Decentralised Crypto Exchanges

Updated: Nov 15, 2021

With many people taking interest in cryptocurrency, understanding the different types of crypto exchanges is crucial. One platform would be Decentralised Crypto Exchanges — know for its complexities, DEXs rely on automated smart contracts and allows users to use peer-to-peer (P2P) transactions,


Some of the popular examples include the following:

  1. 1Inch

  2. Pancake Swap

  3. SushiSwap

  4. UniSwap

 

Uniswap

Launch Date:

  • The first mainstream Decentralized Exchange to capture the imagination of cryptocurrency enthusiasts, after launching in November 2018

About Uniswap:

  • Based on the Ethereum network, Uniswap allows users to swap tokens directly with the network, with other users providing the liquidity (and being rewarded for it)

  • In terms of trading volume, Uniswap is among the biggest exchanges in the world

How you can use Uniswap:

  • You do not need to make an account, but you will need a browser extensions wallet, with MetaMask being the most popular

  • Trading fees are 0.3% per trade, however, gas fees are separate and can cost $10+

  • The largest liquidity provider on the Ethereum network

  • All ERC-20 tokens are compatible in theory, which means thousands of different tokens from many exciting projects

  • Safe to use, however, when the Ethereum network is clogged, fees are extortionate and can wipe out trading profits

  • Here’s a great guide on how to use it



SushiSwap

About SushiSwap:

  • SushiSwap is a fork of Uniswap, meaning they took the open-source code and improved upon it, launching in August 2020

  • Based on the Ethereum network, SushiSwap allows users to make instant trades between ERC-20 tokens, with network users providing the liquidity

  • It is in the top five biggest decentralized exchanges

  • Trading fees are 0.3% per trade

  • Themed like a Japanese restaurant menu

How you can use SushiSwap:

  • Users can earn interest by staking tokens to get additional rewards

  • Bruised reputation due to the Founder attempting and rug pull, failing and then handing the project over to FTX Founder Sam Bankman-Fried

  • Here’s a guide for using SushiSwap



PancakeSwap

Launch Date:

  • Launched on September 20th, 2020

About Pancake Swap:

  • PancakeSwap is a fork of SushiSwap, meaning they took the open-source code, improved it, and...

  • PancakeSwap runs on the Binance Smart Chain, which makes it much faster and cheaper than its predecessor

  • 0.20% trading fees for all transactions

  • Tired of high transaction fees on other networks, the developers built PancakeSwap and immediately stole a huge percentage of the DeFi market share, causing a great deal of excitement

How you can use Pancake Swap:

  • Users can earn CAKE or other cryptocurrencies through the exciting staking model, with coins that won’t be found on any other platform

  • You don’t need to create an account to use PancakeSwap, but you will need a MetaMask or Binance Smart Chain browser wallet

  • Want to learn how to use PancakeSwap? This is a great guide



1Inch

Launch Date:

  • Liquidity aggregator launched in 2019 but really grew in popularity in the second half of 2020

About 1Inch:

  • Pulls in liquidity from multiple partner exchanges with the aim of making trades faster and with better value due to reduced ‘slippage’

  • Offers a range of tokens from both the Binance Smart Chain and Ethereum networks

  • Friendly user interface for making token swaps

  • 1INCH token allows users to reduce trading fees, which are variable depending on the transaction in question

How you can use 1Inch:

  • You don’t need to make an account, simply choose your network, wallet type, and quickly approve access to the platform

  • Here’s a guide to get you started


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