Waves Exchange is one of the six DEX tokens that have seen exponential growth in 2021.
Waves (WAVES) is a decentralized exchange and dapp platform formerly known as the Waves DEX, was launched in 2017 with the promise of low-cost trading and staking major cryptocurrencies.
However, recent price improvements in WAVES together with an expanding suite of DeFi apps like Swop.fi could lead to an increase in activity for the Waves ecosystem since Ethereum network fees seem to stay high until the full release of Eth2.
Currently, there are no viable alternatives to Ethereum gas costs. Some Ethereum-based DEXs and gas-saving strategies exist, but they are temporary. However, most consumers are unaware and unwilling to switch. It is valid until Eth2 is published.
It’s not ready yet, and the costs are expensive. $70-$100 gas costs are too high for DeFi budgets. No platform fees. Eth2 will use sharding to boost network transaction capacity. It will cut network pricing and block capacity rivalry. As a result, some projects require layer-two development.
The Eth2 long-term solution was due in 2021. A decentralized and permissionless exchange is required after the FCA banned cryptocurrency derivatives after the Robinhood fiasco. Indeed, complicated assets like derivatives and margin trading may offer decentralized platforms. Their fees may reduce by using layer-two solutions.
Top Decentralized Tokens
The Uniswap protocol aims to enable token switching between two ERC-20 tokens, with a daily average trading volume of $1 billion and $3.95 billion in liquidity. After the launch of the SushiSwap (SUSHI) platform, which featured the same UI as Uniswap but also included the SUSHI governance token, the project surprised users and liquidity providers with an airdrop.
On November 4, UNI fell to $1.93 from $7.00 after its first public offering on several major exchanges and achieved A new all-time high of $32.50 on Feb.20. Token holders can bet their UNI and gain a part of the fees, which will continue to push demand and token prices higher.
When SushiSwap was born, the primary developer sold their tokens on the market and gave the profits to the initiative—improved governance and stake for early liquidity providers. SUSHI fell to $0.475 on November 4 due to primary creator Chef Nomi selling open market tokens. SushiSwap now ranks sixth in total value locked (TVL), with $3.56 billion in protocol liquidity.
Cake (CAKE), a competitive DEX and Binance’s first billion-dollar project, has seen significant price growth in early 2021. (BSC). CAKE has stepped in to help the BSC target its top Ethereum-based competitors for liquidity and consumers. Besides being a DeFi platform, the protocol offers staking pools, yield farming, collectibles, and an integrated lottery.
It fell below $0.70 in late January 2021, hitting $0.194 on November 3, 2020. r/Wallstreetbets traders caused havoc in established marketplaces, causing the token’s price to soar. Binance’s vast resources, the Binance Smart Chain, has emerged as the main Ethereum competitor.
Solana blockchain-based SRM/USDT Serum (SRM) derivatives exchange. Derivatives exchange FTX is the result of Solana’s effort.
Solana got picked to host the DEX due to its 710,000 tps potential and current capacity of 50,000 tps. Due to Ethereum’s 15 tps and high fees due to network congestion, traders may switch to Solana and the Serum DEX.
In addition, SRM reduces trading fees by up to 50%. Transparency across various blockchains enabling through a network of over 100 validators.
After a price breakout during DeFi summer 2020, SRM dipped to $0.78 on November 4 before finding support and gaining. It has since climbed 944 percent to $8.13 on February 25, as Ethereum alternatives gain traction.
Linear Finance (LINA), a newcomer to the DeFi sector, has launched as an ERC-20 token on Binance Smart Chain. The protocol allows users to trade traditional assets like FX and commodities utilizing dynamic price feeds.
As a result of its cross-chain architecture, it avoids the problem of Ethereum-based protocols’ oracle frontrunning. LINA’s plans include letting the community vote on the project’s direction. It will consist of computing transaction fees and funding the insurance fund.
Following its migration to the Binance Smart Chain and various cooperation and exchange listing announcements, it rose 3300 percent to $0.112 on Feb.12.