Top 10 DEX - The best decentralized stock exchanges in 2022

If you trade in crypts, you probably use centralized exchange offices like Binance or Bitfinex. At the moment of use decentralized exchanges (DEX) is not exactly the first choice for most people, despite the fact that their logos are full of unicorns and pancakes.

However, the growth of decentralized finance in 2022 continues as the world moves closer to decentralization.

A key problem with centralized exchanges is the fact that they are controlled by a central body - a company that has control over your funds and data, just like a traditional bank. In addition, centralized exchanges use an order book model, which you can see on traditional stock exchanges, with buy and sell orders.

The stock exchange acts as a trustee, holds assets as a market maker and finds sellers who are willing to sell assets to buyers. Asset management, asset listing, liquidity, headquarters, board of directors and centralized trading are all qualities of a centralized exchange.

Fortunately, all of these features can be decentralized, and that's what decentralized exchanges are trying to do: purely peer-to-peer trading platforms controlled by software and users. On decentralized exchanges, just attach your wallet, such as MetaMaskand you are ready to trade directly through it. This allows for private and fast trading and you don't have to go through the complicated process of setting up a bank and merchant account, which could compromise your privacy with annoying and insecure Know Your Customer (KYC) surveys that require authentication, home address, income and more.

In this overview, we will examine the best decentralized exchanges that exist today. But first, let's talk about how they came into being.

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Decentralized exchanges and their short history

The first decentralized exchanges were very slow. For example, it was a platform like Bisq, which allowed people to find each other through off-chain and performing peer-to-peer transactions. In 2016, the company EtherDelta began planning a more futuristic DEX. The platform used smart contracts to manage business wallets in the traditional order book model. However, this model was not compatible with Ethereum blockchain, lacked liquidity and had complicated user control.

In 2018, a new generation of decentralized stock exchanges came to the fore. Instead of buyers and sellers, it uses automated market makers, asset pricing controlled through unlicensed protocols, and liquidity pools. Let's move to 2022 now and we can see how much the popularity of decentralized stock exchanges has grown.

The top 10 decentralized exchanges that you will find here were largely selected according to the highest market volume, which is quite an objective metric. The only exception is Bisq, which was chosen because of the value that decentralization brings. These exchanges are also ranked by market volume from highest to lowest, with the exception of Bisq. This should give you a good idea of what decentralized exchanges are available right now and what the most used ones can bring to your table.

Top 10 DEX - The best decentralized exchanges

1. Uniswap

When Uniswap first appeared in 2018, it was revolutionary. The fact that you were able to swap Etherea-based ERC20 tokens on an Ethereum blockchain without an order book was a real success. Instead, Uniswap used smart contracts that allowed users to trade with each other without intermediaries, making trading decentralized and peer-to-peer.

Uniswap used innovative liquidity pools to generate the assets needed to make swaps. Users like you can add coin pairs such as ETH / DAI to contribute to the pool. In return, users receive a small percentage when using assets from a given pool. The valuation is based on how much of the asset remains in the liquidity pool.

The Uniswap interface is one of the best things on the platform. You can quickly link Uniswap to your MetaMask wallet and start swap tokens. It's simple, effective and perhaps the most important aspect for a cryptocurrency fan will be that it's also decentralized. Even after several years, Uniswap is at the forefront of decentralized finance.

The overarching goal of Uniswap is to have users like you who will manage the stock exchange. This means that users can help decide on the future of the stock exchange by voting, as long as they have downloaded any of the Uniswap tokens. When it comes to decentralized exchanges, you can't make the mistake of DEX, which has brought decentralized exchanges to the forefront. Since then, many exchanges have directly copied the Uniswap model, thanks to its success and open-source code.

Uniswap V3 was also recently launched, which improves the capital efficiency, implementation and infrastructure of Uniswap. The Uniswap protocol is constantly evolving, so even though other protocols with a similar interface appeared and tried to compete with Uniswap, the Uniswap team was able to keep its platform up-to-date and attractive to users.

