Top 13 DEXs or Decentralized Exchanges to Try

DEXs or Decentralized exchanges are essentially blockchain-based peer-to-peer marketplaces that allow users to conduct transactions directly.

Decentralized exchanges (DEXs) are blockchain-based peer-to-peer marketplaces that enable users to execute transactions directly without relying on any central authority or intermediary like traditional exchanges. The core concept behind DEXs is to give users complete control over their assets, thereby also reducing the risk of hacks, breaches, or mismanagements that are associated with centralized exchanges.

These exchanges also address privacy concerns as they require almost no personal information and promote censorship resistance and anonymity. They are also a great option for global access as there are no gatekeepers or geographical restrictions, and anyone with a wallet and an internet connection can use a DEX. Although they can be intimidating, DEXs are a crucial part of the crypto ecosystem and promote one of its core values. Here are some of the top recommendations of DEXs that you can check out:

1. PancakeSwap V3

PancakeSwap V3 is a popular DEX based on the Binance Smart Chain (BSC). The platform’s latest V3 upgrade brought about more efficient trading options for traders, along with concentrated liquidity.

Users get access to yield farming, staking, lottery features, and support for NFTs in a user-friendly interface with low fees and quick transactions. It is an ideal option for beginners who opt for an Automated Market Maker system, enabling traders to earn fees and provide liquidity easily.

2. Orca

Orca is a leading DEX on the Solana blockchain. It functions with the vision of changing the way assets are traded by catalyzing a paradigm shift in how participants in the market provide liquidity. They intend to make trading more efficient and transparent and expand the scope of what can be traded by people around the world.

Orca launched its V2 in 2024, catering to 4 different user groups of traders, liquidity providers, token creators, and builders. The platform supports nearly instant swaps with minimal transaction fees and also has features like Whirpools that can help concentrate liquidity and grant support to upcoming projects.

3. Uniswap V3

Uniswap is the top pick for users on Ethereum, it is the largest and the oldest decentralized exchange with over $10 billion in weekly trading volume. The platform deploys the Automated Market Maker model, wherein users supply Ethereum tokens to Uniswap’s liquidity pools, and the algorithm sets market prices based on demand and supply.

With V3, Uniswap introduced multiple fee tiers, concentrated liquidity, non-fungible liquidity positions, and flexible oracles. The platform also supports Layer 2 solutions to help reduce transaction fees and is used by casual traders and advanced ones alike.

4. SushiSwap

SushiSwap is a decentralized exchange built on the Ethereum blockchain. It started out as a token swap platform and turned into a full DeFi ecosystem with services like BentoBox, a vault system for capital efficiency, and Kashi, useful for lending and margin trading.

It also saw integration across various blockchains like Binance Smart Chain, Avalanche, Arbitrum, and Polygon. Users can swap, lend, borrow, leverage, and trade crypto assets on SushiSwap, and the native $SUSHI token lets the community participate in governance and reap rewards.

5. 1inch

1inch is a DEX aggregator sourcing liquidity from various other DEXs to give users the best token swap rates. Unlike Uniswap or SushiSwap, 1inch doesn’t have its own liquidity pool, instead, it scans and splits orders from other platforms to optimize returns, minimize slippage, and reduce trading fees for its traders.

The platform uses the Pathfinder algorithm, which is the backbone of its routing engine, analyzing trading paths and picking the most efficient one. It also has its own AMM that reduces front-running and improves earnings for liquidity providers.

6. Raydium

Raydium is an Automated Market Maker and decentralized exchange that is based on the Solana blockchain. It is known for its high-speed and low-cost trading. Unlike other DEXs, it offers both AMM-style swaps and order book liquidity due to its integration with Serum, a central limit order book-based DEX. This gives users the best of both worlds.

The platform allows users to access staking opportunities, AMM-style swaps, and order book liquidity. Due to the Serum integration, traders and liquidity providers get deeper liquidity and better price execution. It also has the option of dual-yield farming and a launchpad called AcceleRaytor that supports new projects on Solana.

7. Curve Finance

Curve Finance functions as a DEX and AMM on the Ethereum blockchain. The platform was designed for efficient stablecoin trading, and its AMM is optimized for low slippage and minimal fees compared to other DEXs.

The platform focuses on capital efficiency and stability rather than high-risk yield farming. Liquidity providers on the exchange profit from steady and predictable returns, and with Curve Finance’s integration into the DeFi ecosystem deeply, they get a chance to power the core liquidity layer for protocols like Aave, Convex,