Decentralized finance is certainly the future. And, decentralized exchanges are just one small step in that direction. If you are active in this space, you must have heard a lot about decentralized exchanges or DEXs in recent times.
Over the past few years, a large number of DEXs (or, decentralized exchanges) have come up and if you want to stay in the know then you should take notice of the rapidly developing DEX space. There is a lot of value to be unlocked here and if you can get on it before everyone else, you stand to gain a lot more than those that are late to the party.
We have tried to put together a short guide about the DEX space and the best DEXs that you should check out. Plus, there is a special DEX that we are quite looking forward to in the coming year. It is still in the works but we cannot stop listening, reading or, or even, speaking about it. Chances are, you must have heard about it earlier as well.
A decentralized exchange allows people (namely users, traders, and investors in crypto tokens) to trade their cryptocurrencies directly with each other without the interference of a middleman.
It helps create a safe, unregulated environment to execute a trade.
Usually, an exchange operates in a centralized manner which means that some authority (or, middle man) takes care of every order through an ‘order book.’ Assets (like fiat currency and cryptocurrency) are first transferred to the exchange which then transfers it further to the buyer or seller, as the case may be.
A decentralized exchange eliminates the middleman and opens the market to everyone. In the course of its operation, it can provide multiple benefits like –
These are just a few benefits of using a decentralized platform. And, it is these benefits only that are pulling people into the DEX environment and away from traditional exchanges where they incur high costs, transaction fees, and a lot of regulatory restrictions.
So, if you are planning to check out a decentralized exchange and understand how it works then we recommend the following 5 DEXs to check out in the coming times –
1Inch
Well, we can obviously not create a list of the best DEXs and miss out on 1Inch, can we? It is one of the most popular ones out there and primarily because it is a kind of DEX aggregator instead of a simple decentralized exchange on its own.
In short, it aggregates rates from some of the industry-leading DEXs and provides you with the best possible price quickly and effectively. It helps avoid spillage and saves costs on every transaction.
If you want to check out a DEX and understand how it works – well, 1Inch is probably one of the best options. It is an Ethereum-based DEX and one of the biggest ones in the space. You can trade in a safe environment without any middleman or regulatory interference.
PancakeSwap
PancakeSwap, built on the Binance Smart Chain (BSC) was launched in September 2022. Using BSC has given PancakeSwap an edge over the DEXs that are Ethereum-based like it since most of them have expensive fees and network issues.
However, by using BSC, PancakeSwap can bypass a lot of those issues effectively. Another interesting thing that you can do with PancakeSwap is that you get access to new businesses and can invest in them way before everyone else.
If you are looking for an innovative DEX with a high level of efficiency then PancakeSwap is a good option to choose, no doubt about it.
SushiSwap
SushiSwap has been developed on the Ethereum blockchain and has evolved from UniSwap, another popular Ethereum-based decentralized exchange. The most exciting thing about SushiSwap is the fact that much of the costs are returned to the users and liquidity providers are also compensated for their efforts.
Anyone can trade on the platform and increase liquidity for the pools. The fees that you would incur are quite less on the SushiSwap platform. You can choose this DEX for a smooth, low-cost experience.
UniSwap
UniSwap is a decentralized exchange known for its ability to simply go on the platform and trade without clearing elaborate checks and all. In fact, you do not even need to create an account for the same. Through the various liquidity pools that the exchange has, you can also earn a decent income on your crypto investments.
For ETH users, the ETH swap feature is exciting as well. You can swap the ETH assets without performing any identity checks (no need to even create an account).
What is the Toon Finance DEX?
The Toon Finance DEX is going to be a game changer not just for the Toon Finance Coin but for the industry as a whole. The Toon Finance Coin, starting out as a meme coin, will be able to establish credibility and authority with a robust DEX of its own. It will also –
The Toon Finance DEX is being awaited by people across the board. And, people expect it to bring forward innovative solutions in the DEX space and change things for good.
We cannot stop talking about how the Toon Finance ecosystem is a lot more than just a DEX. They have a crypto token, NFTs, a cross-chain bridge, a metaverse, games, and lots more in the works. There is so much to explore in the Toon Finance ecosystem.
Also, as the ecosystem grows and new technologies get onboarded, there will, naturally, be phenomenal returns for investors, users, and traders that remain active in the space. That is why we are so excited to see the Toon Finance space develop and bring some revolution to the industry.
Currently, some of the elements that have already been announced (or, launched) by them include a crypto token called Toon Finance Coin or a TFT Coin. The Initial Coin Offering (ICO) was launched recently in October itself and found massive support from the crypto community with over 3 million dollars worth of coins getting sold out in just under a week. It was a massive success.
The DEX that we saw is also a great feature of the Toon Finance ecosystem since it allows traders, users, and enthusiasts to safely trade their favorite Toon Coins without any worry.
One of the exciting features is the cross-chain bridge, developed by Toon Finance (called the Space Bridge) which helps to exchange data between two blockchains. It will allow its users to connect different apps, protocols, and assets with ease. So, you can transact using two tokens by connecting them through the bridge.
Lots of people have entered the metaverse play and Toon Finance is also one among them. They are developing a metaverse that will enable gamers to play games and engage in player vs player battles.
Lastly, there are various NFTs in the pipeline that are going to go live anytime soon. These represent cute, Toonie characters and, hence, people are going crazy behind them as they wait for their launch. These NFTs will be functional gameplay items that will be essential for players participating in the games that you can play in the Toon Finance metaverse.
There are lots of other exciting things in store as well in the Toon Finance world which is why people are keeping a watch on this coin every day. And, they cannot stop talking about it anytime soon.
If you want to purchase some TFT coins directly from the Toon Finance website then you can do so in some simple steps as follows –
The presale is still live. So, if you want to grab some Toon Finance Coins at a bargain, then consider buying some right away.
Get on the crypto ride (now is the time)
Experts have been stressing for quite some time now that the year 2023 is going to be a game-changing year for the crypto industry; especially, after the slow (quite bearish) run it had in the year 2022. The last year or so was a tumultuous time as most tokens, including BTC slumped; however, things seem to look quite green (if the technical and fundamental analysis are anything to go by) in the coming year or so.
Time also seems good for stable coins like BTC and ETH. There also seems to be a nice run in store for meme coins like DOGE, SHIB, and the upcoming Toon Finance Coin in the coming year. Many new technologies and innovations are happening in the space as well which will certainly make the coming year quite exciting.
As interest in the crypto industry is rising (and, set to rise further in 2023), there will be a general uptrend in the market as a whole. Strong, fundamentally sound coins are bound to benefit a lot from the general market rally.
So, if you are planning to join the wagon anytime soon, then now would be the best time. You can get your share of the pie before the rally begins.
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