With the crypto world gaining momentum, the need for secure and effective platforms to trade has never been higher. Gone are the days when we were only dependent on centralised exchanges that often restricted our control. Enter Decentralised Exchanges (DEXs) and their helpful cousins, the DEX aggregators. Let’s dive in to understand what they’re all about and which ones to look out for.
DEX – The Marketplace without Middlemen
What is a DEX?
Imagine a local farmer’s market. Sellers come with their goods, and buyers come to purchase directly. There’s no shop owner in between. That’s how a DEX operates, but in the digital realm.
Why use a DEX?
- Control: Your money remains in your hands until you decide to trade.
- Privacy: No need to share personal details like your address or ID.
- Flexibility: You decide when and how you want to trade.
Are there any challenges?
- Sometimes, the best prices can be hard to find since there are so many DEXes out there.
- Some DEXes might have fewer users, leading to less trading activity.
DEX Aggregators – Your Smart Shopping Assistant
What’s an Aggregator?
Have you ever wished for a helper when shopping, someone who quickly checks all stores and finds the best price for you? That’s an aggregator, but for DEXes.
Why use an Aggregator?
- Best Deals: It scans multiple DEXes to find the best trade for your needs.
- Saves Time: No need to manually check various platforms.
- Reduced Costs: By finding the best deals, it often reduces the costs associated with trades.
How does it work?
- Multiple Checks: Once you decide on a trade, the aggregator quickly checks prices across different DEXes.
- Instant Results: It then shows the best available deal, considering factors like price and any associated fees.
- Direct Trading: Once you’re happy with the deal, you can execute the trade directly through the aggregator.
The Big Benefits – Why DEX and Aggregators are Winning Hearts
- Total Control: Imagine your money locked in a box, and only you have the key. That’s the safety DEX offers. No bank or company can touch it unless you say so.
- Smart Savings: Remember our apple shopping helper? Aggregators always find the sweetest deal, saving you money on every trade.
- Privacy First: In a world where every click is tracked, DEXes offer a breath of fresh air. Trade, earn, spend, all without sharing who you are.
- Wide Choices: With so many DEXes, you have many options to choose from. And with aggregators, you’re sure to find the best spot.
Best DEX Aggregators for 2023
1. Rango Exchange
Trading crypto can seem tricky, especially with so many platforms to choose from. But if you want a dependable option, Rango Exchange might be just the ticket. Let’s understand this platform a bit better.
What’s Rango Exchange Anyway?
In simple terms, Rango Exchange is like a shopping mall for crypto, but one where you directly buy from the sellers. It connects to many different trading places, gathering a lot of options for you.
Cool Features of Rango Exchange
- Cross-Chain Swaps: Think of different crypto networks as separate islands. Swapping tokens between them can be hard. Rango makes this easy. It’s like building bridges between these islands so you can travel (or trade) smoothly.
- Use Any Wallet: Some places limit which wallet (your digital money bag) you can use. Not Rango. They play nice with almost all popular wallets. It’s like shopping at a store that accepts all credit cards.
- No Gatekeepers: Hate filling forms or sharing personal details? Rango feels the same. You can start trading without any of that. It’s like walking into a store, buying what you want, and leaving. No sign-up, no fuss.
Why Should You Care?
- Best Deals: By connecting to many places, Rango ensures you get the best prices. It’s like having a personal shopper who always finds the best deals.
- You’re the Boss: You never lose sight or control of your money. It stays with you, safe and sound.
- Easy Swaps: Want to change one crypto for another? Rango makes it smooth and cheap.
2. 1Inch Exchange
It looks everywhere to get you the best price and works with many popular networks like Ethereum and Polygon.
What is 1Inch Exchange?
1Inch Exchange is like a shopping mall for cryptocurrencies. But instead of clothes and shoes, you get to pick from 2,491 different pairs of crypto coins or tokens. And the best part? You get them at the best prices!
Why is it Special?
- Lots of Choices: It pulls in options from many places (called DEXs and liquidity pools). Imagine wanting a chocolate ice cream and being shown all the places you can get it from, and picking the cheapest one. That’s how 1Inch helps you get your desired crypto.