2. MDEX

Although the gas charges on the Ethereum blockchain will soon be reduced, if we take into account the joint market capitalization volumes of MDEX and MDEX (BSC), then MDEX managed to overshadow Uniswap in the volume of market capitalization. MDEX is not ashamed to claim to be the largest DeFi ecosystem. As it has only existed since January 2021, with MDEX (BSC) not being published until April 2021, MDEX has probably become the largest decentralized exchange in the world. Both of her blockchains have over $ 1 billion in market capitalization.

MDEX could be first on this list because its success in such a short time has been huge, but recognition goes to Uniswap for its influence and seriousness in the field. The user may be a little uneasy about the fact that MDEX was created by Huobi, a centralized entity, while Uniswap was created as a decentralized entity, with no ICO right from the start.

The MDEX website acts as a centralized stock exchange, with graphs and numbers popping up everywhere. This is not a bad thing because it will give users dynamic engagement. If it is more pleasant for you to be confronted with numbers right at the beginning instead of the quiet Uniswap interface, MDEX can be friendly to you. The swap function is as intuitive as on Uniswap, with options such as pool, liquidity and trading at the top.

All in all, MDEX should be on your radar if you are looking for a decentralized exchange. Its ease of use and user offering generates unprecedented growth, whether we compare it to any other decentralized exchange.

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3. SushiSwap

SushiSwap is the first on the list of culinary-oriented decentralized exchanges. If you prefer sushi to unicorns, this exchange may better suit your aesthetic requirements. In any case, SushiSwap has a lot in common with Uniswap, as it is an offshoot of Uniswap.

In the end, it wasn't just a sweet-looking sushi-themed fork. With some controversy, SushiSwap launched a "Vampire Attack" on Uniswap. At the same time, it drained liquidity by offering users who emigrated to Sushi huge profits and incentives to switch. In two weeks, more than $ 1 billion worth of cryptocurrency was sucked out. Another controversial step was that the anonymous founder also collected $ 14 million, which he regretted and returned.

Despite all this, SushiSwap remains one of the top decentralized exchanges. The distribution of rewards, or interest, earned by shareholders when they contribute to the liquidity fund, is set so that even users with smaller shares, not just those with an extremely large share, will receive very decent compensation. The exchange also offers fun rewards with a sushi theme.

The swap interface looks much more modern than Uniswap, but it's just as easy to trade. Like copies of Uniswap V2, you can find all the different options on the top bar, from funds, to returns and analysis. If you ignore controversy and are interested in staking rewards, then SushiSwap is a great decentralized exchange for you.

4. BurgerSwap

Like Uniswap and its culinary counterpart SushiSwap, BurgerSwap also provides swaps and percentage returns from liquidity funds. What sets BurgerSwap apart from others are the rewards it offers for participating in the proceedings. This means that if you are an active participant in the vote on which direction the protocol will take in the future, then you will receive BURGERY (not real burgers) from BurgerSwap as a reward. The main attraction is that it is a 'democratized' platform. Also, the fact that it is on the Binance Smart Chain (BSC) and not on the Ethereum blockchain means that BurgerSwap will have Bitcoin, ETH, BCH and XRP as BEP-20 tokens.

While not as modern as SushiSwap, BurgerSwap is as pleasing to the eye as Uniswap. It comes naturally right in dark mode and the options on the left are clearly displayed, from swap, to liquidity and management. Contacts on social networks are also clearly displayed. If you are looking for cryptocurrency trading opportunities outside of Ethereum blockchain and a stock market that places great emphasis on management, BurgerSwap may be your culinary DEX choice.

5. PancakeSwap

The last culinary swap on this list is PancakeSwap. It has the funniest topic of all the stock exchanges on this list. On the home page, you will find options such as farming, stacking and lotteries with a background full of sparkles and pancakes.

The design is cute and unpredictable, with a logo that looks like a lively pancake with ears. On many pages, the motif of a pan throwing seven pancakes perfectly on a plate is depicted, perhaps in an effort to metaphor a perfect swap. It definitely looks like a soothing design.

Although the $ 10 million that DEX has received from Binance for their start, the Puritans may be a little out of balance on decentralization, the developers of PancakeSwap are also all anonymous, which can arouse caution in you, or cause a flashback to Satoshi. In any case, the exchange was audited by Certik, so the protocol was checked by a third party. PancakeSwap also operates on similar liquidity fund protocols as other Swap exchanges (with a food theme).

