Decentralized applications are one of the fastest-growing sectors in the blockchain space. DApps are software programs that are developed on a blockchain ecosystem.
Instead of being controlled by one central server, they are distributed all over the network. Over the past few years, we have seen DApps being introduced in a wide range of fields, including finance, online games, trading exchanges, and whatnot.
Uniswap
Launched in 2018, Uniswap is a US-based DApp on the Ethereum blockchain. The platform primarily allows users to swap and trade ERC-20 tokens. It is the most popular decentralized exchange and, overall, the fourth largest crypto exchange on the internet. The platform hosts more than 150k monthly users, with a $2.5 billion daily trading volume on average.
Perhaps the most special feature of Uniswap is that it does not rely on buyers and sellers to create liquidity. Anyone can access the platform by simply connecting a crypto wallet. For this purpose, the most common choice among Uniswap users is the MetaMask wallet. The exchange charges a flat 0.3% fee per trade, plus the Ethereum gas fee, which varies from time to time.
Uniswap launched its governance token UNI back in September 2020. It added profitability potential and allowed users to have a say in future decisions. As of May 2022, it is being traded at $5.5 with a market cap of $3.9 billion.
Pancake Swap
Pancake Swap is one of the many decentralized exchanges that use Uniswap’s source code. However, unlike the latter, which is built on the Ethereum blockchain, Pancake Swap is a part of the Binance Smart Chain ecosystem. Hence, it allows swapping BEP 20 tokens instead of ERC-20.
Binance Smart Chain is specifically designed for small DApps to reduce delays and high transaction fees. As a result, Pancake Swap’s user experience is much smoother, and you don’t have to pay any fee except the exchange’s maker & taker fee, which is only 0.2%.
Moreover, you can connect a wide variety of crypto wallets to the exchange, such as MathWallet, TokenPocket, MetaMask, Binance Chain Wallet, etc. The governance token of the platform is CAKE. As of 2022, it is priced at around $4.8 and has a market cap of $900 million.
1 Inch
1 Inch started as an Ethereum-based decentralized exchange, but over the past two years, it has evolved considerably. After its remarkable development and expansion, the platform now acts as a multi-network trading DEX. It allows users to leverage the liquidity of hundreds of other decentralized exchanges that are based on different blockchains.
1 Inch is preferred by traders swapping huge amounts of cryptocurrency to ensure the security of the transactions and get the best prices for their trades. Moreover, it also provides some advanced trading tools such as limit order. The flexibility and variety of options earned 1 Inch the reputation of being the top DApps in the industry.
The native token, 1INCH, offers even more perks for holders. For example, it significantly reduces the Ethereum gas fee and makes the trading experience even more efficient.