When it comes to DEXs, TVL or total value locked can be a significant way to measure investors' belief in the project. With that, Curve beat one of the most popular Ethereum DEXs, Uniswap.
Uniswap Remains One of the Most Popular ETH DEXs
Uniswap remains well known for being one of the most popular Ethereum DEXs used to swap tokens. Curve, although it does the same, focuses more on being an exchange liquidity pool providing a way for crypto hodlers to earn passive crypto whenever a swap for a staked pair is made.
As tweeted out by Ben GCrypto, the top 10 crypto projects all have TVLs past the one billion mark ranging from Curve to Synapse. In addition, despite the top three all being on the Ethereum blockchain, there are also other blockchains on the list.
Top 3 DEXs in Terms of TVL All on Ethereum Blockchain
Among the other blockchain DEXs on the list are PancakeSwap, built on the BSC blockchain, Trader Joe, built on Avalanche, VVS Finance, built on Cronos, Osmosis, built on Osmosis, and last but not the least, SpookySwap, built on Fantom.
Ben GCrypto also pointed out the importance of TVL saying that it is necessary when it comes to evaluating the "adoption scale of a Decentralized Exchange" through "calculating the TVL (USD) in the corresponding smart contract.
Here are the Top 10 DEXs by TVL:
Curve
Cryptocurrency ticker: CRV
Total value locked: 19.8 billion USD
Native blockchain: Ethereum
Uniswap
Cryptocurrency ticker: UNI
Total value locked: 7.76 billion USD
Native blockchain: Ethereum
SushiSwap
Cryptocurrency ticker: SUSHI
Total value locked: 4.79 billion USD
Native blockchain: Ethereum
PancakeSwap
Cryptocurrency ticker: CAKE
Total value locked: 4.77 billion USD
Native blockchain: Binance Smart Chain
Balancer
Cryptocurrency ticker: BAL
Total value locked: 3.37 billion USD
Native blockchain: Ethereum
Trader Joe
Cryptocurrency ticker JOE
Total value locked: 1.57 billion USD
Native blockchain: Avalanche
VVS Finance
Cryptocurrency ticker VVS
Total value locked: 1.38 billion USD
Native blockchain: Cronos
Osmosis
Cryptocurrency ticker OSMO
Total value locked: 1.37 billion USD
Native blockchain: Osmosis
SpookySwap
Cryptocurrency ticker BOO
Total value locked: 1.37 billion USD
Native blockchain: Fantom
Synapse
Cryptocurrency ticker: SYN
Total value locked: 1.19 billion USD
Native blockchain: Ethereum
Read Also: DeFiChain Outranked BTC in Top 10 Most Visited Coins in the Last 7 Days
Other Metrics of Measuring the Success of DEXs
DEXs, or decentralized exchanges, remain one of the most useful Dapps in the cryptosphere. Aside from TVL, another important metric to look at is their trading volume since this indicates how much people are using the DEX.
As seen on CoinMarketCap, the top DEX when it comes to trading volume is dYdX with a whopping 1.589 billion USD trading volume in the last 24 hours. Uniswap V3 comes in second with 1.475 billion USD with PancakeSwap V2 following at just 488 million USD.
Top 10 Decentralized Exchanges by Total Value Locked
— Ben GCrypto (@GCryptoBen) February 16, 2022
TVL is the most important indicator to evaluate the adoption scale of a Decentralized Exchanges by calculating the TVL (USD) in the corresponding smart contracts.$CRV $UNI $CAKE $SUSHI $BAL $JOE $VVS $OSMO $BOO $SYN pic.twitter.com/aWuwgSx3sI
Related Article: 555.55 Carat 'Space Diamond' Purchased by Founder of HEX.com for Over $4.2 Million Worth of Crypto
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Written by Urian B.
