Whether a seasoned trader or a beginner in crypto, you have probably bought Bitcoin, Ethereum, or other cryptocurrencies on a cryptocurrency exchange. Over the past decade, centralized exchanges such as Mt.Gox, Binance, or Coinbase have been the go-to places for investors to buy, sell or trade their assets. While these exchanges have been the biggest gateway for investors to enter the crypto scene, they still raise debates across the crypto market divide.
The proponents for centralized exchanges argue for simplicity, regulation, and widespread availability. At the same time, critics state these institutions go against the principles of blockchain and crypto: privacy, anonymity, and decentralization (doing away with intermediaries). This led to the development of decentralized exchanges in 2017, with Bancor Network launching the first AMM platform. Surprisingly, the DEXs had to wait till 2019 to explode into the DeFi scene with the launch of Uniswap on Ethereum. Since, the crypto ecosystem has been littered with hundreds of DEXs, with the total daily trading volume reaching over $1.5 billion consistently in 2022.
As the DEX industry blossoms, more blockchains are challenging the dominance of Ethereum, Cardano leading the pack. This article focuses on the Cardano DEX ecosystem and some of the top decentralized exchanges built on the blockchain.
Understanding the Cardano DEX ecosystem
Cardano blockchain, led by the Input Output Hong Kong (IOHK) team, announced the successful deployment of the „Alonzo“ atnaujinimas on September 21, 2021, kicking off the smart contract era of the blockchain. Despite being seven years younger than its leading competition, Ethereum, Cardano’s smart contracts have witnessed massive adoption. In the first 24 hours, more than 100 smart contracts were running on the network.
Source: https://zycrypto.com/decentralized-exchanges-to-look-out-for-on-cardano-2022/