Decentralized exchanges (DEXs) are bringing a revolution to the cryptocurrency area, which is presently nonetheless dominated by centralized platforms. By constructing immediately on the blockchain, initiatives are attempting to beat among the largest downfalls of centralized exchanges. When utilizing a centralized alternate, it’s important to basically hand over your cash to them, and belief that they’ll retailer them competently and truthfully. Modifications are additionally weak to hacks or interventions from regulatory authorities, who can shut them down and make your funds unavailable.
Blockchains, however, operate 24/7 and their decentralized design makes them virtually not possible to close down; which basically places to relaxation the questions, “Is Uniswap secure?” and “Can I belief DEXs with my cash?” There have been many various approaches to decentralized buying and selling, but it surely looks like the profitable system was discovered by Uniswap, a minimum of for now.
Despite the fact that Uniswap continues to be an excellent place to commerce, there’s various Uniswap alternate options that may carry out sure duties higher. On this article, we will likely be showcasing 12 Uniswap alternate options that may take your decentralized buying and selling to the following degree.
Uniswap is the usual for DEX buying and selling
In the event you’re in any respect accustomed to decentralized finance (DeFi), you’ve most likely already heard of Uniswap. This pioneering protocol was the primary to introduce the automated market maker (AMM) design, which has since turn into the usual for decentralized cryptocurrency buying and selling.
In AMMs, there isn’t a order guide like what you’ll discover on a decentralized alternate. As an alternative, liquidity suppliers (LPs), provide their tokens into liquidity swimming pools. For instance, if you wish to present liquidity to a USDC-ETH pool, you must provide ETH and USDC. If a dealer had been to faucet into this pool’s liquidity to alternate USDC for ETH, the worth of ETH would enhance as a result of there would now be extra USDC within the pool and fewer ETH.
In AMM exchanges like Uniswap, the overall worth of each varieties of tokens held by the pool must be equal. For instance, if there are 1,000 USDC and 10 ETH in a pool, the worth for buying ETH from the pool is 100 USDC (plus a transaction price).
In fact, that is only a surface-level rationalization of how an AMM like Uniswap works. What’s necessary for the needs of this text is that Uniswap and related platforms help you commerce cryptocurrencies immediately on the blockchain on a 24/7 foundation, wherever on this planet you might be.
Additionally, DEXs can facilitate the most cost effective ETH swaps and swap ERC20 tokens extra competitively than their centralized counterparts. What’s even higher is that you just don’t should deposit your crypto to a 3rd celebration – all of the trades are executed routinely by means of sensible contracts which might be deployed on the blockchain.
On Uniswap and different AMMs, you too can select to offer liquidity to a pool, and gather rewards from the transaction charges that customers pay to carry out token swaps.
Commerce on Uniswap
On the time of writing, Uniswap has a 24-hour quantity of $1.7 billion, and over $2 billion value of property in TVL (whole worth locked).
Prime 12 Uniswap Alternate options – Related On-chain Swap Platforms
Uniswap’s success has spawned quite a few rivals and copycats, however the competitors finally drives builders so as to add progressive options to draw customers to their facet. On this article, we will likely be trying out the highest 12 alternate options to Uniswap that you should utilize to your decentralized crypto buying and selling wants. Most of them make use of the same AMM idea to Uniswap, however a few of them, like dYdX and Synthetix, provide their very own distinctive approaches.
- 1inch – Greatest multichain different
- PancakeSwap – Greatest different for BNB Chain BEP20 tokens
- SushiSwap – A number of chain different with extra options
- QuickSwap – Low price different deployed on Polygon
- dYdX – Derivatives and margin buying and selling different
- GMX – A extremely environment friendly decentralized derivatives platform
- Binance DEX – CEX-like different on BNB Chain
- Serum – Greatest different constructed on Solana
- Kwenta – Low slippage and spinoff tokens
- SunSwap – TRON-based decentralized buying and selling different
- CoW Swap – A DEX aggregator with MEV safety
- DODO DEX – Greatest different for lowered impermanent loss danger
- Orca – The most well-liked DEX on Solana
- Osmosis – A feature-packed DEX for the Cosmos ecosystem
1. 1inch – Greatest multichain different
1inch is a DeFi venture that’s energetic throughout a number of blockchains – they’ve created options for Ethereum, Polygon and Binance Sensible Chain. 1inch have launched their very own AMM known as Mooniswap, however most customers know them for his or her DeFi aggregator protocol.
