Uniswap, like many other decentralized finance apps, is an open-source software swap protocol based on Ethereum-based ERC-20 smart contracts. It has an easy-to-use visual interface for swapping ERC-20 tokens via the Ethereum protocol. Uniswap is also a liquidity pooling protocol that connects an Ethereum-based wallet to a decentralized finance application.
Trader Joe is a DEX based on the Avalanche blockchain and powered by an AMM (Automated Market Maker). Trader Joe (JOE) became the AMM DEX with the greatest TVL (Total Value Locked) in the Avalanche ecosystem when it achieved 500 million dollars of TVL in August 2021, despite the fact that it was only recently launched. Trader Joe has a unique feature in that it mixes DEX and Lending & Leveraged Trading, which helps to increase liquidity and attract more funds to the project.
MDEX, or Mandela Exchange, is a cryptocurrency exchange that provides some of the most unique features to its users. The platform is built on the Heco chain, which gives it access to advanced functionalities not found on other chains like the Ethereum Mainnet. This (community-led) exchange offers up to 0% trading fees through mining, as well as rewards for those that possess more than $100 million MDX.
Curve Finance is a Decentralized Exchange (DEX) based on the Ethereum blockchain that specializes in trading Stablecoins like USDT, USDC, and DAI, among others. Instead of using an Order Book, Curve employs an Automated Market Maker (AMM) to swap with little slippage. Rather than using an Order Book, the AMM algorithm is used to calculate the token price in Liquidity Pools. As a result, when swapping tokens, the AMM greatly reduces slippage without the use of a third party.
SushiSwap is a smart contract-based decentralized exchange (DEX) and automated market maker (AMM). SushiSwap is a fork of Uniswap with a number of major differences and additions, the most notable of which being the SUSHI coin. In essence, the token has two functions. For starters, it gives users exclusive SushiSwap governance rights and privileges. Second, it denotes a percentage of the protocol’s payments. To put it another way, SUSHI holders “control” the total protocol.
Raydium is a liquidity provider and automated market maker (AMM) for the Serum decentralized exchange, built on the Solana blockchain. Raydium will be an important aspect of bringing new and current projects and protocols into the Serum ecosystem as an AMM. Raydium uses the Solana blockchain’s efficiency to accomplish speedier transactions and lower gas costs.