Comparing the 6 Most Popular Decentralized Exchanges in 2023

With the recent combustion of centralized crypto institutions, decentralized exchanges (DEXes) have come back into the spotlight. There are over 500 crypto exchanges, with many being centralized ones. DEXes have been gaining popularity as they offer full control of funds, better privacy, and cheaper fees.

Why choose a DEX:

Trading on a DEX platform offers many benefits, such as full control of funds, better privacy and data protection, cheaper fees, and the ability to participate in governance.

How to choose a DEX:

A trusted aggregator like CoinGecko is a great place to start. They provide a list that ranks DEXes based on their trading volume.

The 6 most popular DEXes in 2023:

1. Uniswap – the pioneer of the automated market maker (AMM) model, with over 800 coins and 1500 trading pairs, and a 0.3% fee for swaps.
2. Curve Finance – a DEX designed for swapping between tokens with identical pegs, with a 0.04% fee on trades, and 55 coins and 97 trading pairs.
3. Balancer – an AMM DEX that allows pools to be composed of up to eight different cryptocurrencies in any ratio, with 80 coins and 103 trading pairs.
4. PancakeSwap – the biggest decentralized AMM exchange on BNB Smart Chain, with 3234 coins and 3623 trading pairs, and a fee of around 0.25%.
5. DODO – a DEX that uses a proactive market maker algorithm to facilitate trades, with 120 coins and 192 trading pairs.
6. SushiSwap – an AMM DEX that offers yield farming, staking, and liquidity provision, with 278 coins and 466 trading pairs.

Conclusion:

DEXes offer many benefits over centralized exchanges, including full control of funds, better privacy and data protection, and cheaper fees. Choosing the right DEX can be done using trusted aggregators like CoinGecko. The most popular DEXes in 2023 are Uniswap, Curve Finance, Balancer, PancakeSwap, DODO, and SushiSwap.