3 New Promising DEXes To Look Out For in 2022
Decentralized exchanges are the new paradigm in the crypto trading industry. Users can interface with smart contracts and liquidity pools to complete transactions instead of requiring human intermediaries. Several DEXes are worth looking into, as many projects offer something new.
Finding New DEXes Is Crucial
The majority of decentralized exchange trading today occurs on top established platforms. Uniswap, Sushiswap, 1Inch, PancakeSwap, and others have all made their mark on this industry. Even though they are popular and have tremendous liquidity, there is much room for competition. Bringing new decentralized trading solutions online will enhance the industry and ensure more distributed liquidity.
Competing with these industry behemoths will not come easy, though. Uniswap alone, through its V2 and V3 versions, generates over $150 billion in monthly trades. The next contender for volume comes in at $18.68 billion. It confirms a big gap waiting to be explored by new DEXes, although it will require tremendous liquidity to gain momentum. Below are some examples of platforms to look into.
The Oraichain team focuses on combining artificial intelligence with Layer 1 technology to power the data economy and oracle services. As the Web3 transition is around the corner, autonomy, and intelligence will play an increasing role of importance. Oraichain facilitates building scalable dApps and decentralized AI. One of the projects building on this technology is OraiDEX, a decentralized trading solution.
The OraiDEX platform focuses on multi-chain interoperability and broad liquidity. Supported networks include Ethereum, BNB Chain, etc. Users can swap tokens conveniently and benefit from Cosmos’ Inter-Blockchain Communication integration. That provides access to communication between ORAI, ATOM, LUNA, UST, CRO, OSMO, etc. Additionally, OraiDEX features an NFT bridge to help users relocate non-fungible tokens between different networks.
The DEX has a native token called ORAIX. Holders of eligible IBC tokens – ATOM, OSMO, LUNA – will be subject to a fairdrop of ORAIX, incentivizing ecosystem participation. Additionally, the token is subject to meta-staking on OraiDEX to enable multiple-APY approaches and lower impermanent loss. Staking ORAIX also makes users eligible for token airdrops from projects listed on the DEX moving forward.
Bogged Finance (Multi-chain)
The Bogged Finance dApp grants users the tools to trade tokens across multiple chains and networks. It operates as a decentralized exchange and introduces elements users would find on centralized platforms, including wallet data, pair information, and real-time charts. The native DEX aggregation solution also provides accurate and reliable trading information and liquidity.
It is interesting to see solutions like stop-loss and limit orders on a decentralized exchange. These features give users broader versatility and enable more effective trading in a decentralized environment. The Bogged Finance platform supports various networks, including BNB Chain, Polygon, Avalanche, Harmony, OEC, HECO, Cronos, Moonriver, and Fantom.
The Fantom ecosystem has become one of the leading contenders in the Total Value Locked (TVL) race lately. Even though top-tier developer Andre Cronje has left the ecosystem and will switch off most decentralized finance applications, new ones have come to market. Solidly, a DEX on the Fantom blockchain prioritizes low-cost and near-zero-slippage trading for supported assets.
Unlike other DEXes, Solidly incentivizes fees over liquidity, although liquidity providers still receive rewards like other decentralized trading platforms.
This month, the platform has noted a strong uptick in users, transactions, and volume, hinting at how people are taking notice of this DEX solution lately.