Decentralized exchanges (DEXs) are bringing a revolution to the cryptocurrency house, which is presently nonetheless dominated by centralized platforms. By constructing instantly on the blockchain, tasks try to beat a number of the greatest downfalls of centralized exchanges. When utilizing a centralized alternate, you must primarily hand over your cash to them, and belief that they are going to retailer them competently and actually. Adjustments are additionally weak to hacks or interventions from regulatory authorities, who can shut them down and make your funds unavailable.
Blockchains, alternatively, perform 24/7 and their decentralized design makes them nearly inconceivable to close down; which primarily places to relaxation the questions, “Is Uniswap secure?” and “Can I belief DEXs with my cash?” There have been many alternative approaches to decentralized buying and selling, however it looks like the profitable formulation was discovered by Uniswap, no less than for now.
Despite the fact that Uniswap continues to be an awesome place to commerce, there’s various Uniswap options that may carry out sure duties higher. On this article, we will likely be showcasing 12 Uniswap options that may take your decentralized buying and selling to the subsequent degree.
Uniswap is the usual for DEX buying and selling
If you happen to’re in any respect aware of decentralized finance (DeFi), you’ve in all probability already heard of Uniswap. This pioneering protocol was the primary to introduce the automated market maker (AMM) design, which has since turn into the usual for decentralized cryptocurrency buying and selling.
In AMMs, there is no such thing as a order ebook like what you’ll discover on a decentralized alternate. As an alternative, liquidity suppliers (LPs), provide their tokens into liquidity swimming pools. For instance, if you wish to present liquidity to a USDC-ETH pool, it’s good to provide ETH and USDC. If a dealer had been to faucet into this pool’s liquidity to alternate USDC for ETH, the value of ETH would enhance as a result of there would now be extra USDC within the pool and fewer ETH.
In AMM exchanges like Uniswap, the entire worth of each varieties of tokens held by the pool must be equal. For instance, if there are 1,000 USDC and 10 ETH in a pool, the value for buying ETH from the pool is 100 USDC (plus a transaction payment).
After all, that is only a surface-level clarification of how an AMM like Uniswap works. What’s necessary for the needs of this text is that Uniswap and comparable platforms assist you to commerce cryptocurrencies instantly on the blockchain on a 24/7 foundation, wherever on the earth you might be.
Additionally, DEXs can facilitate the most affordable ETH swaps and swap ERC20 tokens extra competitively than their centralized counterparts. What’s even higher is that you just don’t should deposit your crypto to a 3rd celebration – all of the trades are executed robotically by way of sensible contracts which can be deployed on the blockchain.
On Uniswap and different AMMs, you may as well select to supply liquidity to a pool, and gather rewards from the transaction charges that customers pay to carry out token swaps.
Commerce on Uniswap
On the time of writing, Uniswap has a 24-hour quantity of $1.7 billion, and over $2 billion price of belongings in TVL (whole worth locked).
Prime 12 Uniswap Options – Related On-chain Swap Platforms
Uniswap’s success has spawned quite a few rivals and copycats, however the competitors finally drives builders so as to add modern options to draw customers to their facet. On this article, we will likely be trying out the highest 12 options to Uniswap that you should utilize in your decentralized crypto buying and selling wants. Most of them make use of an analogous AMM idea to Uniswap, however a few of them, like dYdX and Synthetix, supply their very own distinctive approaches.
- 1inch – Greatest multichain various
- PancakeSwap – Greatest various for BNB Chain BEP20 tokens
- SushiSwap – A number of chain various with further options
- QuickSwap – Low payment various deployed on Polygon
- dYdX – Derivatives and margin buying and selling various
- GMX – A extremely environment friendly decentralized derivatives platform
- Binance DEX – CEX-like various on BNB Chain
- Serum – Greatest various constructed on Solana
- Kwenta – Low slippage and spinoff tokens
- SunSwap – TRON-based decentralized buying and selling various
- CoW Swap – A DEX aggregator with MEV safety
- DODO DEX – Greatest various for diminished impermanent loss threat
- Orca – The most well-liked DEX on Solana
- Osmosis – A feature-packed DEX for the Cosmos ecosystem
1. 1inch – Greatest multichain various
1inch is a DeFi mission that’s lively throughout a number of blockchains – they’ve created options for Ethereum, Polygon and Binance Good Chain. 1inch have launched their very own AMM known as Mooniswap, however most customers know them for his or her DeFi aggregator protocol.
