Top 7 decentralized exchanges on Binance Smart Chain
Pancakeswap is the OG Dex on the Binance Smart Chain. It has been around for a long time and was the first one that created the hype for BSC. With over 5+ billion dollars TVL and a peak of 7.7+ billion dollars on the May 2021 bull run, it is by far the biggest one on the list. It also has the native token used at the top of the lists as well.
There is nothing you can find on BSC and can’t find on Pancakeswap. With a great whitelist and pair amount, they are providing people with all the good projects they could find on BSC as well. This means that if there is a good project on BSC, then there is a pair for it on Pancake as well.
With a leading volume, great liquidity, a lot of TVL, and popularity, it is the first choice in people’s minds whenever they are looking for a DEX ins BSC. If you are interested in getting into BSC investments, then Pancakeswap is the way to go for any newbie and even veterans.
At the 14th rank of all DEXs, we have Biswap, which is a great ranking for a project that is limited to only one chain. They are known to not just be a DEX you can swap, but also a great competition place as well. Their famous marketing involves around constantly giving people something in return for using their product, which causes a lot of people to prefer them. It could be seasonal interest and could have ups and downs on volume which you would have to follow, however, it is still a good return and show of interest.
If you are interested in learning a bit more about the lower volume projects, newly released products, big competitions, famous cameos, a great community that you can get to know and not crowded too much to get your voice muted, then Biswap is definitely the place to be. It may not be the best out there, but it is certainly the best at this scale which makes them valuable even if not the greatest.
Focus your Biswap swaps and investments on what they promote instead of random or your own investments, and you would get a bigger return by default, but make sure to DYOR whenever you are investing into something, no matter where you are investing it.
Mdex has both BSC and HECO chains available on their website. This allows them to spread out a bit further and also shows the potential that they are not really stuck to one thing and could grow bigger. This allows investors to freely invest into whichever chain they prefer and also grow their Mdex amount so that they could spread it to other chains in the future as well.
With a staggering half a billion dollars TVL and solid top 30 overall on all DEX’s, Mdex is not a DEX that could be dismissed. It has one of the most active staff members in the project reaching out wide and far into the BSC world to bring in the most for the investors. On top of that, they have active support at all times willing to help you at a moment’s notice as well.
Unfortunately, their biggest downfall is their token. MDEX token reached as high as 9$ at its peak and it is under 30 cents right now. It has been on a downfall for a while and this resulted in people losing a bit of hope about the project itself as well. With a lack of purpose for the token, there were not enough buyers and even though the swap itself is used and liked a lot, the token of it is not used equally well enough.
What was once a 4+ million volume on its own token alone, at 10 cents a token, with over a billion dollars TVL, now became a project with a few thousand dollars volume on the token, with a 0.0002$ price and a 6 million dollar TVL.
This is a cautionary example in the BSC and also DEX world. This doesn’t really mean that you should stay away from the swap part of these projects, they are still swaps and you could give one token and get another token and they work for that. However, they are also liquidity providers with their own tokens that you earn when you are dealing with these projects. This means you would be earning something that will devalue for a long time and usually end up being worth nothing.
The risk you take when you invest into something that you do not know is that you are locking your money somewhere that may not earn you anything, or earn you more than usual. If you are right and it earns more than bigger places then you will be happy, but if you are wrong then you just locked your tokens for basically nothing and this is what happened to people who invested in Wault Finance.
1inch is another project that saw as high as 2.2+ billion dollars at its peak and crashed very hard. They now have a bit over 20 million dollars in TVL. This shows that DeFi world and DEX creation is not an easy market to crack into. You could get really high at the start, but to keep it going and stay at the top is incredibly challenging work.
A project that reached the top of the list at one point, could be staying out of the top 100 today if they failed to keep the project alive. Not all projects are Pancakes and Uniswaps of the world, some of them get popular and then slowly diminish.
The biggest problem 1inch had was the strongest feature they promoted. Since it is a decentralized project, they stayed what they were and did not change too much, since in order to change it required someone at the top changing those things and adding new things. Unlike Pancake where they keep adding new stuff, 1inch just got released one day and stayed like that for a long time. This caused people to move their money into projects that kept getting updated and upgraded all the time. So centralization in a decentralized world ended up winning.
As a project on BSC as far as BSC goes, Bakery created a cult-like follower base. This doesn’t mean that they are at the top in any means, but they are very much liked by the ones that use it. At over 30 million TVL, just like most other projects on BSC, this DEX is also getting fewer and fewer customers. However, the difference is that it was never at high billion numbers before the drop either. They are mainly a niche project with a less but more devoted base.
As a project that did not use any presale or IDO start, they started out with project founders’ money and nothing more. This allowed a great deal of love from the users because they believed that the founders were not in it for the money.
Instead of taking money upfront and making themselves rich, founders created a structure where 1 BAKE token goes to them out of every 100 BAKE staked. This allows them to earn money only if the project is loved. This is why there are so many devoted followers of the project because founders provided solid proof they were in it for the project and not for the money.
The last one on our list is Apeswap. Apeswap got the market by storm when they increased their TVL to over half a billion dollars during a bear market. Which got a lot of users hyped for what could possibly happen when the market turned bull. However, they were never able to capitalize on their success. Now sitting at around 130+ million TVL, they are not bad and in the top 30 of the DEX ranking list, however, they are far from their early success.
As a project that was mainly about the hype and the community-driven meme market, they got the interest on the peak time of the buzzword “ape” but with each passing day, the allure of such mindset got less and less which caused them stress. With a very talented and highly decorated team on the project, they definitely deserved to be higher. Given enough time, there is a possibility they could recover and get higher since they are not that much down in the rankings.
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BSC is no longer the DeFi heaven that it was in 2021. With the super high transactions at ETH, people moved to BSC and used it a lot. Combining that with the emerging high DeFi world, the amounts increased consequently higher. With over 10-15 billion dollars on its peak, BSC is no longer loved as much.
With other projects like SOL, MATIC, DOT, AVAX, and some others, BSC is getting less attention. With the DeFi world fastly becoming a normal thing and Metaverse and NFT, projects are getting a lot more interest, this resulted in BSC losing the majority of the customers to other networks.
If you still prefer to use BSC, then you could not go wrong with Pancakeswap, it is by far the best in the network. However, if you want to test out any other from our list, they are carefully picked and you could still give them a chance.
CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com