The whole FTX collapse showed us two things that stood out. Use non-custodial wallets and start using DEXs. Now, as for DEXs, at Kyberswap you get the most bang for your money.
They are a DEX aggregator. This means that they look up the best swap rates for you across all their options. Not too long ago, we had a 2-minute explanation video about Kyberswap. A great way to find out more about this platform. Let’s discover more about Kyberswap and four more DEXs.
Exchange #1: Kyberswap
KyberSwap is like the spider on the web for the Kyber Network. They also were involved in launching wrapped BTC and invented DEX aggregation. They are the DEX aggregator with access to most chains, no less than 14. With more chains in the pipeline. You have access to over 80 DEXs and 20,000+ tokens. They also have $91.64 million TVL. Last week, they even managed to be the #4 DEX in volume of all blockchains.
— Imran.knc | KyberSwap (@imranfaststart) November 26, 2022
Their newest liquidity protocol is KyberSwap Elastic. It allows for concentrated liquidity. You also have a better capital efficiency and risk management. Furthermore, they offer snipe protection. This protects earnings a lot better by having short vesting periods. These are only 1 or 2 blocks, and you can compound them.
Also, KyberSwap offers 5 different trading fee tiers, with more to come. This offers greater flexibility on choice of pairs and personal risk levels. Because they work with various chains, the gas fees vary. Their latest integration is with Multichain, a leading cross-chain protocol. This was last month, in November 2022. They bring 2000 bridges across 69 chains onboard. All accessible with KyberSwap. We wrote an article about that.
One thing that stands out is that they currently support ETHPoW. Many people received this as an airdrop after The Merge. However, they couldn’t get their hands on it. Almost no exchange offered this token. That changed, now you have at last a place where you can access your ETHPoW tokens at KyberSwap.
How does it work?
Eg. You want to swap USDC on AVAX to RUNE on THOR native chain via ThorSwap, our aggregator will pick the best route to get you the highest returns in a single transaction while ThorSwap faciliates cross-chain swaps!
AVAX.USDC ➡️ AVAX.AVAX ➡️ THOR.RUNE pic.twitter.com/aST2mkS6I3
— Kyber Network (@KyberNetwork) December 1, 2022
That was some impressive details about KyberSwap. So, let’s have a look at some competitors and how they fare. First up is Uniswap.
Exchange #2: Uniswap V3
Uniswap is the biggest DEX around. It is on Ethereum and is guilty by association. In other words, get ready for high gas fees. One of the downsides of using the Ethereum chain. They ‘only’ support 5 other networks, but have a massive TVL of $2.57 billion. Their swap fees are also a bit less flexible. They offer 3 different rates.
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
On the other hand, they support no less than 11,700 crypto pairs. They also have one of the biggest ecosystems. Uniswap V3 has a source code that is not open source, and it’s licensed. This means that no dApps can fork or build on the code. So while KyberSwap Elastic may resemble Uniswap V3 in certain aspects, the codebase for KyberSwap is wholly built from scratch as an original and fully open-sourced protocol.
Moreover, the Uniswap liquidity protocol only allows for trading ERC-20 tokens. However, their fees are not compoundable, which makes for lesser earning. They also don’t offer sniper protection. So, they are big and popular, but there are better options out there. You just need to be aware of them. If you used Uniswap, did you notice a change in gas fees after The Merge? And here’s another aggregator you may have heard of, 1inch.
1/ There are no central points of failure on DEXs. That’s by design.
Funds belong in the hands of users and access should not come at the success or failures of centralized entities 🤝 https://t.co/HI57DjOzhM
— Uniswap Labs 🦄 (@Uniswap) November 9, 2022
Exchange #3: 1inch
1inch is also an aggregator that looks for the best swap prices. So, they get their prices from other DEXs, for instance, Uniswap, KyberSwap, 0x, or Bancor. They have a limit order protocol, in which you can use stop and stop-loss functions. This allows you to lock in potential profits. They support 10 different blockchains. But only Ethereum and the BNB chain use all the 1inch features. For instance, limit orders, governance, or liquidity.
1/ 🙌 Meet the #1inchLimitOrderProtocolV3!
What is so special about it? 🤔
🤓 First and foremost, it facilitates more efficient swaps and cheaper gas.
— 1inch Network (@1inch) December 1, 2022
Interesting is that they don’t charge any swap fees, but you pay exchange and gas fees. They access just over 20 DEXs with a TVL of $6.1 million. In February 2021, they still had a TVL of 2.2 billion. 1inch also has protection against front running. They do this with very high virtual rates, which makes front running too costly. Their latest news is the release of their v5 router. This should make for a 10% gas fee decrease.
So, let’s move on to DEX #4, ParaSwap.
Exchange #4: ParaSwap
ParaSwap is another DEX aggregator. There are a few things that stand out for them. They connect to 7 other chains with access to around 20 DEXs. But, they had a higher 24-hour volume than Uniswap. On the other hand, DeFiLlama doesn’t list them, so we don’t have information on their TVL.
Welcome to the new era of $PSP 🔥
🥇 Industry-first Social Escrow and revolutionary Staking Reforms
🪂 $PSP Fairdrop
✂️ Reduced PSP emissions & new Protocol Fee Sharing
— ParaSwap (@paraswap) October 24, 2022
They don’t charge any swap fees, but of course, the various services integrated in ParaSwap do. ParaSwap gets a 15% commission from all these commissions. Keep in mind that you do pay for chain fees!
Their protocol is MultiPath. It looks for the most optimal swap route. But there’s more, this protocol also considers the gas fees. With low Ethereum gas fees, you can tokenize GST2 GasTokens. When the gas fees are high, you can use these tokens to optimize the Ethereum gas fees.
Exchange #5: 0x
Ox is a P2P software framework. Just like all the other options, you can find it on Ethereum. It connects to 7 chains with a $2.8 million TVL. So, 0x tokenizes real-world assets. In other words, any traditional asset is now available on Ethereum. For example:
- Real estate.
0x mirrors them and offers them as Ethereum tokens. To sell these mirrored tokens, they create DEXs. There’s also a 0x Launch kit that devs can use. This allows them to build customized DEXs. This turns 0x into the Lego of DeFi. They also work with on-chain and off-chain networks. Furthermore, they work with makers and takers. The makers provide liquidity and the takers, well, they take it. Their liquidity aggregator is Matcha. This set-up allows for cost efficient gas fees.
Introducing 0x Explorer 🔎📊
The most reliable and transparent tool to help developers and users verify transactions and analyze on-chain activity in an easy and low-friction way.
— 0x (@0xProject) October 26, 2022
That’s it, 5 different DEXs/aggregators, each with different options. KyberSwap takes the strudel here. They give you the best and most options.
- They are real DeFi OGs, who invented wrapped BTC and aggregators.
- Furthermore, they connect with 13 chains and more are in the making.
- You get access to over 80 DEXs and thus one of the best swap rates
- Top 4 last week in volume of all DEXs
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