Here is a Cardano DEX list for you to explore all the decentralized exchanges built on Cardano. There are multiple Cardano DEX projects for you to choose from, each with a different take on the DEX concept and the way of managing a decentralized exchange protocol.
Listed here are Cardano DEX projects that are based on both the automated market maker (AMM) and the traditional order book style of exchange. Both types of DEX on Cardano, like any other exchange, require a good amount of liquidity to operate effectively. This leads many to say that the best Cardano DEX is the one with the most liquidity. However, there are many other factors that the users of these DEXes would tell you to take into account before deciding which is the best Cardano DEX, and which one you should interact with (although a high amount of liquidity is a good indicator for users).
Interestingly, many Cardano exchanges, such as Sundaeswap, use the concept of “batchers” to collect, order, and execute transactions. This reliance on a small group of batchers to order and execute user transactions reduces the decentralized nature these exchanges as these entities could easily collude to front run transactions from particular wallets or to censor transactions from other wallets.
Frequently Asked Questions
- What was the first DEX on Cardano?
Whilst many think the first DEX on Cardano was Sundaeswap, as its launch was the most highly hyped, Muesliswap DEX actually came out of left field and pipped them to the post with their order book style DEX. Therefore, Muesliswap was the first working DEX to be built on Cardano.
- How many DEX are on Cardano?
There are over 20 DEXes building on the Cardano blockchain. Currently there are 4 DEXes live on the Cardano mainnet: Minswap, Wingriders, Sundaeswap, and Muesliswap; along with multiple others operating on the EVM-based Cardano sidechain Milkomeda.
- Does Cardano have a DEX?
Yes! Cardano has multiple DEXes live on mainnet and there are many currently under development by many members of the community. On top of DEXes. These Cardano decentralized exchanges come in both order book and automated market maker (AMM) formats.