THORCHain is a decentralized Cosmos-based protocol that lets you swap one crypto asset for another without having to lose full custody of them during the process. Stellar ( XLM ), at a price of $0.13 and $3.48B market cap as of THORChain and its RUNE Token XLM is Stellar's native token that acts as an intermediary currency in transactions. Serving as a DEX with a built-in order book, users can manage buy/sell orders and reliably convert cryptocurrencies to fiat or vice versa. Stellar is a decentralized, open-source payment protocol that allows any form of money to be moved and stored at a low cost. PancakeSwap ( CAKE ), at a price of $4.78 and $815.53M market cap as of Stellar and its XLM Token CAKE holders can vote on the direction of the ecosystem, buy lottery tickets in the PancakeSwap lottery, use it in yield farms to earn more CAKE, stake it in liquidity pools to earn more tokens, and much more! Users can earn rewards by staking tokens in the liquidity pools and, like Uniswap and many other DEXs, PancakeSwap is powered by an automated market maker (AMM) model, relying on user-backed liquidity pools to support trades.ĬAKE is the governance token that powers the PancakeSwap ecosystem. Users can swap BEP-20 tokens on PancakeSwap without trusting their funds to an intermediary. PancakeSwap is a BNB Smart Chain -based DEX. Uniswap ( UNI ), at a price of $5.46 and $3.93B market cap as of PancakeSwap and its CAKE Token UNI is the protocol's native token, and its main function is to govern the Uniswap ecosystem.
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Moreover, users can launch any ERC-20 token on Uniswap and list them for free as long as they can supply tokens to the liquidity pool.
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Uniswap is also open-source, meaning anyone can use the source code and make their own decentralized exchange. Users do not need an order book or a centralized party to make trades. Uniswap is an Ethereum-based DEX automated liquidity protocol. Keep in mind that the selection of 5 decentralized exchange protocols and tokens are not ranked in any specific order. If you’re considering adding DEX tokens to your portfolio, we’ve listed the top 5 DEX tokens available on Binance below. 5 Popular DEX TokensĭEX tokens can have a range of use cases on their native protocol, such as staking for rewards, voting, and more. The recorded $1 trillion in trading volume shows an 858% increase compared to the trading volume in 2020. According to the Block's 2021 Digital Asset Outlook Report, Decentralized exchanges (DEXs) have experienced exponential growth in 2021, exceeding more than $1 trillion in trading volumes since the start of the quarter. Once regarded as a niche concept, DEXs have seen an increase in adoption with the rise of DeFi and crypto. Since there is no central authority, DEXs do not require KYC, and generally have lower fees.įor a more in-depth explanation of how DEXs work, check out our article on What Is a Decentralized Exchange (DEX)? The Growth Of DEXs DEXs replace the intermediaries you generally find on centralized platforms with smart contracts that self-execute under certain conditions and facilitate the exchange of funds. With a DEX, you have full custody of your funds and can trade straight from your wallet. To trade on a centralized exchange, your funds would need to be located within a specific centralized exchange wallet. However, the primary difference is that DEXs run on various blockchain ecosystems and provide the same services as centralized exchanges, except, you have control of your own private keys and full custody over your funds.
At this point, you can argue that this isn't much different than any peer-to-peer trade. In simple terms, a decentralized exchange (DEX) is a platform where users can directly trade cryptocurrency without needing an intermediary. In this article we will go through a simplified version of what decentralized exchanges are, how they work, and the five most popular DEXs and tokens.
Nowadays, many kinds of decentralized exchanges are built on different blockchain ecosystems that cater to all types of users.ĭecentralized exchanges (DEXs) are one of the fundamental building blocks of the decentralized finance (DeFi) ecosystem. Popular DEX crypto assets can be easily purchased on Binance in two steps. The majority of DEXs have a native governance or utility token that offers holders benefits such as governance rights, liquidity, and staking rewards. Users trade directly from their own wallet without the requirement of KYC. A decentralized exchange (DEX) is a peer-to-peer platform where users can trade cryptocurrencies directly with other users without relying on any intermediaries.
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