Mercuryo, a crypto payments firm, has unveiled a Mastercard debit card for European crypto holders. The virtual card, named Spend, lets users convert crypto to fiat for purchases. It's available across the EU. Users can buy stuff at over 90 million Mastercard merchants. Polish fintech Quicko issues the card. Mercuryo aims to make Spend widely accepted. "Spend's launch is a big deal for us," says Petr Kozyakov, Mercuryo's co-founder and CEO. He's pretty chuffed about it. "It's a step towards making crypto more mainstream." The card works with a non-custodial wallet. Users keep their crypto keys. It supports 40 cryptocurrencies, including Ethereum and Solana. No word about Bitcoin, though. Mercuryo claims instant conversion from crypto to fiat. No waiting around like with banks. For now, it's just for the European Economic Area. But they're planning to roll it out globally soon. The card has a €40,000 monthly limit. There's a €1.60 issuance fee and a €1 monthly maintenance fee. Users gotta follow anti-money laundering rules. Mercuryo isn't the first to launch a crypto-to-fiat card. MetaMask did it in August with Mastercard. Bybit's been offering one since last year. It's a crowded field. But Mercuryo's betting on its competitive fees and security to stand out. Time will tell if they've got what it takes to make a splash in the crypto payments world.

Ethereum's layer-1 network has taken a beating. Revenue has plummeted by 99% since March 2024. The Dencun upgrade is the culprit. Layer-2 solutions are thriving. They're attracting more users and offering lower fees. Token Terminal data confirms this trend. The Dencun upgrade went live on March 13. It optimized layer-2 transactions. Days before, Ethereum's layer-1 revenue topped $35 million. Then fees began to nosedive. By August's end, revenue hit rock bottom at $600,000. This shift reveals changing user behavior in the Ethereum ecosystem. "Blobs" are the game-changer. They allow layer-2 solutions to process transactions with less reliance on layer-1. The result? Dirt-cheap transactions. Layer-1 revenue has fallen off a cliff. But it's not all doom and gloom. Layer-2 projects are popping up like mushrooms. There are now 74 solutions duking it out. It's a race to the bottom for transaction fees. Users are laughing all the way to the bank. They're saving a bundle on faster transactions. Some validators reckon the fee focus is off-base. Ryan Berckmans, a big-shot validator, argues layer-2 success makes Ethereum more accessible. He quips, "Fees are a result of Ethereum being useful, not the goal in itself." The community's split on this one. Some worry about long-term consequences. The reduced ETH burn rate has flipped the supply from deflationary to inflationary. This raises eyebrows about ETH's future value. Some reckon blob fee tweaks might be needed to rebalance the scales. Despite the hubbub, institutional interest is picking up. Coinbase, Circle, and even BlackRock are backing Ethereum. They're building infrastructure for the long haul. Ethereum fanboy Adriano Feria reckons this institutional support is the real deal. He says speculation might bring a flash in the pan, but it's the big players that'll drive real progress. Feria's bullish on layer-2 solutions. He sees them unlocking new possibilities and jazzing up the user experience. Giants like Coinbase's Base and Arbitrum are tapping into Ethereum's liquidity. They're proving layer-2 can coexist and thrive alongside layer-1. The layer-2 boom is hitting Ethereum's layer-1 revenue hard. But it's opening a new chapter for the network. The Dencun upgrade has reshaped the landscape, making transactions cheaper and more accessible. With institutional interest brewing and users flocking to layer-2 solutions, Ethereum might be on the cusp of its next evolution. It's a bumpy ride, but the destination could be worth it.