Let’s say that you just need to swap a few of your ETH for DAI. 1inch will then scour by way of totally different DeFi protocols with a purpose to discover essentially the most environment friendly swap for you, and it even offers you the choice to both optimize for the best return or the bottom fuel prices. 1inch splits orders throughout a number of decentralized exchanges, with a purpose to reduce slippage and provide the most out of your crypto.
A really distinctive side of 1inch is that it additionally helps restrict orders, that are a rarity within the DeFi house. You’ll be able to merely set the token you need to spend and the token you need to obtain, set a desired value and the period of the order. If the value of the token strikes to the value you specified, 1inch will robotically execute the commerce for you at the most effective charges out there in the marketplace.
1inch additionally options the 1INCH token, which serves each as a utility and governance token.
1inch abstract
- DeFi aggregator
- Helps Ethereum, Polygon and Binance Good Chain
- Routinely finds essentially the most environment friendly route for token swaps
- Helps restrict orders
Commerce on 1inch
2. PancakeSwap – Greatest various for BNB Chain BEP20 tokens
PancakeSwap is the preferred decentralized alternate on the Binance Good Chain blockchain. It capabilities very equally to Uniswap, however the mission has additionally launched some distinctive options to reward their customers.
PancakeSwap helps you to immediately swap between totally different BEP-20 tokens that function on the Binance Good Chain blockchain. The platform additionally has its personal token known as CAKE, which performs various capabilities within the PancakeSwap ecosystem. For instance, you may stake your CAKE tokens in “Syrup Swimming pools” to earn extra CAKE tokens, and even different varieties of tokens in some circumstances.
The PancakeSwap platform additionally has different options like yield farming, the place you may stake your LP Tokens to earn CAKE tokens. One other distinctive a part of PancakeSwap are preliminary farm choices or IFOs, the place customers have the chance to earn newly launched tokens from tasks. For all of the aforementioned causes, PancakeSwap is broadly thought to be probably the greatest Uniswap options.
PancakeSwap abstract
- Prime decentralized alternate on Binance Good Chain
- Has its personal token known as CAKE
- Swap between BEP-20 tokens or earn charges by offering liquidity
- Helps yield farming, Syrup Swimming pools, IFOs and different modern options
Commerce on PancakeSwap
3. SushiSwap – A number of chain various with further options
SushiSwap is likely one of the greatest Uniswap rivals on Ethereum, however the crew has additionally expanded the protocol to different blockchain platforms like Polygon, Binance Good Chain, Fantom and others.
SushiSwap was launched in August of 2020 as a fork and direct competitor to Uniswap. Nevertheless, the crew made one huge change to their product that Uniswap wasn’t providing on the time. By depositing Uniswap LP tokens to SushiSwap, customers might earn SUSHI tokens, which might then be staked to earn a portion of the entire charges generated by SushiSwap. This technique proved to be immensely efficient, and SushiSwap was at one level an actual risk to overhaul Uniswap because the primary decentralized alternate on the time.
Uniswap later defended itself from this “vampire assault” by launching their very own token known as UNI, which introduced the percentages again in its favor.
No matter how SushiSwap began, the mission has taken a lifetime of its personal and is supported by a really sturdy neighborhood of customers and builders. The SushiSwap protocol has been deployed to different blockchain platforms in addition to Ethereum, and the broader Sushi ecosystem now provides a fairly complete set of DeFi options like yield farming, lending and staking.
Whether or not you’re trying to swap between token on-chain or have interaction with DeFi in another method, SushiSwap and the Sushi ecosystem are undoubtedly an choice price contemplating.
SushiSwap abstract
- Decentralized alternate on Ethereum, Polygon, Binance Good Chain, Fantom and different platforms
- Swap tokens or present liquidity
- Has its personal governance token known as SUSHI
- The Sushi ecosystem additionally provides yield farming, lending, staking and extra
Commerce on SushiSwap
4. QuickSwap – Low payment various deployed on Polygon
QuickSwap is a fork of Uniswap that’s deployed on the Polygon blockchain. Polygon is a scalability resolution that provides decrease charges and sooner transactions than Ethereum. QuickSwap provides the usual AMM performance of swapping tokens and offering liquidity.
Nevertheless, QuickSwap does have some methods up its sleeve – it incorporates a liquidity mining program, the place customers can deposit their LP Tokens with a purpose to earn the QUICK governance token. QuickSwap now additionally helps IDOs, or preliminary DEX choices. IDOs give customers an opportunity to buy tokens which can be being launched by up-and-coming crypto tasks.
