Best Decentralized Exchanges (DEXs) 2024

Cryptocurrency
exchanges
are
the
biggest
tools
used
in
the
crypto
industry
at
the
moment.
The
first
crypto
exchange
was
created
in
2010,
and
then
many
others
made
their
entry
into
the
market,
improving
the
accessibility
of
cryptocurrencies.
However,
centralized
exchanges
have
posed
significant
limitations
that
restrict
the
potential
for
large-scale
usage.
Therefore,
the
best
decentralized exchanges
have
emerged
as
helpful
alternatives
for
crypto
traders.

The
examples
of

centralized
crypto
exchanges
such
as
FTX
set
the
wrong
precedent
for
crypto
users.
On
top
of
it,
the
frequent
complaints
about
downtime
on
popular
crypto
exchanges
such
as
Coinbase
also
showcase
the
crypto
industry
in
bad
light.
Let
us
find
out
how
decentralized
exchanges
solve
the
problems
found
in
centralized
exchanges
and
a
list
of
popular
decentralized
exchanges
you
should
try
in
2024.

Build
your
identity
as
a
certified
blockchain
expert
with
101
Blockchains’ Blockchain
Certifications
designed
to
provide
enhanced
career
prospects.

How
Does
a
Decentralized
Exchange
Work?

You
can
compare
the
different
entries
in
a
list
of
decentralized
exchanges
with
an
enhanced
understanding
of
their
working
mechanism.
Decentralized
exchanges,
or
DEXs,
are

peer-to-peer
marketplaces
that
remove
the
single
points
of
failure
evident
in
centralization.
As
a
result,
they
help
take
away
most
of
the
risks
associated
with
centralized
exchanges.

Aren’t
they
meant
to
be
the
perfect
solutions
to
problems
with
centralized
exchanges?
Do
DEXs
address
only
the
risk
of
single
points
of
failure?
The
first
generation
of
DEXs
aimed
at
replicating
the
user
experience
of
centralized
exchanges
and
used
order
books.
However,
such
types
of
decentralized
exchanges
presented
difficulties
in
usability
and
were
expensive
and
inefficient. 

The
reputation
of
decentralized
exchanges
improved
when

Automated
Market
Makers
or
AMMs
were
introduced
in
DEX
design.
Most
of
the
top
decentralized
exchanges
use
AMMs,
which
are

smart
contracts
that
can
automatically
set
the
price
of
crypto
assets
on
the
basis
of
supply
and
demand.

The
new
decentralized
exchanges
could
allow
anyone
to
swap
tokens
in
a
trustless
environment
and
lock
their
tokens
in
liquidity
pools.
AMM
smart
contracts
are
responsible
for
establishing
the
exchange
rate
and
the
rewards
for
liquidity
providers.
At
the
same
time,
AMMs
also
offer
an
intuitive
user
experience
in
decentralized
exchanges. 

The
first
entry
among
the
most
notable
DEXs
is
1Inch,
which
offers
the
advantage
of
combining
the
best
features
of
different
DEXs.
1Inch
helps
you
avoid
confusion
with
queries
like
“Which
is
the
best-decentralized
exchange?”
as
it
is
a
DEX
aggregator.

It
works
by
finding
the
best
prices
by
comparing
liquidity
across
different
decentralized
exchanges.
Crypto
investors
can
rely
on
1Inch
for
freedom
from
transaction
or
withdrawal
fees.
On
top
of
it,
1Inch
offers
support
for
different

crypto
wallets,
thereby
ensuring
better
accessibility
to
the
crypto
space.

Want
to
get
an
in-depth
understanding
of
crypto
fundamentals,
trading
and
investing
strategies?
Enroll
now
in
the Crypto
Fundamentals,
Trading
And
Investing
Course

Order-based
DEXs
did
not
match
up
to
the
challenge
of
achieving
better
solutions
to
issues
of
centralized
exchanges.
However,
dYdX
still
enjoys
popularity
amidst
AMM-based
DEXs.
It
offers
many
features
like
shirt
selling,
leveraged
trading,
and
lending.

Therefore,
it
is
a
better
alternative
than
simple
AMMs.
dYdX
is
a
promising
addition
to
the
most
popular
decentralized
exchanges,
and
it
combines
multiple
features
in
one
package.
It
offers
a
user-friendly
interface,
deep
liquidity,
and
advantages
of
low
fees.

