Currently, most DEXs work as automated market makers (AMM). Instead of relying on traditional bid-and-ask orders, AMMs use liquidity pools and mathematical formulas to determine asset prices. Alternative DEX mechanisms include order books, aggregators, and hybrid models combining various approaches. Typically, DEXs generate revenue by taking a cut of the trading fees paid by traders.

Decentralized exchanges (DEXs) are smart contract-based platforms that enable trading of digital assets without the need for centralized intermediaries. Traditional financial transactions lack transparency and must rely on centralized intermediaries. In contrast, transactions on DEXs execute according to transparent rules set by smart contracts and provide complete visibility over the exchange process. As a result, DEXs reduce counterparty risk and increase execution guarantees.

Exchanges (DEX)

1inch

AirSwap

ApeSwap

Balancer

Bancor

Biswap

Clipper

CoW Protocol

Curve

DFX Finance

DODO

Ellipsis Finance

Equalizer Exchange

Hashflow

Houdini Swap

IDEX

Integral

KyberSwap

Loopring

Mean Finance

MetaMask

Orca

Osmosis

PancakeSwap

Pangolin

ParaSwap

QuickSwap

Saddle Finance

SolidLizard

SpookySwap

SushiSwap

Thena

Thorchain

Tokenlon

Trader Joe

Uniswap

Velodrome

Verse

Wombat Exchange

xExchange

Zyberswap

Competitive landscape

Daily market cap (circulating) for in the past 180 days.