Polygon ecosystem has seen rapid development with at least one DeFi / NFT project joining daily. The MATIC token prices have responded to the same, multiplying rapidly over the last couple of months. However, the rising fees on Ethereum and the high demand for assets swaps on Uniswap have meant one more thing – the decentralized exchanges (DEX) on Polygon MATIC L2 are becoming more popular also. What are the top 5 DEX on Polygon MATIC?
5. Jelly Swap
Jelly Swap is a cross-chain AMM (automated market making) DEX supporting Polygon MATIC and other blockchains. It is non-custodial in nature and enables atomic swaps on multiple blockchains. These include Ethereum, Binance Smart Chain, Avalanche, Bitcoin and Harmony. It enables users to access powerful functionality, which required the usage of centralized exchanges before.
ParaSwap is a liquidity aggregator compatible with Ethereum, Binance Smart Chain and of course Polygon MATIC. It sources liquidity from different sources, so users can swap assets on the best rates and paying the least fees. It’s a 1inch.exchange equivalent, which is yet to launch a token, hence it’s highly recommended to try using the protocol as they might retroactively airdrop a governance token in the future.
The name needs no introduction – a core DeFi protocol. Curve is a AMM decentralized exchange, specially designed for exchanging stablecoins and wrapped assets, for whom it offers the lowest slippage and fees. The users supplying assets for liquidity can fees and also benefit from protocol’s automated yield farming through supplying assets to Aave, Yearn Finance etc. Due to the Ethereum base layer seeing large traffic and high fees, Curve has introduced the same powerful features on Polygon MATIC L2, which makes it one of the top 5 DEX on Polygon.
SushiSwap – a declared fork of Uniswap provides decentralized exchange AMM functionality. It utilizes orderbook-less swaps between different assets, using liquidity pools and having no direct sellers. The users earn liquidity fees by providing assets to pools. It has an automatic price determination mechanism through smart contracts, eliminates custody/insolvency risk and is now available on Polygon MATIC, to take advantage of low fees and fast processing.
Quickswap is the top 5 DEX on Polygon MATIC and is designed as a AMM-DEX, providing swaps between through liquidity pools. You can find the method for using it here. It has all the functionality of Uniswap, plus extremely attractive low fees and fast settlement times. The best part is that there’s no learning needed for existing users. In fact, the interface and options are exactly the same. It’s usage is gaining momentum and QuickSwap is now the sixth largest protocol in the world by user demand and fees generated, averaging over $1.1 million fees over the past week.