DEX- How Many are out there?

There are over 35 DEXs out there.

Listed on coinmarket cap, you will find over 140 DEXs.

This means that there are some Decentralized Exchanges yet unaccounted for due to low popularity or lower market rating.

Before we establish the DEXs out there, we need to understand the origins of the DEX concept.

Centralized exchanges were popularized first. Examples of Centralized exchanges are Binance, Huobi, Luno, Bitzlato, etc. Their wallets are custodial. They are centralized because the wallets interacting are built on the exchange and as such the exchange remains the middle man between the wallets interacting. This middleman service is what you pay for with the fees being deducted for your transactions.

The problem with centralized exchanges was that the whole concept truncates Blockchain’s decentralization. When you want to sell your coin to a trader you met on the exchange, you trust the exchange as the middleman and also keep your coin. When your coin is stored on the exchange, you give the exchange control over your coin because they are in charge of your private keys.

With centralized exchanges, the concepts of Privacy, Sovereignty, and Security are out of play.

Then came Decentralized Exchanges (DEXs).

DEXs are non-custodial wallets. Its concept is just two wallets interacting with the aid of on-chain smart contracts that self executes. Trader A sends 20usdt to Trader B without Binance.

So how many DEXs are out there?

Either you are searching for the best DEX or you are just curious, know that there are more than 35 global alternatives to Centralized exchange out there. The most prominent type of DEXs arising are the ones built by centralized exchanges. Here are the top DEXs you can trade your coins with in no particular order.

PancakeSwap

The food-themed DeFi protocol has gained popularity. Built on the Binance Smart Chain, users can swap between cryptocurrencies by just tapping into user-generated liquidity. Said to be competing with top DEXs like Uniswap and Ethereum, PancakeSwap at 15.04% 24h trading volume is one of the current largest DeFi protocols.

DYDX

Founded in 2017, the crypto market finds dydx unique for something. It is a two-way trading platform that supports multiple financial products including spot trading, margin trading, leverage trading, perpetual, etc. DYDX currently trades 87.37% 24h trading volume according to coinmarket cap.

Uniswap

On coin markets, you will find Uniswap v2 trading at 53.08% and Uniswap V3 as the current highest trading DEX in the world at 66.42% volume. The average Uniswap fee is around $100.

SushiSwap

SushiSwap allows traders to become Sushi Chef staking, stack yielding, swapping, borrowing, lending and

Kine Protocol

0% fee, 0% slippage. Kine protocol was built to provide an Ethereum liquidity derivative market

Other global DEXs include;

  • Raydium

DEXs are gradually gaining attention, a major attention boom happened with the introduction of DeFi. In a few years, DEXs will solve most of their shortcomings like low scalability, market isolation, low liquidity, etc. DEXs are the exchange of the future.

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