Uniswap Alternatives: Which Decentralized Exchange Is Best For You

Balancer is an on-chain swap protocol that enables automated market making. It is a direct alternative to Uniswap. Similar to Uniswap, it allows swap between ER-20 and ETH. Also, it has no protocol fees and has no native token at the initial start. Nonetheless, there are a few differences with Uniswap. Unlike Uniswap, it doesn’t consider full decentralization at launch. Hence, it uses a governance token to achieve that. Balancer governance token is BAL token. Concurrently, the launch of the BAL token is their effort to decentralize the DApp while allowing stakeholders to secure the network. While Uniswap support ERC-20 token and ETH in pooling, Balancer supports up to 8 tokens.

Curve Finance is a Uniswap alternative that tackles impermanent and permanent loss. The DApp provides a decentralized, peer-to-peer, and safe exchange platform with minimal fees and slippage to solve the problems. Usually, trading or swapping on Uniswap demands ERC-20 token to ETH, but Curve exchange enables stablecoin users to swap and stake as needed. It is right to say that the Curve is a direct alternative to Uniswap to mitigate Impermanent loss. Hence, it uses a stable coin to circumvent the losses and market volatilities. Instead of double conversion, it lets you swap directly to your stable coin or other supported assets. Therefore, you have the choice to trade ad swap between the pairs faster and efficiently. It first started as a centralized exchange, managed by the founder, Micheal, but recently launched a governance token, CRV token.

Bancor enters the on-chain liquidity protocol to allow Ethereum and EOS to have a share of the market. On the protocol, users can swap pools of Ethereum and EOS based tokens. Bancor is similar to Uniswap because it allows token swaps. Meanwhile, it differs on the token swap kinds. For instance, Ubiswap allows ERC-20 to ETH, and Bancor allows Ethereum and EOS based tonnes. Therefore, giving chances to more users. Unlike the Uniswap, Bancor owns a native token called BNT. BNT is a price discovery and liquidity mechanism based on the smart token economy.

KyberSwap is an on-chain liquidity protocol like Uniswap. Users swap tokens using the interface called KyberSwap. Similarly, the DApp allows the exchange of ETH and ERC-20 tokens. It supports more than 70 other ERC-20 tokens, including DAI, USDC, TUSD, USDT, WBTC, MKR, and others. A special feature of KyberSwap includes the non-custodial limit orders, which allow placing an order at a certain price, and waiting for it to be executed when that price is reached. Kyber has a native token called KNC which reserve managers are required to use to pay fees. Although these DEXs operate primarily, or exclusively, with ERC-20 tokens, the fact that there are ERC-20 tokens like WBTC also allows them to operate with cryptocurrencies that do not operate on Ethereum. Using this protocol, developers can build innovative payment flows and applications, including instant token swap services, ERC20 payments, and financial DApps — helping to build a world where any token is usable anywhere.

PancakeSwap makes it simple to trade Binance Smart Chain tokens. Due to the decentralized nature of the exchange, users are in charge of their tokens’ private keys when making transactions on the system. In contrast to using centralized exchanges, this way ensures that you will still have access to your tokens even if something goes wrong with PancakeSwap.

Dodo is a leading decentralized exchange (DEX) platform whose ground-breaking market-making algorithm revolutionizes token trading. It provides users with a seamless trading experience and quick, secure transactions on the Ethereum blockchain thanks to its user-friendly interface. When it comes to trade execution, trading cryptocurrency on the DODO exchange is incredibly efficient thanks to its deep liquidity and minimal slippage.

SushiSwap is one of the user-friendly Ethereum blockchain platforms that has proven to be a desirable choice for new users. SushiSwap was originally a modified version of the widely used exchange UniSwap, but it has since evolved into a distinct entity with a reliable user base. SushiSwap offers a number of options for users who want a DEX with a little more substance and want the chance to pique interest.

Trader Joe is a decentralized exchange (DEX) that supports the Avalanche network and ecosystem and provides a range of DeFi-related services, such as yield farming, staking, and trading. It is an AMM that specializes in trading Avalanche (AVAX), but it also provides services for borrowing and lending money, liquidity pools, leverage trading, yield farming, NFTs, staking, and a launchpad.

1inch exchange is an aggregator of the Dex. It operates multiple order books across other decentralized exchanges. Your swap is not limited to the platform’s order book as it allows you to place an order across the integrated Dex. The exchange has a low or no trading fee. For instance, if your order is in Deversifi, your fee is dependent on the platform’s fee.

Jupiter serves as Solana’s primary liquidity aggregator, providing the greatest selection of tokens and figuring out the best path between any two token pairs. It offers the most streamlined user interface. It is the most potent tool for developers, enabling them to quickly access best-in-class exchange in their application, interface, or on-chain program. Jupiter focuses on the best integrations, finds the best rates, and negotiates split deals with best-in-class user experiences for usability, seamless integration with any website, and enjoyable API flavor. Moreover, it eliminates the discomfort and crashes of swapping.

Uniswap is owning the DeFi swap market. However, there are rivals. Such Uniswap alternatives are Balancer, Pancakeswap, Sushiswap, Kyber Swap and many others. We have prepared this comprehensive list arranged as per marketcap. However, the different Uniswap alternative has similarities as well as a couple of differences.