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Top 5 decentralized crypto exchanges

Top 5 DEX
2020 has seen the rise in popularity of decentralized exchanges. Users are filling the niche en masse due to the problems that have arisen on traditional cryptocurrency exchanges. These include:
  • interruptions in work during peak hours, with sharp jumps in the exchange rate and market movements
  • problems with verification
  • problems and delays in withdrawal
  • pressure regulators
  • restriction of the countries with which the exchange is allowed to work
Decentralized exchanges avoid these problems and offer new products on the exchange market. The main sites with more or less decent volumes use Ethereum as the base cryptocurrency. Sometimes the network cannot withstand peak loads and payments freeze indefinitely. In this article, we will analyze the best decentralized exchanges, the nuances of working with them and choose the best one. Most decentralized exchanges are working with Ethereum, but the paradox is that selling Ethereum for cash is still possible only with traditional exchange services.


Uniswap is a protocol launched in 2018 that allows automatic exchange of Ethereum tokens. Uniswap is a smart contract interface for converting ERC20 tokens. This interface creates a pooled liquidity pool and provides a decentralized and free token exchange for traders and liquidity-enabled services. In fact, Uniswap is a computer program that runs on Ethereum and makes it possible to produce a decentralized converter of various tokens. Traders can exchange Ethereum tokens for Uniswap without trusting anyone with their funds. It is also possible to invest your cryptocurrency in special funds called liquidity pools. In exchange for providing money, pools pay a commission as for a regular deposit.


Tokenlon is a project created in 2019 and is an independent decentralized exchange (DEX). Unlike previous versions, in which imToken was initially integrated with the Kyber protocol, Tokenlon is now a new 0x-based DEX version with an innovative design. In the future, Tokenlon can be used as a web application to provide services on various platforms such as exchanges and wallets.

Tokenlon offers faster, better and bigger currency exchange with a simple transaction. During the exchange process, the coin will not leave your wallet and will complete the exchange on the blockchain through a smart contract.

0x Protocol

0x is a liquidity protocol that allows peer-to-peer token exchange on the Ethereum blockchain. The protocol sets out a standard set of rules that traders, apps, and market makers can follow to trade safely and securely with each other.

0x labs operates the 0x API, a decentralized exchange liquidity aggregator that uses Uniswap, Curve, and others in addition to its own 0x protocol orders. The 0x API supports matcha.xyz, a simple swap application supported by the 0x Labs team.


Compound is a DeFi decentralized protocol for deposit markets. When Ethereum is required to receive interest, it is "exchanged" for cETH, which can then be exchanged for ETH at any time. This is true for all Compound-supported tokens. Compound does not work with fiat money, derivatives, futures, options, etc. The platform allows some users to take loans, others to invest, thus creating a loan market on Ethereum.


SushiSwap is a decentralized exchange (DEX) for automated market creation powered by the Ethereum blockchain. It is a community driven project that is governed by member votes on all major protocol changes. Operations that change the balance of pools and ratios, business strategy and overall development are ultimately determined by the "chef" of sushi 0xMaki. There are several main products in the SushiSwap ecosystem:
  1. Stock exchange
  2. Liquidity pools
  3. Farms
  4. Stacking coins (xSushi)

Waves Exchange

Waves Exchange- positions itself as the safest cryptocurrency exchange in the world. Previously called Waves DEX. After the rebranding, this exchange has become on a par with centralized exchanges such as binance. Its only difference is that there is a Decentralized exchange of stablecoins tab, where you can exchange unknown coins for other unknown coins, which are based on smart contracts of the Neutrino protocol. There is also an implementation of the Waves swap to Neutrino and vice versa. In addition to the exchange, cryptocurrency deposits are available for staking. The annual interest rate is about 13%.

The main advantages of the Waves Exchange:
  • Users always keep control of their coins, do not transfer them to the exchange account. The user account cannot be frozen.
  • Withdrawal of counter orders occurs without access to the user's credentials, which ensures a fast decentralized exchange in the blockchain.
  • Ability to create your own tokens on the Waves platform
  • Coin staking opportunity - make money by depositing coins.
  • Low commission for order execution - 0.003 WAVES.
  • Easy integration with other services via API
  • Availability of applications for different platforms, both mobile versions and PCs.

The future of the decentralized exchange market

The market for decentralized exchanges is developing rapidly every month, some of the projects are in development, but they promise to turn this industry around with their entry to the market. Some exchanges have already launched, but have very low liquidity or face security problems:
  • Bancor liquidity exchange
  • EtherDelta
  • Counterparty Exchange
  • district0x
  • BarterDex
There are also projects that, faced with regulators and fierce competition, were forced to close. Low liquidity is explained by the fact that at the moment no decentralized exchange can where you can buy btc for dollars and everything related to the purchase and sale of cryptocurrencies for fiat money. Until this issue is resolved, it is too early to say that these exchanges are replacing traditional cryptocurrency exchange platforms.

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