Back in April 2020, the NEAR protocol was launched along with 1 billion $NEAR tokens. It is a Layer 1 (L1) smart contract blockchain. With this, developers can create decentralized applications (dApps) on NEAR. On top of that, NEAR encompasses innovative features like Nightshade Sharding. In turn, this allows NEAR to process up to 100,000 transactions per second (TPS).
Fast forward till today, NEAR maintains a healthy decentralized finance (DeFi) ecosystem. In this article, we take a look at the best 3 DEXs in NEAR.
DEX #1 – Ref Finance
First of the best 3 DEXs in NEAR is Ref Finance. As of now, it is the top DEX in NEAR. It has a Total Value Locked (TVL) of $57.65 million. Thus, it accounts for over 70% of NEAR’s entire TVL. Ref Finance is a multi-purpose DeFi platform. This comprises a DEX and an analytics dashboard. Also, Ref Finance has its own native token, $REF. In terms of investors, Ref Finance has some notable ones as shown below.
✨ REF FINANCE ECOSYSTEM OVERVIEW ✨
Let’s explore outstanding partners who supported @finance_ref to approach and gain belief from users 🔥
👉🏻 Try at: https://t.co/3vo2VC6rUJ pic.twitter.com/DUAiGNPqHh
— Near Insider 🅝 (@near_insider) February 6, 2023
So, what can Ref Finance’s DEX do? Let’s dive right into its functions.
- Trading and Swapping: Swap tokens using Ref Finance’s DEX. You can even set limit orders on your swaps.
- Yield Farming: Deposit your tokens into Liquidity Pools (LPs) for a return.
- Staking $REF: Stake $REF tokens for $xREF. For that, you get a healthy return as well.
But wait, that’s not all! Ref Finance is constantly improving its product. Recently, it has released Ref V2. Said upgrade improves the use of liquidity on Ref Finance. In turn, this reduces slippage for its user’s trades. Next, let’s look at a DEX which is improving its product’s tech as well.
DEX #2 – Orderly Network
Next of the best 3 DEXs in NEAR is Orderly Network. Orderly is a little different from other DEXs. Simply put, it’s not just a DEX. It is also a modular ecosystem in which anyone can build dApps. In the future, Orderly will provide lending, margin trading, perpetual swaps and so forth.
New to Orderly Network?
We’ve got you covered with a few simple infographics highlighting the basics of what you need to know about us:
✅Our Vision
✅Key Features
✅2023 RoadmapStay tuned for an exciting year ahead 🚀 pic.twitter.com/46deF9TKgI
— Orderly Network (@OrderlyNetwork) January 19, 2023
Orderly’s DEX is also different from the typical DEX. It integrates with WOO network for it’s on-chain order book DEX. You can catch a glimpse of how their DEX looks below.
By working with WOO and NEAR, Orderly is able to focus on lowering fees and slippages for its users. In addition, they hope to bring seamless trading by lowering latency. Indeed, Orderly Network looks poised for success. Apart from WOO and NEAR, it has a huge team of investors behind it as well. So, it has no lack of experience and financial backing to develop its product.
As of now, Orderly Network does not have its native token. Its TVL on the NEAR ecosystem is at $6.2 million.
DEX #3 – Spin
Last, but not least, of the best 3 DEXs in NEAR is Spin. Spin is a 360° decentralized trading platform. Like Orderly, it uses an order book-style DEX. Aside from that, Spin provides perpetual trading too. Spin is also developing Options-related products for its users. So, it seems like a perfect platform for crypto traders.
Let's roll 🚀
1/ We've just released DeFi Option Vaults on the @NEARProtocol testnet and we are again the FIRST to develop a product of this type in the #NEAR ecosystem 🤌
Try them out 👉 https://t.co/LnzoSJzXac
How does it feel to be a part of a trend-setting fam, bruh? 🧵👇 pic.twitter.com/rjTlPboPyr
— Spin | Perps & DOVs (🐲,💚) (@spin_fi) January 24, 2023
Similar to Orderly, Spin does not have its native token. However, it did release an NFT collection though. Holding this NFT gives you priority access to Spin’s Initial DEX offering (IDO). Said NFT is named Freaky Elves and its current floor price is at 33 $NEAR, or about USD$76. You can check out the collection here.
Spin is also in the midst of conducting its airdrop. You can find out more in our previous research here. As of now, the Spin team is in the 2nd phase of its airdrop. You do not want to miss that!
Conclusion
To conclude, we hope we’ve shown you the best 3 DEXs in NEAR. From here, you can choose the DEX most suitable for your trading.
The current price of NEAR is $2.36. The market cap is $2 billion. Out of 1 billion $NEAR tokens, 863 million already circulate.
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