Home
News
- 1 Decentralized exchanges (DEX)s offeroffers a volley of features compared to their centralized counterparts.
- 2 They offer total anonymity in the transactions while lowering the costs and amping up the speed.
Decentralization is the bedrock of cryptocurrency. It is the blockchain’s foundation and keeps its authenticity intact. However, the exchanges offering crypto trading services adhered to centralized mechanisms for a long time. They took control of their platforms on the pretext of better solutions and management. But in the last few years, decentralized exchanges have proven their efficacy. They have delivered unparalleled security, lightning speed, and accelerating performance.
By delivering the truest form of blockchain to users, DEXs have garnered lots of praise from crypto users across the globe. They have totally excluded third parties and made transactions more reliable and faster. A lot of decentralized exchanges have emerged in the crypto sphere and some got very popular. So let’s dig deeper into a few and see what they’re offering to the growing crypto community.
Decentralized Exchanges that Impressed Crypto Users:-
Embracing blockchain as it is and equipping the platform with innovation, these DEXs have amazed crypto users.
1. DYDX
DYDX is a non-custodial decentralized exchange that runs on a Llayer-2 mechanism. It does not ask the users to surrender their private keys. Also, the platform has maintained efficient trading with up to 20x leverage while offering minimum trade size and low trading fees. At the same time, it delivers high transaction speed by minimizing gas costs. The exchange gives you access to major trading pairs like LINK-USD, ETH-USD, and BTC-USD.
2. Pancake Swap
Also known as CAKE, this leading decentralized exchange runs on Binance smart chain. Users can enjoy some exclusive benefits on this platform. They can participate in Initial Farm Offerings (IFO), perpetual trading, and NFT buying/selling as well too. Leading blockchain security firms like Slowmist and Certik have audited and greenlighted this open-source platform. Another key differentiator of this platform is its high liquidity and user-friendly UI.
3. Curve Finance
Curve Finance primarily focuses on stablecoins. It leverages Automated Market Maker (AMM) technology to bring down the slippage cost and transaction fee. The platform offers its proprietary token (CRV) for trading purposes. It also cranks up liquidity and stimulates the users’ participation in the protocol’s governance. In addition to that, it lets the users access crypto pools along with a wide gamut of stablecoins.
4. Uniswap
Uniswap has emerged as a market leader in the decentralized exchange space. It runs on the Ethereum blockchain and doesn’t require the users to cede their private keys. Moreover, it lets the participants trade, swap, and develop tokens. Deploying the open-source protocol, it totally rules out security breaches. The platform constantly works on upgrades and enables its users to face a dynamic trading environment.
5. Covo
The non-custodial DEX allows its users to trade all the major cryptocurrencies. Its steadfast commitment to safeguarding its assets totally sets it apart. Moreover, it leverages trading up to 50x while reducing transaction fees. The protocol has introduced a token reward system that facilitates governance. It delivers a seamless trading experience, enabling participants to redeem tokens with rewards.
Conclusion
DEXs have offered immense possibilities in front of crypto users. They have shown the potential to bring a revolution to our existing financial ecosystem. Furthermore, they are gaining traction in all blockchain-supporting circles. The advantages they are offering have become rather conspicuous among other industries too. They protect the customers’ interests and give them a better ecosystem to flourish.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
