19 Feb 2025

light mode

Top 7 Decentralized Exchanges

Top 7 Decentralized Exchanges

The FTX collapse triggered massive outflows of funds from centralized exchanges to crypto wallets.

On this page

A decentralized exchange (DEX) is a crypto exchange, which relies on smart contracts to enable users to swap one token for another. You don't need to store money on the platform (like with CEXs). To conduct decentralized token swaps, you just need to connect a wallet and deposit the cryptocurrency of the selected network to pay the transaction fee.

Due to different evaluation criteria, as well as the DEX's bad practice of exaggerating trading volumes, it is difficult to make an objective rating of decentralized exchanges. To create a list of the TOP 7 decentralized exchanges, we took the average data from 4 reputable resources – Coingecko, CoinMarketCap, Cryptorank and DefiLama:

Uniswap

The largest and oldest DEX on the Ethereum blockchain. It also supports some additional EVN networks, including Polygon and Arbitrum. Its average daily trading volume exceeds $1 billion. 2020 was Uniswap's golden age, but the platform even today remains the leading decentralized exchange despite the strong progress of the DeFi sector. Its protocol has since gone through several upgrades, with the newest version being Uniswap V3.

The project's native token UNI is trading at $5.6, with a market cap of $4.3 billion according to Coingecko at press time.

Uniswap statistics

Uniswap statistics

Curve

A decentralized exchange built on Ethereum and 9 other networks. The platform is averaging nearly $400 million in daily trading volume. Curve attracts traders by using what’s called composability. The project's liquidity pool doesn't require users to add assets at a 50:50 ratio, they can set their own pool parameters. Interestingly, the DEX design resembles an old Windows or Microsoft Word 2003, which still does not prevent Curve from being a top exchange. 

CRV token is trading at $0.54, with a market cap of $344 million at press time.

Curve dashboard

Curve dashboard

Pancake Swap

The largest DEX in the BSC network. In addition to regular token swaps, it offers limit orders, cross-chain bridge, lotteries for CAKE, price predictions, NFT marketplace, and IFO lunchpad. PancakeSwap's yield farms are the most popular among BSC projects, which also provides a good annual yield on both regular tokens and stablecoins.

The CAKE price is $3.75, the market cap is $552 million, and the daily trading volume is about $150 million at press time.

Dodo Ex

Dodo resembles more an environment for developers of crypto projects. Users can freely swap assets across 12 EVM networks, using a bridge. With Dodo, you can create your own tokens, set up liquidity pools, mine and stake coins, create an NFT collection, and so on. The total daily trading volume is estimated at more than $100 million.

The DODO token can be traded on all networks on which the platform operates. The coin value is $0.11 with a market cap of $46 million.

Dodo Ex dashboard

Dodo Ex dashboard

Balancer

Balancer runs on the Ethereum blockchain, as well as on Layer 2 Polygon and Arbitrum. The average trading volume exceeds $50 million per day. The platform allows users to create liquidity pools with more than two different tokens in any ratio. DEX also regularly hosts auction-like token sales – a token increases in value based on demand, and the price curve changes throughout the sale period. 

BAL token is traded on all major exchanges at $5.32, with a market cap of $200 million at press time.

Sushi Swap

One of the oldest DEX along with Uniswap. Sushi is averaging nearly $40 million in daily trading volume, with TVL of $250 million. The platform allows its users to farm tokens in 18 networks, make cross-chain swaps, borrow and lend funds using crypto as collateral, and launch their own project using the integrated MISO launchpad.

The project's market cap is $238 million, with SUSHI's current price of $1.2.

Sun Swap

A decentralized exchange on the Tron mainnet. Today's list does not include DEXs built on Solana, Near, and some other networks, because their liquidity is dispersed across several exchanges. Sun is the largest DEX on Tron, and weak competition drives users to focus on this exchange.

The average daily trading volume exceeds $20 million. The SUN price is $0.004, with the project's market cap of $40 million at press time.

Sun Swap dashboard

Sun Swap dashboard

Previously, The Coinomist published detailed reviews of some DEXs, such as Sushi and Dodo.

Let's also remember the risks associated with using decentralized exchanges. They include phishing attacks, hacks of smart contracts, scams, and fatal code errors. Always check carefully the domain to which you connect the wallet and messages that pop up when you swap tokens. If you want to make money with yield farming, it is better to mitigate risks by allocating investments among different exchanges.

The content on The Coinomist is for informational purposes only and should not be interpreted as financial advice. While we strive to provide accurate and up-to-date information, we do not guarantee the accuracy, completeness, or reliability of any content. Neither we accept liability for any errors or omissions in the information provided or for any financial losses incurred as a result of relying on this information. Actions based on this content are at your own risk. Always do your own research and consult a professional. See our Terms, Privacy Policy, and Disclaimers for more details.

Articles by this author
MEMX Files for SEC Approval to List XRP ETF from 21Shares

MEMX Files for SEC Approval to List XRP ETF from 21Shares

The U.S. market is seeing a wave of altcoin ETF applications, and MEMX is the latest player to join in. The exchange has filed a request with the SEC to approve the listing of the XRP ETF introduced by 21Shares, a major name in crypto investment products.