If you happen to’re exploring the Polygon as a method to lower down in your transaction prices, QuickSwap is actually a DEX that’s price trying out.
QuickSwap abstract
- Decentralized alternate on the Polygon blockchain
- Makes use of the AMM mannequin popularized by Uniswap
- Generally is a good choice if you wish to save on Ethereum transaction charges
- Has its personal governance token known as QUICK
Commerce on QuickSwap
5. dYdX – Derivatives and margin buying and selling various
dYdX is an Ethereum-based decentralized buying and selling platform that focuses on derivatives and margin buying and selling. As you in all probability know, buying and selling in derivatives like futures contracts and choices is presently dominated by centralized exchanges like Binance Futures and Bybit. dYdX is making an attempt to alter this by bringing derivatives on-chain, by way of Ethereum sensible contracts.
dYdX’s most unusual function are its perpetual contracts, which you should utilize just like the perpetual contracts which can be widespread on centralized exchanges. They assist you to enter leveraged positions and speculate on the value actions of assorted cryptocurrencies, giving you a chance to go both lengthy or brief.
By a partnership with Starkware, dYdX has deployed its perpetual contracts on the StarkEx layer 2 Ethereum scalability resolution. StarkEx allows transactions to be processed less expensive than Ethereum’s layer 1, making dYdX a viable choice for lively merchants.
Presently, the dYdX platform is within the technique of launching its DYDX governance token, which is able to doubtless increase the performance of the platform even additional.
dYdX abstract
- Decentralized leverage buying and selling platform
- Perpetual contracts on StarkEx layer 2, offering cheaper transactions
- Customers can speculate on the value actions even for tokens that aren’t on Ethereum
- Additionally provides margin and spot buying and selling on Ethereum layer 1
Commerce on dYdX
6. GMX – A extremely environment friendly decentralized derivatives platform
GMX is a decentralized cryptocurrency alternate specialised in derivatives, extra particularly perpetual futures contracts. The GMX alternate is presently out there on the Arbitrum and Avalanche blockchain platforms.
The GMX ecosystem options two tokens: GMX and GLP. GMX is a utility and governance token which accrues 30% of the charges collected on the GMX alternate. In the meantime, GLP is the platform’s liquidity supplier token, which accrues 70% of the charges collected on the alternate.
GLP represents an index that presently consists of 8 totally different crypto belongings that are supported on the GMX alternate for swaps and leverage buying and selling. Customers can mint GLP by supplying any of the supported belongings to the pool, or redeem GLP for belongings held by the pool.
The platform helps buying and selling with as much as 50x leverage, which is aggressive in comparison with most centralized crypto derivatives platforms. Just lately, the GMX crew has launched a beta model of their v2 protocol, which provides extra belongings, helps a number of collateral sorts, and supplies sooner commerce execution speeds.
GMX abstract
- Commerce perpetual contracts with leverage on chain
- Out there on Arbitrum and Avalanche
- Commerce high cash resembling ETH, BTC and LINK
- As much as 50x leverage
Commerce on GMX
7. Binance DEX – CEX-like various on BNB Chain
Binance DEX is a decentralized cryptocurrency alternate initially developed by Binance. It was launched in April of 2019, and provides a buying and selling expertise that’s similar to buying and selling on centralized exchanges. Binance DEX is constructed on Binance Chain, a blockchain that Binance particularly designed for the decentralized buying and selling use case. Binance Chain makes use of BNB as its native asset and can be interoperable with Binance Good Chain, which is presently rather more widespread.
Like different DEXes, Binance DEX is non-custodial, which signifies that you keep accountable for the personal keys to your cryptocurrency – you don’t should deposit it to another person and belief that they are going to take excellent care of it.
If you happen to’re used to buying and selling on centralized exchanges however need to give decentralized exchanges a strive, Binance DEX could be a good place to begin. Nevertheless, decentralized exchanges utilizing the AMM mannequin have turned out to be extra widespread amongst merchants.
Binance DEX abstract
- Decentralized alternate created by Binance
- Presents an analogous interface and buying and selling expertise to centralized exchanges
- Features on Binance Chain
- Non-custodial design
Commerce on Binance DEX
8. Serum – Greatest various constructed on Solana
Serum is a decentralized alternate constructed on Solana, a blockchain platform that’s designed with a deal with scalability. Solana customers can reap the benefits of Wormhole, an answer for bridging ERC-20 tokens over to the Solana blockchain.
The aim of the Serum mission is to ship a decentralized alternate that rivals its centralized counterparts each by way of efficiency and person expertise.
