Decentralized finance, often referred to as DeFi online, are decentralized exchanges, that stand opposed to more traditional financial institutions. However, even among different types of cryptocurrency exchanges, DeFi exchanges remain the most challenging ones to learn.
Not only do they often have a steep learning curve, but they might also have systems that other cryptocurrency exchanges just do not offer. But the reason why most people prefer DeFi platforms is that it allows them to get in early on a coin’s growth.
Usually by the time a cryptocurrency will make its way to a more centralized platform, it’s more likely to have fully matured. Therefore, its ROI drops significantly, and its growth could either stagnate or start to plummet entirely. And many even believe that DeFi will beat the current bear market.
PancakeSwap (CAKE): incredible service at incredibly cheap prices
This remains one of the best decentralized exchanges that people can find, since it allows them to easily swap BEP20 tokens through Binance’s Smart Chain. So, that makes it both fast and reliable.
However, that isn’t the only thing that makes PancakeSwap (CAKE) so special. In fact, along with having a fast transaction speed, it also happens to be much cheaper than some of the other crypto based exchanges out there in the market right now.
For instance, the Ethereum-based exchange could charge you gas fees for your transactions, which often makes CAKE a much better choice.
The exchange offers a plethora of ways for users to earn, which usually involves some form of staking. First, they can stake their CAKE tokens by turning them into Syrup pools, which will help them with more CAKE tokens. People hold on to their tokens and even get rewards, giving most people as much as $10 million in free tokens.
SushiSwap (SUSHI): an excitingly fast exchange
In a list of many other types of DeFi exchanges, you can even find SushiSwap mentioned there. However, this isn’t your typical crypto exchange, since it offers a new spin that most people are not expecting.
While it is an Ethereum-based exchange, it launched as a Uniswap (UNI) fork that was looking to improve on it in nearly every way. For one, people who own SUSHI tokens also get governance rights, which can allow them to be a major part of major decisions throughout the app’ lifespan.
This feature alone Is what makes this DeFi exchange stand out.
How they can beat the bearish market
One of the advantages that come with these DeFi exchanges is that they do not operate under the same rules as more traditional exchanges. Therefore, a bearish market like the one in the stock market usually doesn’t faze them.