Nearly everyone in the crypto space agrees that decentralized exchanges (DEX) are the future of crypto trading. That is because, even now, in 2023, trading digital assets on centralized crypto exchanges can be a headache.
Let us dive deep into the finer details of these three top decentralized exchanges: UniSwap, Chainlink, and BudBlockz. After reading this overview, you will understand how the best-decentralized exchange technologies work.
UniSwap (UNI)
Uniswap is a completely different type of exchange that is fully decentralized – meaning it is not owned and operated by a single entity – and uses a relatively new trading model called an automated liquidity protocol.
The Uniswap platform was built on top of the Ethereum blockchain, the world’s second-largest cryptocurrency project by market capitalization. It makes it compatible with all ERC-20 tokens and infrastructure, such as wallet services like MetaMask and MyEtherWallet.
Uniswap is also completely open source, meaning anyone can copy the code to create decentralized exchanges. It even allows users to list tokens in the exchange for free.
Because Uniswap is a decentralized exchange (DEX), users always maintain control of their funds as opposed to a centralized exchange that requires traders to give up control of their private keys.
Retaining control of private keys eliminates the risk of losing assets if the exchange is ever hacked.
According to the latest figures, Uniswap is currently the fourth-largest decentralized finance (DeFi) platform in the world and has over $3 billion worth of crypto assets locked away on its protocol.
Chainlink (LINK)
Chainlink (LINK) is a crypto and technology platform that enables non-blockchain enterprises to connect with blockchain platforms securely. It is middleware that connects blockchain-based smart contracts with external data, such as stock prices or baseball scores.
Chainlink’s $LINK token pays Chainlink network operators and collateralizes the network’s smart contract agreements.
Chainlink is known as a blockchain abstraction layer or decentralized oracle network. It uses blockchain technology to securely enable computations on and off the chain, supporting what it calls hybrid smart contracts.
Enterprises using Chainlink can access any major blockchain network, including Ethereum and Solana. The Chainlink blockchain is built on the Ethereum platform, which uses the proof-of-stake operating protocol.
In addition, Chainlink is an open-source blockchain project, meaning anyone can view the project’s code and contribute.
BudBlockz (BLUNT)
BudBlockz (BLUNT) is the world’s first decentralized online eCommerce for cannabis users and investors to access the global cannabis markets securely and privately.
The platform aims to aid users in purchasing digital and physical cannabis products and dispensaries in legalized jurisdictions. BudBlockz will add privacy to this process through decentralization in an open and traded environment.
BudBlockz is planning to feature an extensive NFT marketplace where its users can buy and sell NFTs. In addition, the platform will list a 10,000 NFT collection known as Ganja Guruz on the Opensea platform.
Holders of Ganja Guruz NFTs will be eligible to enjoy membership in global cannabis dispensaries and access fractional ownership.
BudBlockz will expose users and investors to many innovative solutions to aid them in getting involved with the cannabis industry, including a decentralized NFT marketplace, decentralized digital trading, decentralized Ecommerce, and more.
The project’s smart contract has been audited by Solidity Finance Audit and SolidProof to provide investors with the highest assurance and protection.
BudBlockz has announced that its fourth presale stage is ongoing, and investors are rushing to get the token at a low price since it shows significant growth potential in the coming months.
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- Source: https://coinpedia.org/information/uniswap-chainlink-and-budblockz-comparing-the-top-decentralized-exchanges/
