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Best Polkadot Decentralized Exchanges DEX 2021

polkadot-dex-decentralized-exchanges

You’re looking for the best Polkadot DEX for swapping your Polkadot based tokens? Look no more, we have found the best in the game!

Polkadot has been one of the favourites on this bull run and altcoin cycle. Founded by Gavin Wood, one of the co-founders of Ethereum, Polkadot also known as DOT has performed insanely well lately. Smashing through all time highs again and again. Unlike 2017 where coins would fly up from hype and speculation, 2021’s success starts with coins that have actual amazing technology behind them.

As Polkadot is still quite new to the Crypto space, there still isn’t any decentralised exchanges for swapping DOT based coins. But there are a couple of exciting companies working on it!

Why decentralized DEX exchanges?

Decentralised exchanges also known as DEXs, are popular for one particular strong reason, safety. Centralised exchanges as you may know hold your crypto within their system, so if the system goes down, you have lost your coins. History has spoken and unfortunately it has happened to many people in the past such as the famous Mt. Gox hack.

DEXs solve this massive issue of centralised entities holding your Crypto and lets the user be in control of their funds. As they say “Not your wallet, not your funds”. That’s why many people swear by getting a cold wallet for protecting and holding your own Crypto safely.

DEXs tend to only work on specific blockchains like Ethereum and Binance. It’s still early days and more innovations is yet to be done to make them more user friendly.

With Polkadot DOT being the next big blockchain on the block, with loads of projects being built heavily on their eco-system, decentralized exchanges will be huge. This leads us into – what is the best Polkadot DOT DEX decentralised exchange?

1. Zero Exchange

zero decentralized exchange dex

Zero is a relatively new exchange, inspired by Uniswap Protocol. Uniswap as you may know is an Ethereum based protocol for swapping on-chain tokens.

Zero has also introduced something that everyone has been wanting for so long, ultra low fees and instant swaps! Uniswap being one of the most successful DEXs up to this day, has had many issues such as ridiculously high fees and slow swaps. Of course this is technology progression and things will get better and better.

Currently Zero Exchange can swap Ethereum and Avalanche based tokens. They are working on Polkadot integration as we speak and have recently in February, hired 4 new Polkadot DEX developers to work heavily on the protocol. It is only a matter of time until they complete a long awaited exchange!

  • Current state: LIVE FOR ETH AND AVALANCHE – POLKADOT IN DEVELOPMENT
  • Mainnet: Released – Polkadot in development
  • Insanely low fees (Near free)
  • Cross-chain swaps
  • Works with Ethereum & Avalanche, soon Polkadot
  • Passed security audit
zero exchange platform

2. Polkaswap

polkaswap logo

Polkswap is a Polkadot DEX designed specifically for the Polkadot and Kusama ecosystems and hosted on the SORA 2.0 network. It’s also supported by the web3 Foundation Grants Program. The project’s proposed timeline for the mainnet launch is Q1 2021, also releasing an Ethereum bridge for the exchange at a similar time. Polkaswap V2 is estimated to be released in Q2 2021.

PSWAP tokens are going to be given as rewards for anyone who joins the Kusama and Polkadot parachain auctions. You can find more information about this on their website here.

Current state: TESTNET PHASE

  • Low fees
  • Instant Swaps
  • Cross-chain swaps
  • Works with Polkadot & Kusama
  • Works with Parachains
  • Will get a security audit
polkaswap exhange website

3. Polkadex

polkadex logo

Polkadex is a new Polkadot exchange which is currently in test-net phase. This decentralized exchange supports limit & market orders, quite different to what the other exchanges are working on. Limit orders have zero trading fees while market orders will be set at a 0.2% trading fee. You can find a more detailed overview of this project here.

The roadmap reveals that the mainnet will be released in Q1 – Q2 2021.

  • Current state: TESTNET PHASE
  • Mainnet: Q1-Q2 2021
  • Low fees – Free for market orders, 0.2% for limit orders
  • Cross-chain swaps
  • Ethereum/Polkadot Bridge using Snowfork
  • No news on security audit yet
polkadex

4. Mangata

mangata

Mangata is a new DEX designed for use with Polkadot and Etheruem. The decentralized exchange is currently in test-net mode and it is a cross-chain DEX which supports the most important bridge of all, Ethereuem and Polkadot. You can find a more detailed explanation written by the team here.

Once you have connected your wallet using the Polkadot Chrome Extension, you can begin trading once mainnet comes around.

  • Current state: TESTNET PHASE
  • Mainnet: Unknown
  • Low fixed fees
  • Ethereum/Polkadot Bridge using Snowfork
  • Cross-chain swaps
  • Built as a parachain on Polkadot
  • No news on security audit yet
mangata

Which one is the best decentralized exchange DEX for Polkadot?

Overall I believe Zero Exchange & Polkaswap are going to be massive as Polkadot has proven to be a big success. The other two don’t have much information currently but either could easily come out and be the best decentralized exchange.

With many new exciting projects deciding to build on Polkadot instead of Ethereum, this sounds like the beginning of a big step forward of innovation for decentralized exchanges.

Like other popular cold storages for cryptocurrencies, the device supports a wide variety of coins. It also uses a standard USB Type-C connector, weighs about 41 grams, with dimensions of 100mm x 57mm x 10mm. However, it costs more than other devices in its class at US$155 plus VAT for most customers.

About Author

Will is a professional Filmmaker from the Isle of Man, UK. He also is an E-Commerce expert using Shopify/Wordpress & is experienced in SEO.

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