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Decentralized exchanges (DEXs) are peer-to-peer platforms that allow users to trade cryptocurrencies directly with each other without relying on other intermediaries. Users can conduct transactions directly from their personal wallets without authentication.
Most DEXs have their own native governance or utility tokens, and users who hold tokens can gain governance rights, liquidity, and staking rewards.
Buy popular DEX cryptocurrency assets on Binance easily in just two steps.
Today, various decentralized trading platforms are built in different blockchain ecosystems to meet the diverse needs of users.
Decentralized Exchanges (DEXs) are a fundamental building block for the Decentralized Finance (DeFi) ecosystem. This article will briefly introduce the concept of DEXs and how they work, as well as the five most popular DEXs and tokens.
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What is a decentralized trading platform and how does it work?
Simply put, a decentralized exchange (DEX) is a platform for users to trade cryptocurrencies directly without the intervention of other intermediaries. As far as the concept goes, one would question that this is not much different from other peer-to-peer transactions. The key difference is that decentralized trading platforms operate in major blockchain ecosystems and provide the same services as centralized trading platforms, but users can independently control their private keys and have full control over their personal funds. If trading on a centralized trading platform, personal funds need to be stored in the designated centralized trading platform wallet. In the decentralized trading platform, users have full control over the funds, which are directly traded by their personal wallets. Decentralized trading platforms replace the traditional intermediaries of centralized platforms with smart contracts. These smart contracts execute automatically under certain conditions, facilitating the transaction of funds.
Since there is no central authority, DEXs do not require identity verification and generally have lower fees.
The Development of Decentralized Trading Platforms
“Decentralized trading platforms” were once considered a niche concept. With the rise of decentralized finance (DeFi) and cryptocurrencies, the use of decentralized exchange platforms has also become widespread. According to Block Research’s 2021 Digital Asset Outlook Report, decentralized exchanges (DEXs) have experienced rapid growth in 2021. Its volume has topped $1 trillion since the beginning of the quarter. A record $1 trillion, an increase of 858% compared to the 2020 volume.
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Top 5 Popular Decentralized Exchange Tokens
DEX tokens have a range of use cases in their native protocol, such as staking rewards, voting, etc. For users who are considering adding DEX tokens to their rich portfolio, Binance has listed 5 popular DEX tokens listed on Binance. Note that these 5 DEX protocols and their tokens were selected in no particular order.
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Uniswap and its UNI token
Uniswap is an Ethereum-based DEX automated liquidity protocol. Users can trade without order books or centralized managers. And Uniswap is open source, which means that anyone can use the source code and create their own decentralized trading platform. Additionally, users can issue any ERC-20 tokens on Uniswap and list them for free, as long as they can contribute tokens to the liquidity pool.
UNI is the native token of the protocol and is primarily used to govern the Uniswap ecosystem.
As of May 30, 2022, Uniswap ( UNI ) was priced at $5.46 with a market cap of $3.93 billion.
PancakeSwap and its CAKE token
PancakeSwap is a decentralized trading platform based on the BNB smart chain. Users can exchange BEP-20 tokens at PancakeSwap without entrusting funds to an intermediary. Users can earn rewards by staking tokens to liquidity pools. Similar to many other decentralized trading platforms such as Uniswap, PancakeSwap is powered by an automated market maker (AMM) model, relying on user-provided liquidity pools to support transactions.
CAKE is the governance token that powers the PancakeSwap ecosystem. CAKE holders can vote to determine the development direction of the ecosystem, buy lottery tickets through PancakeSwap, and use them to earn more CAKE in the yield mine, pledge to the liquidity pool to earn more tokens and other purposes.
On May 30, 2022, PancakeSwap (CAKE) was priced at $4.78 with a market cap of $815.53 million.
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Stellar and its XLM token
Stellar is a decentralized open-source payment protocol that enables low-cost transfers and savings in any currency. Through this decentralized trading platform with built-in order book, users can manage the order buying and selling, and operate the exchange between cryptocurrencies and fiat currencies with confidence. XLM is Stellar’s native token that acts as an intermediary currency in transactions.
On May 30, 2022, Stellar Lumens ( XLM ) was priced at $0.13 with a market cap of $3.48 billion.
THORChain and its RUNE token
THORCHain is a decentralized protocol based on Cosmos, which allows users to exchange cryptocurrency assets with each other and fully control the assets throughout the process. Since the market price is maintained by the ratio of funds in the fund pool of the decentralized trading platform with the same name as the protocol, users do not need to rely on order books for liquidity. Just like Uniswap, users can trade and lend cryptocurrency assets and earn asset income by providing liquidity to the fund pool of the THORChain decentralized trading platform.
RUNE is the original utility token of THORChain, and holders can use it to pledge, trade and vote to determine the development direction of the protocol.
As of May 30, 2022, the price of THORChain ( RUNE ) is $3.06 with a market cap of $1.01 billion.
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Loopring and its LRC token
Loopring is a layer-2 protocol that provides developers with the tools to build decentralized exchanges on Ethereum. The protocol aims to make asset transactions in Ethereum affordable and speedy without sacrificing security. Loopring processes thousands of transactions and off-chain transfer requests in batches through Zero-knowledge Proof to support a decentralized trading platform, thereby greatly reducing gas consumption and transaction costs.
LRC is an Ethereum-based cryptocurrency that powers the Loopring trading platform. The decentralized trading platform is built on the Ethereum main chain, so users can trade Ethereum tokens at a lower cost than other native DApps in the Ethereum ecosystem.
On May 30, 2022, Loopring ( LRC ) was priced at $0.53 with a market cap of $715.74 million.
Disclaimer: All prices listed are based on Binance’s May 30 opening price.
This listing does not constitute a recommendation or endorsement by Binance to buy or sell any currency.
How to Buy DEX Tokens in Two Steps with Binance
Are you looking for DEX tokens to enrich your cryptocurrency portfolio? Binance is the world’s largest cryptocurrency trading platform, with a leading trading volume and user scale. There are more than 275 cryptocurrencies listed. Join now and start your trading journey!
Step 1: Complete the fiat currency recharge, choose Binance Wallet Transfer or Bank Transfer. Be sure to check out the available fiat channels and choose your preferred currency. For more information, read Binance’s in-depth guide: How to Top Up US Dollars with SWIFT.
Step 2: Buy any DEX token via a spot wallet or directly with a credit/debit card.
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Summary
Decentralized trading platforms have played a pivotal role in the rise and development of the decentralized finance (DeFi) field. With the continuous development of emerging decentralized trading platforms, improving trading products and user experience services, Binance is also expected to witness the innovative development of decentralized trading platforms in the entire industry.
Nonetheless, different DEXs have their own unique operating procedures. So keep this in mind and be sure to do your own research (DYOR) before investing in any DEX token.
Build Your Dream Crypto Portfolio on Binance
Sign up for a Binance account or download the Binance app. After completing the identity verification process, you can use fiat currency to buy cryptocurrencies on the Binance platform. There are three purchase methods: transfer through Binance Bank, bank card channels or e-wallet options.
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April 24, 2024
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