Vitalik Buterin, Ethereum's co-founder, has hit back at critics. They claim he "doesn't care" about decentralized finance (DeFi). The backlash erupted over the weekend. Kain Warwick, yield farming pioneer, sparked the debate. He appeared on a crypto talk show on August 23. Warwick voiced frustration with the Ethereum Foundation's (EF) recognition of DeFi. "One of the most critical things that he's gotten wrong over the last five years is the importance of DeFi," Warwick said. He loves Vitalik but disagrees with his DeFi stance. Warwick claimed Buterin's language equates to "stop doing DeFi". This has irked the DeFi community. "Stop discouraging the main use case of the chain," he stressed. The criticism spread on social media. One user argued that Ethereum's value and DeFi are inseparable. Buterin broke his silence. He responded to a post questioning his support for USDC over DeFi. In his defense, Buterin clarified his views. He wants useful and sustainable applications. They should uphold permissionlessness and decentralization. "I think DEXes are great, and I use them every week," Buterin stated. He praised decentralized stablecoins and prediction markets. USDC? Less great, but practical. Buterin's not keen on unsustainable projects. He felt "no excitement" for the 2021 liquidity farming craze. It relied on temporary token issuances. The debate coincided with a large Ethereum transfer. The EF moved about 35,000 ETH ($96 million) to Kraken. It's just "treasury management", they say. This DeFi drama shows Ethereum's growing pains. Balancing innovation and sustainability isn't easy.

Scalability remains a critical challenge in the blockchain world. The early giants like Bitcoin are obviously failing to meet the growing demands of the crypto community. That’s when Layer 2 solutions break in to save the day. Oh wait, before you get used to Layer 2, there is Layer 3 already at the gates. As networks like Ethereum struggle to meet the growing demand for transactions, innovative solutions have emerged to address these limitations. Two such solutions that have gained significant traction are Layer 2 (L2) and Layer 3 (L3) technologies. While both aim to improve blockchain scalability, they operate in distinct ways and serve different purposes. It is easy to get confused with the intricacies of L2 and L3 solutions, so let’s explore their differences, use cases, and potential impact on the future of blockchain ecosystems. Understanding Layer 2 Solutions What is Layer 2? Layer 2 solutions are protocols built on top of existing blockchain networks, primarily designed to handle transactions off the main chain while inheriting the security guarantees of the underlying blockchain. These solutions aim to increase transaction throughput and reduce fees without compromising the decentralization or security of the base layer. Basically, L2 is something like a turbo charger sitting on top of a naturally aspirated car engine. L2 doesn’t change the underlying idea of how the blockchain works, yet it’s innovative enough to influence the whole picture. It unloads the blockchain, speeding it up. The core concept behind L2 solutions is to move a significant portion of transaction processing off-chain, only settling the final state on the main chain. This approach allows for faster and cheaper transactions, as the main chain is not burdened with processing every single operation. Instead, it only needs to validate and record the final outcomes of batched transactions. Some people say Layers 2 was the biggest innovation in crypto since the invention of crypto itself. Now let’s take a look at some tech details. Several types of L2 solutions have gained prominence in recent years: State Channels: These allow participants to conduct multiple transactions off-chain, only settling the final state on the main chain when the channel is closed. State channels are particularly useful for applications requiring frequent, bi-directional transactions between a fixed set of parties. Plasma Chains: Introduced by Vitalik Buterin and Joseph Poon, Plasma is a framework for creating child chains that periodically commit their state to the main chain. These child chains can have their own consensus mechanisms and block validation rules, allowing for greater flexibility and scalability. Rollups: This category of L2 solutions has gained significant traction, particularly in the Ethereum ecosystem. Rollups execute transactions off-chain but post transaction data on-chain, allowing for robust security guarantees. There are two main types of rollups: a. Optimistic Rollups: These assume transactions are valid by default and only run the computation, via a fraud proof, in case of disputes. Examples include Optimism and Arbitrum. b. Zero-Knowledge (ZK) Rollups: These generate cryptographic proofs (known as validity proofs) to verify the correctness of off-chain transactions. Examples include zkSync and StarkNet. Sidechains: While technically not always considered true L2 solutions, sidechains are separate blockchains that run parallel to the main chain and can facilitate faster, cheaper transactions. They typically have their own security mechanisms and may periodically checkpoint to the main chain. To sum up. The primary advantage of L2 solutions is