How to DEX: 6 decentralized exchanges to swap crypto
Hello! Last time, we explored top CEX, which allows you easily convert fiat into crypto and trade with high liquidity. However, trading fees, verification, and the CEX power to freeze transactions annoy many crypto enthusiasts who prefer to buy stablecoins and go to swap on DEX.
Today we're looking at some top DEX on different blockchains to exchange tokens and earn via DeFi freely. Let's go!
Note: Many platforms have the V1, V2, V3, etc. You can find it because when the DEX is updated, the developers just launch a new smart contract while the previous version continues to work. It is usually better to use the latest version, but you can study its differences by yourself. V 1 may suit you better than V2 or V3.
1 Inch
1 Inch is not really DEX. It is a liquidity aggregator - the site that collects liquidity from a whole of DEX to complete trading orders. For example, when you need to swallow a low-liquid token, 1 Inch will automatically find the site with the best price, and if it does not have enough tokens, the aggregator will split the order and send it to several DEXs.
With this approach, the 1 Inch functionality is sufficient to meet the needs of most traders and investors. So if you don't know which DEX to start - start 1 Inch.
Supported wallets
Currently, 1 Inch supports more than 15 wallets, including MetaMask and its native wallet:
Don't forget that the connected wallet determines which network you can use for exchange.
Swaps
1 Inch supports tokens in 8 blockchains: Ethereum, Avalanche, BNB chain, Polygon, Optimism, Arbitrum, Gnosis, and Fantom. Tou can exchange tokens with a liquid pair on any connected DEX.
You'll swap all the main and most less known tokens on each blockchain. Besides, 1 Inch supports P2P deals that expand the available exchange pair.
Advanced functions
In addition to swap, 1 Inch also offers users:
Bridges to cross-chain transactions for each supported blockchain.
You can also download a non-custodial 1 Inch wallet. Many users call it the most convenient on the market, but convenience is subjective.
Curve
The Curve is one of the first and largest DEX platforms. It's known for its stablecoins 3pool (and the Curve wars), which provides stable exchange rates between the major stablecoins and a Windows 95-style design.
The platform's strong community and integration with many networks make Curve one of the safest and most convenient places to swap.
Supported wallets
Curve supports 7 popular wallets + WalletConnect with all of its wallets. There should be no connection problems with:
Swaps
You can exchange tokens in 10 networks, including Ethereum, L2 solutions such as Arbitrum and Optimism, and EVM-compatible Aurora and Avalanche blockchains. The entire site supports a few dozen coins, but you can swap them only if there is a relative liquidity pool.
Advanced functions
In addition to swapping, Curve offers users:
Liquidity pools - in addition to the pool fee, the provider also receives CRV tokens for providing liquidity. Of course, you can create your pool.
In the best times, LP combined with CRV staking allowed to build profitable DeFi-lego within one platform. But good times are now behind, and the APY on Curve is not as good as we want.
Uniswap
Uniswap is a DEX platform focused on Ethereum and L2 solutions for this blockchain. The platform supports many ERC-20 tokens and is one of the top volume trading services.
Three versions of the Uniswap protocol are now available for users. The main difference is in the efficiency of LP use.
Supported wallets
To connect to Uniswap, you can use 4 wallets, including MetaMask, as well as WalletConnect:
Swaps
Uniswap offers swaps in 4 networks: Ethereum, Arbitrum, Polygon, and Optimism. Supported 50 tokens are more than enough for the Ethereum Degens.
When you select an exchange pair, you can add a token by inserting a smart contract address or select positions from the available lists (Uniswap Labs List and are enabled by default)
Advanced functions
In addition to Ethereum network swap, Uniswap also offers:
Create your LP by providing liquidity for any pair of supported tokens.
PancakeSwap
PancakeSwap is the largest DEX on the BNB chain and is perhaps one of the most convenient and clear platforms for a newbie. Despite the simple and "baby" design, PancakeSwap offers more products than many competitors, so welcome there if your home is a BNB chain.
Supported wallets
PancakeSwap supports more than 10 different wallets, including OperaWallet, MetaMask, Coin98, and others:
Swaps
PancakeSwap supports several hundred tokens for projects launched on the BNB Chain, including even lesser-known coins. You can use the token lists or a token smart contract address to add a token for exchange.
Advanced functions
If you need more than just a swap, you can also use:
Liquidity pools - are available in the Farm tab. All standard - add liquidity to the selected trading pair.
Farming - is also in the Farm tab. You can put liquidity tokens in the farming pool to earn native CAKE tokens.
Staking - are available in the Pools tab. Stake CAKE to get a token of the BNB chain projects.
Buy NFT - there is a built-in NFT marketplace, so you can buy all you need in one place.
You can also try your luck in the Win tab and guess the BNB course, buy a lottery ticket or participate in prize events.
Raydium
Raydium is the top platform on the Solana network. The site offers everything that should be on the top DEX. It supports many wallets and has a leading position in trading volume. Raydium for Solana is like the Pancake for the BNB Chain.
Supported wallets
Raydium supports all major Solana wallets and several multichain wallets, so it is easy to connect with:
Swap
You can swap almost any Solana token with Raydium. The default Solana Token List has 971 tokens, including wrapped assets, project tokens, and even some coins from other networks (via Wormhole). Swap as many as you like!
Advanced functions
But there is not an only swap. Raydium is a full-fledged DeFi-platform with all the functions for the true Degens:
Liquidity pools - create your pool or add liquidity to an existing one.
Farming - you can lock liquidity tokens and get native RAY, Lido's, Hubble Protocol, and other projects' tokens.
Traditional trading with limited orders, charts, and other features.
Also, there is a native launchpad, built-in NFT marketplace, and NFT drop zone on the site.
Sunswap
Before, most Degens and traders were not interested in Tron because blockchain is far behind in DeFi, and generally has the not best reputation in the community. But after the launch of the USDD (Tron algorithmic stablecoin) and its 30% APY staking, the volumes of Sunswap increased significantly.
Just leave this site here for those interested in Tron projects or want to get the "safest" income from USDD staking.
Supported wallets
The platform supports only the TronLink Wallet (you can download it here). It is a non-custodial wallet available as a mobile application or browser extension. According to the developers, it can work as a cold or hot wallet.
Swaps
Sunswap supports several dozen tokens of various projects on the TRX network and coins from other networks, including BTC and LTC. To choose the token for swap, you can use:
The community forms lists to select the top Tron projects.
Advanced functions
In addition to the swaps, SunSwap also offers users:
If you need liquidity pools and additional pairs to exchange fo to Sun.io. There are also swaps and active LP of various types (you can swap directly in the LP).
That's it. Of course, it's not even the top of the DEXs iceberg. You can find more sites for each network in our blockchain guide. Use the #guide tag in the OnChain Investor channel to explore it.