Decentralized crypto exchanges allow users to interact with one another in a peer-to-peer environment. In decentralized exchanges, funds are not controlled by a central wallet. Users’ funds are not accountable to the exchange since they are not custodians of the funds. In most cases, users’ web wallets or app extensions are used to enable decentralized exchange protocols. According to CoinMarketCap, 526 cryptocurrency exchanges are listed at the time of writing. 217 of these are decentralized exchanges. Thus, only 41.25 % of the cryptocurrency exchanges currently listed on CoinMarketCap are decentralized exchanges. Uniswap (V2) is the largest decentralized cryptocurrency exchange, with a 24-hour trading volume of about $1.09 billion. In contrast, Binance’s exchange executed over $9.73 billion in the last 24 hours. Uniswap (V2), Pancakeswap, dYdX, Kine Protocol, Honeyswap, and Curve Finance are some of the prominent decentralized cryptocurrency exchanges. The decentralized exchanges with the lowest ranking are SashimiSwap, MOV, BEPswap, Demex, IDEX BSC, and Unifi Protocol DAO. Some of the pros of decentralized crypto exchanges include no regulation, low transaction fees, no account bans, and more trading options. The cons include price manipulation, trading of scam assets, low safety, and few funding options. However, irrespective of the pros and cons associated with decentralized exchanges, some of the factors that are respons...
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