Dec 17, 2024
Ibiam Wayas
Decentralized crypto exchanges, also called DEX, are cryptocurrency marketplaces that facilitate peer-to-peer transactions between crypto traders, without the need of an intermediary.
Centralized exchanges like Binance and Coinbase operate like banks, where users are subjected to undergo a mandatory KYC verification. This undermines users’ privacy and complete control of their funds.
With DEXs, users are completely anonymous and maintain full control of their assets. Here are some of the top decentralized crypto exchanges you can use today.
Uniswap is the world’s largest decentralized crypto exchange by volume traded. The platform is based on Ethereum, but also accessible on several layer-2 networks.
Jupiter is a unique decentralized exchange. It is a DEX aggregator, meaning that it combines multiple decentralized exchanges into a single interface. It is based on Solana.
Based on Solana, Raydium was built as a solution to problems inherent in the Ethereum network and those DEX built with Ethereum, which include slow transactions and high gas fees.
PancakeSwap is a decentralized crypto exchange built on the Binance Smart Chain. It is akin to Uniswap, but while Uniswap allows only ERC-20 tokens, PancakeSwap because it’s built on the BSC network, allows only BSC-20 tokens.
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