their ability to significantly increase transaction throughput. The security of the underlying blockchain remains intact. The fees plummet. Just look at some L2 solutions on Ethereum. While basic network has a very low TPS (transactions per second), the L2 solution speed that up a thousand times. That sounds like miracle. Which in fact it is. Yet, there are some caveats. Or, as some people may put it, challenges. The thing is that different L2s may have varying degrees of composability with the base layer and with each other. This can lead to fragmentation of liquidity and challenges in creating seamless user experiences across different L2 ecosystems. Additionally, some L2 solutions introduce new trust assumptions or have complex withdrawal processes that can impact user experience and security. What is Layer 3? Enter L3 solutions, a different kind of crypto animal. The concept of Layer 3 has emerged as a potential next step in scaling and specialization. Using that car analogy again, L3 is to L2 what bi-turbo engine systems are to usual turbo chargers. While that might seem overwhelming and ungodly complicated, the difference can be explained at once. While L2 solutions focus on scaling the base layer, L3 solutions build upon L2 to provide even more specialized functionality and performance optimizations. The key idea behind L3 is to create a layered architecture where each level serves a specific purpose: Layer 1: The base blockchain (e.g., Ethereum mainnet) Layer 2: Scaling solutions that inherit security from L1 Layer 3: Highly specialized chains or applications built on top of L2 Of course, ll this is not carved in stone. L3 solutions are still a relatively new concept, and their exact implementation can vary. However, some common approaches and use cases for L3 include: Hyper-scalability: By building on top of L2 networks, L3 solutions can potentially achieve even greater scalability. This could allow for applications that require extremely high transaction throughput, such as complex gaming ecosystems or large-scale decentralized social networks. Application-Specific Chains: L3s can be designed to cater to specific use cases or industries. For example, a gaming-focused L3 could be optimized for the unique requirements of blockchain games, such as frequent state updates and complex in-game economies. Privacy Layers: While some L2 solutions offer improved privacy features, L3 could provide dedicated privacy-focused environments built on top of scalable L2 networks. This could enable applications that require both high throughput and strong privacy guarantees. Interoperability Solutions: L3 networks could serve as bridges between different L2 ecosystems, facilitating cross-L2 communication and asset transfers. This could help address the fragmentation issues that arise from having multiple, distinct L2 networks. Customized Execution Environments: L3s could offer highly specialized execution environments tailored for specific types of computations or smart contract languages. This could enable more efficient processing of certain types of transactions or the use of domain-specific languages for particular applications. And here comes the big thing. While L2 solutions need to maintain a certain level of generality to serve a wide range of applications, L3s can be more narrowly focused on specific use cases. This specialization could lead to significant performance improvements and enable new types of decentralized applications that were previously infeasible due to technical limitations. There is a bullet for every mark, to put it simply. Yet, as with any fresh technology, L3 comes with caveats of its own: Complexity: Adding another layer to the blockchain stack increases overall system complexity. This could make it more difficult for developers to build and maintain applications, and for users to understand and navigate the ecosystem. Security Considerations: Each additional layer introduces new potential attack vectors and security considerations. Ensuring the security of L3 solutions while maintaining their benefits will be crucial. Interoperability: As with L2 solutions, ensuring seamless interoperability between different L3s and with the underlying L2 and L1 layers will be essential for widespread adoption. Decentralization: There's a risk that highly specialized L3 solutions could lead to increased centralization if not carefully designed. Maintaining the decentralized ethos of blockchain technology will be an important consideration in L3 development. Comparative Analysis: Layer 2 vs. Layer3 Now, since we have taken a separate looks at L2 and L3 it is time to push them together. Both L2 and L3 aim to improve blockchain scalability and functionality. But in fact they serve different purposes: Scope and Specialization: L2 solutions are generally broader in scope, aiming to scale the base layer for a wide range of applications. L3 solutions tend to be more specialized, focusing on specific use cases or optimizations. Relationship to Base Layer: L2 solutions directly interact with and derive security from the base layer (L1). L3 solutions typically build on top of L2, sometimes they have no intersection with the base layer. Scalability Improvements: L2 solutions offer significant scalability