With PancakeSwap V2 as the creators imagined, PancakeSwap should continue to attract those looking for a great stock market somewhere behind the scenes.

6. SunSwap (originally JustSwap)

Let's move now from unicorns and pancakes to something more serious. For those who are not attracted to magical creatures or food, this may be the right choice for a swap. SunSwap (originally JustSwap) is powered by a TRON blockchain and uses TRC-20 tokens for DeFi swap. You can swap TRC-20 tokens for other token pairs on the TRON blockchain.

Like its unicorn and food counterparts, SunSwap makes it easy to swap tokens. However, unlike other applications, SunSwap is not packed with features. Because the protocol is new, it does not have stacking or reward tools like some other decentralized applications. SunSwap is still the main exchange you can use for your TRC-20 tokens, which is a convenient option for some people. TRON blockchain is currently faster and cheaper than Ethereum blockchain, which makes trading more attractive for many people.

So if you have a pile of coins on the TRC-20 network or just want to try what it's like to trade on a platform that is not based on Etherea, SunSwap may be just what you are looking for.

7. Bisq

Bisq it is proud to be a decentralized autonomous organization (DAO). A decentralized autonomous organization operates on computer rules. These rules are not governed by a board of directors or a non-profit, because non-profit organizations are also a centralized entity. Bisq is only software and the rules are controlled by the program.

The platform allows you to buy bitcoin (BTC), litecoin (LTC), ether (ETH) with different types of fiat currencies, such as Australian Dollar (AUD), US Dollar (USD), Euro (EU) and many more. Bisq does not rule the wealth of other decentralized exchanges on this list, but it is here because it is able to trade Bitcoin and other altcoins with fiat currency in a private and secure way that reinforces the values of decentralization.

Although quite easy to use and the design is very clean, it can be a little more difficult to get used to. First, you really need to download the program. It doesn't just appear in your browser when you search. But once the program is downloaded, it's not hard to jump straight to trading. Bisq offers you a bunch of training videos to help you solve a problem if you get stuck.

If this were a list of platforms that adhered to true decentralized values, privacy and credibility, Bisq would be at the top of the list. It's definitely worth thinking about if you want to trade Bitcoin while keeping in mind what decentralization is all about.

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8. OpenOcean

OpenOcean got on this list as a DEX aggregator. He has collected several decentralized exchanges on his site, even those already on this list, such as SushiSwap and Uniswap, to try to provide you with the best price for your chosen crypto from many different decentralized applications. The platform managed to gain customers thanks to the "no extra fees" rule. It does not require protocol fees and even protects users if asset prices skyrocket or fall. The PRO version will allow the use of common trading tools, such as candlestick charts, profit and loss settings, limit orders, etc.

If you are looking for a specific token and want to see which decentralized exchanges have the best offer, Open Ocean may be your chosen platform. If you are looking for a purely decentralized exchange, the fact that OpenOcean also collects centralized exchanges may not suit you.

9. 1inch

1inch is another DEX aggregator on this list. DEX uses liquidity protocols that work on the basis of algorithms and facilitate trading. If you are worried that Oasis coins may have a lower price than, for example, coins from Uniswap, you can calm down thanks to a DEX aggregator such as 1inch. The platform also works on Ethereum and Binance Smart Chain, which allows you to diversify your business opportunities.

With the management token, which was not launched until December 2020, the 1inch platform is still very likely to stir up the waters of the DeFi ecosystem.

10. HoneySwap

Honeyswap is like Uniswap, except that it has restructured around xDai business couples. With almost no decentralized exchange or exchange offering xDai, this may be your choice if you like this stablecoin. The exchange offers yield farming, a way to convert ERC-20 tokens to an xDai network, and allows you to swap your fiat for xDai.

Honeyswap does not want to remain just a copy of Uniswap. It seeks to become an important part of the decentralized financial ecosystem.

In conclusion

While these exchanges should be enough for you to get started, the whole area of decentralized exchanges is still very new. The list is full here decentralized exchanges which you can try. Because many of them are open-source so that users can trust peer-to-peer protocols, smart and innovative brains can easily play with them and create something even better. Many new projects are constantly emerging and people are starting to put their trust in decentralization, so it is possible that we will live in a decentralized financial world sooner than we imagined.

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