We've already covered a comprehensive guide to the best decentralised exchanges, but as the cryptoverse expands, it's time to devote more attention to prominent blockchain DEXs. To kick off this trend, I'm compiling a list of the top decentralised exchanges in the LUNA ecosystem that are either live or soon will be. This is ideal for gaining exposure to LUNA-based projects or perhaps locating a DEX to invest in.
The APR for liquidity mining is insane at the time of publishing this list, and you should not pass up this opportunity. In fact, some of the DEXs on the list include native tokens, which you may stake or provide liquidity for to earn APRs of up to 300 percent.
Terra Network (a blockchain network comparable to Bitcoin, Ethereum, Polkadot, Cardano, Solana, Cosmos, and other popular blockchain networks) is rapidly expanding. The stablecoin UST (Terra USD), which is utilised across the Network, is the Network's USP (Unique Selling Point).
The Terra network's projects are more trustworthy than any other platform because of this ecosystem and the founding team's close oversight over every project published on the Terra network.
Furthermore, in order to manage this incredible growth and exist as an ecosystem, a DEX (Decentralized Exchange) is required to allow for the unrestricted exchange of assets across the Network. A DEX would allow for a decentralised, anonymous, and secure token exchange.
So, first and foremost, let us comprehend.
What is a DEX (Decentralized Exchange) and how does it work?
A Decentralized Exchange (DEX) is a cryptocurrency exchange based on the blockchain network that allows you to anonymously and securely exchange your crypto tokens.
Furthermore, unlike centralised exchanges such as Binance, Coinbase, and Kraken, where the exchanges hold custody of the user's cash, a user has complete control over their funds.
This means that any hack on the centralised exchange will result in the user losing money.
Furthermore, these centralised exchanges have become the crypto market's central authority, which is completely contrary to the purpose and nature of cryptocurrencies.
To keep the Network decentralised and secure, a DEX must guarantee a frictionless exchange of assets across the network.
Uniswap is the first decentralised exchange (DEX) in the crypto sector. It is based on the Ethereum Network and allows crypto tokens to be traded across it. All other DEXs are based on the framework of Uniswap to some extent.
The rapid expansion of Terra Network necessitated the creation of comparable DEXs. These DEXs allow for seamless token trading across the network and its numerous DeFi (Decentralized Finance) Applications.
As a result, we've compiled a list of the Terra Network's Top DEXs. Let's have a look at it.