DEX tokens can have a number of use cases in their native protocol, such as reward staking, voting, and more. If you are considering including DEX tokens in your portfolio, we have listed the top 5 DEX tokens available on Binance below . Please note that the selection of these 5 decentralized exchange protocols and tokens are not ranked in any specific order.
Uniswap and its UNI token
Uniswap is an automated liquidity protocol based on Ethereum. Uniswap is also open source , meaning anyone can use the source code and create their own decentralized exchange. Additionally, users can launch any ERC-20 token on Uniswap and post it for free as long as they can supply tokens to the liquidity pool.
UNI is the native token of the protocol, and its main function is to govern the Uniswap clone ecosystem.
Uniswap ( UNI ) is trading at a price of 5.46 USD and has a market cap of 3.93 billion USD as of May 30, 2022.
PancakeSwap and its CAKE token
PancakeSwap is a DEX based on BNB Smart Chain . Users can swap BEP-20 tokens on PancakeSwap without entrusting their funds to a middleman. Users earn rewards by staking their tokens in liquidity pools, and like Uniswap and many other DEXes, PancakeSwap works under the automated market maker (AMM) model , relying on user-backed liquidity pools to support the trades.
CAKE is the governance token that powers the PancakeSwap ecosystem. CAKE holders can vote for the direction of the ecosystem, buy PancakeSwap lottery tickets, use the token in yield farms to earn more CAKE, stake it in liquidity pools to earn more tokens, and much more.
PancakeSwap ( CAKE ) is trading at a price of 4.78 USD and has a market capitalization of 815.53 million USD as of May 30, 2022.
Stellar and its XLM token
Stellar is an open source, decentralized payment protocol that allows you to move and store any form of money at a low cost. Serving as a DEX with an integrated order book, users can manage buy and sell orders and reliably convert crypto to fiat or vice versa.
Stellar ( XLM ) is trading at a price of 0.13 USD and has a market capitalization of 3.48 billion USD as of May 30, 2022.
THORChain and its token RUNE
THORCHain is a decentralized protocol based on Cosmos that allows you to exchange one crypto asset for another without having to lose full custody of them during the process. Additionally, there is no need to rely on order books for liquidity, as market prices are maintained through the proportion of assets in a pool on the protocol’s DEX. Like Uniswap, the THORChain DEX allows you to trade and lend your crypto assets by providing liquidity to their asset pools in exchange for returns on those assets.
THORChain’s native utility token is RUNE , and holders can use it for staking, trading, and voting on the direction of the protocol.
THORChain ( RUNE ) is trading at a price of 3.06 USD and has a market cap of 1.01 billion USD as of May 30, 2022.
Loopring and its LRC token
Loopring is a layer 2 protocol that provides developers with the tools to build decentralized exchanges on Ethereum . Its goal is to make asset trading and transactions on Ethereum affordable and fast without sacrificing security. Loopring powers decentralized exchanges by batch processing thousands of trade requests and off-chain transfers through Zero-Knowledge Proofs , dramatically reducing gas consumption and transaction costs.
LRC is Loopring’s Ethereum-based cryptocurrency token and powers the Loopring exchange. It is a DEX that allows you to exchange Ethereum tokens at a lower cost than other native DApps of the Ethereum ecosystem because it is built on the Ethereum mainchain.decentralized exchange development
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