There are four decentralized exchanges that caught our attention that deserve more adoption than they already have. One of them has an 88% APY if you stake NMX, with the lowest trading/swap fee at 0.1%.
The other one has lower APY in staking and farms. However, the third one has lower APR on BUSD/BNB/USDT farms. High APR on lesser known tokens. But the last one has big, high volume, but is expensive and slow compared to the BSC chain. Let’s discover who those decentralized exchanges are.
DEX # 1: NomiSwap
The first DEX I am looking at is NomiSwap. They are part of Nominex ecosystem. NomiSwap is the new DEX on the block, their launch was in January 2022. In July, they were third in TVL on BSC, just behind BiSwap. They managed this within just months of launching.
- You can stake the native NMX token at 9.8%
- Their boosting pools are interesting, with up to 88% APY. You can lock your funds in a pool for a specified period in exchange for an increase in the APR.
- Earn a holder bonus. The longer you farm, the more extra rewards in NMX tokens you get.
- Low swap fees. Only 0.1%. This saves commission on large swaps.
- Cashback commission in NMX tokens. That 0.1% swap fee I just mentioned. Well, all the swap fees are 100% returned to participants of NomiSwap.
Our team is currently working on launching Nomiswap #DEX on other blockchains.
In the first version of the release, this will only affect stableswap pools. When the technology of concentrated liquidity is launched on other trading pairs, they will also work on other blockchains. pic.twitter.com/A8BjKCcSJS
— Nomiswap DEX (@Nomiswap) November 16, 2022
Also, let’s have a look at some of their other features:
- There are plans to launch on other blockchains. Currently, they’re holding a poll, to see their users’ preference.
- They had a good idea to hold the NMX price during the bear market. NomiSwap started spending 100% commission on burning tokens. In other words, launching on more blockchains will bring more commission. As a result, they will also burn more tokens.
- A launch on major exchanges is in the making for Q1 2023. Besides Binance, other major exchanges are also planned. For example, KuCoin, OKX, ByBit etc.
- This is also a good moment to start staking the NMX token. It has the potential to grow in price. Because it is a new DEX token.
🔥 Highest interest rates in stablecoin pools on Nomiswap
— Nomiswap DEX (@Nomiswap) November 24, 2022
And here’s our second DEX, BiSwap.
DEX # 2: BiSwap
BiSwap is another DEX on the BSC chain. This means that you can only trade in BEP-20 tokens. Just like NomiSwap and a DEX we look later at, PancakeSwap. So, let’s look at some features of this DEX:
- The BiSwap token is the BSW token.
- Their trading fee is 0.2%, and they return 50% to their users.
- They offer a three-type referral system. This means that you get different rewards for Swaps, Farms, and launch pools (staking).
- The BSW token is already listed on a few exchanges. For example, Binance, MEXC Global, Gate, and KuCoin. It’s also available on PancakeSwap.
- They have an NFT launchpad and marketplace.
- Like all BSC chain DEXs, they have fast transactions.
- They are multi-chain. In February, they added Fantom.
- Their launch pool offers 27.27%
- Their farms offer up to 39.26%
🌠Stunning APYs on Farms! Stake LPs now:https://t.co/fNdihQ2VuI
Provide liquidity to enjoy these stellar pairs & 75% LP rewards! pic.twitter.com/E4ON5rwo08
— Biswap (@Biswap_Dex) November 25, 2022
The NomiSwap farm and launch pool APY/APR are currently offering better returns. This brings us to the biggest competitor on the BSC or BNB chain, which is PancakeSwap.
DEX # 3: PancakeSwap
PancakeSwap is by far the biggest DEX on the BSC chain. They are also multichain and offer, besides BSC, also Ethereum and Aptos. They boast a fast transaction speed and low latency. This is typical for the BSC/BNB chain. The network fees are also low, and they offer a user-friendly UI.
They currently offer a high APR on CAKE in combination with three other coins:
- CAKE/BNB 43.25%
- CAKE/BUSD 38.08%
- CAKE/USDT 48.46%
These are flexible rates and can change during the day. This is because they make use of their so-called multipliers. The CAKE/BNB farm has a x40 multiplier. This is the amount of CAKE you receive per block. On lesser-known tokens, they offer APRs up to 155%.
We are introducing newly adjusted farm auctions.
The farm auctions aims to be more inclusive and give projects a platform to engage with our community.
To vote, click here ⤵️https://t.co/V5PLpsYWxX
— PancakeSwap 🥞 #BSC (@PancakeSwap) November 24, 2022
Besides offering liquidity pools and staking, they also offer a limit order and a lottery. As a CAKE holder, you can also vote on governance proposals.
And here is the big competitor outside the BSC chain, Uniswap.
DEX # 4: UniSwap
Uniswap runs on Ethereum. It’s the biggest DEX of all decentralized exchanges. This gives it some advantages, but also some disadvantages. An advantage is that Ethereum boasts one of the biggest ecosystems. This attracts many users to Uniswap.
They offer trading in pretty much all ERC-20 tokens. Their launch was back in 2018, and they have a market share of 48%. Uniswap has a 24-hour trading volume that is only exceeded by Binance and Coinbase.
With the Universal Router, devs can aggregate token and NFT swaps into a single transaction flow.
Users can execute multiple token swaps on Uniswap v2 & v3 and get the best prices on NFTs all in one transaction ✨https://t.co/G9Mnq8fsaM
— Uniswap Labs 🦄 (@Uniswap) November 22, 2022
Furthermore, they are multichain:
- and Celo
However, there are also some disadvantages. For example:
- Slow transaction speeds and high latency. This is where the BSC DEXs have a clear advantage.
- Add to this the Ethereum gas fees. Even after the Merge, they are still high.
- The swap fee is 0.3%. Their V3 offers pools at three fee levels: 0.05%, 0.3%, and 1%.
- Their UI is complex to use.
New users of Uniswap’s Web App reached a 2022 high.
Self-custody and transparency are in demand and users are flocking to what they know and trust.
Let’s keep building. pic.twitter.com/IwPqTmx58J
— Uniswap Labs 🦄 (@Uniswap) November 14, 2022
Providing liquidity can earn up to 20%—50% on Uniswap. So, Uniswap is big, but also expensive. I prefer the BSC chain for decentralized exchanges. They offer fast and cheap transactions.
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