TOP 5 Decentralized Exchanges (DEX)

Thinking to invest in the world of cryptocurrency while it’s dipping? Well, you need to look into loads of things in order to make the decisions! However, if you wish to buy or sell digital currencies then do you know how can you carry out the process conveniently and most of all in a secured manner? You guessed it right! Today we would guide you to the best Decentralized Exchanges (DEX)…

But first, let’s get deep into Decentralized Exchanges and find out what are they and how do they work?

WHAT ARE DECENTRALIZED EXCHANGES (DEX)

If we look into the facts, Decentralized Exchange does make life easier as it is a peer-to-peer marketplace that allows crypto users to buy, sell, and trade numerous cryptocurrencies within a few minutes. The most important benefit is that DEX actually pairs a buyer and a seller and both facilely leave satisfied while it is decentralized so no central authority exists. The biggest advantage of DEXs is that they have made cryptocurrencies a global phenomenon while the users also need to pay the fee which isn’t usually very high.

Let’s have a look at TOP 5 Decentralized Exchanges (DEX):

1) PANCAKESWAP

Aren’t you interested just by reading its name! Pancakeswap has been incredibly famous and is now competing with the largest centralized and decentralized exchange networks like Coinbase and Binance Smart Chain. Thinking why are people preferring Pankcakeswap? There are many reasons, for instance, the fee it costs is quite lower as compared to others.

Moreover, the users get the chance to stake tokens BEP-20 which have been named CAKE (delicious!!!). After you buy CAKEs just relax because you can earn more of them with the SYRUP at a ratio of 1:1 and make money…

The features of Pancakeswap are built upon Automated Market Maker (AMM) which allows users to trade in the liquidity pool rather than exchanging the funds in the form of pairs. The tokens can be claimed anytime to receive the shares.

2) BAKERYSWAP

What do we have here? Another yummy option for decentralized exchange users! Trust us that Bakeryswap is a great decentralized exchange network. Let’s get to know what is it and how does Bakeryswap works? Well, Bakeryswap also works on the AMM model; however, there are two types of liquidity pools; one which has BAKE rewards while the other without BAKE rewards. Whereas, BAKE are BEP-20 native tokens and in the Bakeryswap liquidity pools you would find more scrumptious options like Doughnut, Bread, Waffle, Croissant, etc for trading.

As Bakeryswap has been the first DEX that works on the AMM model so it offers its users a low service fee while you can easily connect with your own cryptocurrency wallet to trade hassle-free.

3) UNISWAP

Uniswap is a trusted decentralized exchange that works on the Ethereum blockchain and is considered a core element of the DeFi ecosystem. The foundation of Uniswap is on two types of contracts proposed to cryptocurrency traders. First, let’s get to know about ‘Exchange Contract’ which is employed for all kinds of trades while the other ‘Factory Contract’ is for adding new tokens in the liquidity pool.

The prominent Constant Product Market Maker (CPMM) model runs the network of Uniswap smoothly. In this model, the users can add any desired token to Uniswap and they receive an equivalent amount to ERC-20. Uniswap aims to provide a decentralized platform for its users without any fee. The most amazing thing is that you can exchange any token in the world on Uniswap with a smart contract.

To use the facility of Uniswap decentralized exchange you first have to own an ERC-20 supported wallet so that you easily complete the requirements. On the other hand, the price of tokens is determined on the basis of the seller and buyer values rather than fixing it prior.

4) 1INCH EXCHANGE

Finding a DEX that would give you the best value of your cryptocurrency? This might make you sick because it needs a lot of time but the 1inch Exchange can help you with this and you can earn money without much work. Well, the smart network and system of 1inch Exchange allow the users to fill in the details and as soon as they enter with the cryptocurrency that they own, the 1inch Exchange finds the best price by splitting it on different DEX platforms.

The biggest advantage of the 1inch Exchange is the splitting technique is that it reduces the slippage ratio and this way the traders receive the highest value. As a result, 1inch Exchange is considered the leading DEX aggregator due to the convenience it provides; whereas, anyone can become a part of the network by staking the 1 INCH tokens. Remember you can’t buy 1 INCH tokens yet and have to earn them by trading on the platform as much as you can.

5) MDEX

The idea behind MDEX is quite interesting as it has incorporated DAO, DEX, IMO ecosystems on one platform and values the privacy of cryptocurrency buyers and sellers by furnishing them with a platform for dual mining i.e. liquidity mining and trade mining as it has contrived its DEX model by collaborating with Heco Chain and Ethereum.

The MDEX network renders its token owners not only to trade but to vote for the network, for standard fundraising, and to burn, or repurchase. Due to the easy to access system and evident strategies MDEX’s trading volume in May 2021 has been $114,858,041 according to Coinmarketcap, excelling many reputed and competing decentralized exchanges.

Bonus: MOCKTAILSWAP

This sounds refreshing!!! We are quite sure that you would find the Mocktailswap as comforting as its name because Mocktailswap focuses on providing low slippage, speed, security, privacy, and less transaction fee. The AMM model on this new DEX is based on Binance Smart Chain for now. They are also Certik audited and it seems that they are using the Certik’s Shield which is a big plus.

The Semi-Fungible tokens of Mocktailswap are the way to swap the BEP-20 tokens in the automated liquidity pools. If you think to stake tokens in the LP then you can get the chance of farming the staked tokens as well. Most of all, the trading/swapping fee is also very less, just 0.2%! We don’t think that the chance of trading with Mocktailswap should be missed!

Hope that the information provided would help you to choose the best DEX!