Best Decentralized Exchanges (DEXs)

TL;DR: Decentralized exchanges (DEX) are foundational to crypto trading.

Polkaswap leads cross-chain DeFi on SORA with low fees.

TONSWAP brings mobile-first trading to the TON blockchain via Telegram.

Uniswap and Curve dominate Ethereum liquidity.

dYdX and GMX lead 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, and
On-chain innovation like yield farming and liquidity pools.

For SORA, DEXs act as core economic infrastructure enabling concepts like elastic supply, the token bonding curve, and seamless cross-chain activity.

Top 10 DEXs to Watch

Rank	Exchange	Ecosystem	Key Features	Native Token
1	Polkaswap	SORA	Cross-chain aggregation, low fees, PSWAP incentives	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, high volume	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

Spotlight: Polkaswap (on SORA)

Polkaswap runs on the SORA network and connects liquidity from multiple ecosystems.

Why it stands out

Cross-chain connectivity (bridge infrastructure)
Incentives for LPs via deflationary PSWAP rewards
Reduced impermanent loss through aggregation and routing
Native synergy with SORA’s XOR and validator economics (VAL)

Spotlight: TONSWAP (on TON)

TONSWAP is a next-generation DEX and launchpad built on The Open Network (TON) blockchain, designed for mobile-first trading with seamless Telegram integration.

Why it stands out

Mobile-first design with native Telegram wallet integration
Ultra-low fees with near-zero transaction costs on TON
Concentrated liquidity (CLMM) for optimized trading efficiency
Launchpad functionality for new TON projects and token launches
Mass adoption potential with access to 1B+ Telegram users

TONSWAP represents the future of mobile DeFi, making decentralized trading as simple as sending a message in Telegram while maintaining the security and transparency of on-chain protocols. Its native token TS powers platform governance, liquidity incentives, and transaction fee models.

Unique Economic Model: TONSWAP implements a deflationary mechanism where 10% of all trading fees are used to buy back and burn XOR tokens, creating a direct economic bridge between TON and SORA ecosystems while reducing XOR’s circulating supply.

Visit: TONSWAP Website

Choosing the Right DEX

Consider:

Liquidity depth (slippage and spreads)
Asset support (does it list what you need?)
Cross-chain access (Polkaswap excels here)
Fees and rewards (trading costs vs LP incentives)
Governance (token-holder influence over upgrades)

FAQs

What makes DEXs different from CEXs?

DEXs rely on on-chain smart contracts for peer-to-peer trading, while CEXs are custodial and order-book based.

Is Polkaswap beginner-friendly?

Yes. It preserves self-custody and offers straightforward swaps, with deeper features for advanced users.

What makes TONSWAP unique?

TONSWAP is the first DEX designed specifically for mobile users through Telegram integration. It offers ultra-low fees on the TON blockchain, concentrated liquidity technology, and a built-in launchpad for new projects. The seamless Telegram experience makes it as easy as sending a message.

How does TONSWAP connect to SORA?

TONSWAP is built on TON (The Open Network) and will feature a bridge to the upcoming SORA v3 Hub Chain network. This bridge will enable seamless cross-chain liquidity and trading between TON and SORA ecosystems, allowing users to access both networks’ assets and features through a single interface.

Which DEX should I start with?

Mobile users: TONSWAP for Telegram integration and ultra-low fees
Cross-chain trading: Polkaswap for SORA ecosystem access
Ethereum simplicity: Uniswap or PancakeSwap for basic trading

Conclusion

DEXs are now mainstream infrastructure for crypto. Today:

Polkaswap leads cross-chain DeFi on SORA,
TONSWAP brings mobile-first trading to TON via Telegram,
Uniswap and Curve anchor Ethereum liquidity, and
dYdX/GMX grow decentralized derivatives.

As adoption accelerates, the SORA + Polkaswap and TON + TONSWAP stacks offer powerful paths to borderless, programmable finance across different ecosystems.

For comprehensive market analysis and trading volume data across all major DEXs, see the DeFiLlama DEX Rankings for real-time insights into liquidity, volume, and market share across decentralized exchanges.

Financial Disclaimer

Financial Disclaimer: This content is for informational and educational purposes only and should not be considered financial, investment, or trading advice. The information provided about SORA, Polkaswap, TONSWAP, and other cryptocurrencies is not intended as investment recommendations. Cryptocurrency investments are highly volatile and risky, and you may lose some or all of your invested capital. DeFi protocols carry additional risks including smart contract vulnerabilities, impermanent loss, and regulatory changes. Always conduct your own research (DYOR) and consult with qualified financial advisors before making any investment decisions. Past performance does not guarantee future results. The authors and Soranauts are not responsible for any financial losses incurred from following information on this website.

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