Home · Blog · DeFi & Trading · · Updated Nov 5, 2025 · 4 min read
Best Decentralized Exchanges (DEXs): Polkaswap & TONSWAP
Explore the top decentralized exchanges (DEXs)—Polkaswap, TONSWAP, Uniswap, & Curve. Compare features, liquidity depth, & cross-chain advantages.
TL;DR — Decentralized exchanges (DEXs) form the backbone of modern crypto trading.
• Polkaswap leads cross-chain DeFi on SORA with low fees.
• TONSWAP delivers mobile-first trading via Telegram.
• Uniswap and Curve anchor Ethereum liquidity.
• dYdX and GMX dominate decentralized derivatives.
Benefits: transparency, self-custody, and global access.
Why DEXs Matter Today
Traders increasingly prioritize:
- Self-custody (no custodial risk)
- Transparency (open smart contracts)
- Global access
- On-chain innovation like yield farming and liquidity pools
For SORA, DEXs are core economic infrastructure enabling elastic supply, the token bonding curve, and seamless cross-chain activity.
Top 10 DEXs to Watch
| Rank | Exchange | Ecosystem | Key Features | Token |
|---|---|---|---|---|
| 1 | Polkaswap | SORA | Cross-chain aggregation, low fees, PSWAP rewards | PSWAP |
| 2 | TONSWAP | TON | Mobile-first DEX, Telegram integration, ultra-low fees | TS |
| 3 | Uniswap v4 | Ethereum | Deep AMM liquidity, hooks/plugins | UNI |
| 4 | Curve Finance | Ethereum + L2 | Stablecoin swaps, deep pools | CRV |
| 5 | dYdX v4 | Cosmos | Decentralized perpetuals (mainnet live) | DYDX |
| 6 | GMX | Arbitrum | On-chain perpetuals, GLP pools | GMX |
| 7 | SushiSwap | Multichain | AMM + lending, multi-chain reach | SUSHI |
| 8 | Balancer | Ethereum | Custom pool weights, vault architecture | BAL |
| 9 | 1inch | Multichain | Aggregator with best-price routing | 1INCH |
| 10 | PancakeSwap | BNB Chain | Retail adoption, low fees | CAKE |
Interpreting TVL vs Innovation
A DEX’s Total Value Locked (TVL) measures how much liquidity users have deposited — it reflects trust and capital depth, not necessarily technological innovation.
In November 2025, data from DeFiLlama shows Uniswap and PancakeSwap leading with multi-billion-dollar TVL across dozens of chains, while new entrants like HumidiFi, Fluid, and Meteora are climbing rapidly.
However, Soranauts rankings focus on innovation and ecosystem impact rather than just TVL.
| Perspective | What It Measures | Example |
|---|---|---|
| TVL Rank | Total liquidity across chains | Uniswap, PancakeSwap, Curve |
| Innovation Rank | Design, interoperability, real-world integration | Polkaswap, TONSWAP, dYdX |
High TVL often means market maturity, but smaller or emerging DEXs can still lead in cross-chain interoperability, governance design, or mobile adoption. In SORA’s case, Polkaswap and TONSWAP emphasize future-focused architecture — not just liquidity, but connectivity between networks.
Source: DeFiLlama DEX Rankings, November 2025.
Spotlight: Polkaswap (on SORA)
Polkaswap runs on the SORA network and connects liquidity across ecosystems.
Why it stands out
- Cross-chain connectivity via bridge infrastructure
- Deflationary incentives for LPs through PSWAP rewards
- Reduced impermanent loss via aggregation and routing
- Native synergy with SORA’s XOR and VAL economics
📖 Read next: SORAMITSU, SORA & Polkaswap: DeFi Innovation Explained
Spotlight: TONSWAP (on TON)
TONSWAP is a next-generation DEX and launchpad built on The Open Network (TON), designed for mobile-first trading with seamless Telegram integration.
Why it stands out
- Mobile-first design with native Telegram wallet integration
- Ultra-low fees on TON (near-zero gas)
- Concentrated liquidity (CLMM) for efficient swaps
- Launchpad functionality for new TON projects
- Mass adoption potential through Telegram’s 1 B+ user base
Economic Model — TONSWAP uses a deflationary mechanism where fees buy back and burn TS tokens. Additionally, implemented or planned allocation of 10 % of all trading fees to buy back and burn XOR tokens creates a direct economic bridge between TON and SORA, reducing XOR’s circulating supply.
Visit: tonswap.org
Choosing the Right DEX
When selecting a DEX, consider:
- Liquidity depth (slippage + spreads)
- Asset support (listed pairs)
- Cross-chain access (Polkaswap excels)
- Fees & rewards (trading vs LP yield)
- Governance (token-holder control over upgrades)
FAQs
What makes DEXs different from CEXs?
DEXs use on-chain smart contracts for peer-to-peer swaps, while CEXs hold user funds and run order books off-chain.
Is Polkaswap beginner-friendly?
Yes. It offers simple self-custody swaps plus advanced tools for experienced traders.
What makes TONSWAP unique?
TONSWAP is the first DEX built for mobile users through Telegram integration. It combines ultra-low fees, concentrated liquidity, and a built-in launchpad for new projects.
How does TONSWAP connect to SORA?
TONSWAP is on TON and is expected to bridge with SORA v3 Hub Chain (currently on Hyperledger Iroha 3, code-named “Nexus”). This will enable cross-chain liquidity once SORA v3 goes live.
When will SORA v3 launch?
SORA v3 (Nexus) is in active development on Hyperledger Iroha 3. The Fujiwara testnet is live for testing governance and tokenomics. Launch is targeted for 2025.
⏳ Note: No specific launch date is guaranteed. Like all complex software projects, timelines can shift based on ongoing development, testing, and security reviews. SORA prioritizes safety, correctness, and long-term efficiency over rushing delivery.
Which DEX should I start with?
- Mobile users: TONSWAP for Telegram trading
- Cross-chain: Polkaswap on SORA
- Ethereum simplicity: Uniswap or PancakeSwap
Conclusion
DEXs are now mainstream infrastructure for crypto.
- Polkaswap leads cross-chain DeFi on SORA.
- TONSWAP brings mobile-first trading to TON.
- Uniswap and Curve anchor Ethereum liquidity.
- dYdX and GMX expand on-chain derivatives.
As adoption accelerates, the SORA + Polkaswap and TON + TONSWAP stacks offer powerful paths to borderless, programmable finance across ecosystems.
Financial Disclaimer
Financial Disclaimer: The information provided on Soranauts is for educational and informational purposes only and should not be taken as financial, investment, or trading advice. Content related to SORA, Polkaswap, TONSWAP, or other cryptocurrencies does not constitute investment recommendations. Cryptocurrency and DeFi investments are highly volatile and involve significant risk, including potential loss of capital, smart contract vulnerabilities, impermanent loss, and regulatory changes. Always conduct your own research (DYOR) and consult a qualified financial advisor before making any decisions. Past performance does not guarantee future results. Soranauts and its authors assume no responsibility for financial losses resulting from actions taken based on this information.