improvements over L1, often increasing throughput by orders of magnitude. L3 solutions have the potential to provide even greater scalability, building on the improvements already achieved by L2. Complexity and Development: L2 solutions are more established and have more mature development tools and ecosystems. L3 solutions are still emerging and may require more complex development processes and new tools. Use Cases: L2 solutions are suitable for a wide range of applications that require improved scalability and lower fees. L3 solutions may be better suited for highly specialized applications or those requiring extreme performance in specific areas. Security Model: L2 solutions typically inherit security directly from the base layer, with various mechanisms to ensure transaction validity. L3 solutions may have more complex security models, potentially relying on both L1 and L2 for different aspects of security. Interoperability: L2 solutions often focus on interoperability with the base layer and, to some extent, with other L2s. L3 solutions may need to consider interoperability across multiple layers (L1, L2, and other L3s), potentially increasing complexity. Why It Matters: The Impact on Blockchain Ecosystems Now that we’ve dug into the depth of technologies, it’s time to gaze into the future. The development and adoption of L2 and L3 solutions have far-reaching implications for the blockchain industry and its potential applications: By addressing the scalability limitations of base layer blockchains, L2 and L3 solutions pave the way for broader adoption of blockchain technology. This could enable blockchain-based systems to compete with traditional centralized systems in terms of transaction throughput and cost-effectiveness. The increased scalability and reduced fees offered by L2 and L3 solutions open up possibilities for new types of decentralized applications. Use cases that were previously impractical due to high costs or low throughput, such as micro-transactions or complex on-chain games, become feasible. The development of various L2 and L3 solutions creates a more diverse blockchain ecosystem. This diversity can foster innovation and provide users and developers with a range of options to suit their specific needs. Lower fees and faster transactions enabled by L2 and L3 solutions can significantly enhance the user experience of blockchain applications. This improvement is crucial for attracting mainstream users who may be deterred by the high costs and slow speeds of some base layer transactions. By processing more transactions off the main chain, L2 and L3 solutions can help reduce the overall energy consumption of blockchain networks, particularly those using Proof-of-Work consensus mechanisms. The layered approach allows for greater specialization at each level. This can lead to optimized performance for specific use cases and more efficient use of blockchain resources overall. And wait, there is more. The development of L2 and L3 solutions highlights the need for robust interoperability solutions. Addressing these challenges could lead to a more connected and fluid blockchain ecosystem. As the blockchain stack becomes more complex with additional layers, maintaining decentralization and security becomes both more challenging and more critical. This focus drives innovation in cryptographic techniques and consensus mechanisms. The Future Landscape: Integrating L2 and L3 Solutions As the blockchain industry continues to evolve, we can expect to see a more integrated approach to L2 and L3 solutions. That seems rather logical, ain’t it? Rather than viewing them as competing technologies, the future likely lies in leveraging the strengths of both to create more robust, scalable, and versatile blockchain ecosystems. One potential scenario is the emergence of "Layer 2.5" solutions that blur the line between L2 and L3, offering both general scalability improvements and specialized functionality. We may also see increased interoperability between different layers, allowing for seamless movement of assets and data across L1, L2, and L3 networks. Maybe these hypothetical L2.5 solutions will be the true future if the crypto, who knows. Why? Well, the development of these layered solutions will likely be accompanied by advancements in user interface design and developer tools. Moreover, as these technologies mature, we may see increased standardization and the emergence of best practices for implementing and integrating L2 and L3 solutions. This could lead to more cohesive blockchain ecosystems and facilitate easier adoption by enterprises and institutions. Conclusion It all seems rather complicated, yet this story has all the chances to come to the happy ending. The distinction between Layer 2 and Layer 3 solutions is not about competition or any kind of a technology war. It represents the ongoing evolution of blockchain technology as it strives to meet the demands of a growing and diverse user base. While L2 solutions focus on scaling the base layer and improving overall performance, L3 solutions aim to provide highly specialized environments for specific use cases. One day they may fuse into a whole other level of solutions that will change the development of blockchain networks forever.

