Decentralized platforms for trading are extremely popular in the crypto market, and for a good reason. These are, first and foremost, non-custodial, meaning that you are always in control of your funds. You’ll also find a much larger selection of crypto assets — and you can trade these for lower fees. Decentralized Exchanges (DEXs) have been growing in popularity for these reasons and more, and many new DEXs arrive on the market with regularity.
While there are many established DEXs that have taken the market by storm, there are also many flying under the radar. We won’t be delving into the major DEXs here. Instead, we’ll focus on the lesser-known ones that might catch your attention.
Top 6 DEXs for Trading
1. GMX
The GMX DEX is one that has been making a lot of noise in the crypto market in recent months. Initially launched on the Binance Smart Chain, the team has shifted its operations to the Arbitrum network, and it also works on Avalanche. This makes it one of the first perpetual contract exchanges on Arbitrum, and this has partly been why it has been so popular.
Users can take leverages up to 30x, and they borrow funds from the multi-asset liquidity pool that it has to offer. The Chainlink oracle powers the prices. Swap fees are 0.33%, while fees to open or close a position are 0.1%. The project has two tokens: GMX and GLP. The former is a utility and governance token, while the latter is a representation of the index of assets in the trading pool.
GMX REFERRAL LINK : For fee discounts register with the following link.
2. dYdX
dYdX is the one most well-known of DEXs on this list. Founded in 2017, it also offers perpetual contracts trading. Specifically, it offers cross-margin perpetual trading, which means that users can rework their balance on the platform to provide liquidity. This helps avoid liquidations in times of high volatility.
The DEX has also moved into the NFT space, launching its own NFT collection called “Hedgies.” The token used on the platform is DYDX, which is a governance token that they earn for their activities on the DEX. Users can also stake their crypto assets to earn the DYDX token.
DYDX Referral Link: Use the following link to get 5% Discount on all Trading Fees
3. WOO Network
Created by Kronos Research, WOO Network is a platform that offers both centralized and decentralized exchanges. Its DEX is WOOFi, which also offers staking services. WOO Network aggregates liquidity from several DeFi networks. Market makers can also use the platform to hedge exposure.
WOOFi is built on the Binance Smart Chain and uses a Synthetic Proactive Market Making Protocol to determine prices. Users can stake their assets to earn a share of the revenue generated from swapping on the platform. They also engage in yield farming services. The WOO is a utility token that can be used for governance, staking, providing liquidity, and much more.
WOO Network Referral Link: Use the following link for zero-fee trading….
Read More: en.ethereumworldnews.com