Home · Blog · DeFi & Trading · · Updated Nov 17, 2025 · 5 min read
Best Decentralized Exchanges (DEXs): Polkaswap & TONSWAP
Explore top decentralized exchanges (DEXs)—Polkaswap, TONSWAP, Uniswap & Curve. Compare features, liquidity, and cross-chain advantages.
TL;DR
Decentralized exchanges (DEXs) form a core layer of modern crypto trading, letting users swap assets while retaining self-custody.
This article compares leading DEXs across ecosystems, focusing on Polkaswap on SORA and TONSWAP on TON, alongside Ethereum-based platforms like Uniswap and Curve.
It highlights how innovation metrics—such as cross-chain connectivity, mobile-first design, and on-chain derivatives from platforms like dYdX and GMX—complement traditional TVL rankings when evaluating DEXs.
Overall, DEXs offer transparency, control, and global access, but differ significantly in liquidity depth, user experience, and ecosystem design.
Why DEXs Matter Today
This guide is for traders and DeFi users who want a neutral comparison of major DEXs in 2025, with extra attention on how Polkaswap and TONSWAP fit into the broader landscape.
It explains why DEXs matter, how they differ from centralized exchanges, and what to look for when choosing a platform.
Traders increasingly prioritize:
- Self-custody — control of funds without custodial risk
- Transparency — open smart contracts and verifiable code
- Global access — permissionless participation
- On-chain innovation — yield farming, liquidity pools, and synthetic assets
For SORA, DEXs are core economic infrastructure enabling elastic supply, the token bonding curve, and seamless cross-chain activity.
Top 10 DEXs to Watch
| # | DEX | Ecosystem | Highlights | 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.
As of 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 asset integration | Polkaswap, TONSWAP, dYdX |
High TVL often indicates maturity, but smaller or emerging DEXs can 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 1B+ user base
Economic Model — TONSWAP uses a deflationary mechanism where a portion of fees buys back and burns TS tokens.
There is also a planned economic bridge in which part of trading fees would buy back and burn XOR tokens, creating a direct connection between TON and SORA and helping to reduce XOR’s circulating supply once fully implemented.
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 custody user funds and run order books off-chain under a single operator.
Is Polkaswap beginner-friendly?
Polkaswap offers a simple swap interface with self-custody by default, plus advanced routing and cross-chain tools for experienced traders. New users should always review guides and understand risks before providing liquidity or using more complex features.
What makes TONSWAP unique?
TONSWAP is built for mobile-first trading on TON with deep Telegram integration, combining ultra-low fees, concentrated liquidity, and launchpad functionality for new projects.
How does TONSWAP connect to SORA?
TONSWAP runs on TON and is expected to connect to the planned SORA v3 Hub Chain (SORA Nexus) so that liquidity can move between the ecosystems. This bridge-based design is still evolving, so exact launch timing and parameters remain subject to implementation and testing.
When will SORA v3 launch?
SORA v3 (Nexus) is in active development on Hyperledger Iroha 3, with the Fujiwara testnet serving as the main environment for testing governance, tokenomics, and bridge logic. No specific launch date is guaranteed; timelines depend on audits, performance testing, and cross-chain stability, with quality and security prioritized over fixed dates.
Which DEX should I start with?
Many users begin with DEXs that match their ecosystem and device preferences—for example, TONSWAP for mobile-first Telegram trading on TON, Polkaswap on SORA for cross-chain strategies, or Uniswap and PancakeSwap for familiar Ethereum and BNB Chain flows. Always consider liquidity depth, asset support, and your own risk tolerance before choosing a platform.
How should I think about TVL versus innovation when comparing DEXs?
TVL reflects how much capital a DEX has attracted, but innovation shows up in areas like cross-chain connectivity, mobile UX, and derivatives design. A smaller DEX like Polkaswap or TONSWAP can be highly innovative even if it has lower TVL than long-established platforms such as Uniswap or Curve.
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.