Layer 2 projects are becoming a key focus in the blockchain world. In 2024, these projects are set to drive the next wave of innovation. It’s been a while since Bitcoin shed light on the vast possibilities of the crypto world. Enthusiast have tried hard to improve the first generation of blockchain products, which led to hundreds of immensely interesting projects, including NFTs, meme coins and many more. But Layer 2 projects seem to be the definitive force of the new age of crypto. Built on the shoulders of the giants, like Bitcoin and Ethereum, they are shedding light on what crypto may become in the near future. Here’s a brief description on what Layer 2 projects are and a look at the top five Layer 2 projects that are leading the charge. What is Layer 2? Strictly speaking, Layer 2 is a secondary framework or protocol built on top of an existing blockchain system. As of now, the main blockchain protocol is referred to as Layer 1 (L1), while Layer 2 (L2) is an overlaying network. At first these overlaying networks were aimed to solve the transaction speed and scaling difficulties faced by major cryptocurrency networks like Bitcoin and Ethereum. Then developers saw the unlimited abilities of L2 solutions. And the game went to a totally different level. Why is Layer 2 Important? Layer 2 solutions are crucial for several reasons. Scalability: As blockchain networks grow, they often face congestion issues. Layer 2 helps process transactions off the main chain, increasing the overall capacity of the network. Speed: By handling transactions off-chain, Layer 2 solutions can dramatically increase transaction speeds. Lower Costs: With reduced congestion on the main chain, transaction fees (gas fees in Ethereum's case) can be significantly lowered. Maintaining Decentralization: Layer 2 allows blockchains to scale without compromising on decentralization or security. Enabling New Use Cases: Faster and cheaper transactions open up new possibilities for blockchain applications, especially in areas like gaming and micro-transactions. How Layer 2 Works Layer 2 solutions typically work by taking transaction data off the main blockchain (off-chain) for processing, then returning it to the main chain for finalization. This process can be done in various ways, including: State Channels: Parties can conduct multiple transactions off-chain and only settle the final state on the main chain. Sidechains: Separate blockchains that run parallel to the main chain and periodically sync with it. Rollups: Bundle multiple off-chain transactions into a single on-chain transaction. Challenges and Future of Layer 2 While Layer 2 solutions offer significant benefits, they also face challenges: Complexity: Users and developers need to adapt to new systems and interfaces. Liquidity Fragmentation: Assets can be spread across different Layer 2 solutions. Interoperability: Ensuring smooth communication between different Layer 2 networks and the main chain. Despite these challenges, Layer 2 solutions are seen as critical for the future of blockchain technology. As they mature, we can expect to see: Increased adoption by major DeFi (Decentralized Finance) projects More user-friendly interfaces that hide the complexity of Layer 2 Improved interoperability between different Layer 2 solutions New innovative applications leveraging the speed and low cost of Layer 2. Top 5 Layer 2 Project in 2024 Now with all that said, let’s take a look at seven Layer 2 projects that may alter the near future of the crypto market. Arbitrum Arbitrum has gained significant traction. Known for its speed and lower fees, it’s designed to scale Ethereum. According to official info, Arbitrum can process transactions up to 10 times quicker than Ethereum’s mainnet. And thus it is able to save up to 95% on gas expenses. What’s even more impressive is its peak throughput - 4,000 TPS. Developers are flocking to it because it’s compatible with Ethereum's tooling. Steven Goldfeder, CEO of Offchain Labs, highlighted, “Our mission is to make Arbitrum the go-to Layer 2 solution for Ethereum scaling.” The platform continues to see rapid adoption, with over $2 billion in total value locked (TVL) in early 2024. At the moment, Arbitrum holds a more than 51% market share among Ethereum’s top Layer 2 crypto projects. Optimism Optimism has an optimistic name and quite a future as it may seem. This Layer 2 project is another key player. It focuses on scaling Ethereum while maintaining decentralization. How fast is Optimism? Oh it is fast. Optimism has a throughput of around 4,000 TPS. Just as fast as Arbitrum, as you can see. This means the Layer 2 platform can handle transactions up to 26x quicker than Ethereum’s mainnet. But