Analysis of Top DEX Competitive Products
With the development of DeFi, there followed an explosion of demand for decentralized trading platforms (or DEXs), and all major chains now have multiple DEXs operating on them. Responding to stiffening competition, DEXs have differentiated themselves by adding features and upgrading their services, addressing industry pain points. The pain point they now most need to address is trading depth and liquidity.
FairySwap is taking that challenge head-on by actively attracting new projects and business partners to the platform who will help provide liquidity and provide users with more functionality. Progress on that front includes:
- Partnering with Polygon to facilitate private cross-chain swaps
- Launching a native NFT marketplace
- Issuing the first NFTs on the Findora blockchain, celebrating the women building Web3.
Any company needs to understand its place in the market; we wanted to update our community with what we found after our latest market analysis report. We aren’t ranking platforms from best to worst in this article — we are merely trying to survey the playing field, see where we fit in, and what our competitive advantage should be in it.
DEX Competitive Analysis
Detailed Explanation Mainstream General DEX
Findora: FairySwap
Features: FairySwap is the first automated market maker (AMM) decentralized exchange (DEX) built on Findora, a new type of blockchain that provides on-chain confidentiality and programmable privacy. We capitalize on Findora’s EVM to provide users with extremely fast cross-chain transactions even with chains like Ethereum and BSC.
The biggest advantages FairySwap offers users are confidential transactions and the fairness of its liquidity mining program. 97% of all governance tokens will be distributed via liquidity minting, ensuring those who use the platform will also control it. Any project or user can establish a new liquidity pool, and once the pool meets the requirements of the platform, the mining authority can be opened.
FairySwap is also deploying an NFT trading platform and a play-2-earn metaverse environment to increase the utility of its native token. Currently, FAIRY tokens can be used for LP mining, privacy transactions, and single-coin pledge mining with transaction mining to follow soon. A diversified and relatively sound ecosystem, we believe it is set up for long-term success.
Dapp official website:https://www.fairyswap.finance/
ETH: Uniswap (V2/V3)
Features: One of the first DEXs to use an AMM mechanism, Uniswap is a leader in the DeFi space, providing the underlying transaction structure used all over DeFi. It has constantly ranked globally among the top 3 DEXs by TVL, promoting early adoption of DeFi.
In May 2021, the V3 version was launched, which supports multiple fee tiers and concentrated liquidity allowing for low slippage rates and some of the most efficient trading of any DEX or CEX.
Dapp official website:https://app.uniswap.org/
Tutorial:https://www.yuque.com/coinhub/vx4ir5/sgl4y2(Basic Tutorial)
BSC: Pancakeswap
Features: The leading DEX on Binance Smart Chain (now renamed BNB Chain), PancakeSwap was one of the first mainstream DEXs and its design architecture was copied by many other DEXs. In addition to the basic trading function of a DEX, PancakeSwap provides single-currency mining.
PancakeSwap also lets users earn the native tokens of other projects, participate in LP mining, NFT trading, and more. Its platform token, CAKE, is used to gamify the platform, encouraging users to leave liquidity on the DEX and invest in “syrup pools.” Users can even bet CAKE on whether or not they think the price of the Binance coin will rise or fall.
Dapp official website:https://pancakeswap.finance/
Tutorial:https://www.yuque.com/coinhub/vx4ir5/yipt05
Polygon: Quickswap
Features: QuickSwap is a next-generation Layer 2 decentralized trading platform with near-zero gas fees. It ranks #1 by TVL of all DEXs on the Polygon chain, but it has relatively simple functions and is basically a carbon copy of UniSwap V2 but on Polygon. Its native token provides limit orders and other IDO functionality, which help bolster its value.
Dapp official website:https://quickswap.exchange/
Tutorial:https://www.yuque.com/coinhub/vx4ir5/atuhr0
Conclusion
DEXs have played an essential role in the development of DeFi. As DeFi evolves, they also evolve integrating with GameFi and preparing for the metaverse. We’re excited to see where the industry will be in the coming years!
