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2021 was Polygon’s year. The blockchain was among the standout winners from the surge experienced in the crypto community. Several projects launched on Polygon almost daily in 2021. These projects include Web3, DEXes, DAO platforms, decentralized lending platforms, and marketplaces such as OpenSea.
The huge demand for the Polygon native token, MATIC, led to its surge over the past few months. However, high Ethereum costs and increased demand for asset swaps on Uniswap have led to changes. This has made decentralized exchanges (DEX) on Polygon popular.
Polygon is a cutting-edge platform. It integrates the best of Ethereum and sovereign blockchains into a fully functional multi-chain system. While it is less expensive and faster to use, it does not affect the Ethereum platform’s security and interoperability. As a result, an increasing number of developers are using it to build high-quality decentralized exchanges (DEXes) on top of the Polygon network. Here is a list of the top 5 DEXes on Polygon.
Quickswap
Quickswap is one of Polygon’s top 5 DEXs, and it’s built as an AMM-DEX, which allows users to swap liquidity pools. The project contains all of the features of Uniswap plus exceptionally low costs and quick settlement periods. The greatest feature is that existing users do not have to learn anything new. In fact, the user experience and settings are identical. QuickSwap’s popularity is growing and ranks amongst the largest protocols in terms of user demand and fees collected. Furthermore, it has a total value locked (TVL) of $848.74m. It has a current trading volume of $91,738,347.94.
Sushiswap
SushiSwap, a fork of Uniswap, is a decentralized exchange with AMM capability. It makes use of orderbook-less swaps between various assets, as well as liquidity pools and no direct sellers. By offering assets to pools, users receive liquidity fees. In addition to these features, It offers a smart contract-based automatic price determination mechanism. It also eliminates custody/insolvency risk and is currently available on Polygon due to its low fees and fast speed.
Furthermore, Sushiswap has its own governance token called SUSHI. Holders of this coin have governance rights and a share of the protocol’s fees. As of writing, it has a TVL of $2.651B with a 24-hour trading volume of $49,628,637.87.
Curve
Curve is a popular DEX and a key DeFi protocol. The project is a decentralized AMM exchange. It works specifically for exchanging stablecoins and wrapped assets, with the least slippage and fees. Users have several options to benefit from on Curve. By supplying assets to various platforms, users can earn fees while profiting from the protocol’s automated yield farming. Curve is one of the biggest DEXes on Polygon. It has a TVL of $24.42B.
Jelly Swap
Jelly Swap is another large DEX on Polygon. The platform supports Polygon and other blockchain networks. Jelly Swap is a cross-chain automated market-making DEX. Furthermore, It is non-custodial. Jelly Swap allows for atomic exchanges across various blockchains. It also gives its subscribers access to advanced capabilities. These features were once impossible without centralized exchanges.
ParaSwap
ParaSwap works with both Ethereum, Binance Smart Chain, and Polygon. It is a liquidity aggregator. ParaSwap gathers liquidity from a variety of sources so that customers can trade assets at the best rates with the lowest fees. As of writing, ParaSwap has a price of $0.359445 with a 24-hour trading volume of $1,145,405.