Let’s say that you just need to swap a few of your ETH for DAI. 1inch will then scour by means of totally different DeFi protocols with the intention to discover probably the most environment friendly swap for you, and it even provides you the choice to both optimize for the best return or the bottom gasoline prices. 1inch splits orders throughout a number of decentralized exchanges, with the intention to decrease slippage and provide the most out of your crypto.
A really distinctive side of 1inch is that it additionally helps restrict orders, that are a rarity within the DeFi area. You possibly can merely set the token you need to spend and the token you need to obtain, set a desired value and the period of the order. If the worth of the token strikes to the worth you specified, 1inch will routinely execute the commerce for you at the very best charges accessible in the marketplace.
1inch additionally options the 1INCH token, which serves each as a utility and governance token.
1inch abstract
- DeFi aggregator
- Helps Ethereum, Polygon and Binance Sensible Chain
- Mechanically finds probably the most environment friendly route for token swaps
- Helps restrict orders
Commerce on 1inch
2. PancakeSwap – Greatest different for BNB Chain BEP20 tokens
PancakeSwap is the most well-liked decentralized alternate on the Binance Sensible Chain blockchain. It features very equally to Uniswap, however the venture has additionally launched some distinctive options to reward their customers.
PancakeSwap helps you to immediately swap between totally different BEP-20 tokens that function on the Binance Sensible Chain blockchain. The platform additionally has its personal token known as CAKE, which performs various features within the PancakeSwap ecosystem. For instance, you’ll be able to stake your CAKE tokens in “Syrup Swimming pools” to earn extra CAKE tokens, and even different varieties of tokens in some circumstances.
The PancakeSwap platform additionally has different options like yield farming, the place you’ll be able to stake your LP Tokens to earn CAKE tokens. One other distinctive a part of PancakeSwap are preliminary farm choices or IFOs, the place customers have the chance to earn newly launched tokens from initiatives. For all of the aforementioned causes, PancakeSwap is broadly considered among the best Uniswap alternate options.
PancakeSwap abstract
- Prime decentralized alternate on Binance Sensible Chain
- Has its personal token known as CAKE
- Swap between BEP-20 tokens or earn charges by offering liquidity
- Helps yield farming, Syrup Swimming pools, IFOs and different progressive options
Commerce on PancakeSwap
3. SushiSwap – A number of chain different with extra options
SushiSwap is among the largest Uniswap rivals on Ethereum, however the staff has additionally expanded the protocol to different blockchain platforms like Polygon, Binance Sensible Chain, Fantom and others.
SushiSwap was launched in August of 2020 as a fork and direct competitor to Uniswap. Nonetheless, the staff made one massive change to their product that Uniswap wasn’t providing on the time. By depositing Uniswap LP tokens to SushiSwap, customers may earn SUSHI tokens, which may then be staked to earn a portion of the overall charges generated by SushiSwap. This technique proved to be immensely efficient, and SushiSwap was at one level an actual menace to overhaul Uniswap because the primary decentralized alternate on the time.
Uniswap later defended itself from this “vampire assault” by launching their very own token known as UNI, which introduced the percentages again in its favor.
No matter how SushiSwap began, the venture has taken a lifetime of its personal and is supported by a really robust neighborhood of customers and builders. The SushiSwap protocol has been deployed to different blockchain platforms in addition to Ethereum, and the broader Sushi ecosystem now affords a fairly complete set of DeFi options like yield farming, lending and staking.
Whether or not you’re seeking to swap between token on-chain or interact with DeFi in another manner, SushiSwap and the Sushi ecosystem are positively an possibility value contemplating.
SushiSwap abstract
- Decentralized alternate on Ethereum, Polygon, Binance Sensible Chain, Fantom and different platforms
- Swap tokens or present liquidity
- Has its personal governance token known as SUSHI
- The Sushi ecosystem additionally affords yield farming, lending, staking and extra
Commerce on SushiSwap
4. QuickSwap – Low price different deployed on Polygon
QuickSwap is a fork of Uniswap that’s deployed on the Polygon blockchain. Polygon is a scalability answer that gives decrease charges and sooner transactions than Ethereum. QuickSwap affords the usual AMM performance of swapping tokens and offering liquidity.
Nonetheless, QuickSwap does have some tips up its sleeve – it includes a liquidity mining program, the place customers can deposit their LP Tokens with the intention to earn the QUICK governance token. QuickSwap now additionally helps IDOs, or preliminary DEX choices. IDOs give customers an opportunity to buy tokens which might be being launched by up-and-coming crypto initiatives.
In the event you’re exploring the Polygon as a technique to reduce down in your transaction prices, QuickSwap is definitely a DEX that’s value trying out.
