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.

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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.

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Top 10 DEXs to Watch

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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)

📖 Read next: SORAMITSU, SORA & Polkaswap: The Complete Guide to DeFi Innovation

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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

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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)

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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

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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.