A DEX or decentralized exchange is a peer-to-peer exchange, on which users can trade cryptocurrency assets without the involvement of a centralized intermediate. This allows for faster transactions, as no KYC is required for trading.
Here are the top 5 DEX by trading volumes according to Coingecko:
Founded in 2018 and is considered as tne of the most popular decentralized exchanges, Uniswap ranks number 1 on this list.
The 24hr volume of Uniswap is $779,337,234 and the pair with the highest 24hr volume is USDC/ETH, at $147,656,695. Uniswap also offers the highest number of tokens, 1524 tokens and the highest number of token pairs, 2418 pairs. Uniswap holds 32.5% of the market share by volume.
Uniswap applies a fee of 0.30% per transaction and aims to reduce the fee to 0.25% in the future. We would highly recommend Uniswap if you are looking for a DEX with a high trading volume and a large variety of tokens and trading pairs
Coming in second place is SushiSwap, with a 24hr volume of $317,822,267. The most traded pair on SushiSwap is SUSHI/ETH, with the 24hr of $52,944,364. SushiSwap integrates 106 tokens, along with 126 trading pairs. SushiSwap holds 13.3% of the market share by volume.
SushiSwap is an automated market making, decentralized exchange running on Ethereum blockchain. Sushi applies a fee of 0.30% per transaction, of which 0.25% goes to the liquidity providers and 0.05% goes to the rewards for xSushi holders.
1inch is a decentralized exchange aggregator, which allows users to find the best value of token swapping, making the swapping process much more efficient and quicker.
The 24hr volume of 1inch is $275,754,284, with the 24hr of the most traded pair – USDT/ETH, at $98,212,614. 1inch holds 11.5% of the market share by volume.
There are 250 tokens integrated on 1inch, along with 254 token pairs available for trading. As a DEX aggregator, the trading fee depends on the source DEX. For example, if the source DEX is SushiSwap, there will be a 0.30% fee per transaction.
1inch is a great DEX in terms of efficiency and convenience for users, thus is one of our favorites.
The fourth place on this list belongs to Compound Finance, with the 24hr trading volume of $241,975,907. The trading pair with the highest 24hr volume is CWBTC/WBTC at $177,720,032. Compound Finance holds 10.1% of the market share by volume.
Compound Fiance allows users to lend and borrow Ethereum based crypto assets. There are 11 tokens integrated. After lending tokens, users will receive an amount of C-tokens that is higher than what they originally staked. These tokens can be used to earn interest and can be traded for the original tokens that users deposited.
Founded in 2020, Curve Finance is a decentralized exchange built for the trading of stablecoins with low fees and low slippage. Its operation is similar to Uniswap, which requires liquidity pools. Users can provide liquidity for trading pairs and receive rewards.
Curve Finance has a 24hr trading volume of $178,578,349, and the top pair is USDT/USDC with the 24hr volume of $44,235,789. Curve Finance holds 7.5% of the market share by volume. There are 9 stable coins integrated on Curve Finance, along with 21 trading pairs.
- Note: Trading volumes are collected in 01/2021
- Resource: Coingecko
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