there is more to it. In addition, Optimism also reduces gas fees by 90%. The force of nature himself, the one and only Vitalik Buterin has praised its innovative approach. “Optimism is critical to Ethereum’s future scalability,” Buterin stated. The platform’s TVL stands at approximately $1.5 billion, and its ecosystem is expanding fast. The community-driven governance model is also a major draw for developers and users alike. Polygon (Matic) Polygon remains a major force in the Layer 2 arena. It uses a smooth combination of Plasma Chains and Proof-of-Stake (PoS) sidechains. This unique combination helps Polygon significantly improve transaction speed and reduces costs. And security levels remain among the highest possible on the blockchain. Polygon has a phenomenal throughput of about 65,000 TPS.  Its multi-chain approach and unique interoperability has attracted a wide range of projects. Some people claim Polygon reflects the very soul of the DeFi space, easily supporting cross-chain transactions and interactions. Polygon hosts some of the top DeFi protocols like Aave, Sushiswap, and a couple of other top NFT platforms. Sandeep Nailwal, co-founder of Polygon, mentioned, “We are building the internet of blockchains.” Polygon’s TVL has exceeded $3 billion, making it one of the most widely adopted Layer 2 solutions. Lightning Network This one is a perfect choice for Bitcoin maximalists, like Michael Saylor or Jack Dorsey. Some people still believe that Bitcoin is the only ‚true crypo‘, whatever that means. But while Bitcoin is perfectly good for holding, sorry, HODLing, it is too slow for everyday usage. Some people are making enormous efforts to fix that. Lightning Network is basically a Bitcoin-focused layer2 platform with cheap transactions. With a throughput of up to 1 million TPS, the Lightning Network makes it easy for anyone to use Bitcoin and at a lower cost. That’s when the hope of paying with BTC for your morning coffee or carwash becomes plausible. The platform supports off-chain transactions using a network of bi-directional payment channels. Thus, users can perform several microtransactions instantly without congesting the Bitcoin network. By settling transactions off-chain, the Lightning Network makes Bitcoin scalable and easier to use. Wide adoption of the Lightning Network may change the crypto landscape significantly. Immutable X ImmutableX is a popular Ethereum Layer-2 blockchain for NFTs with high throughput and significant market share. It is built on Ethereum and focuses on NFTs and Web3 gaming experience, while offering zero gas fees for transactions. In fact, with minimal fees Immutable X allows for over 9,000 TPS, which makes it one of the fastest Layer 2 blockchain solutions. The network is powered by IMX tokens, used for staking, governance participation, and paying fees, whatever small they might be. On Immutable X, gamers benefit from quick transactions and miscellaneous games interoperability. Ownership of actual NFTs is also a great feature. Developers enjoy low costs, easy-to-use tools, and a supportive community. Here on Immutable X, one can find utterly easy ways to create NFT projects. Robbie Ferguson, co-founder of Immutable X, emphasized, “Our goal is to make NFTs accessible to everyone.” The platform has seen strong growth, with a TVL of over $700 million. Its partnership with major gaming companies highlights its potential.

Decentralised Exchanges (DEX) volume is on the rise, showing the increasing shift in crypto trading. Traders begin to depart from Centralised Exchanges (CEX) to on-chain trading. They choose self custody, enhanced security and lower fees. DEXs saw a 15.7% quarter-on-quarter increase in spot trading volume, while CEX experienced a 12.2% decline. The ratio of DEX to CEX trading is at an all time high, indicating changing users habits and preferences. Traders change their habits praising decentralised nature of the crypto in a way even Satoshi Nakamoto himself would definitely appreciate. Or maybe he does. While Binance and Coinbase - the well established CEXs - are still the names dominating in crypto space, there many new DEXs that are gaining momentum. Here is a list of top 10 of DEXs right now. Let’s see what are they and what’s so special about them, especially in terms of numbers. Decentralised Exchanges vs Centralised Exchanges - Key Differences Let’s start with a brief reminder for those who doesn’t have full clarity here. A Decentralized Exchange (DEX) is a type of cryptocurrency exchange that operates without a central authority. Instead of relying on a third party to hold funds, trades are conducted directly between users through an automated process, usually using smart