QuickSwap abstract
- Decentralized alternate on the Polygon blockchain
- Makes use of the AMM mannequin popularized by Uniswap
- Generally is a good possibility if you wish to save on Ethereum transaction charges
- Has its personal governance token known as QUICK
Commerce on QuickSwap
5. dYdX – Derivatives and margin buying and selling different
dYdX is an Ethereum-based decentralized buying and selling platform that makes a speciality of derivatives and margin buying and selling. As you most likely know, buying and selling in derivatives like futures contracts and choices is presently dominated by centralized exchanges like Binance Futures and Bybit. dYdX is making an attempt to alter this by bringing derivatives on-chain, by means of Ethereum sensible contracts.
dYdX’s most unusual function are its perpetual contracts, which you should utilize just like the perpetual contracts which might be common on centralized exchanges. They help you enter leveraged positions and speculate on the worth actions of varied cryptocurrencies, giving you a chance to go both lengthy or brief.
By means of a partnership with Starkware, dYdX has deployed its perpetual contracts on the StarkEx layer 2 Ethereum scalability answer. StarkEx permits transactions to be processed less expensive than Ethereum’s layer 1, making dYdX a viable possibility for energetic merchants.
At present, the dYdX platform is within the strategy of launching its DYDX governance token, which is able to possible broaden the performance of the platform even additional.
dYdX abstract
- Decentralized leverage buying and selling platform
- Perpetual contracts on StarkEx layer 2, offering cheaper transactions
- Customers can speculate on the worth actions even for tokens that aren’t on Ethereum
- Additionally affords margin and spot buying and selling on Ethereum layer 1
Commerce on dYdX
6. GMX – A extremely environment friendly decentralized derivatives platform
GMX is a decentralized cryptocurrency alternate specialised in derivatives, extra particularly perpetual futures contracts. The GMX alternate is presently accessible on the Arbitrum and Avalanche blockchain platforms.
The GMX ecosystem options two tokens: GMX and GLP. GMX is a utility and governance token which accrues 30% of the charges collected on the GMX alternate. In the meantime, GLP is the platform’s liquidity supplier token, which accrues 70% of the charges collected on the alternate.
GLP represents an index that presently consists of 8 totally different crypto property that are supported on the GMX alternate for swaps and leverage buying and selling. Customers can mint GLP by supplying any of the supported property to the pool, or redeem GLP for property held by the pool.
The platform helps buying and selling with as much as 50x leverage, which is aggressive in comparison with most centralized crypto derivatives platforms. Not too long ago, the GMX staff has launched a beta model of their v2 protocol, which affords extra property, helps a number of collateral varieties, and offers sooner commerce execution speeds.
GMX abstract
- Commerce perpetual contracts with leverage on chain
- Obtainable on Arbitrum and Avalanche
- Commerce prime cash corresponding to ETH, BTC and LINK
- As much as 50x leverage
Commerce on GMX
7. Binance DEX – CEX-like different on BNB Chain
Binance DEX is a decentralized cryptocurrency alternate initially developed by Binance. It was launched in April of 2019, and affords a buying and selling expertise that’s similar to buying and selling on centralized exchanges. Binance DEX is constructed on Binance Chain, a blockchain that Binance particularly designed for the decentralized buying and selling use case. Binance Chain makes use of BNB as its native asset and can be interoperable with Binance Sensible Chain, which is presently rather more common.
Like different DEXes, Binance DEX is non-custodial, which implies that you keep accountable for the non-public keys to your cryptocurrency – you don’t should deposit it to another person and belief that they’ll take excellent care of it.
In the event you’re used to buying and selling on centralized exchanges however need to give decentralized exchanges a attempt, Binance DEX could be a good place to begin. Nonetheless, decentralized exchanges utilizing the AMM mannequin have turned out to be extra common amongst merchants.
Binance DEX abstract
- Decentralized alternate created by Binance
- Gives the same interface and buying and selling expertise to centralized exchanges
- Features on Binance Chain
- Non-custodial design
Commerce on Binance DEX
8. Serum – Greatest different constructed on Solana
Serum is a decentralized alternate constructed on Solana, a blockchain platform that’s designed with a deal with scalability. Solana customers can benefit from Wormhole, an answer for bridging ERC-20 tokens over to the Solana blockchain.
The purpose of the Serum venture is to ship a decentralized alternate that rivals its centralized counterparts each when it comes to efficiency and consumer expertise.