Certainly, the Serum DEX interface seems extra like what you’d usually see on a centralized alternate. There’s a value chart within the center, an orderbook, and a piece for submitting your orders. When buying and selling on Serum, you may submit restrict orders, which is a reasonably distinctive function within the DeFi house.
The Serum mission has a utility and governance token known as SRM. The token is on the market on each Solana and Ethereum and supplies advantages for holders when utilizing the Serum alternate.
Notably, the Serum mission is backed by distinguished gamers from the cryptocurrency house, resembling Alameda Analysis, Multicoin Capital, FTX, and others.
Serum abstract
- Decentralized alternate constructed on the Solana blockchain
- Offers an analogous expertise to centralized exchanges
- Quick and low-cost transactions due to Solana’s scalability
- SRM governance and utility token
Commerce on Serum
9. Kwenta – Low slippage and spinoff tokens various
Kwenta is a decentralized alternate powered by Synthetix, a novel DeFi protocol that permits the creation of spinoff tokens, or “Synths”. The thought behind Synths is that they’re tokens that monitor the value actions of different belongings, for instance, fiat currencies like USD and EUR, different crypto belongings like Bitcoin, and even shares and inventory market indices.
The Kwenta DEX makes use of a peer-to-contract (P2C) mannequin, the place trades are executed towards Synthetix sensible contracts. This combats a number of the greatest shortcomings of peer-to-peer fashions and supplies higher liquidity and decrease slippage. One other fascinating function of Kwenta is that every one Synths supported by the Synthetix protocol may be traded towards one another – there’s no restricted set of buying and selling pairs that customers have to select from.
Kwenta is an fascinating choice for customers who’re in search of a DEX however wish to increase their buying and selling past simply customary crypto tokens. Kwenta permits customers to realize publicity to real-world belongings and different cryptocurrencies in a non-custodial method whereas staying on the Ethereum blockchain.
Kwenta abstract
- Powered by the Synthetix protocol
- Customers can commerce Synths, that are tokens that monitor different belongings
- Acquire publicity to equities, indices, foreign exchange, and different cryptocurrencies whereas staying on Ethereum
- Has a Layer 2 deployment on Optimistic Ethereum for higher scalability
Commerce on Kwenta
10. SunSwap – TRON-based decentralized buying and selling various
SunSwap is an AMM constructed on the TRON blockchain with very comparable performance to Uniswap – you should utilize it to both swap between totally different TRON-based tokens, or present liquidity to earn rewards. SunSwap additionally has a liquidity mining program the place customers can stake LP tokens to earn rewards within the type of TRX and different tokens.
SUN.io acquired JustSwap in October 2021 and renamed the DEX to SunSwap. As part of the change in possession, a local utility and governance SUN Token was launched to the platform. To place inflationary strain on the SUN Token, its circulating provide is regulated through the SUN Buyback & Burn program.
If you happen to’re an avid person of the TRON blockchain, JustSwap is likely one of the major choices for decentralized buying and selling that’s price contemplating. Due to TRON’s delegated-proof-of-stake design, buying and selling on JustSwap can be low-cost and quick.
SunSwap abstract
- Decentralized alternate on the TRON blockchain
- Primarily based on the AMM mannequin
- Swap between TRON-based tokens or present liquidity to earn charges
- Liquidity mining program
Commerce on SunSwap
11. CoW Swap – A DEX aggregator with MEV safety
CoW Swap is a novel decentralized alternate aggregator that protects customers from varied types of MEV (maximal extractable worth) resembling arbitrage, entrance operating and sandwiching. The last word results of that is that customers on CoW Swap are more likely to get a greater deal than in the event that they had been utilizing one other DEX or aggregator with no MEV safety.
In actual fact, CoW Swap is described as a “meta” decentralized alternate aggregator, because it acts as an aggregator of aggregators. As such, it seems at decentralized exchanges instantly, in addition to different aggregators to search out the very best value for customers.
The title CoW Swap is derived from the financial idea of a “Coincidence of Desires”. CoW Swap implements batch auctions to facilitate direct settlements between merchants as a substitute of counting on market makers or exterior liquidity suppliers (the place potential).
As an fascinating apart, we should always point out that Ethereum inventor Vitalik Buterin used CoW Swap to promote his MKR token holdings.
