Decentralized exchanges, or DEXs, are exchanges that operate in a decentralized manner, or without any interference from a third party. This type of exchange allows users to make peer-to-peer transactions, or trade cryptocurrencies directly with others without handing over the management of their funds to any intermediary or custodian.
Also, DEXs allow users to retain control of their wallet’s private keys. Let’s take a look at the 10 biggest decentralized exchange cryptocurrencies.
Ten Biggest Decentralized Exchange Cryptocurrencies
We have used the market cap data as of Jan. 28, 2022 (from coinmarketcap.com) to rank the 10 biggest decentralized exchange cryptocurrencies, in reverse order.
10. SushiSwap (>$513 million)
Launched in September 2020, SushiSwap (SUSHI) aims to diversify the AMM (automated market maker), as well as add unique features not previously seen on Uniswap. Its native token is used to reward users’ portions of the fees that the network charges for the transactions occurring in its liquidity pools.
SUSHI is down almost 30% in the last seven days and is presently trading over $4. It has an all-time high of $23.38 (March 2021) and an all-time low of $0.4737 (November 2020).
9. Synthetix (>$534 million)
Launched in September 2017, Synthetix (SNX) is a DeFi (decentralized finance) protocol that offers exposure to a wide variety of crypto and non-crypto assets. Synthetix has a staking pool, allowing holders to stake their SNX tokens in exchange for a share of the transaction fees on the Synthetix Exchange.
SNX is down almost 2% in the last seven days and is presently trading over $4.50. It has an all-time high of $28.77 (February 2021) and an all-time low of $0.03258 (January 2019).
8. Bancor (>$556 million)
Founded in 2017, Bancor (BNT) consists of a series of smart contracts that manage the on-chain conversion of tokens. Bancor allows users to easily and quickly convert tokens without going through an exchange. BNT is the default for all smart tokens created on the network. BNT is down almost 13% in the last seven days and is presently trading over $2.20. It has an all-time high of $23.73 (June 2017) and an all-time low of $0.1174 (March 2020).
7. 1inch Network (>$740 million)
Launched in December 2020, 1Inch Network (1INCH) brings together decentralized protocols to enable lucrative, fast, and protected operations in the DeFi space. 1inch Network offers users’ attractive prices, as well as a high degree of security. 1INCH is down almost 20% in the last seven days and is presently trading over $1.50. It has an all-time high of $7.87 (May 2021) and an all-time low of $0.7612 (December 2020).
6. Curve DAO Token (>$1.2 billion)
Launched in January 2020, Curve DAO Token (CRV) is a decentralized exchange for stablecoins that use the AMM to manage liquidity. It launched a DAO (decentralized autonomous organization) that has CRV as its in-house token. CRV is down almost 28% in the last week and is presently trading over $2.70. It has an all-time high of $60.50 (August 2020) and an all-time low of $0.3316 (October 2020).
5. Loopring (>$1.2 billion)
Launched in August 2017, Loopring (LRC) is an open protocol to develop decentralized crypto exchanges. Loopring’s purported goal is to combine the best aspects of both centralized and decentralized exchanges. LRC is down over 4% in the last week and is presently trading around $0.9492. It has an all-time high of $3.83 (November 2021) and an all-time low of $0.01986 (December 2019).
4. THORChain (>$1.2 billion)
THORChain (RUNE) is a decentralized liquidity protocol that enables users to exchange cryptocurrency assets easily. Its native token RUNE is used for platform governance and security. RUNE is down over 20% in the last seven days and is presently trading over $3.90. It has an all-time high of $21.26 (May 2021) and an all-time low of $0.007939 (September 2019).
3. PancakeSwap (>$1.80 billion)
Launched in September 2020, PanCake (CAKE) is a decentralized exchange for swapping BEP20 tokens on Binance Smart Chain (BSC). PancakeSwap uses a AMM model where users trade against a liquidity pool. Users, who deposit their funds into the pool, get LP (liquidity provider) tokens in return. CAKE is down over 31% in the last seven days. It has an all-time high of $44.18 (April 2021) and an all-time low of $0.0002318 (September 2020).
2. Stellar (>$4.7 billion)
Released in 2014, Stellar (XLM) is an open network that allows money to be moved and stored. Initially, its goal was to boost financial inclusion, but now, its priority is to assist financial firms to connect with one another through blockchain technology. Its native token helps to make trading of assets less expensive. XLM is down over 15% in the last seven days. It has an all-time high of $0.9381 (January 2018) and an all-time low of $0.001227 (November 2014).
1. Uniswap (>$6.3 billion)
Launched in November 2018, Uniswap facilitates automated trading of DeFi tokens. The aim of Uniswap is to keep token trading automated, as well as completely open to users holding tokens.
According to Uniswap, its governance token was created to “officially enshrin[e] Uniswap as publicly-owned and self-sustainable infrastructure while continuing to carefully protect its indestructible and autonomous qualities.” UNI is down over 29% in the last seven days. It has an all-time high of $44.97 (May 2021) and an all-time low of $0.419 (September 2020).