Top 5 Popular DEX Platforms
If you think about it, it was inevitable that there was going to be an evolution in the financial industry as most individuals were feeling hard-done-by the banks and other financial regulatory bodies and the seek to take back the control and perform transactions that are safe and totally in their control. Enter Bitcoin and other cryptocurrencies that have now effectively changed how the modern customer does business, as we see more and more people investing in these currencies and performing traditional transactions or exchange using them.
Since the failure of the biggest DEX- EtherDelta in 2019, other decentralized exchanges have sprung up and their popularity has continued to rise but because of the increasing number of these platforms, cryptocurrency owners are having problems with deciding which DEX they can trade with. So, in this blog, we shall be looking at some of the most popular DEXes and their net worth.
Top 5 Most Popular DEX Platforms
Uniswap V2 is one of the best Ethereum based exchange platforms that allow for the swapping or trading of various ERC20 tokens. It is also an open-source project that is truly decentralized that only requires users to simply link their wallets and immediately start trading. This exchange ERC-20 to ETH (and vice versa), and of course ECR20 to ECR20 token exchange. As a decentralized exchange, Uniswap eliminates the Know-Your-Customer (KYC) and AMF checks and utilizes smart contracts to perform on-chain trades. One very attractive feature of this exchange is its interface which delivers high-level UX and is very easy to use.
This platform also features flat rate trading fees for both the takers and makers which is 0.3% per trade and though this is slightly higher than the industry average, users do not have to worry about high withdrawal fees as this fee is significantly lower than what most other exchanges would charge. This platform gives traders absolute control by allowing them to add a token, easily create a smart contract for the token, and liquidity pool.
Given the popularity of the exchange, the value or the volume of assets traded in dollars is now close to $200 million as of August 2020.
This platform shows a lot of potentials and is definitely one of the most promising exchanges that you might need to keep an eye on given that it also makes trading seamless and hassle-free. While we continue to monitor Eazyswap is a sub-platform of the BitForex crypto-currency exchange, which is among the top ten leading cryptocurrency exchange platforms in the world. The Eazyswap platform will be launched on September 5th, 2020. The platform provides a wide range of crypto trading pairs to USDT. The company, which has it’s headquarters in Singapore and is registered in Seychelles, has users in more than 85 countries. The company is known to bring up a lot of innovative ideas in order to keep them at the top and maintain the lofty standard that is expected of them, with Eazyswap being one of such innovations. Eazyswap is designed to make the conversion of Ethereum to cash easily without losing a significant amount during the conversion, just like Uniswap. For people conversant with Uniswap, Eazyswap also has a very professional and advanced semi-decentralized matching protocol that can easily be regarded as one of the best around. All trading records and data of Eazyswap will be regulated and tracked by the ERC20 blockchain system. ERC20 tokens are designed especially for use on only Ethereum platforms. They follow a list of rules created by the Ethereum community. Following these rules makes it possible for the ERC tokens to be exchanged with other available tokens and also to be able to be transferred to wallets. ERC tokens are very important, and they have played a very huge role in the widespread popularity now enjoyed by cryptocurrency, and it also has a massive part in the development of billion-dollar ICO industries. The ERC blockchain system is a system that spells out the rules that all Ethereum token must follow for them to be accepted so as to maintain a high standard. Uniswap also follows this set of rules.
Kyber is another top cryptocurrency exchange platform that allows for the exchange and trading of any cryptocurrency based on the Ethereum Protocol without restrictions and having to worry about a third party. Trading on this platform is seamless and easy to perform because just like Uniswap, Kyber allows users to easily and instantly swap tokens without order books while keeping the transaction on-chain, delivering on its trustless exchange promise.
The Kyber exchange also allows users to send different types of tokens to other users; this process is made easy by the exchange as it automatically converts the token to another token on-chain before it is transferred to the receiver's wallet. The platform allows for seamless integration of different wallets, after which users can begin swaps/trade. The exchange solves liquidity issues by utilizing reserve entities.
As of August, this DEX has facilitated the swapping or exchange of cryptos worth $10 million and we expect this number to continue to grow.
Bancor is a DEX that doesn't allow for trading using fiat currency but only allows for the exchange or trade of cryptocurrencies. Just like the other DEXes in this list, Bancor has become very popular since it came into existence that allows for trustless, KYC-free exchange or swap ERC-20 tokens with over 9,000 token pairs within its wallet. While giving 100% of the control funds to the user, transactions on Bancor are executed using BNT smart contracts, while ensuring that users don't have to be totally anonymous.
Another advantage of Bancor is that provides instant liquidity for just about any token after which its unique protocol allows the token to calculate its value, all using smart contracts. As of when this article was written there was over $27 million worth of cryptos exchanged.
Balancer is for sure one of the biggest Ethereum-based and one of the most flexible and scalable market-maker or DEX out there today. This balancer can be said to not only be a platform for automated token exchange but also a liquidity provider, and token price management tool. Having a very user-friendly interface, crypto owners can simply connect their web3 wallets and start to trade tokens without third parties. The platform also does a good job of offering liquidity using a unique protocol and has several types of pools, which puts the control in the hands of the users to determine how to add liquidity to their assets.
As of when this was written the volume of tokens traded on the platform was at over $360 million.
BitForex is an exchange service platform that can be classified as one of the Top 10 cryptocurrency exchange services. It is focused on providing millions of users with a digital currency trading and investment tool that is not only safe but also professional and convenient. BitForex has a high customer-oriented culture and state-of-the-art financial technology.
BitForex is programmed in a way that it can quickly adapt to the changes of the Crypto market while introducing new features like margin trading, enhanced trading charts, derivatives, and a host of others. The headquarter of BitForex is located in Hong Kong, while there are branch offices in countries like the United States, South Korea, and Singapore.