Over the year, the value of these 6 DEX tokens has more than doubled.
As the total value locked in DEX reaches new highs every week, these DEX tokens are quietly accumulating triple-digit increases.
Over the past year, decentralized exchanges (DEXs) have played a major role in the increasing success of DEFi because they have made it easier to access tokens and projects.
Previously, user interfaces such as IDEX and Etherdelta were used to create trading on the DEX network, but it wasn’t until Uniswap launched that DEX trading took off and made it possible for finance tokens to be issued.
The six tokens listed below perform exceptionally well in the decentralized finance industry.
UNI
When it was launched, Uniswap was started as a simple UI that allowed users to switch between two ERC-20 tokens. However, it has become a highly active part of the DeFi ecosystem, with an average trading volume of USD 1 billion per day and a protocol-locked liquidity of USD 3.95 billion.
Previously, the Uniswap network was run without a native token and the payments earned were added to the liquidity pool. However, following the launch of the competing SushiSwap (SUSHI) website, the project shocked users and liquidity providers in the airdrop.
Uni quickly shot above $7.00 before dropping to $1.93 on November 4.
UNI has also recently hit a new all-time high price of $32.50 on February 20.
With the introduction of Uniswap v3 and the implementation of sketches, the market for UNI remained high and the price grew steadily.
SUSHI
Uniswap started as a clone of SushiSwap and the lead developer dumped their tokens on the market. Subsequently, they donated all their funds to the project and made SushiSwap one of the most community-based, open exchanges (DEX).
When the holders of SUSHI benefited from governance and staking as well as expanded opportunities for early liquidity providers known as a “vampire attack” on Uniswap, those were some of the early features offered to the holders of SUSHI.
Following the listing, SUSHI traded between $1.16 and $8.84 in August and September. However, after “Chef Nomi’s” token dump on the open market, SUSHI fell to $0.475 on November 4.
The total locked value (TVL) of SushiS is $3.56 billion and SUSHI’s price increased by more than 4.080 per cent to $19.77 as of February 20, 2018.
CAKE
The project emerged as a successful DEX and became the first billion-dollar project on the Binance Smart Chain (BSC).
The BSC has the ability to siphon liquidity and users from their top Ethereum-based rivals thanks to fees on the Ethereum network rising dramatically. CAKE has now joined in on the action.
With the protocol’s plethora of staking pools, yield farming opportunities, a collectibles section, and an integrated lottery, the protocol serves as a flexible DeFi forum while also reacting to a variety of “hot topic” cryptocurrency trends.
The price of CAKE usually traded between $0.69 and $0.74 in late January 2021, with its all-time low of $0.194 on November 3, 2020. There was further interest for the token at the end of January, coinciding with the entry of r/WallStreetBets participants to the cryptocurrency markets.
Since the point that the price of CAKE dipped below $0.194, the digital currency has gained an incredible 11,000% to its all-time high of $20.33 on February 19th, as the Binance Smart Chain emerged as the leading rival to the Ethereum network, bolstered by the vast resources of the Binance ecosystem.
SRM
SRM is a decentralized derivatives exchange based on the Solana blockchain network. The DEX was made possible by Solana and the cryptocurrency derivatives exchange operators working together.
The Solana facility was chosen to host the DEX because of its ability to handle 710,000 transactions per second (tps) while running at 50,000 tps of current availability. With the new Ethereum network offering only 15 tps due to network congestion and the existing high network costs, traders will soon see a rise in the use of Serum DEX and Solana.
Token holders may make a profit and use their tokens to minimize trading costs on the exchange by up to 50 per cent or to gain interest. This network facilitates the insecure exchange of assets across different blockchains by using more than 100 validators in the scheme.
Following a market break-up that took place when the DeFi digital token was introduced in the summer of 2020, SRM began trading at an opening price of $0.78 on 4 November, only to maintain and increase the price. Perhaps more so, Ethereum-based options rose by 944 per cent to a new peak of $8.13 on Feb. 25.
LINA
As an alternative to traditional banking, the newcomer Linear Finance is also present on Binance’s Smart Chain, having previously been an ERC-20 token.
Linear Tokens are also used to create synthetic assets known as ‘Liquids,’ which have the potential to freeze Mint Tokens and enable investors to trade both traditional and exotic assets such as forex and commodities in the decentralized finance ecosystem.
Although the Cross-Chain solution implemented by Linear enables users to enjoy lower fees and a built-in oracle solution that mitigates the problem of oracle frontrunning currently faced by Ethereum-based protocols, this benefits existing Ethereum DApps.
A part of LINA’s future plan involves the deployment of governance capabilities which, in addition, will enable the community to vote on the future direction of the project. In addition, this will involve setting processing rates as well as deciding the amount of money to be transferred to the insurance fund.
The LINA price dropped to $0.0047 on November 19th, and then increased to $0.112 on February 12th, following several collaborative and exchange listing announcements.
Waves Exchange and an increasing range of decentralized exchange (DEX) applications
WAVES is a blockchain designed to be multi-purpose, enabling a range of decentralized applications (dapps) and smart contracts like decentralized exchanges.
Waves has integrated the entire ecosystem through the launch of the Waves Exchange in 2017, which began as the Waves DEX in 2017 and enabled users to have fast, stable, and inexpensive trades and staking for major cryptocurrency assets and newly minted tokens on the Waves protocol.
Currently, the total 24-hour trading volume on the Waves platform is $10 million. As the value of WAVES continues to rise amid an expanding suite of decentralized applications (DApps), such as Swop.fi, there will be an influx of trading volume for the Waves ecosystem. Before the complete release of Ethereum’s Eth2, fees on the Ethereum network would remain elevated.