https://thebittimes.com/tag/token.html">token</a> price, UNI’s market cap is almost the same as its TVL, indicating a balanced valuation.</p>
 <figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="683" src="https://cdn.thebittimes.com/images/2023/12/22/d08bffb4178dfd5ea35f6a97ef4bac64.webp" alt class="wp-image-144596" srcset="https://cdn.thebittimes.com/images/2023/12/22/d08bffb4178dfd5ea35f6a97ef4bac64.webp 1024w, https://cdn.thebittimes.com/images/2023/12/22/d08bffb4178dfd5ea35f6a97ef4bac64.webp 300w, https://cdn.thebittimes.com/images/2023/12/22/d08bffb4178dfd5ea35f6a97ef4bac64.webp 768w, https://cdn.thebittimes.com/images/2023/12/22/d08bffb4178dfd5ea35f6a97ef4bac64.webp 1200w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption">
   UNI year-to-date (YTD) price chart. Source: Finbold
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 </figure>
 <h2 class="wp-block-heading" id="pancakeswap-cake">PancakeSwap (CAKE)</h2>
 <p class="paragraph">PancakeSwap has the third-largest TVL of $1.50 billion and is the heart of BNB Chain (BNB). The DEX achieved huge success in 2021 during the play-to-earn game Mania as a core launchpad for these projects.</p>
 <p class="paragraph">Currently, Pancake has kept its high ranks by expanding support to 8 other chains. Its token, CAKE, is trading at $2.48 and has less than half its total value locked in capitalization. Therefore, the 0.45 MCap/TVL ratio suggests an asymmetry and an interesting buying opportunity.</p>
 <figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="683" src="https://cdn.thebittimes.com/images/2023/12/22/72dbc8a40917109dbb4496b4d19d1b4c.webp" alt class="wp-image-144597" srcset="https://cdn.thebittimes.com/images/2023/12/22/72dbc8a40917109dbb4496b4d19d1b4c.webp 1024w, https://cdn.thebittimes.com/images/2023/12/22/72dbc8a40917109dbb4496b4d19d1b4c.webp 300w, https://cdn.thebittimes.com/images/2023/12/22/72dbc8a40917109dbb4496b4d19d1b4c.webp 768w, https://cdn.thebittimes.com/images/2023/12/22/72dbc8a40917109dbb4496b4d19d1b4c.webp 1200w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption">
   CAKE YTD price chart. Source: Finbold
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 </figure>
 <h2 class="wp-block-heading" id="orca-orca-a-promising-decentralized-exchange">Orca (ORCA), a promising decentralized exchange</h2>
 <p class="paragraph">In the meantime, Orca earned its position in this list due to the huge success of Solana’s (SOL) DeFi ecosystem. This decentralized exchange is a Solana-only DEX and has seen an increase of 169% in its TVL. ORCA sits in the 10th position by total value locked, with $179.13 million worth of Solana-based tokens invested in its liquidity pools.</p>
 <p class="paragraph">Nevertheless, the <a rel="noopener noreferrer nofollow" title="token" href="https://thebittimes.com/tag/token.html">token</a> shows signals of being currently overbought, with a market cap two times higher than its TVL. ORCA is trading at $8.47 by press time, up 1,870% year-to-date (YTD). Still, it is a <a rel="noopener noreferrer nofollow" title="decentralized" href="https://thebittimes.com/tag/decentralized.html">decentralized</a> <a rel="noopener noreferrer nofollow" title="exchange" href="https://thebittimes.com/tag/exchange.html">exchange</a> <a rel="noopener noreferrer nofollow" title="token" href="https://thebittimes.com/tag/token.html">token</a> worth watching for 2024.</p>
 <figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="683" src="https://cdn.thebittimes.com/images/2023/12/22/f8176165cb98898672ff86eb76dbdb22.webp" alt class="wp-image-144598" srcset="https://cdn.thebittimes.com/images/2023/12/22/f8176165cb98898672ff86eb76dbdb22.webp 1024w, https://cdn.thebittimes.com/images/2023/12/22/f8176165cb98898672ff86eb76dbdb22.webp 300w, https://cdn.thebittimes.com/images/2023/12/22/f8176165cb98898672ff86eb76dbdb22.webp 768w, https://cdn.thebittimes.com/images/2023/12/22/f8176165cb98898672ff86eb76dbdb22.webp 1200w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption">
   ORCA YTD price chart. Source: Finbold
  </figcaption>
 </figure>
 <p class="paragraph">All things considered, decentralized exchanges depend highly on the infrastructures they support. As long as there is a crescent trading volume and demand for DeFi, these protocols are expected to grow together.&nbsp;</p>
 <p class="paragraph"><strong><em>Disclaimer:</em></strong><em> The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.</em></p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/top-3-decentralized-exchange-tokens-to-buy-for-2024-tbt74450.html">https://thebittimes.com/top-3-decentralized-exchange-tokens-to-buy-for-2024-tbt74450.html</a></p>

Top 3 decentralized exchange tokens to buy for 2024

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