- No Hidden Fees: They don’t charge you extra for buying, selling, or taking your money out. But remember, some of the places they pull options from might have their own small fee.
- Save on Costs: You know how sometimes sending or trading crypto can be expensive because of something called ‘Ethereum Gas fee’? 1Inch has a special token called Chi Token that helps you save money on this.
- Mobile Friendly: Want to trade on the go? They have an app. This means you can swap your tokens easily, even when you’re sipping coffee at a cafe.
Safety and Flexibility
- Supported Networks: Think of networks like different highways for cryptocurrencies. 1Inch currently lets you drive on four of them: Ethereum, Binance Smart Chain, Polygon, and Optimism.
- Lots of Wallet Options: Wallets are like your crypto purse or pocket. And everyone has their favorite. 1Inch lets you connect with 16 different ones! If you have a Ledger or Trezor (special super-safe wallets), you can use them here too.
- Special 1Inch Token: They have their own special coin, named 1Inch. It’s not just for trading. It’s also used to make decisions about the platform, like voting.
- Yield Farming: This isn’t about growing veggies! It’s a way to earn extra coins or tokens. On 1Inch, you can ‘plant’ your crypto and watch it ‘grow’ by getting rewards.
- Statistics: Want to see how 1Inch is doing? How much trading is happening? They have a special place where you can see all these numbers.
In the dynamic world of cryptocurrencies, finding the best deals can be a challenge. Decentralized Exchanges, or DEXs, have emerged as a solution for traders who value autonomy and security. Among the DEX aggregators that have risen to the fore, ParaSwap stands out, promising simplicity, efficiency, and cost-effectiveness. Let’s take a closer look.
What is ParaSwap?
ParaSwap isn’t just another DEX aggregator. It’s a platform designed to ensure you get the best trading deals available. How? By pooling resources from various liquidity providers and decentralized exchanges.
Key Features of ParaSwap
No Transaction Fee: One of the standout features of ParaSwap is its zero-fee model. You don’t pay any extra charge for trading. Instead, you only bear the standard network gas fees.Unique
In-house Liquidity Pool: Beyond just sourcing liquidity from external DEXs, ParaSwap boasts its own liquidity pool known as ParaSwapPool. This means even more options and better rates for users.
Diverse Crypto Token Pairs: With 144 different crypto pairs available, traders have an extensive range of options at their fingertips. The emphasis is on ensuring that users can trade their desired tokens at the most competitive rates.
Supported Networks: ParaSwap doesn’t restrict you to one blockchain. Instead, it lets you operate across three major networks:
- Binance Smart Chain
Wallet Integration: To ensure secure and seamless transactions, ParaSwap is integrated with four key wallets, including the trusted Ledger hardware wallet. A bonus? If you’re a Ledger user, you’ll be pleased to know that ParaSwap is compatible with the Ledger Live application.
Things to Remember
- While the platform itself doesn’t impose any transaction fees, third-party services might. So, if you’re trading via another service integrated with ParaSwap (like an external wallet), you might incur additional charges.
- Always prioritise security. Hardware wallets like Ledger provide an added layer of protection. Given that ParaSwap is fully compatible with such wallets, it’s advisable to leverage this synergy.
What is OpenOcean?
OpenOcean is like a one-stop shop for your crypto needs. Imagine going to a mall where you find all your favorite stores under one roof. In the world of cryptocurrencies, OpenOcean is that mall. It brings together different places (called DEXs and CEXs) where you can buy or trade crypto. This ensures you always get the best deal without searching everywhere.
Why is it Special?
- Full Aggregator: OpenOcean is special because it’s the first to mix both DEXs (Decentralized Exchanges) and CEXs (Centralized Exchanges). Simply, it has a vast range of options for buying or trading cryptocurrencies.
- Partnership with Binance: Remember Binance, the big name in crypto? They’ve teamed up with OpenOcean. It’s like a famous brand setting up a store in our mall, making OpenOcean a complete market hub.
