Platforms like Uniswap, PancakeSwap, and 1Inch will come to mind when people think of decentralized exchanges. However, many other DEXes out there note tremendous TVL growth lately. Interestingly, none of these protocols reside on significant chains, further illustrating the diver nature of cryptocurrencies. Keep in mind this list does not include projects with a TVL under $50 million.
Although it has gone a bit quiet where NEO is concerned, the network is still running solidly. More importantly, the Flamingo DEX on the platform has noted a tremendous TVL increase in the past week, bringing its total to just under $83 million. Increasing that TVL by over 1900% in one week indicates users continue to take notice of what this platform offers.
The Avalanche network makes inroads in decentralized finance. As such, it is customary to see a relatively big decentralized exchange on this network. Platypus increased its TVL by 639% last week – despite falling crypto prices – to $735.9 million. An impressive streak, although sustaining growth, remains the essential aspect.
It is good to see decentralized exchanges across all major blockchains one can think of. Swapping and trading assets is a core aspect of this industry, and every chain has something worth exploring. Thetaswap, on the Theta chain, had a 51.3% TVL increase to $57.9 million. Although it is a smaller platform among top DEXes, the overall growth remains worthwhile.
As more people pay attention to Polkadot and Kusama, introducing DEXes will prove essential. Both networks have parachain technology, and the value exchange between assets across parachains will generate tremendous volume. Zenlink paves the way for such trading, resulting in a 46.7% TVl increase to $61 million. An impressive trend, but there is more to do.
MM Finance (Cronos)
Although Cronos made a bit of an impact in decentralized finance throughout 2021, it is not a network making many headlines. That doesn’t mean nothing goes on, as is evident where MM Finance is concerned. It is one of the lesser-known DEXes, yet still has over $183 million in TVL, thanks to a 20.8% increase this week.
Top 10 DEXs by TVL Growth in the Last 7 Days📈
— CryptoRank Platform (@CryptoRank_io) January 21, 2022
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