Similar Software to SushiSwap: 5 best alternatives for 2023We have 5 alternatives to SushiSwap. The best SushiSwap alternatives are Uniswap, PancakeSwap, and Binance DEX.
SushiSwap is a DEX launched in 2020, running on Eth with the governance token Sushi, founded by anonymous Chinese and French Chef Nomi and OxMaki. SushiSwap was a lookalike fork of UniSwap's AMM and liquidity farming, with parts of Compound Finance and Yam finance. Added functionality vs Uniswap includes running over 16 blockchains, compared to 4 on Uniswap. as well as lending, staking, and a vault, SushiSwap also tweaked liquidity payments to favour initial investors, while UniSwap's system allowed larger investors to take more. SushiSwap had a lot of controversies, released with unaudited code (soon audited) and growing very rapidly with 2,500% payments on locked funds. Then Chef Nomi withdrew $14MM of developer funds, roiling the market and community, before retiring and handing SushiSwap over to Sam Bankman Fried of FTX. Later, SushiSwap became the largest DEX as users migrated over a billion dollars of funds from UniSwap to SushiSwap, which was named a "Vampire Attack." After this, Chef Nomi returned the dev funds. As of this writing, SushiSwap is the 12th largest DEX by volume.
1. UniswapUniswap runs on Web.
Uniswap is the big daddy of the decentralized exchanges, with by far the largest volumes. Uniswap was launched in 2018 as the first ERC-20 DEX running on the Ethereum network. Uniswap is an AMM, an automated market maker, with among the highest TVL, or total value locked in collateral provided by stakers, who receive a cut of each trade. Uniswap has no KYC and is known for a very user-friendly interface and easy integration with many popular wallets such as Trust, Metamask, and Coinbase. However, Uniswap fees are thought to be higher than usual, and gas fees on Uniswap may run higher than average. Clients staking funds for interest may suffer "impermanent loss" when the market value of collateral goes down. Scammers are known to promote new crypto and start pools paired with ETH, build up investors with high returns, and then "rug=pull" out by quickly transferring out of their coin, leaving large "impermanent" losses for other stakers.
2. PancakeSwapPancakeSwap runs on Web.
PancakeSwap is an AMM DEX, or automated market maker decentralized exchange, which was launched in 2020 running natively to the Binance or BNB blockchain. CAKE is the native token of PancakeSwap, and can be used in the ecosystem for staking, trading, yield farming, and playing in a lottery, as well as a (partial) governance token. PancakeSwap does charge a fee of 0.2% per transaction, does not run a maker-taker pricing scheme, nor do they charge withdrawal or transfer fees, By DEX standards, PancakeSwap's fees are considered above average, and clients also have to pay network, or gas, fees. PancakeSwap does not enable limit orders. Like most DEXs, PancakeSwap does not accept fiat, instead, PancakeSwap integrates with several wallets including Metamask, TrustWallet, and Binance Chain Wallet. PancakeSwap handles NFTs. PancakeSwap is considered secure and decentralized. As of this writing, PancakeSwap is the third-largest DEX by volume, after Uniswap, and nearly tied with Curve Finance.
3. Binance DEXBinance DEX runs on Web.
Binance DEX is a decentralized exchange released in 2020, running on the Binance blockchain. The parent company of Binance DEX is of course Binance, the world's largest crypto exchange, and their DEX has grown rapidly. Binance DEX is decentralized, and like most DEXs does not accept fiat deposits, does not perform KYC, and allows clients to keep full control of their own private keys (and therefore their assets) increasing security as compared to a centralized exchange. All transactions are recorded on the blockchain for later review. Binance DEX is very fast, with usual sub-second block times, compared to ETH or BTC at 20 seconds or ten minutes respectively. The Binance DEX trading interface is considered to be for sophisticated users, has very low fees, and is integrated with (Binance's) Trust wallet. At the time of writing, Binance DEX was the 64th largest DEX exchange and only does around a tenth of the volume of Binance's centralized exchange.
4. BakerySwapBakerySwap runs on Web.
BakerySwap is a fully automated marketplace where you can design, buy, or sell NFTs. This marketplace runs on the Binance Smart Chain and has its own token called BakerySwap tokens (BAKE). It offers Defi services as well as being a crypto launchpad and NFT supermarket that hosts memes, art pieces, game items, etc., all of which are paid for in BAKE tokens. They also reward users with additional BAKE tokens if you make combo meals using multiple NFTs. Inside the BakerySwap Market, there are a variety of artists and artistic creations to explore. From emerging talent to established figures, here you will find both featured artists and those who are part of the BSC Artist Collective. In addition to traditional digital art, there are also other ways to experience game Items from different partners (like Battle Pets) or projects with Defi NFT tokens like $SOCCER or even the new BSC Games Box!
5. 1Inch1Inch runs on Web.
1Inch is a DEX, or decentralized exchange, as well as the 1Inch governance token, used to control the 1Inch Dao, or Decentralized Autonomous Organization. The 1Inch network was launched in 2019, and the token in 2020. 1Inch's mission is to optimize trading across blockchains by searching for the best prices available on over 50 other DEXs. 1Inch is Web3 and runs on Ethereum, and the 1Inch token is ERC-20. The 1Inch DEX runs bots that can split up or aggregate orders across different DEXs in order to find the best prices while accessing as deep liquidity as is needed. The 1Inch DEX is an AMM, an automated market maker, that is famous for preventing the front running of orders. The splitting and aggregation of orders also mean that slippage, or the adverse market impact of trade, is minimized. 1Inch offers limit orders. 1Inch does not charge any exchange fees, but clients must pay gas fees and the exchange fees of the targeted DEXs. Overall, iInch fees are usually the same or lower than going directly to Uniswap or Curve directly.