Decentralized exchanges are an essential part of the cryptocurrency landscape today. Although everyone knows the established brands, several other platforms have noted strong user growth during the bear market. More competition is a good thing, as it will ultimately lead to a better trading experience.
Kyberswap
The name Kyberswap is not new in the crypto industry, even if it isn’t a platform generating too many headlines. The past week has seen an 86.7% increase in users, which is rather interesting. The DEX’s cross-chain nature – spanning Ethereum, Polygon, Cronos, Fantom, Avalanche, and BNB Chain – seems to attract new people, which is good to see. The platform generated nearly $5 million in weekly volume and had a 54,700% increase in weekly transactions.
MDEX
The MDEX decentralized exchange is another semi-established entity in the space. Although it has never been considered a top DEX by most people, it continues to make inroads. Increasing the weekly user activity by over 53% remains impressive for a platform active on BNB Chain and HECO. Sustaining growth will be a challenge, especially under these bearish market conditions.
Sunswap
It is no secret Tron continues to pop off in decentralized finance. That momentum also extends to the Sunswap DEX on this blockchain, which saw a weekly user activity increase of over 39%. Seeing this renewed interest in Tron and the broader ecosystem is interesting, although many wonder if it has any long-term viability. It is too early to draw conclusions, but this weekly growth is intriguing. Moreover, the DEX generated almost $220 million in weekly volume.
Metamask Swap
When the Metamask team integrated a swap DEX into its product, people expressed genuine excitement. That momentum has not evaporated yet, as Metamask Swap notes a 33.6% weekly activity gain. As Metamask remains the default Web3wallet to access everything Ethereum provides, it is plausible to assume the platform will continue to generate momentum.
Biswap
The final platform on this list is Biswap on the BNB Chain. Competing with Pancakeswap for the position of leading DEX is out of the question, but the landscape has grown more diversified over the past few years. Biswap has an 18.8% weekly user activity gain, confirming there are some appealing trading pairs. It still lacks overall volume and transactions, though, but it is a nice improvement.
Special Mention: Uniswap V2
One would think users flock to the latest iteration of the Uniswap DEX, which is Uniswap V3. In reality, there is still tremendous interest in Uniswap V2, even if it isn’t necessarily the most efficient version of this decentralized exchange. With nearly 40,000 monthly active users, Uniswap V2 continues to make inroads, ranking it ahead of Kyberswap, MDEX, Sunswap, <etaMask Swap, and Biswap.
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