5 decentralized exchanges

Uniswap

Uniswap is the Ethereum ecosystem’s most popular decentralized exchange. Uniswap allows you to convert any ERC20 token to any other ERC20 token.

Because of its enormous popularity, Uniswap has been the primary choice for many new Ethereum-based project launchpads. Read: The Uniswap Exchange: A Beginner’s Guide

You may also earn money on Uniswap by becoming a liquidity provider. This is a fantastic strategy to profit from your cryptocurrency holdings in the long run. Not only that, but the network also pays liquidity providers with its in-house tokens, UNI, on a regular basis. Liquidity mining is the name of the procedure. A Beginner’s Guide to Liquidity Pools

Uniswap is now available in two versions, V2 and V3. The trading fee on UniswapV2 is set at 0.3 percent of the transaction amount.UniswapV3, on the other hand, has a variable cost structure of 0.05%, 0.30%, and 1%. The liquidity providers of a certain liquidity pool determine this variable cost. A trader must pay the network’s gas costs in addition to the trading fee.

The following is a list of Uniswap supported wallets:

  • Metamask
  • Wallet Connect
  • Coinbase
  • Fortmatic
  • Portis

Quickswap

QuickSwap is a next-generation DEX based on Ethereum and built on Polygon Network (formerly known as Matic), Ethereum Network’s layer two protocol. As a result, you can send ERC20 tokens at lightning speed for almost no gas cost.

Several apps have been created on Ethereum because of the vast prospects for liquidity mining and yield farming. This has made the Ethereum Network very busy, which has caused the price of gas to go up.

QuickSwap is a layer 2 solution that has all of the characteristics of an Ethereum-based application. The difference is that on layer 2, gas fees are essentially non-existent, and the transaction is handled at a very fast rate. As a result, QuickSwap provides an easy, quick, and cost-effective way to purchase crypto assets in a decentralized environment.

QuickSwap charges a trading fee of 0.3 percent of the transaction amount on all trades. You may become a liquidity provider on QuickSwap, much like Uniswap, and earn passive revenue on your crypto assets. QuickSwap offers incentives like a cut of the trading commission and liquidity mining, which is when the platform gives its own token, called QUICK, to the liquidity provider as a thank you.

The following is a list of the wallets that Uniswap supports.

  • Metamask
  • Wallet Connect
  • Coinbase

1 Inch Exchange

1 Inch Exchange is a well-known decentralized exchange aggregator. It has a switch feature, a limit order feature, and yield farming capabilities. Without giving any personal information, you may connect your wallet to 1inchexchange and start using the site.

In August 2020, Binance Labs gave 1Inch $2.8 million in startup investment. It also received a $12 million investment from Pantera Capital in December 2020.

The platform has more liquidity than a single DEX since it pulls liquidity from a number of different DEXs on the market. Furthermore, it offers the most affordable pricing on the market. It just breaks up a purchase order and fills it in from the available DEXs and liquidity pools.

The network employs a technique known as Chi Token to bring down the cost of ETH Gas, which is now at an all-time high. The platform is currently one of the most popular DEXs, and it is something you should use. 1Inch also has a mobile app through which anyone can exchange tokens from the comfort of their own smartphone.

There are no fees for trading, depositing, or withdrawing at 1 Inch. The DEXs from which an order is completed, on the other hand, will charge their fees.

Curve Finance

Curve Finance is another Ethereum-based DEX that is towards the top of the trade volume charts. Fantom and Polygon have just been added to the platform, which will make transactions faster and cheaper.

Crypto-asset holders may make money in addition to swaps by supplying liquidity to the platform’s curve pools.

The site is quite open about the hazards that a user faces when using it. In addition, the platform’s code has been audited twice.

The platform charges 0.04 percent of the transaction amount as a trading fee. Curve Finance also focuses on avoiding slippage. As a result, stablecoin trading accounts for the majority of the trading volume.

The Curve features its own governance token, CRV, which is utilized to make the platform a fully decentralized autonomous organization (DAO).

Supported Wallets

  • MetaMask
  • Ledger
  • Trezor
  • Wallet Connect
  • WalletLink
  • Portis
  • Fortmatic
  • Authereum
  • Torus
  • Lattice
  • Opera

Bisq

Bisq is an open-source cryptocurrency trading platform that allows people all over the world to trade a variety of digital currencies and tokens on a peer-to-peer basis. It already supports more than 100 digital items.

Customers do not need to undergo a Know Your Customer (KYC) identity verification procedure, and the trading program is not restricted to users in certain regions. Users can buy and sell Bitcoin and other cryptocurrencies on Bisq using a variety of payment methods, such as bank wire transfers, ACH transfers, and cash deposits.

Bisq is a popular exchange among early cryptocurrency enthusiasts because it upholds many of the ideas that Bitcoin was founded on, such as decentralization, privacy, and sovereignty, although it is not very user-friendly. The escrow system employed in the peer-to-peer trading process may be difficult for new users to understand, and the relatively delayed deal execution may dissuade new users and active traders. Additionally, because trading volumes are lower than on centralized worldwide exchanges, the exchange is better suited to making smaller deals. Bisq, on the other hand, is for experienced crypto investors who want to trade on a decentralized platform where they don’t have to provide KYC information.

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