When you get into trading cryptocurrencies, choosing an exchange platform is vital as exchange platforms are medium for investing or staking. Still, people are getting closer to decentralization as the hype goes on about decentralized finance. Many investors use a decentralized exchange (DEX) to participate in the crypto industry with several potential crypto projects.
However, many centralized exchanges like Bitfinex or Binance are available alongside platforms like DEX, so it requires having a specific level of understanding about functionalities when choosing any platform or asset. This article will list and describe the top five potential DEX crypto projects.
Top DEX crypto projects to invest in 2022
The top ten potential DEX crypto projects are:
- Uniswap (UNI)
- MDEX (MDEX)
- SushiSwap (SUSHI)
- BurgerSwap (BURGER)
- PancakeSwap (CAKE)
- JustSwap (JUST)
- Solana (SOL)
- OpenOcean (OOE)
- 1inch Exchange (1INCH)
- HoneySwap (HNY)
The following section will introduce the top five best DEX crypto projects.
Uniswap (UNI)
What is Uniswap
Uniswap is a decentralized trading protocol that is familiar for facilitating automated trading of DeFi tokens. The launching year of Uniswap is 2018, and it continues to gain popularity for the recent Defi phenomenon. This platform allows users to trade with each other, making it peer-to-peer and decentralized. The creator of this platform is Hayden Adams.
The native token of this platform UNI price is floating near $11.05 today with a 24-H trading volume of $171,180,730. This coin has a fully diluted market cap of $10,982,370,177, and the circulating supply is 627,591,806.74 UNI. Meanwhile, the total supply and the max supply are the same 1,000,000,000 UNI.
How does Uniswap work?
One of the major problems in exchange platforms is high spreads, and Uniswap solves this problem by enabling the option for anyone to become a market maker. This platform often suffers from slippage as the quantity and the price increase simultaneously.
MDEX (MDEX)
What is MDEX?
It is a comparatively new decentralized trading protocol that has the launching period is 2021, and it became so popular within a short time. MDEDX has a homepage that will give you a feel of a centralized exchange as it contains charts and numbers.
The native token of this platform MDEX price is floating near $0.23 today with a 24-H trading volume of $5,579,793, and the fully diluted market cap is $232,759,020. The circulating supply is 840,700,050.55 MDX, and the total supply is 1,000,000,000. Meanwhile, the max supply is unavailable.
How does MDEX work?
Most new protocols in blockchain technology consider the scalability factor in the blockchain networks as they want rapid adoption. Uniswap has the congestion lack, then Huobi Ecological Chain-based Mdex releases by claiming that it aims to avoid scalability issues. This platform has a meager transaction fee and gives rewards to miners.
SushiSwap (SUSHI)
What is SushiSwap?
It is an excellent example of an Automated Market Maker (AMM), which you can consider among the popular list crypto users. The launching period of SushiSwap is Sep 2020 as a form of the Uniswap platform. The AMM has become synonymous with Defi tokens and decentralized finance.
The native token of this platform SUSHI price is floating near $4.23 today with a 24-H trading volume of $153,637,538, and the fully diluted market cap is $1,058,256,979. The circulating supply is 127,244,443.00 SUSHI. Meanwhile, the total supply is 239,789,936 SUSHI, and the max supply is 250,000,000 SUSHI.
How does SushiSwap work?
A pseudonymous entity, Chef Nomi, is the founder of this platform. SushiSwap aims to add additional features that were not available in Uniswap alongside diversifying the AMM market. It increases the reward to the network participants by its native token SUSHI.
BurgerSwap (BURGER)
What is BurgerSwap?
The first cross-chain aggregator combines price and rates from the leading CEXs and DEXs. The unique feature is this platform gives rewards to users for participating in governance; the launching period of BurgerSwap is Sep 2020.
The native token BURGER price is floating near $1.63 today with a 24-H trading volume of $4,981,061, and the fully diluted market cap is $34,371,410. The circulating supply is 17,878,886.95 BURGER. Meanwhile, the total supply is 17,804,215 BURGER, and the max supply is 21,000,000 BURGER.
How does BurgerSwap work?
BurgerSwap, integrates DEXs, CEXs, and Defi deals into a single platform by combining the switching protocol. It allows users to access or transfer any digital asset between any chains with the best price in one platform. Community developers initiate this community project, BurgerSwap, with no founder, only publishers. It can be your culinary DEX choice.
PancakeSwap (CAKE)
What is the PaneCake?
The PanecakeSwap has the most fun vibe out of any exchange on the list. Anonymous developers are involved in launching this BSC-based decentralized exchange (DEX) in Sep 2020. It has a quirky and cute logo as it includes a living pancake with two ears.
The native token of this platform, CAKE, is floating near $7.27 today with a 24-H trading volume of $140,309,823, and the fully diluted market cap is $1,909,804,070. The circulating supply and the total supply are the same 263,074,705.55 CAKE. Meanwhile, the max supply is unavailable.
How does PaneCake work?
You will get options like staking, farming, and lottery among the backdrop of pancakes and sparkles on the homepage. It allows users to exchange tokens alongside providing liquidity via farming and earning rewards in return. It is a fork in SushiSwap, but it offers faster and cheaper transactions as it runs on BSC.
Pros & cons
| Pros | Cons |
| It requires no KYC/ID verification. | It has no recovery ability. |
| It involves no counterparty risks. | DEX suffers from many scalability issues. |
| You can trade all tokens in DEX. | It often involves limited trading functionality and limited speed. |
Final thought
Decentralized exchanges are a doubtless solution that allows users to exchange assets without involving any third party. Although the fully decentralized exchange is not a reality yet, various DEXs provide varying levels of privacy, security, and efficiency from which users can choose according to their desire.