Certainly, the Serum DEX interface seems extra like what you’d usually see on a centralized alternate. There’s a value chart within the center, an orderbook, and a piece for submitting your orders. When buying and selling on Serum, you’ll be able to submit restrict orders, which is a reasonably distinctive function within the DeFi area.
The Serum venture has a utility and governance token known as SRM. The token is out there on each Solana and Ethereum and offers advantages for holders when utilizing the Serum alternate.
Notably, the Serum venture is backed by distinguished gamers from the cryptocurrency area, corresponding to Alameda Analysis, Multicoin Capital, FTX, and others.
Serum abstract
- Decentralized alternate constructed on the Solana blockchain
- Supplies the same expertise to centralized exchanges
- Quick and low cost transactions because of Solana’s scalability
- SRM governance and utility token
Commerce on Serum
9. Kwenta – Low slippage and spinoff tokens different
Kwenta is a decentralized alternate powered by Synthetix, a novel DeFi protocol that allows the creation of spinoff tokens, or “Synths”. The thought behind Synths is that they’re tokens that monitor the worth actions of different property, for instance, fiat currencies like USD and EUR, different crypto property like Bitcoin, and even shares and inventory market indices.
The Kwenta DEX makes use of a peer-to-contract (P2C) mannequin, the place trades are executed in opposition to Synthetix sensible contracts. This combats among the largest shortcomings of peer-to-peer fashions and offers higher liquidity and decrease slippage. One other attention-grabbing function of Kwenta is that every one Synths supported by the Synthetix protocol may be traded in opposition to one another – there’s no restricted set of buying and selling pairs that customers have to select from.
Kwenta is an attention-grabbing possibility for customers who’re searching for a DEX however want to broaden their buying and selling past simply normal crypto tokens. Kwenta permits customers to achieve publicity to real-world property and different cryptocurrencies in a non-custodial method whereas staying on the Ethereum blockchain.
Kwenta abstract
- Powered by the Synthetix protocol
- Customers can commerce Synths, that are tokens that monitor different property
- Achieve publicity to equities, indices, foreign exchange, and different cryptocurrencies whereas staying on Ethereum
- Has a Layer 2 deployment on Optimistic Ethereum for higher scalability
Commerce on Kwenta
10. SunSwap – TRON-based decentralized buying and selling different
SunSwap is an AMM constructed on the TRON blockchain with very related performance to Uniswap – you should utilize it to both swap between totally different TRON-based tokens, or present liquidity to earn rewards. SunSwap additionally has a liquidity mining program the place customers can stake LP tokens to earn rewards within the type of TRX and different tokens.
SUN.io acquired JustSwap in October 2021 and renamed the DEX to SunSwap. As part of the change in possession, a local utility and governance SUN Token was launched to the platform. To place inflationary stress on the SUN Token, its circulating provide is regulated by way of the SUN Buyback & Burn program.
In the event you’re an avid consumer of the TRON blockchain, JustSwap is among the fundamental choices for decentralized buying and selling that’s value contemplating. Because of TRON’s delegated-proof-of-stake design, buying and selling on JustSwap can be low cost and quick.
SunSwap abstract
- Decentralized alternate on the TRON blockchain
- Based mostly on the AMM mannequin
- Swap between TRON-based tokens or present liquidity to earn charges
- Liquidity mining program
Commerce on SunSwap
11. CoW Swap – A DEX aggregator with MEV safety
CoW Swap is a novel decentralized alternate aggregator that protects customers from numerous types of MEV (maximal extractable worth) corresponding to arbitrage, entrance operating and sandwiching. The last word results of that is that customers on CoW Swap are more likely to get a greater deal than in the event that they had been utilizing one other DEX or aggregator with no MEV safety.
In actual fact, CoW Swap is described as a “meta” decentralized alternate aggregator, because it acts as an aggregator of aggregators. As such, it seems at decentralized exchanges immediately, in addition to different aggregators to search out the absolute best value for customers.
The identify CoW Swap is derived from the financial idea of a “Coincidence of Desires”. CoW Swap implements batch auctions to facilitate direct settlements between merchants as an alternative of counting on market makers or exterior liquidity suppliers (the place potential).
As an attention-grabbing apart, we should always point out that Ethereum inventor Vitalik Buterin used CoW Swap to promote his MKR token holdings.
