17 Tweets 1 reads Jan 29, 2023
1) Since the fall of many notable exchanges a lot of users are asking themselves:
β€’ Should I use a #DEX?
β€’ Which ones should I use?
πŸ§΅πŸ‘‡
2) β€œNot your keys, not your crypto”
FTX’s collapse is a symptom of a problem inherent to ALL centralized exchanges, also known as custodial exchanges.
Customers tokens parked on the platform are exposed to the risk the exchange could go bust.
3) Many #CEX customers have lost faith and are now rushing to withdraw their funds, opting for non-custodial solutions instead.
This is where #DEXs come in.
4) Decentralized exchanges are decentralized finance (#DeFi) protocols that allow users to trade directly with other users via smart contracts.
All this without handing over management of their funds to an intermediary or custodian like a #CEX does.
5) This feature makes it impossible for centralized players to siphon user funds and is why people are doing their trading on #DEXs instead.
Why did people ever use a #CEX in the first place then?
They used to be way superior in features and possibilities UNTILL now.
6) Gone are the days where a #DEX could only trade on 1 single chain.
⏩ Trade ethereum assets against Ethereum assets only.
#DEXs today can quite often trade assets against each other on ANY chain.
⏩ #ethereum vs #smartchain vs #polygon vs #Fantom vs...
7) All without the comfort of your assets NEVER leaving your wallet in the first place.
But which #DEXs are actually good though?
Can any #DEX trade all assets?
They can't and not all of them are equally user friendly or low on fees.
I have done the work for you though πŸ‘‡
8) @FinanceChainge
$CHNG has been called "the most liquid dex on the market".
β€’ Interoperability
β€’ Highest DEX liquidity
β€’ Decentralized staking
β€’ Security.
As far as available trading pairs goes it has almost everything.
REALLY has my vote.
9) @THORSwap
$THOR is another one of my favorite #DEXs I would recommend EVERYDAY.
It makes use of #thorchain which makes NATIVE cross-chain swaps possible.
Together with $CHNG these one are probably my absolute favorite and reputable ones.
10) @THORWalletDEX
$TGT is another #DEX that's made by #thorchain.
The team is implementing as many features as they can AND providing support for many chains.
#Thorwallet is a pretty great DEX that I also would use anyday.
11) @FerrumNetwork
$FRM is more than just a #DEX but that doesn't mean they haven't perfected their trading experience.
#Ferrum multiswap aims to be the most interopable solution in the market and will soon support any chain.
12) @DeFi_ARC
Just like the previous one, $ARC is more than only a #DEX.
#ARC will provide users with a simple-to-use, all-in-one unified dashboard for trading.
13) These aren't the only #DEXs out there.
I could have made a way longer list of available ones that are okay to be used.
These are just the ones I've grown comfortable using and have experience with.
You also don't need to use all of them.
Stick to your favorite ones.
14) I also need to mention that all the popular single chain decentralized exchanges we know and use are also pretty great.
β€’ #Uniswap for Ethereum
β€’ #Pancakeswap for Binance
β€’ #Spookyswap for Fantom
β€’ ...
15) But if many are looking for a #CEX like experience they probably are looking to trade as many assets from one #DEX as possible.
You can't do that on some of the most well known and popular ones.
You would need to hop from DEX to DEX.
16) That's it βœ…
Make sure you always protect your funds and NEVER share your private key.
Also don't store it on your computer either.
Write it down on a piece of paper and store it safely away.
Trade safe ❀️
17) If you want to keep up to date to most of my content give me a follow @CryptoGirlNova.
Would love the support if you could like and retweet the first tweet. Thank you πŸ™β€οΈ
First tweet πŸ‘‡

Loading suggestions...