Uniswap
is
the
leading
decentralized
exchange
in
the
market,
with
a
wide
user
base.
It
offers
liquidity
for
the
most
popular
crypto
tokens
and
leverages
AMMs
for
self-regulation.
The

DAO
governance
makes
Uniswap
one
of
the
best-decentralized
exchanges
with
better
efficiency
and
transparency.

On
top
of
that,
Uniswap
is
the
first
decentralized
exchange
in
the
world
to
offer
flexibility
for
trading

ERC20
tokens.
Uniswap
also
has
its
native
token,
UNI,
which
allows
the
owners
to
provide
liquidity
to
the
exchange
and
earn
rewards.
However,
it
has
some
limitations,
such
as
offering
support
only
for

EVM-compatible

crypto
tokens. 

• 
  PancakeSwap

PancakeSwap,
as
the
name
implies,
has
some
similarities
to
Uniswap
and
other
AMM-based
decentralized
exchanges.
It
is
the
most
innovative
solution
on

Binance
Smart
Chain,
which
contributes
to
lower
gas
fees
for
users.
PancakeSwap
is
a
worthy
contender
in
this
list
of
decentralized
exchanges
for
its
emphasis
on
user
experience.

Users
can
also
stake
the
native
tokens
on
PancakeSwap
to
earn
rewards
alongside
capitalizing
on
the
flexibility
for
yield
farming.
Most
important
of
all,
it
offers
faster
transactions
than
Uniswap
and
a
bevy
of
user-friendly
features,
making
it
a
top
DEX.

• 
  Curve
  Finance 

The
next
top
name
among
the
biggest
decentralized
exchanges
is
Curve
Finance.
As
a
matter
of
fact,
Curve
Finance
is
the
second
biggest
decentralized
exchange
on

Ethereum
in
terms
of
TVL.
Initially,
it
offered
the
facility
for
stablecoin
swaps
only.
However,
it
has
evolved
and
offers
many
trading
pairs
now.

On
the
other
hand,
the
optimization
of
Curve
Finance
for
stablecoin
trading
makes
it
the
best
pick
for
low-slippage
rates.
Another
impressive
feature
of
Curve
Finance
is
the
support
for
multiple
blockchains
alongside
better
efficiency
for
larger
transactions.

• 
  Balancer 

Balancer
is
another
popular
choice
among
decentralized
exchanges
for
its
unique
features.
It
is
a
prominent
answer
to
questions
such
as
“Which
is
the
best-decentralized
exchange?”
because
of
its
capability
to
help
users
manage
a
diverse
portfolio.
The
DEX
offers
the
flexibility
for
creating
and
joining
pools
with
a
combination
of
eight
different
crypto
tokens.

Balancer
is
the
ideal
decentralized
exchange
for
anyone
who
wants
to
manage
a
diverse
portfolio
of
crypto
assets.
Balancer
also
caters
to
the
needs
of
traders
seeking
advanced
strategies
to
offer
liquidity.
The
diverse
asset
exposure
opens
up
the
prospects
for
landing
compounded
returns. 

Another
prominent
derivative
of
Uniswap,
which
has
garnered
popularity
for
its
distinctive
set
of
features,
is
SushiSwap.
The
primary
objective
of
creating
SushiSwap
was
to
offer
a
better
alternative
to
Uniswap
with
better
rewards.

However,
it
has
developed
its
own
unique
identity
with
diverse
features
for
users
and
a
special
theme
for
branding
its
user
experience.
SushiSwap
users
can
swap
assets
and
offer
liquidity
alongside
borrowing
and
lending
assets.
It
also
follows
the
lines
of
decentralized
exchanges
that
offer
the
privilege
of
participating
in
the
governance
of
the
protocol. 

The
goals
of
Orca
also
focus
on
overcoming
the
pitfalls
of
centralized
crypto
exchanges,
such
as
ensuring
faster
and
more
secure
transactions.
It
is
one
of
the
most
popular
decentralized
exchanges
with
the
flexibility
for
trading
cryptocurrencies
on

Solana
blockchain.
The
most
prominent
feature
of
Orca
is
the
innovative
UI
that
helps
users
change
their
language
settings
directly
from
the
DEX
and
view
token
balances.