- More than Just Trading: Apart from just buying and selling, OpenOcean lets you do other things like Yield Farming, Lending, and even getting Insurance. Think of these as extra services or shops in our mall.
- Many Crypto Pairs: Imagine having a choice of 143 types of shoes in a shoe store. That’s how OpenOcean is with its 143 different pairs of crypto tokens, ensuring you get what you want.
- Supports Many Networks: It’s like a mall that’s available in nine different cities. OpenOcean works on nine networks, including Ethereum, Binance Smart Chain, and Polygon, to name a few.
- Special Token – OOE: Just like some malls have loyalty cards, OpenOcean has its own token called OOE. This token isn’t just for trading. It can be used to have a say in how OpenOcean runs and can also be used in liquidity mining (a way to earn rewards).
OpenOcean can find deals on various networks. Think of these networks like different countries where your crypto money can travel:
- Binance Smart Chain
Special OpenOcean Token – OOE:
OpenOcean has its own special coin named OOE. This coin can be used in deciding how OpenOcean runs (governance) and can also help in making more crypto (liquidity mining).
- Orion Protocol
Orion Protocol is like a big shopping mall where you can find various digital currencies from many different places, all in one spot. Imagine having many shops in one place, rather than going to different locations. That’s what Orion Protocol does for buying and selling digital money.
Popular Brokers Linked with Orion Protocol:
- Injective: Think of it as a famous shop where many people like to visit.
- AscendEx: Another popular place many users trust.
- KuCoin & MEXC: Both are like big department stores in our shopping mall, known and used by many.
Where does Orion Protocol work?
Imagine if this shopping mall was in two big cities. These cities in the digital world are called “networks.” Right now, Orion Protocol has shops in two big cities:
- Ethereum: A very popular city where many digital coins live.
- Binance Smart Chain: Another bustling city with many coins.
Safe Lockers at Orion Protocol:
When we shop, we need a safe place to keep our purchases. In the digital world, these are called “wallets.” Orion Protocol allows users to use four special lockers or wallets. Two of these are like safety deposit boxes:
- Ledger: A secure box where you can keep your coins.
- Trezor: Another safe place for your digital money.
Orion’s Special Coin – ORN:
Imagine if the mall had its own special coin that gives you benefits, like discounts or special offers. Orion Protocol has a coin called ORN. People use it to take part in decisions about the mall (like voting for a new shop) and also get rewards for using it. This process is known as “staking” and “liquidity mining.”
Orion Protocol is like a big marketplace for digital money (cryptocurrencies). It brings together different places where you can buy or sell digital money to make sure you get the best deal.
Why is Orion Protocol Special?
Unlike other platforms, Orion Protocol doesn’t just work with decentralized places (DEXs) but also with centralized ones (CEXs). So, you get more options and better chances to save money. It’s like having all the big shops and small local stores in one place.
Who are Orion Protocol’s Big Partners?
Some of the well-known partners Orion works with include:
It’s like working with both big malls and small shops.
Which Networks does Orion Protocol use?
Orion Protocol currently uses two major networks:
- Ethereum: A popular network for digital money and apps.
- Binance Smart Chain: Another popular choice which is known to be efficient.
These networks are like the roads that help you move your digital money from one place to another.
Which Wallets are Supported by Orion Protocol?
Orion Protocol lets you use different digital wallets to keep your money safe. Some of these include:
- Ledger: A secure digital wallet that looks like a USB.
- Trezor: Another safe place to keep your digital coins.
Remember, a digital wallet is like a safe you have at home, but for your digital money.
Do They Have Their Own Digital Money?
Yes, Orion Protocol has its own coin called ORN. This coin has special uses on the platform. For example, it lets users have a say in how things work on Orion Protocol. It’s also used for other activities like staking, which is a way to earn more coins.
Wrapping It Up
Trading in the digital world doesn’t have to be complex. With DEXes and their smart aggregators, you’re in control, getting the best prices, and operating safely. As the crypto world evolves, keep an eye on new platforms, especially on emerging networks. And always remember, it’s your money, and you deserve the best and safest way to grow it.