There are dozens of DeFi platforms on the market. Decentralized Finance refers to exchanges and any platforms that utilize blockchain technology in a decentralized manner to offer users a risk-free way to trade assets. This article looks at the top five most popular DeFi platforms with data aggregated from DappRadar.
Note: The list below is ordered by 30-day users, lowest to highest.
Launched in February 2021, Raydium is the leading decentralized exchange built on the Solana blockchain. It’s an on-chain order book automated market maker (AMM) that enables lightning-fast trades, shared liquidity, and yield farming.
Raydium enables on-chain liquidity, providing users with access to order flow and liquidity of the entire ecosystem. The platform is supercharged by Solana, currently ranked as the eighth-most valued cryptocurrency on the market with a market capitalization of over $29 billion.
RAY is the native token for the exchange, with a hard cap of 555 million tokens. At the time of writing, Raydium’s Total Value Locked is at over $733 million with a 24-hour volume of $55 million. RAY is currently trading at $2.84.
Raydium featured over 162k users over the past month.
Launched in August 2020, SushiSwap is the main competitor to the top decentralized exchange on Ethereum, Uniswap. SushiSwap is quite a controversial exchange since its developer simply copied the code from Uniswap, quickly luring millions in funds.
SushiSwap’s main advantage to Uniswap is that it supports a myriad of blockchains, including Ethereum, BNB Chain, Avalanche, Polygon, Harmony, and much more.
SushiSwap enables users to swap, earn, stack yields, lend, borrow, and more. It features a multi-chain automated market maker offering the most competitive rates for DeFi bluechips worldwide. Users can switch between chains with one click.
In addition, SushiSwap enables traders to yield farms, browse various mining pools and explore their ecosystem.
At the time of writing, SushiSwap has a Total Value Locked of $2 billion with a 24-hour trading volume of $97 million.
It’s one of the most robust DeFi platforms on the market featuring over 176k users over the past 30 days.
Launched in April 2021, not to be confused with the popular grocery store, Trader Joe is the top DeFi platform on the Avalanche network. Avalanche (AVAX) is the tenth-most valued cryptocurrency with a market capitalization of over $19 billion at writing.
Trader Joe enables users to trade digital assets, join various mining pools and earn a significant APR, farm liquidity with multiple assets, stake tokens, lend assets, and much more.
The native token to the platform is called JOE. JOE features a market cap of $201 million at the time of writing with a 24-hour trading volume of $26 million. The current circulating supply of JOE is 172 million tokens.
Users can check out the TraderJoe platform by connecting via a browser wallet like MetaMask and trading assets on the Avalanche C-chain right away.
As the leading decentralized exchange on the Avalanche network, Trader Joe boasts over 249k users over the past month.
Launched in November 2021, Katana is the new automated market maker for Axie Infinity’s side chain Ronin. Axie Infinity is one of the leading Metaverse crypto coins on the market, with a current valuation of over $3.1 billion.
Last year, Axie Infinity launched their blockchain, Ronin, made explicitly for the game to enable users to perform in-game activities without having to pay ridiculous gas fees on Ethereum’s blockchain.
Katana is to Ronin as Trader Joe is to Avalanche. Katana enables traders to Swap assets, join mining pools, and farm liquidity for rewards.
At the time of writing, Katana features a TVL of over $310 million, with a 24-hour trading volume of $46 million.
The native asset to the platform is RON, featuring a market cap of $336 million and a 24-hour trading volume of $467k at the time of writing.
Katana is the second-most popular DeFi platform on the market, mainly due to the high userbase of Axie Infinity, boasting almost half a million users over the past month.
Launched in September 2020, PancakeSwap is the top DeFi platform and decentralized exchange on the BNB chain. It’s by far the most popular DeFi platform boasting over 3.3 million users over the past month, speaking to the sheer scale of its ecosystem.
PancakeSwap enables traders to trade various assets, farm liquidity, join mining pools, and recently even added an NFT platform.
The native token to the platform is called CAKE, featuring a market cap of over $1.9 billion at writing with a 24-hour trading volume of $133 million. The current circulating supply of CAKE is 270 million.
Because PancakeSwap is built on the BNB chain, it offers lightning-speed transactions with negligible fees. The low costs and high amount of trading pairs are the main reason for PancakeSwap’s popularity over other platforms.
With over 3.3 million users in the past 30 days, PancakeSwap is arguable the best DeFi platform on the market that every new trader should check out.
Disclosure: This is not trading or investment advice. Always do your research before buying or trading any cryptocurrencies.
Data Source: DappRadar
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