contracts. This system enhances security and privacy since users maintain control over their assets throughout the transaction. DEXs typically support peer-to-peer trading and offer lower fees compared to centralized exchanges. However, they can also have lower liquidity and may be less user-friendly for beginners. DEXs differ from centralized exchanges (CEXs) in several key ways. CEXs are managed by a central organisation that controls the platform and holds users’ funds, often requiring users to trust the exchange with their assets. While CEXs typically offer higher liquidity, faster transactions, and a more user-friendly experience, DEXs provide greater autonomy and reduce the risk of hacks or misuse of funds by the exchange. Top 10 Best Decentralised Exchanges in 2024 Uniswap – Largest DEX in the World of DeFi Uniswap, created in 2018 by ex-Siemens engineer and built on Ethereum, remains a cornerstone of decentralized finance. It employs an Automated Market Maker (AMM) model, which replaces traditional order books with liquidity pools. This model ensures continuous liquidity for traders. Uniswap V3 introduced concentrated liquidity, enabling users to allocate funds more efficiently, optimizing capital usage. Another great feature here is cross-chain compatibility. Uniswap supports multiple blockchains, including Ethereum, Polygon, Optimism, Arbitrum, Celo, BNB Chain, and Avalanche. Accessibility and user options are almost limitless. You can easily use Uniswap with any of the most popular crypto wallets, like MetaMask or other Ethereum-compatible. With over $3 billion in daily trading volume and support for multiple chains, it’s a powerhouse for serious DeFi participants. dYdX – King of Derivatives dYdX specializes in derivatives trading, offering perpetual contracts with up to 20x leverage. It operates on Layer 2, reducing gas fees and improving transaction speeds. The platform has integrated zero-gas trading and advanced order types like limit, stop, and trailing stop orders, catering to sophisticated traders. And of course, it is impossible not to mention competitive fees, which is particularly advantageous for average traders. Users with monthly trading volumes below $100,000 incur no trading fees. dYdX supports a wide range of wallets, including some of the most popular options in the market. Let’s just name MetaMask, Coinbase Wallet, Ledger and Trezor. With over $1 billion in daily trading volume, dYdX stands out for its deep liquidity and institutional-grade trading experience. PancakeSwap – Largest DEX on Binance Smart Chain PancakeSwap operates on Binance Smart Chain (BSC), providing low transaction fees and high throughput. It offers a wide range of DeFi services, including yield farming, staking, and Initial Farm Offerings (IFOs). The platform uses an AMM model and supports BEP-20 tokens. And it offers truly decentralized trading - users can swap tokens directly from their wallets without creating an account or registering, and that is a really seamless trading experience for those who are concerned about privacy and anonymity. Funny thing about anonymity here, by the way. The team behind PancakeSwap (users almost officially call them “the Chefs”) remains anonymous. No one knows who started PancakeSwap, who is developing it now etc. That’s a true crypto way, Satoshi-style, to say the least. With over $12 billion in total value locked (TVL) and millions of active users, PancakeSwap is a dominant force in the BSC ecosystem, known for its high yields and community-driven approach. SundaeSwap – Best Choice for Cardano Fans SundaeSwap is the premier DEX on Cardano, leveraging the blockchain’s unique UTXO model to enhance security and scalability. It offers liquidity pools for ADA and other Cardano-native assets, using an AMM model. SundaeSwap’s launch in 2022 marked a significant milestone for the Cardano ecosystem, attracting a substantial user base. With its focus on decentralization and low transaction fees, SundaeSwap is crucial for traders within the Cardano network. You should have one of those lesser known wallets installed to be able to work with SundaeSwap - Nami Wallet, Flint Wallet, ccVault, Yoroi Wallet. SunSwap – A Place for TRON Nerds SunSwap operates within the TRON ecosystem, offering low fees and fast transaction times, thanks to TRON’s high-performance blockchain. It supports all TRC20 tokens and provides liquidity mining opportunities. SunSwap's integration with Sun.io adds governance and yield farming features, making it more versatile. With its deep liquidity and expanding user base, SunSwap is the go-to platform for TRON users looking to maximize their returns. Some of the popular crypto wallets like Bitget