CowSwap abstract
- Aggregator of aggregators
- Offers MEV safety to make sure the most effective offers
- Primarily based on the idea of Coincidence of Desires
Commerce on CoW Swap
12. DODO DEX – Greatest various for diminished impermanent loss threat
DODO DEX is a decentralized alternate that makes use of a Proactive Market Maker (PMM) design, which is a variant of the AMM design we’ve already mentioned on this article. Based on the DODO DEX crew, the PMM design reduces the chance of impermanent loss confronted by liquidity suppliers. One other fascinating function of DODO DEX is that liquidity suppliers don’t should deposit two tokens to a pool, because the protocol helps single-token deposits.
From the dealer’s perspective, PMM helps scale back slippage, permitting for trades to be executed at extra predictable costs.
DODO DEX is reside on each the Ethereum and Binance Good Chain blockchain platform, and in addition has some distinctive options like Crowdpooling, which supplies cryptocurrency tasks a brand new method of distributing tokens to customers.
The DODO token is used to facilitate governance, but in addition powers a fee-sharing mechanism and supplies membership perks. For instance, DODO holders can entry buying and selling payment reductions on DODO DEX and take part in preliminary DEX choices hosted by the platform.
DODO DEX abstract
- Decentralized alternate on Ethereum and Binance Good Chain
- Makes use of the Proactive Market Maker design, which is a variant of the Automated Market Maker design
- DODO token allows governance and provides particular advantages to holders
- The platform additionally hosts preliminary DEX choices (IDOs)
Commerce on DODO DEX
13. Orca – The most well-liked DEX on Solana
Orca is a Solana-based decentralized alternate that has acquired backing from distinguished crypto traders resembling Polychain, Placeholder, Solana Ventures and Coinbase Ventures. On the time of writing, Orca is the main decentralized alternate on the Solana blockchain, with practically $300 million in 24-hour buying and selling quantity.
Whereas Orca’s TVL and buying and selling quantity suffered following the collapse of the FTX cryptocurrency alternate, this DEX noticed a serious resurgence in 2023 in the course of the Solana bull run. With increasingly more DeFi exercise taking place on Solana, Orca is a pure vacation spot for customers trying to swap Solana-based tokens.
Orca sports activities stable liquidity and a very good person expertise, and a portion of the buying and selling charges collected by the platform goes in direction of the Orca Local weather Fund, which invests in enterpreneurs who’re centered on sustainable applied sciences. In whole, the Orca Local weather Fund has raised over $1.6 million on this method. The Orca DEX has a governance token known as ORCA, which permits customers to affect key choices associated to the protocol.
Orca abstract
- The go-to DEX for Solana token swaps
- Good liquidity and glorious person expertise
- Portion of transaction charges is used to fund sustainable applied sciences
Commerce on Orca
14. Osmosis – A feature-packed DEX for the Cosmos ecosystem
Launched in June 2021, Osmosis is a decentralized alternate (DEX) mission that makes use of the automated market maker strategy to find out costs of digital belongings, facilitate peer-to-peer (P2P) buying and selling, and run liquidity swimming pools. Constructed utilizing the Cosmos SDK, the Layer-1 Osmosis blockchain permits builders to deploy personalized AMMs by utilizing varied buying and selling modules and Osmosis’ Proof-of-Stake (PoS) enabled on-chain governance.
Osmosis is the main decentralized alternate within the Cosmos ecosystem, and has a TVL of roughly $185 million with a each day buying and selling quantity of $60 million on the time of writing. The Osmosis protocol is ruled by holders of the OSMO governance token.
Moreover primary token swaps, the Osmosis ecosystem additionally consists of quite a lot of different buying and selling instruments together with staking, margin buying and selling and on-chain perpetual futures contracts.
Osmosis abstract
- Main decentralized alternate within the Cosmos ecosystem
- Governance by way of the OSMO token
- Additionally powers options resembling margin buying and selling and perpetuals
Commerce on Osmosis
Why do I would like options to Uniswap?
The Uniswap crew has developed an awesome protocol, which is more likely to stand the take a look at of time as one of the crucial profitable tasks in DeFi. Nevertheless, rivals are additionally making their case, and this competitors will finally convey higher merchandise for everybody to make use of. You may also need to discover options to Uniswap in case your swaps on Uniswap are failing or if there’s inadequate liquidity on Uniswap.
If you happen to’re utilizing a blockchain like Binance Good Chain or TRON the place there is no such thing as a Uniswap, it’s all the time good to know that there are appropriate options that you should utilize to commerce tokens. Even on Ethereum, the place Uniswap is presently dominating, different DEXes would possibly present distinctive perks or higher costs.
In the meantime, in the event you’re additionally eager about centralized exchanges, ensure that to take a look at our record of the most effective crypto exchanges in 2024.