DEXs are becoming more important at a time when many experts believe the world is in a process of de-dollarization. The global dollar-denominated debt is decreasing and the U.S. dollar is slowly losing its hegemony. What’s more, millions of people around the world remain unbanked, shut out of the traditional banking system.
These realities have led to the need for an alternative financial ecosystem that will enable people to trade and do business in an increasingly connected world, and DEXs provide the perfect solution. Accessible to all, 24/7, they’re the ideal platforms for billions of people all over the world. So let’s take a look at three upcoming DEX platforms looking to take advantage of these trends and make their mark in 2024.
1. Encore
Looking to unlock the dream of borderless trading, Encore is a new DeFi ecosystem that has hit the ground running with its innovative multichain/cross-chain DEX that aims to provide unmatched liquidity in the decentralized trading world. Its multichain and cross-chain capabilities enable it to tap into the liquidity pools of multiple existing DEX platforms across the biggest blockchains, including the likes of Uniswap, PancakeSwap and Quickswap.
By harnessing the liquidity of those established platforms, Encore provides a solution to the fragmented DeFi landscape, creating a more connected world of blockchains. It enables users to trade assets, effortlessly and seamlessly, across any blockchain, with minimal fees and strong guarantees that even the largest volume orders will be processed at a desirable price in seconds. No longer will users be restricted by their trading options, as Encore is designed to support any kind of trading strategy.
The project is designed with its community in mind and to that end, governance is based on a Decentralized Autonomous Organization. ENC token holders can make proposals on the protocol’s future, vote on changes, upgrades, marketing tactics and other initiatives. It’s a truly democratic DEX ecosystem that’s determined to engineer a sense of ownership among all participants, facilitating closer engagement and striving to reach consensus on all important decisions.
Encore’s focus on its user base is also illustrated by its novel staking program that’s designed to support early adopters. It utilizes a dynamic APY format that’s based on various factors, but at its heart it intends to maximize the returns to those who stake their ENC tokens to power its protocol under the hood. Unusually, Encore has devoted an astonishing 22.3% of its entire token supply to staking rewards – an act of generosity that’s believed to be unprecedented in the blockchain industry. Users’ rewards are based on multiple factors, including the amount of ENC tokens they stake, the proportion of tokens staked in comparison to others, the length of time the tokens are staked, and also the date on which their tokens were first staked, with the earliest receiving a higher share of rewards than those who came later.
Encore’s team says it’s working on further innovations to come, including the integration of AI-powered options trading capabilities to enhance user experience and enable them to pursue more sophisticated trading methods.
2. OraiDEX
OraiDEX is another up-and-coming platform brought to you by the creators of Oraichain, the AI blockchain infrastructure startup. The DEX is designed to fuse components of centralized and decentralized finance, boasting features such as cross-chain interoperability, enhanced liquidity and rapid transaction speeds.
Unlike many DEXs, which are based on an Automated Market Maker model, OraiDEX uses a more traditional Orderbook to enable faster settlement. In addition, it comes with advanced trading tools such as its perpetual futures, universal swaps and GPU staking. The perpetual futures trading platform on OraiDEX is new, making it possible for traders to make longer-term bets on digital asset prices without any expiration date, as opposed to conventional trading, where contracts will expire after a certain period.
Moreover, the integrated token bridge feature means OraiDEX users can swap tokens across popular blockchains such as Ethereum, Binance Chain, Cosmos, Tron and Injective in seconds. This enables more fragmented liquidity to be pooled from multiple chains, supporting larger volume trades than most DEXs can handle. There’s even an NFT bridge for swapping digital tokens.
OraiDEX offers rich passive income-generating opportunities too, with users able to stake its naive ORAIX token natively in a traditional way, and provide liquidity to the protocol through various pools. In addition, it supports MetaStaking, which is a program limited to ORAIX and ORAI token holders who delegate on Oraichain’s mainnet. Meanwhile, GPU Staking is a newly introduce mechanism designed to support Oraichain’s infrastructure offerings. Users can earn rewards as demand for the blockchain’s AI network computing power grows. With GPU Staking, users can restake their liquid restaking tokens, scORAI, to earn extra rewards in USDC.
With its support for hundreds of different crypto tokens, it’s hard to find a more compelling DEX platform than OraiDEX, which enables seamless, almost limitless trading with a user-friendly, CEX-like trading experience that places a big priority on transparency and user safety.
3. StormGain DEX
StormGain is a big name in the CEX space, but it made its entrance into the world of decentralized trading in late 2022 when it first launched the StormGain DEX as an alternative for users who want reassurance about the safety of their assets.
StormGain DEX provides the same, familiar interface of the company’s popular CEX platform, which has emerged as one of the biggest in Europe. It’s built on the Ethereum blockchain and supports hundreds of different assets, and has since grown to support Binance Smart Chain and Tron as well.
One of the major advantages of StormGain DEX is that it has the ability to tap the liquidity of its flagship CEX platform, which means it can tap into liquidity reserves that are far deeper than most rival DEXs. Although it still offers, and prioritizes its native liquidity pools, StormGain DEX will reroute trades to its CEX in the event that the DEX can’t handle it, ensuring a seamless trading experience at the best possible rates for users.
In addition, StormGain DEX doesn’t charge any trading fees at all, and there are no deductions when users deposit or withdraw their funds, because they never need to do this. Rather, they can simply connect their digital wallet and immediately begin trading, without any sign up process or KYC. That means its an anonymous trading platform, and users will only ever have to pay the underlying blockchain gas fee to fulfill their transactions.
As a final advantage, StormGain DEX offers an industry-leading up to 500x leverage on trades, which is one of the most competitive in the DEX trading industry.
DEXs Are The Future Of Crypto Trading
The main advantage of any DEX platform is the greater autonomy and security it provides compared to centralized exchanges. In recent years we have seen the inherent weaknesses and dangers of CEX platforms, with the collapse of FTX and various other exchanges highlighting the incredible risk investors take when they entrust their funds with a centralized entity.
Simply put, investors cannot afford to trust anyone in crypto, not even the most reputable platforms, and those that continue to do so run a very real risk of learning the hard way. Luckily, more crypto users are catching on to the conundrum of centralization and jumping ship. The market share of DEXs is growing fast as these platforms become more sophisticated, with increased support for higher trading volumes and the certainty that users will never lose their funds.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice
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