Wallet, Ledger, OKX are perfect to cooperate with SunSwap. Osmosis – If You want a DEX for Cosmos Osmosis is the leading DEX in the Cosmos ecosystem, facilitating cross-chain swaps through the Inter-Blockchain Communication (IBC) protocol. It supports over 50 blockchains, providing seamless asset transfers with low fees. Osmosis also offers customizable liquidity pools, allowing users to create pools with different ratios and fees. You can set own swap fees and reward incentives, providing greater flexibility and control. With a growing TVL and active community governance, Osmosis is pivotal for cross-chain DeFi activities. Curve Finance – A Stablecoins Haven Curve Finance is the leading DEX for stablecoin trading, designed to minimize slippage and impermanent loss. It employs a unique bonding curve to provide deep liquidity for stablecoins and other pegged assets. Curve’s integration with other DeFi platforms, like Yearn Finance, enhances its yield-generating capabilities. Curve Finance is known for its extremely low fees. User enjoy a flat trading fee of 0.04%. That is significantly lower than many other DEXs offer. The list of supported wallets includes well-known «usual suspects» like MetaMask, Trust Wallet, Coinbase Wallet, as well as Ledger and Trezor. With over $20 billion in TVL, Curve remains a key player in the stablecoin market, offering some of the lowest fees and most efficient trading routes. Balancer – Automated Crypto Pools Some people say Balancer is not a crypto exchange, but rather - a DeFi version of a traditional index fund. Well, have you seen a decentralised index fund? Being unique in this way, Balancer still has a number of other gimmicks. It allows users to create and manage automated liquidity pools with customizable weights. It supports multi-token pools, enabling users to create diversified portfolios within a single pool. Balancer’s Smart Order Routing (SOR) system optimizes trades across its pools for better pricing. With its flexibility and innovative approach, Balancer has secured a significant position in the DeFi space, particularly for those looking to manage complex, multi-asset strategies. Balancer supports MetaMask and Coinbase Wallet, as well as multiple wallets in WalletConnect. Raydium – Solana’s Largest DEX Raydium is a key DEX on Solana, known for its fast and low-cost transactions. It integrates with the Serum order book, providing access to liquidity across the Solana ecosystem. Raydium offers yield farming and staking options, making it a comprehensive DeFi platform. With Solana’s growing popularity, Raydium has become a central hub for traders and liquidity providers seeking to capitalize on Solana’s high-performance blockchain. But there is more. Raydium's secret sauce is the OpenBook. This clever bit of tech marries Raydium's automated market maker (AMM) with an old-school order book. It's not your garden-variety AMM, mind you. The real kicker is their Concentrated Liquidity Market Maker (CLMM). It's a mouthful, but here's the gist: liquidity providers can zero in on where the action is. They pick a sweet spot for trades in a pool. It's a far cry from Uniswap's approach. There, liquidity is spread thin across the board, from zero to infinity. Raydium's method? It's like putting your chips on red instead of covering the whole roulette table. Jupiter – Another Solana’s DEX Jewel Jupiter excels in price discovery on Solana, aggregating liquidity from multiple sources to ensure optimal trading rates. It is designed to provide users with the best rates for token swaps by aggregating liquidity from multiple DEXs protocols. A kind of a Swiss army knife. To achieve this Jupiter supports a wide range of tokens and integrates with various Solana-based DeFi protocols. Jupiter’s advanced routing algorithms help users achieve the best possible prices for their trades. There are some other clever features. Take the DCA (Dollar-Cost Averaging). This function allows users to buy a fixed amount of tokens within a set price range over a specified period, with flexible intervals (minutes, hours, days, weeks, or months). Jupiter itself does not charge transaction fees but has fees for specific features. For instance, there are Limit Order Fees: 0.2% on taker orders. And partners integrating Jupiter Limit Order receive 0.1% referral fees, while Jupiter collects the remaining 0.1% as platform fees. As for DCA, there is a small 0.1% fee upon order completion. The list of supported wallets is vast. It includes OKX Wallet, Trust Wallet, Phantom, Coinbase Wallet. As Solana continues to grow, Jupiter’s role in the ecosystem is set to expand, offering traders an indispensable tool for navigating Solana’s dynamic market.