Polygon Network is a platform which combines Ethereum with sovereign blockchains to create a multi-chain, full-featured system. It is cheaper, faster and offers the same security and interoperability as the Ethereum platform.
This is why it’s favored by an increasing number of developers, who built quality decentralized exchanges (DEXes), on top of Polygon. This article will give you an overview of 5 of the most popular DEXs available on Polygon, and help you decide which is best for you. Start by introducing yourself
QUICKSWAP – DEX & DEX Aggregator Platform
This is an automated market maker(AMM) on the Polygon network. It’s essentially a fork of Uniswap with an almost identical look, feel, and experience. It makes it easier to trade between different assets by using liquidity pools instead of direct sellers and order books.
QuickSwap has an integrated feature that allows users to stake liquidity pool tokens. It also provides an automated price-determination system based on smart contracts.
Rapidswap is the most significant of the two because it takes advantage of the low costs and speed offered by the network. It is for this reason that it has been gaining in popularity of late. At the time of writing, the TVL (Total Value Locked), was $780.74 million.
Sushiswap is another fork of Uniswap but with a key difference: It has its own governance token – SUSHI. This token entitles holders to governance rights and to get a portion of the fees paid to the protocol. Put in simple terms, SUSHI holders ‘own’ the protocol and can pass motions on changes they want to be made to the protocol. Even though Uniswap eventually developed its own token, that was after SUSHI was launched.
Sushiswap has announced that, despite the fact the protocol originated from the Ethereum network, it is now accessible on the Polygon Network. This announcement was made on May 7, 2020. To enjoy the Polygon benefits on Sushiswap, users must go to the Sushiswap site and change the network to Polygon. Sushiswap currently has an impressive TVL of $5,04 Billion.
Firebird finance is a decentralized finance platform built on the Polygon and BSC blockchains designed to help traders and yield farmers maximize their earnings and optimize the DeFi user experience. It is a three-in-one combo of an exchange, a yield aggregator, and a vault platform.
The features of the platform include an AMM (Automated Market Maker), a stablecoins AMM, an oneswap, an auto-compounding vault, as well as a locked stake feature.
It also has a feature called ‘farms-as-a-service’, a technology that allows any project to create their yield farms on the platform in a matter of minutes. The TVL for Firebird Finance was $4.79M at the time this article was written.
This is one of the latest DeFi applications to arrive on the Polygon network. Even though it’s relatively new, it has already amassed an impressive $21.08 Million in TVL because of a few unique features:
- Initial Farm Offering:Polycat Finance was one of the very first Polygon platforms to provide initial farm offerings. This allows investors to take advantage of new farm opportunities at the ground floor.
- BURNING VAULT The polycat platform uses the deposit fees it receives from farms and pools to purchase and burn its native token, FISH. The platform also uses 5% of all FISH earned from other vaults to burn. Investors are attracted to this deflationary system.
- FISH TANKSIt is a Polycat Finance service where users stake FISH in order to earn GBTS – the native token for Gembites, a casino decentralized on the Polygon Network.
Investors will also be attracted by the limited number of FISH tokens, which is only 3,000,000.
Polydex is Cryption Network’s decentralized exchange which was launched on August 5, 2021. It looks to transform the traditional DEX space with its seamless user experience and gasless transactions. It also offers a unique, rewarding interface modified from Yield farming which is known as elastic yield farming.
Polydex, like Quickswap (a fork from Uniswap) is a fork 100% of Pancake Swap. It takes advantage of the Polygon’s faster transaction speeds and low congestion. This decentralized exchange currently has a TVL in the amount of $4.4 Million.
It also wants to become the platform of choice for multi-chain Initial Dex Offerings (IDOs) and Initial Farm Offerings (IFOs). The platform also provides a lottery jackpot, called Polyto. This uses the native token PLX.
With a TVL of $8.8Billion , the Polygon network is still expanding with the passing of each day. More and more DEXes are being deployed on it. The innovation is breathtaking, and the competition is fierce. I hope this comparative analysis of the top five DEXes on the network will guide you to knowing which one fits your style.