Top 3 decentralized exchange tokens to buy for 2024

The total value locked (TVL) in DeFi has surpassed countries’ GDPs with more than $52 billion invested.

Infrastructure layer-1 blockchains are the body of this system, sustaining this value. Meanwhile, decentralized exchanges (DEX) are the hearts that keep the body alive, connecting every asset and protocol.

Essentially, a DEX allows cryptocurrency investors to trade tokens of its ecosystem in a decentralized manner. There are single-chain and multi-chain decentralized exchanges built under each infrastructure’s rules.

In particular, three decentralized exchange protocols shine amid their competitors: Uniswap (UNI), PancakeSwap (CAKE), and Orca (ORCA). Finbold retrieved data from DefiLlama on December 21 that justify these picks for 2024.

DEXes TVL rankings. Source: DefiLlama

Leading decentralized exchange: Uniswap (UNI)

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Uniswap is the leading decentralized exchange and one of the most solid protocols in this category. It was initially built on Ethereum (ETH) but now already supports 12 chains with a $4.06 billion TVL.

Interestingly, its total value locked surged by 69% in the last 24 hours, for a similar increase in the week. With a current $5.98 per token price, UNI’s market cap is almost the same as its TVL, indicating a balanced valuation.

UNI year-to-date (YTD) price chart. Source: Finbold

PancakeSwap (CAKE)

PancakeSwap has the third-largest TVL of $1.50 billion and is the heart of BNB Chain (BNB). The DEX achieved huge success in 2021 during the play-to-earn game Mania as a core launchpad for these projects.

Currently, Pancake has kept its high ranks by expanding support to 8 other chains. Its token, CAKE, is trading at $2.48 and has less than half its total value locked in capitalization. Therefore, the 0.45 MCap/TVL ratio suggests an asymmetry and an interesting buying opportunity.

CAKE YTD price chart. Source: Finbold

Orca (ORCA), a promising decentralized exchange

In the meantime, Orca earned its position in this list due to the huge success of Solana’s (SOL) DeFi ecosystem. This decentralized exchange is a Solana-only DEX and has seen an increase of 169% in its TVL. ORCA sits in the 10th position by total value locked, with $179.13 million worth of Solana-based tokens invested in its liquidity pools.

Nevertheless, the token shows signals of being currently overbought, with a market cap two times higher than its TVL. ORCA is trading at $8.47 by press time, up 1,870% year-to-date (YTD). Still, it is a decentralized exchange token worth watching for 2024.

ORCA YTD price chart. Source: Finbold

All things considered, decentralized exchanges depend highly on the infrastructures they support. As long as there is a crescent trading volume and demand for DeFi, these protocols are expected to grow together. 

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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