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SushiSwap is a decentralized exchange that supports almost all Ethereum platform tokens. This exchange, which is very similar to the UniSwap exchange, has a very beautiful and simple user interface.
Sushi Swap exchange was launched in August 2020 by Chef Nomi and 0xMaki. It attracted many users immediately after its launch.
SushiSwap relies on Automated Market Makers or AMMs that create and manage a liquidity pool of tokens. And they determine the price of these tokens based on algorithms or mathematical formulas.
Using SushiSwap is simple. All you have to do is to connect your wallet to the platform and use the Swap option and set the amount of tokens to exchange them.
For this, we recommend the Metamask wallet.
No need for authentication.
Use of the pool and steak
The number of currencies is small
The fee is high
The SUSHI token is an ERC-20 token issued to liquidity providers on the SushiSwap exchange. Sushi Tokens are earned by providing liquidity to pools on Sushi Swap. This token is designed to reward users.
Metamask
WalletConnect
Coinbase Wallet
Fortmatic
Portis
Binance
Clover
The benefits of using a DEX go beyond your control over your assets, including: security, better privacy, and stability. Liquidity providers receive reduced transaction fees in both protocols. In UniSwap, the more liquidity a person provides, the greater the reduction in transaction fees from his pool. The consequence of this is that rewards for smaller liquidity providers decrease as resources increase. Conversely, SushiSwap designed its Sushi token release in such a way that early adopters of the protocol will receive 10 times the amount of Sushi as those who join the protocol later.
The Sushi Token can be used to reduce transaction fees from pools, even if early adopters refuse to provide liquidity to pools.
OpenOcean Exchange supports multiple blockchains such as Ethereum, Tron and Binance Smart Chain as well as centralized exchanges.
The OpenOcean platform was implemented in September 2020. Blockchain experts have developed and published the coding platform OpenOcean. The members of this 16-member team have worked in famous companies such as Intel, IBM and HP and have a lot of experience in investment and exchange mechanisms.
The Open Ocean protocol has been able to expand its goals and provide various facilities for users by using the experience of the project team and large companies.
Find the best prices in decentralized exchanges
Exchange between different blockchains
Arbitrage between decentralized and centralized exchanges
Offering lower gas fees by this exchange
Cryptocurrency transactions in different blockchains
The OpenOcean protocol supports Ethereum, Binance Smart Chain, Tron, ONT, SOL, Polygon, and HECO blockchains. This platform can collect decentralized exchanges that are created based on the aforementioned blockchains and offer the best price in the network that the user intends to trade with. The user can trade coins in this exchange that are produced based on these blockchains.
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Basically, DEX is a marketplace that allows users to exchange directly with each other, eliminating any middleman in the process. Let’s use Binance as an example. A typical Binance exchange acts as a third party that holds assets on behalf of its users.
On the other hand, Binance DEX allows users to trade with each other with direct control over their assets without any intermediaries. This platform does not store your private passwords or sensitive data; This allows you to have complete control over your digital currencies.
The fact that there are multiple servers around the world as opposed to a single central server means that the system is more robust and has much less downtime (a problem that centralized exchanges face during periods of high price volatility in the digital market be).
With the decentralized finance (DeFi) boom in 2020, a number of DEXs emerged, including Uniswap, Sushiswap, and Curve Finance. By January 2021, the monthly volume of decentralized exchanges reached $55 billion.
The design and user interface of Binance DEX will be familiar to anyone who has participated in digital exchanges before. As with any exchange, new users will probably be intimidated by the charts and data columns, but it only takes a few minutes of basic research to understand what it all means.
In terms of design, we’re big fans of the dark theme, which is much easier on the eyes than the bright white alternatives. The exchange page itself is well set up and viewing of various trading pairs is available Yes, making a transaction, ordering, etc. is easily accessible.
If you use this platform on your smartphone browser, you will see that the user interface is optimized as you expect. You only need a few extra clicks to show things like charts, which is clear and easy to do.
Getting started in this exchange is a little different than setting up an account in a regular exchange. Your journey begins at binance.org. By pressing the “DEX” button, you will be redirected to the main page of the exchange.
From here, you need to click on “Unlock Wallet” on the top right.
You have a few options here. If you have a wallet app that supports WalletConnect, you can simply scan the QR code to connect your mobile wallet to Binance DEX. It’s the fastest and easiest way to set up everything else, and it only takes a few seconds.
If you have a hardware wallet like Ledger or Trezor, you can easily set them up as well.
To create a new wallet with this option, you need to create a password and download the keystore file. In the future, you will need to load this Keystore file from your computer and you must enter the password before accessing.
We recommend you to make a backup of the Keystore file in several different places.
If you need to recover your keystore file or forget your password, you will be prompted to write down a recovery phrase. Your best bet is to write down the information on several pieces of paper and keep them in a safe place. All the above methods are quick and simple and should not take more than five minutes.
Trading on Binance DEX is a simple experience with low fees that will be very convenient for anyone with even a limited knowledge of how exchanges work. You can choose the trading pair you want from the left column and place your buy or sell orders as you wish.
However, you may be a bit confused to start trading and receiving assets from this decentralized exchange. Because the performance of this type of exchange is a little different from what you are used to. The easiest thing is to top up your account with BNB; This can be done by sending BNB to the address above the balance section.
If you don’t already have BNB in your digital wallet, you can buy some in official currencies of selected countries by clicking the “Buy Assets” button on the top right of the balance page. However, when it comes to other asset deposits and withdrawals, things get a little more difficult.
Essentially, this suite has rules that apply to tokens on the chain, and “twisted” versions of currencies like Bitcoin BEP2 that are supported on the chain can benefit from its speed, security, and efficiency. But there is a weakness in this.
Since the Binance chain uses the BEP2 standard for tokens, you cannot directly deposit other digital currencies such as BTC or ETH into the network. You can only send and receive those tokens in the same way that ERC-20 tokens work on the Ethereum network.
If you stick to the simpler route of depositing or buying BNB instead, you can buy BTC and ETH, for example. But you have to deposit them to your regular Binance account and then withdraw them as BTC and ETH. Without understanding the intermediary step of initially sending these tokens to Binance, you cannot withdraw them directly from your ETH and BTC wallets. This process may seem a little inconvenient and confusing, but it is possible to implement it.
As the variety of exchanges continues to expand, Binance DEX is one of the most secure available to you. For starters, like other decentralized exchanges, servers are spread around the world instead of being concentrated in one region. This means they are almost immune to hacker attacks and less vulnerable. So if one server goes down, it will have much less impact on the entire network.
The second reason why Binance DEX is secure is because of its decentralized nature. When you make a transaction, the exchange itself is not dealing with an asset alone. The same is true for hackers. Because of this indirect receipt of assets by the exchange, if the exchange is hacked, there is no way for hackers to access your assets. Because they are always stored in your wallet, not in the exchange itself.
In contrast, centralized exchanges store your funds until you decide to withdraw them. If they are closed or compromised by a security attack, your assets will be lost forever. If you want maximum security, we recommend using a hardware wallet, as there is a risk of getting lost.
