Decentralized exchanges (DEXs) have grown in recognition over the previous few years as they provide a safer and trustless method of buying and selling cryptocurrencies. With the rise of decentralized finance (DeFi), the variety of DEXs has additionally elevated considerably. On this article, we’ll discover what number of decentralized exchanges are at the moment working.
As of January 2023, there are over 250 decentralized exchanges working globally, in response to knowledge from DEX.AG, a DEX aggregator. This quantity contains each established and rising DEXs throughout totally different blockchain networks, comparable to Ethereum, Binance Good Chain, Polygon, and Solana.
Nearly all of decentralized exchanges are constructed on the Ethereum community, which has been a preferred platform for decentralized functions and sensible contracts. A number of the widespread Ethereum-based DEXs embrace Uniswap, SushiSwap, Curve Finance, and Balancer. These DEXs have gained vital traction within the DeFi area and have contributed to the expansion of the decentralized finance ecosystem.
Along with Ethereum, Binance Good Chain has additionally emerged as a preferred platform for constructing decentralized exchanges. Binance Good Chain is a high-performance blockchain that helps the Ethereum Digital Machine (EVM) and is suitable with the Ethereum community. A number of the widespread Binance Good Chain-based DEXs embrace PancakeSwap, BurgerSwap, and ApeSwap.
Different blockchain networks which have seen the emergence of decentralized exchanges embrace Polygon (previously Matic), Solana, and Avalanche. These networks have gained recognition because of their excessive throughput, low charges, and quick transaction occasions.
It’s price noting that the variety of decentralized exchanges is consistently altering as new DEXs emerge and present ones shut down. Some DEXs may transition to a centralized mannequin or stop operations altogether because of varied components comparable to regulatory pressures or lack of adoption.
Regardless of the rising variety of DEXs, the whole buying and selling quantity on decentralized exchanges continues to be comparatively small in comparison with centralized exchanges. Based on knowledge from CoinGecko, the every day buying and selling quantity on decentralized exchanges is round $6 billion, whereas centralized exchanges see a every day buying and selling quantity of over $300 billion. Nonetheless, the pattern is progressively altering as extra customers undertake decentralized exchanges, and the DeFi ecosystem continues to develop.
In conclusion, the variety of decentralized exchanges is consistently evolving because the DeFi ecosystem expands. Whereas Ethereum-based DEXs proceed to dominate the area, different blockchain networks are rising as widespread platforms for constructing DEXs. Because the adoption of cryptocurrencies and DeFi grows, the variety of decentralized exchanges is anticipated to extend, offering customers with extra choices to commerce cryptocurrencies in a safe and decentralized method.