On
top
of
that,
Orca
has
proved
to
be
the
best
pick
for
traders
who
prefer
anonymity.
Users
can
also
capitalize
on
the
advantage
of
trading
directly
from
wallets
and
reducing
the
risk
of
losing
funds
to
hacking
or
third-party
mismanagement.

Enroll
now
in
the Solana
Development
Course to
understand
the
workings
of
the
Anchor
framework,
Solana
Program
Library,
and
Solana
tokens.

The
most
interesting
origin
story
among
decentralized
exchanges
probably
belongs
to
Vertex.
It
is
the
perfect
example
of
how
the
best-decentralized
exchanges
can
brave
any
odds.
Vertex
was
created
on
the
Terra
blockchain,
which
suffered
a
massive
breakdown.
However,
the
decentralized
exchange
did
not
stop
there,
and
all
its
operations
were
transitioned
to
the
Arbitrum
blockchain.

Vertex
went
through
major
changes
in
its
overall
structure
and
goals.
One
of
the
most
interesting
features
of
Vertex
is
the
option
for
bridging
to
8
different
blockchains,
which
ensures
interoperability.
In
addition,
it
also
offers
faster
order-matching
mechanisms
that
can
improve
efficiency
of
crypto
transactions.

• 
  Apex
  Protocol 

The
collection
of
the
best
DEXs
would
be
incomplete
without
adding
the
Apex
protocol.
It
has
gained
popularity
for
offering
an
elastic
AMM.
Apex
protocol
is
also
one
of
the
top
decentralized
exchanges,
with
the
facility
for
order
book
trading.
Beginners
can
also
leverage
the
flexibility
for
spot
trading
on
the
platform.

Another
unique
highlight
of
the
Apex
protocol
is
the
Starkware
layer
2
scalability
mechanism
that
also
addresses
security
concerns.
As
a
matter
of
fact,
Apex
protocol
has
gained
popularity
for
offering
improved
privacy
and
security
features.

How
Can
You
Choose
the
Right
DEXs?

As
you
can
notice,
there
are
multiple
decentralized
exchanges
in
the
market
with
innovative
features.
Therefore,
it
is
important
to
differentiate
between
the
best-decentralized
exchanges
to
find
the
ideal
choice
for
your
requirements.
Interestingly,
a
few
factors
can
help
you
choose
the
best
DEX
according
to
your
needs.

First
of
all,
you
must
check
the

blockchains
on
which
the
decentralized
exchange
operates,
as
it
would
dictate
the
level
of
interoperability.
Another
important
criterion
for
evaluating
a
decentralized
exchange
is
liquidity.
Without
sufficient
liquidity,
traders
might
have
to
face
the
negative
consequences
of
slippage. 

You
must
also
evaluate
a
decentralized
exchange
on
the
basis
of
whether
it
is
open
or
permissioned.
For
example,
certain
DEXs
only
allow
the
community
members
to
add
new
liquidity
pools.
Most
importantly,
you
can
compare
the
best
DEXs
on
the
basis
of
their
security
features. 

Start
learning
Blockchain
with
world’s
first Blockchain
Skill
Paths with
quality
resources
tailored
by
industry
experts
Now!

Final
Words

The
growing
popularity
of

decentralized
exchanges
has
become
a
major
highlight
in
the
crypto
space.
They
are
more
efficient,
secure,
and
faster
than
centralized
exchanges.
Most
important
of
all,
the
continuously
expanding
list
of
decentralized
exchanges
brings
new
options
for
staking
and
yield
farming.

DEXs
such
as
Uniswap,
PancakeSwap,
SushiSwap,
1Inch,
and
Vertex
serve
as
the
big
players
in
the
market.
As
the
demand
for
decentralized
exchanges
continues
to
grow,
the
number
might
go
beyond
hundreds
into
thousands.
Learn
more
about
the
working
mechanism
of
decentralized
exchanges
and
best
practices
to
use
them
right
now.

*Disclaimer:
The
article
should
not
be
taken
as,
and
is
not
intended
to
provide
any
investment
advice.
Claims
made
in
this
article
do
not
constitute
investment
advice
and
should
not
be
taken
as
such.
101
Blockchains
shall
not
be
responsible
for
any
loss
sustained
by
any
person
who
relies
on
this
article.
Do
your
own
research!