Best DEX Coins: Top 9 Picks for 2024

With a growing shift to decentralized financial solutions, more investors are keen on adding the best DEX coins to their portfolios for the near future.

Trade your preferred cryptocurrency anonymously on decentralized exchanges (DEX). What are the best DEX coins to use?

Read on as we review the best DEX coins and their performance in the market.

A Closer Look at the Best DEX Tokens to Invest in

Our DEX coins list contains some of the most robust and promising projects in the new decentralized economy. However, before mapping a plan to invest in cryptocurrency, we recommend finding out their unique value propositions and how far they have come price-wise.

1. DeFi Coin – Overall Best DEX Coin to Buy in 2024

DeFi Coin ranks first on our list of the best DEX coins. Introduced in mid-2021, DeFi Coin seeks to attract more individuals to the growing crypto market. The goal is to educate investors about the significant opportunities available in the DeFi space. To support this, the project’s team is developing various educational courses focused on helping newcomers get started in the industry.

As per its current capacity, DeFi Coin is a community-driven fair launched project that operates under three core pillars of Reflection, liquidity provision (LP) Acquisition, and Manual Burn strategy.

These three fundamental guidelines are targeted at rewarding long-term holders of its native token, DEFC, and discouraging arbitrage traders who tend to impact the price performance of a protocol. To this end, all transactions are taxed 10%, with the value generated split 50-50 to current DEFC owners and its liquidity pools, thus offering one of the best DeFi interest rates on the market.

DeFi Coin can also provide liquidity to exchanges and enable investors to earn fixed rewards on their tokens. The DEFC will also play more roles in the protocol’s drive to incorporate digital collectables or non-fungible tokens (NFTs) shortly.

DeFi Coin also runs one of the best DeFi exchanges called DeFi Swap, which allows users to swap, pool, and farm all ERC-20 tokens seamlessly and inexpensively.

In addition, the team are working on launching DeFi Swap V2 in the coming months with a DeFi Swap app in development. This app will come with earlier-stated educational content for users. Check out our Defi Coin price prediction to see how we view this coin’s future.

With so much to offer, the DeFi Coin team has pointed out that it focuses solely on delivering value and not lining investors’ pockets. This stance has seen the project’s Telegram channel surge in the last few weeks. If you are keen on adding this top DEX crypto to your portfolio, you can get started by following these quick steps:

• Visit the DeFi Swap Platform – Head to the DeFi Swap trading interface to begin.
• Connect a Supported Wallet – Click on the ‘Connect Wallet’ icon and choose a supported crypto wallet.
• Buy BNB – Binance Coin is a principal player in the DeFi Swap ecosystem. You can easily buy some from Binance or other platforms and transfer it to your wallet.
• Buy DeFi Coin – Once BNB is in your wallet, select ‘BNB’ as the coin you want to swap and click on ‘DEFC’ as the one you want to swap to. Set your slippage ratio in the settings and click on ‘Swap’ to complete the process. Voila!
• You have DEFC now in your wallet, and you can earn passive income all year long.

2. Yearn.Finance – Top Yield Aggregator Platform

Another top DEX crypto to watch is Yearn.finance’s token, YFI, which has been recognized as one of the best utility tokens this year. Officially launched on the Ethereum network in early 2020, Yearn. finance has since expanded its services to other layer-1 smart contract networks. Its mode of operation serves as a bridge between borrowers and lenders by allowing them to engage in peer-to-peer (P2P) decentralized loans.

Yearn.finance also comes with yield-generation and aggregation tools, which allow investors to substantially increase their earning capacity by pooling resources across liquidity hubs.

Yearn.finance’s users can easily tap into the protocol’s attractive annual percent yields (APYs) to generate passive income. The protocol relies on P2P technology, so borrowers do not need to worry about credit checks as long as they can provide the expected collaterals.

Price-wise, its native token, YFI, has been on a roller-coaster. The digital token surged to an ATH of $93,000 in the heat of the crypto bull run, largely due to its substantially limited amount of tokens in circulation.

This briefly made the YFI asset the most valuable in the crypto space. At press time, the ERC-20 token is facing stiff bearish resistance. The DEX coin price is at $7.775.