CowSwap abstract
- Aggregator of aggregators
- Supplies MEV safety to make sure the very best offers
- Based mostly on the idea of Coincidence of Desires
Commerce on CoW Swap
12. DODO DEX – Greatest different for lowered impermanent loss danger
DODO DEX is a decentralized alternate that makes use of a Proactive Market Maker (PMM) design, which is a variant of the AMM design we’ve already mentioned on this article. In keeping with the DODO DEX staff, the PMM design reduces the danger of impermanent loss confronted by liquidity suppliers. One other attention-grabbing function of DODO DEX is that liquidity suppliers don’t should deposit two tokens to a pool, because the protocol helps single-token deposits.
From the dealer’s perspective, PMM helps scale back slippage, permitting for trades to be executed at extra predictable costs.
DODO DEX is stay on each the Ethereum and Binance Sensible Chain blockchain platform, and in addition has some distinctive options like Crowdpooling, which provides cryptocurrency initiatives a brand new manner of distributing tokens to customers.
The DODO token is used to facilitate governance, but in addition powers a fee-sharing mechanism and offers membership perks. For instance, DODO holders can entry buying and selling price reductions on DODO DEX and take part in preliminary DEX choices hosted by the platform.
DODO DEX abstract
- Decentralized alternate on Ethereum and Binance Sensible Chain
- Makes use of the Proactive Market Maker design, which is a variant of the Automated Market Maker design
- DODO token permits governance and offers particular advantages to holders
- The platform additionally hosts preliminary DEX choices (IDOs)
Commerce on DODO DEX
13. Orca – The most well-liked DEX on Solana
Orca is a Solana-based decentralized alternate that has obtained backing from distinguished crypto traders corresponding to Polychain, Placeholder, Solana Ventures and Coinbase Ventures. On the time of writing, Orca is the main decentralized alternate on the Solana blockchain, with practically $300 million in 24-hour buying and selling quantity.
Whereas Orca’s TVL and buying and selling quantity suffered following the collapse of the FTX cryptocurrency alternate, this DEX noticed a serious resurgence in 2023 in the course of the Solana bull run. With increasingly more DeFi exercise taking place on Solana, Orca is a pure vacation spot for customers seeking to swap Solana-based tokens.
Orca sports activities stable liquidity and a very good consumer expertise, and a portion of the buying and selling charges collected by the platform goes in the direction of the Orca Local weather Fund, which invests in enterpreneurs who’re targeted on sustainable applied sciences. In whole, the Orca Local weather Fund has raised over $1.6 million on this manner. The Orca DEX has a governance token known as ORCA, which permits customers to affect key selections associated to the protocol.
Orca abstract
- The go-to DEX for Solana token swaps
- Good liquidity and glorious consumer expertise
- Portion of transaction charges is used to fund sustainable applied sciences
Commerce on Orca
14. Osmosis – A feature-packed DEX for the Cosmos ecosystem
Launched in June 2021, Osmosis is a decentralized alternate (DEX) venture that makes use of the automated market maker method to find out costs of digital property, facilitate peer-to-peer (P2P) buying and selling, and run liquidity swimming pools. Constructed utilizing the Cosmos SDK, the Layer-1 Osmosis blockchain permits builders to deploy personalized AMMs through the use of numerous buying and selling modules and Osmosis’ Proof-of-Stake (PoS) enabled on-chain governance.
Osmosis is the main decentralized alternate within the Cosmos ecosystem, and has a TVL of roughly $185 million with a each day buying and selling quantity of $60 million on the time of writing. The Osmosis protocol is ruled by holders of the OSMO governance token.
In addition to fundamental token swaps, the Osmosis ecosystem additionally contains a wide range of different buying and selling instruments together with staking, margin buying and selling and on-chain perpetual futures contracts.
Osmosis abstract
- Main decentralized alternate within the Cosmos ecosystem
- Governance by means of the OSMO token
- Additionally powers options corresponding to margin buying and selling and perpetuals
Commerce on Osmosis
Why do I would like alternate options to Uniswap?
The Uniswap staff has developed an excellent protocol, which is more likely to stand the check of time as one of the crucial profitable initiatives in DeFi. Nonetheless, rivals are additionally making their case, and this competitors will finally carry higher merchandise for everybody to make use of. You may also need to discover alternate options to Uniswap in case your swaps on Uniswap are failing or if there’s inadequate liquidity on Uniswap.
In the event you’re utilizing a blockchain like Binance Sensible Chain or TRON the place there isn’t a Uniswap, it’s at all times good to know that there are appropriate alternate options that you should utilize to commerce tokens. Even on Ethereum, the place Uniswap is presently dominating, different DEXes would possibly present distinctive perks or higher costs.
In the meantime, in the event you’re additionally concerned with centralized exchanges, make sure that to take a look at our checklist of the very best crypto exchanges in 2024.