Decentralized exchanges (DEXs) aim to reduce or altogether eliminate the role of intermediaries in the trading of cryptocurrencies, instead relying on automated smart contracts to execute trades in a system of peer-to-peer (P2P) crypto trading which is a major backbone of DeFi.
Once a niche offering, today there are all kinds of DEXs catering to different types of users and built on a wide variety of blockchain ecosystems. Platforms can feature a broad range of infrastructural implementations and system architecture.
Many crypto DEXs offer innovations in order books, liquidity pools, or other decentralized finance (DeFi) mechanisms like aggregation tools for novel and experimental financial instruments.
In this article we’ll try to draw comparisons between the top DEX platforms available on different blockchain networks. The following table gives a quick overview of the top exchanges on various different blockchain networks.
|Blockchain Network||Top DEX|
|Binance Smart Chain||PancakeSwap|
We’ll take a look at the different aspects of these DEXs and analyze them.
Let’s start with the volume of trade taking place using these DExs on their respective blockchain networks since the starting of the year 2022.
(Here we’ll be using the formula volume = count * tradeAmount in USD )
|Blockchain and DEX||January||February||March|
|Ethereum(Uniswap)||1.97 hundred quadrillion||1.36 hundred quadrillion||1.61 hundred quadrillion|
|Avalanche(Trader Joe)||50.8 quadrillion||28.8 quadrillion||20.7quadrillion|
|Polygon(QuickSwap)||11.9 quadrillion||72.5 hundred trillion||55.8 hundred trillion|
|Fantom(SpookySwap)||74.6 quadrillion||73.6 quadrillion||35.7 quadrillion|
|BSC(PancakeSwap)||1.10 hundred trillion||47.3 trillion||35 trillion|
From the above table, it can be observed that the volume of trades taking place on Uniswap on ethereum network is way more than that taking place on any other DEX.PancakeSwap on Binance smart chain has the lowest volume of trades. Trader Joe on Avalanche and SpookySwap on Fantom have a comparable volume of trades taking place which is more than that witnessed by QuickSwap on Polygon. This can be attributed to the fact that Uniswap onEthereum is one of the oldest DEXs that exist in today’s date hence supporting a large number of currencies and contracts.
Moving on, let’s try to compare the number of currencies being traded on the top exchanges of these different blockchain networks.
|Blockchain and DEX||Currencies|
Here too, we can observe that Ethereum is a clear cut winner, when it comes to the number of currencies being exchanged on the DEX platform, with a total of 14k currencies followed by SpookySwap on the Fantom network. However, the number of currencies being exchanged using Trader Joe on Avalanche and QuickSwap on polygon is comparable, unlike the volume where Trader Joe on Avalanche and SpookySwap on Fantom had comparable volumes.
The number of active traders for a DEX is a major indicator of it’s popularity and user base. LEt’s analyse the number of traders active on these DEXs now.
|Blockchain and DEX||Number of Traders|
Uniswap on Ethereum has the highest number of traders at 759k followed by QuickSwap on Polygon at 517k traders. As per the available data, PancakeSwap on BSC has the lowest number of traders with just 122k traders.
Let’s take a quick look at the top traders on these DEXs, their trade count and the amount traded by them.
|DEX||Trader’s address||Trade amount||Trade count|
The top trader on QuickSwap on the Polygon network has a trade amount of 97.287 million with a trade count of 15. SpookySwap’s top trader has a count of 2 with the trade amount being over 23 million.
We’ll now analyze the growth trends of each of these DEXs since the beginning of the year 2022 and see if we can infer something
Uniswap on Ethereum
Starting from 2.7million in January 2022 the trade count on Unsiwap went upto 3.1 million in March.
PancakeSwap on BSC
Starting from an initial value of 654k, the trade count for PancakeSwap reduced to 402k in March 2022.
SpookySwap on Fantom
For SpookySwap too, the count reduced from 6.5 million to 5.3 million in March 2022
QuickSwap on Polygon(Matic)
Just like the previous 2 DEXs, the monthly trade count for QuickSwap reduced from 4.6 million to 3.8 million in 2022.
Trader Joe on Avalanche
For Trader Joe, the trade count went down from 5.06 million in January 2022 to 4.3 million in March 2022.
Hence we can observe that the number of trades for the top DEXs on each blockchain has reduced by a slight margin with an exception of Uniswap on Ethereum which has shown an increase in the count of trades taking place.
To get the above data, you can use this query.
All the blockchains have their own top DEXs based on the number and volume of trades taking place on them. Attributes like the number of traders on the DEX, how old it is,currencies and contracts supported by it, the network that it is on etc play a major role in the dominance of a DEX. Uniswap on Ethereum is one of the oldest DEXs hence it gets the better of the top DEXs on the other blockchain networks in most of the aspects.
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Bitquery is a set of software tools that parse, index, access, search, and use information across blockchain networks in a unified way. We are crossing the ‘chain-chasm’ by delivering set of products that can work across blockchains. Our products include:
Coinpath APIs provide blockchain money flow analysis for more than 24 blockchains. With Coinpath’s APIs, you can monitor blockchain transactions, investigate crypto crimes such as bitcoin money laundering, and create crypto forensics tools. You can refer to this article to get started with Coinpath
Digital Assets API provides index information related to all major cryptocurrencies, coins, and tokens.
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