3. UniSwap -Leading DEX Platform for Token Swaps

UniSwap is one of the best known DEX platforms and operates mostly on the Ethereum network. Launched in late 2019, UniSwap heralded the boom of the DEX movement by allowing users to trade tokens without trading their personal details. This has made UniSwap one of the best DEX coins out there, with the platform launching three versions of its DEX trading platform for a more streamlined, seamless, and low-cost experience for users.

Investors and traders who hold UNI, the native token of the Uniswap ecosystem, have the power to vote on updates to the protocol. Once a proposal is approved, a team of select developers executes it. The UNI token was initially distributed to early users of the exchange, but anyone can now purchase it.

At press time, UniSwap’s native token, UNI, is slowly recovering, with a price of $6.57.

By function, UniSwap allows users to swap, exchange, and trade any ERC-20 tokens on its platform and also provides liquidity on the pools they prefer. As a reward, liquidity providers (LPs) are rewarded with the underlying asset’s tokens, which can be exchanged at a 1:1 ratio once the user wants to withdraw their earnings.

UniSwap commands the largest share of the DEX market, with over $2.5 billion of daily trades on its V3 platform. With even more substantial gains recorded on the Ethereum-based protocol.

4. SushiSwap – Promising DEX Crypto For Earning Passive Income

SushiSwap is one of the DEX-based coins that has become a mainstay in the flourishing decentralized economy. Based on Ethereum, SushiSwap is an automated market maker (AMM) and DEX platform that aims to offer users more unique ways of generating passive revenue.

Users can swap, earn, stack yields, lend, borrow, and leverage their digital assets on SushiSwap. The platform aims to become a better economical DEX than UniSwap. As a result, SushiSwap rewards SUSHI token stakes with 0.05% of all swaps as governance rights. The platform runs on 14 chains, making it a multi-chain AMM protocol.

Price-wise, SUSHI has been on a bearish streak and is trading at $1.08, down 8% in the last month.

5. PancakeSwap – Top DEX Crypto For BSC Network

PancakeSwap is a trading platform that combines Automated Market Maker (AMM) and Decentralized Exchange (DEX) functionalities. It is built on the Binance Smart Chain (BSC) network, which enables users to trade all BEP-20 tokens easily. PancakeSwap also offers a lottery ticketing platform and a program for purchasing digital collectibles called non-fungible tokens (NFTs).

PancakeSwap allows users to earn through its farms and pools and also swap and provide liquidity to projects of their choice. PancakeSwap commands a sizable chunk of the DeFi trading sphere and currently processes a little over $1 billion daily trades. The platform is powered by CAKE, which is used as a trading pair for several pools available on the platform.

CAKE is trading at $2.93, down 0.09% in the past month.

Cryptoassets are a highly volatile unregulated investment product.

6. ThorChain – Top DEX Crypto For On-chain Liquidity

ThorChain is another top DEX platform worth exploring. Founded by a team of decentralized developers, ThorChain is an autonomous and cross-chain liquidity network. The platform aims to enable crypto liquidity through a network of public ThorNodes and ecosystem products.

Currently, the platform allows users to swap and pool directly on several top-ranking DEX platforms and aggregators. ThorChain has a feature-rich ecosystem that enables synthetics, composites, and self-paying loans to swap. Principal to this is the ThorFi platform, which enables users to access no-liquidation-risk lending against layer-1 LP collaterals and several other services.

ThorChain has since integrated with the fast-rising smart contract network Terra. The platform’s native token, RUNE, has struggled with the broader crypto market.

At press time, RUNE is trading at $4.54, down 22.3-% in the last month.

Cryptoassets are a highly volatile unregulated investment product.

7. Balancer – Non-custodial Portfolio Manager

Balancer is an automated portfolio manager and trading platform that allows users to invest their crypto assets and earn returns on them. Additionally, Balancer aggregates the best prices for users to place trades.

The platform borrows from the concept of an index fund by allowing users to obtain fees from traders who rebalance their portfolios using arbitrage trading strategies.

Balancer’s native cryptocurrency, BAL, plays a crucial role in the platform’s functioning. It ensures no central authority can control the platform’s operations and decisions. Additionally, BAL is an incentive mechanism for users who deposit assets into Balancer pools. They earn BAL tokens as a reward for their contributions.

Additionally, Balancer functions as an AMM protocol, which allows developers to build programmable liquidity pools.

