A lot of things are changing in the world of cryptocurrency. As of right now, we’re seeing a growing interest in decentralized exchanges. That is not entirely surprising, as centralized trading platforms have always been cumbersome to deal with. Below are some of the decentralized exchanges worth keeping an eye on.
Although most people are very familiar with EtherDelta, the platform itself – in its current form – is somewhat limited. More specifically, the platform is only useful for trading ERC20 tokens against one another and against Ethereum. This exchange has certainly attracted a lot of attention over the past few months, but there is a lot more to cryptocurrency than trading the tokens.
Radarrelay has seemingly flown under a lot of people’s radar. Even though its business model is almost identical to that of EtherDelta, it uses somewhat different technology. It is one of the platforms utilizing the 0x Protocol, which we’ve thoroughly documented on this website quite a few times.
Radarrelay lets users exchange ERC20 tokens and Ethereum without middlemen. Orders are relayed between users directly, and there are no middlemen involved. It is also possible for users to create liquidity networks to increase overall access to specific tokens. Being able to access all of these features directly from one’s wallet is certainly valuable.
2. Kyber Network
Some cryptocurrency enthusiasts may have heard of the Kyber Network before. It is an instant exchange for cryptocurrencies, and it supports Ethereum, ERC20 tokens, and various other currencies as well. Users can connect to this service using hardware wallets from Ledger and Trezor and never have to deal with middlemen along the way. Kyber Network is currently in open beta, but the platform seems to be holding its own quite well.
It is safe to say BarterDEX is by far the most impressive decentralized exchange on the market to date. That’s not just because it focuses on decentralized trading per se, but also because the platform has embraced the concept of atomic swaps. Intermittent trading between various cryptocurrencies is a big development for this industry as a whole.
With a growing number of currencies supporting atomic swaps, things are looking pretty good. For the time being, BarterDEX remains in public beta, and anyone can download the necessary software to access the platform. As of right now, close to 95% of all coins in the cryptocurrency world are supported by this platform, which is rather impressive.