The Coinomist
Bitcoin Bull Run Is Just Starting as Institutions Buy In

Bitcoin Bull Run Is Just Starting as Institutions Buy In

A recent Bernstein report suggests that Bitcoin could soon see strong upward momentum, driven by increasing institutional investments.

Anton Kryshtal
Mystery Coder Burns $7M in ETH—Calls Out Brain-Tech ‘Weapons’

Mystery Coder Burns $7M in ETH—Calls Out Brain-Tech ‘Weapons’

A mysterious figure, Hu Lezhi, has publicly burned millions in ETH, alleging the existence of an underground organization manipulating human consciousness.

Anton Kryshtal
Lawmaker Attacks Trump’s Meme Coin, Musk’s DOGE

Lawmaker Attacks Trump’s Meme Coin, Musk’s DOGE

Democratic Congresswoman Ayanna Pressley has criticized the DOGE agency and Trump’s meme coin, arguing they represent a dangerous shift in financial oversight.

Anton Kryshtal
Weekly Analysis of BTC, ETH, and the Stock Market (Feb 18, 2025)

Weekly Analysis of BTC, ETH, and the Stock Market (Feb 18, 2025)

An overview of BTC, ETH, XAUT, and S&P500 charts, and the current cryptocurrency market dynamics.

Artem Khomenko
Weekly Analysis of BTC, ETH, and the Stock Market (Feb 10, 2025)

Weekly Analysis of BTC, ETH, and the Stock Market (Feb 10, 2025)

An overview of BTC, ETH, XAUT, and S&P500 charts, and the current cryptocurrency market dynamics.

Artem Khomenko
Weekly Analysis of BTC, ETH, and the Stock Market (Feb 3, 2025)

Weekly Analysis of BTC, ETH, and the Stock Market (Feb 3, 2025)

An overview of BTC, ETH, XAUT, and S&P500 charts, and the current cryptocurrency market dynamics.

Artem Khomenko
How to Bump a Transaction in the Bitcoin Network

How to Bump a Transaction in the Bitcoin Network

Sometimes, Bitcoin transactions can get “stuck,” especially if a low fee was set. In such cases, you might wonder: Why is my Bitcoin transaction stuck?

bitOn
Inside Cryptocurrency Farms: How Digital Coins Are Mined

Inside Cryptocurrency Farms: How Digital Coins Are Mined

Cryptocurrency farms and mining have evolved significantly since Bitcoin launched in 2009. To understand their growth, it helps to look at the broader history of resource extraction.

The Coinomist
From Bulls to Ballers — Why Celebrities Are Flocking to Crypto

From Bulls to Ballers — Why Celebrities Are Flocking to Crypto

Trump’s meme coin isn’t an outlier—it’s part of a broader trend. Back in 2021, celebrities were minting NFTs, and by 2024, they had moved on to personal token launches. The connection between fame and crypto has been growing for years, even if many failed to see it.

Vlad Vovk
Which Macroeconomic Factors Make Crypto Rise or Fall? 

Which Macroeconomic Factors Make Crypto Rise or Fall? 

It happens when you check the market and crypto prices are up or down for no obvious reason. Then you do some research and find out that there are actually reasons outside the crypto space.

Anahit Avetisyan
How Blockchain Helps Combat Disinformation

How Blockchain Helps Combat Disinformation

Fake news has become a global issue, shaping public opinion, fueling social tensions, and even influencing political decisions. With the rise of social media, the spread of misinformation has accelerated, making it increasingly difficult to regulate. However, blockchain technology offers a promising solution in the fight against fake news.

Daryna Nesterenko
Trading Psychology: How to Avoid Falling Victim to Your Own Biases

Trading Psychology: How to Avoid Falling Victim to Your Own Biases

The most successful traders aren’t always the smartest. More often, those who excel are the ones who understand psychological traps, manage their emotions, and maintain rationality under pressure.

Vlad Vovk
Pantera’s Tax Probe: A Wake-Up Call for Crypto Investors

Pantera’s Tax Probe: A Wake-Up Call for Crypto Investors

Dan Morehead, the founder of Pantera Capital, is under investigation by the US Senate Finance Committee (SFC) over $850 million in crypto profits. The key issue is whether he avoided U.S. taxes by moving to Puerto Rico, a well-known tax haven for crypto investors.

Anahit Avetisyan
The Bitcoin Kid’s 2011 Prediction – How Right Was He? 

The Bitcoin Kid’s 2011 Prediction – How Right Was He? 

In May 2011, an unusual video surfaced on YouTube. A 12-year-old boy explained Bitcoin – how it works and what its future might hold.

Anahit Avetisyan
MORE
«Mass Adoption Isn’t About Tech – It’s About Perception». Bitmedia Founder Matvii Diadkov – About RWA, Web3, And Marketing

«Mass Adoption Isn’t About Tech – It’s About Perception». Bitmedia Founder Matvii Diadkov – About RWA, Web3, And Marketing

Matvii Diadkov, founder of Bitmedia, shared with us in an exclusive interview his expert insights on Web3 adoption, impact of GameFi and community-centering tendencies in the market.

The Coinomist
“Satoshi is CIA”: Swedish crypto bro opens up about his Bitcoin journey

“Satoshi is CIA”: Swedish crypto bro opens up about his Bitcoin journey

The first crypto craze took place almost a decade ago. Overnight, many people found out about Bitcoin and its underlying technology, blockchain.

Lesia Dubenko
MORE