BAL is currently flipping bullish. The digital asset trades at $4.20 up 6.20% in the last month.

8. Cosmos – Best DEX Crypto For Blockchain Interoperability

Cosmos is a layer-1 smart contract protocol. Using a modular framework, the protocol aims to become the internet of blockchains wherein all protocols can transfer and receive data.

As a highly scalable network, Cosmos runs on the now accepted proof-of-stake (PoS) consensus mechanism. The protocol aims to enable low-cost and energy-efficient transactions.

Cosmos’ mission is to solve the blockchain ecosystem’s hardest challenges. As a result, the protocol has become a mainstay for several top projects, like the Terra blockchain.

The protocol’s native token, ATOM, is following the market trend. The digital asset is down 8% in the past month with a price peg of $10.1.

9. The Graph – Blockchain Indexing Protocol with DeFi Capability

The GRT token from The Graph is a widely used and affordable cryptocurrency for decentralized exchanges (DEXs). Built on the Ethereum network, this blockchain acts as a platform for indexing and aggregating information from all blockchain protocols. Essentially, it’s like a Google for Web3, allowing developers to easily access and gather information about a blockchain.

Due to its growing relevance in crypto, The Graph has gained significant popularity and launched on other smart contract-enabled platforms. Integrations on the platform have expanded the use cases for GRT, which is required for platform transaction processing.

You can buy GRT at the time of writing, at $0.16 at press time, down 2.44% in the last month.

What are DEX Coins?

DEXs, short for decentralised exchanges, are a series of new-generation financial solutions that offer traditional financial services without needing a bank. Users can save, borrow, lend, and generate passive income with this offering without stepping into a banking hall.

When choosing between centralized and decentralized crypto exchanges, professional crypto traders who want complete control over their digital assets should opt for the latter. DEXs provide more privacy to users as they do not share their private keys with the platform.

Essentially, DEX coins are digital assets that are used in blockchain-facing protocols.

DEXs have thrived significantly due to their anonymity; users do not need to provide personal details before performing transactions. While sharing personal details is common when an investor buys BTC with a credit card, buying DEX coins is more private. All users need to do is connect a blockchain wallet and fund them to interface with the protocol.

To power their operations, most DEXs utilise native tokens which perform some functions:

• paying for gas fees or transaction costs,
• governance tokens used for voting on proposals, and
• trading NFTs.

DEX coins are becoming attractive investment options for several users due to their lower per unit costs and their growth potential.

Are DEX Coins a Good Investment?

Several projects have become household names but investors are still not convinced on why these digital assets should be considered as long term investments. This is due to the volatile nature of digital assets, like the Ergo DEX coin which, at press time, has slipped 93.9% from its all-time high (ATH) of $44.06 to $2.4.

However, cryptocurrencies are known to rally after a bearish run. So, should you take the plunge? Here are a few reasons why you should invest in some of the best DEX coins now:

1. The New Financial Order

The conventional financial landscape is gradually losing steam due to high cost of transactions, low speed, and delineation of users. Decentralized exchanges solve all these problems and allow anyone to trade and earn from their digital asset holdings. Owing a DEX crypto is a viable means of tapping into this promising ecosystem.

2. DeFi Is Still in Its Infancy

Decentralized finance (DeFi), as we know it, really kicked off in 2020. So far, the crypto sub-sector has recorded over $200 billion in total value locked (TVL). DEXs have played a principal role in the widespread adoption of this space and are still poised for more growth.

3. Room for Explosive Growth

Given that all DEX coins are predominantly cryptocurrencies, they are known for explosive uptrends in peak bullish seasons. Take, for instance, YFI, which launched in 2020 at a little above $100 and shot up to a remarkable value of $93,000 per token. No traditional financial asset has been able to make such a massive uptrend. Owning DEX coins and, in extension, crypto assets could be a viable means to hit your financial targets quickly.

Conclusion

Picking out the best crypt coins to invets in can be a chore, so, our comprehensive guide provides all the necessary information and a list of the best DEX coins to add to your portfolio.

DeFi Coin is at the top – an asset with advanced technology and exceptional growth potential. A perfect choice for value-driven investors looking to profit in crypto.

Cryptoassets are a highly volatile unregulated investment product.

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