We have already covered an extensive guide on top decentralised exchanges, but as the cryptoverse is growing, now it is time to give dedicated space to the DEXs of popular blockchain. To start this trend, I’m curating a list of top decentralises exchanges on LUNA ecosystem that are already live or about to go live. This is perfect for getting exposure to projects based on LUNA or even finding the DEX to invest in.
At the time of publishing this list, the APR for liquidity mining is mind-blowing, and you should not miss out on this opportunity. In-fact, some of the listed DEXs have native tokens, which you can stake or provide liquidity to earn APR as high as 300% or more.
Terra Network (a blockchain network similar to Bitcoin, Ethereum, Polkadot, Cardano, Solana, Cosmos, etc.) is growing rapidly. The USP (Unique Selling Point) of this Network is the stablecoin UST (Terra USD) used throughout the Network.
Due to this ecosystem and tight control of the founding team on every project launched on the Terra network, the projects are more reliable than any other platform.
Further, to manage this phenomenal growth and thrive as an ecosystem, there is a need for a DEX (Decentralized Exchange) to facilitate a free exchange of assets throughout the Network. A DEX would make a decentralized, anonymous, and secure exchange of tokens possible.
So, let us first understand what a DEX is.
What is a DEX (Decentralized Exchange)?
A Decentralized Exchange (DEX) is a cryptocurrency exchange built on a blockchain network that allows you to exchange your crypto tokens anonymously and securely. Further, a user has complete custody of their funds, unlike a centralized exchange such as Binance, Coinbase, and Kraken, where the exchanges have custody of the user’s funds.
This means that any hack on the centralized exchange would lead to a loss of funds to the user. Further, these centralized exchanges have become a central authority of the crypto market, entirely against the vision and essence of cryptocurrencies.
Therefore, a DEX must ensure a seamless exchange of assets throughout the Network to keep it decentralized and secure.
Uniswap is the first DEX across the crypto market. It is built on the Ethereum Network and allows the exchange of crypto tokens across that network. More or less, all other DEXs are somewhat inspired by the structure of Uniswap.
With the remarkable growth of Terra Network, there was a need to develop similar DEXs. These DEXs facilitate a smooth exchange of tokens across the network and its various DeFi (Decentralized Finance) Applications.
Therefore, we have brought you our list of Top DEXs on the Terra Network. Let’s have a look.
Top DEXs on Terra (LUNA) Network
The list of CoinSutra Top DEXs on LUNA is as follows:
1. Terraswap
TerraSwap DEX – Top DEX on Terra
TerraSwap is a Decentralized Exchange (DEX) built on Terra Blockchain Network to facilitate exchange of crypto tokens across the network in a decentralized manner. It was the first-ever DEX built on the Terra Network by Delight Labs.
On TerraSwap, a user can become a trader, a liquidity provider, or both. As a trader, you can swap your tokens with other tokens. And, as a Liquidity Provider, you can provide liquidity to the platform, and in exchange for that, TerraSwap would reward you with a share in the trading fees collected from the traders.
The exchange is available in a web version on which you need to connect your Terra Station wallet (native wallet of the Terra Network) before transacting. To swap or provide liquidity, you need your Terra-based tokens in your Terra Station wallet.
The trading fee on TerraSwap is 0.3% of the transaction value. This fee is further transferred to the Liquidity Providers as a reward for providing liquidity to the platform. Right now I’m not sure if this DEX will add more features, as there is a lack of clear roadmap. For now, you can use it for swapping token, and if you looking to invest in a DEX or start with the liquidity mining, you should check out the next DEX on LUNA.
Basis CoinMarketCap, the average 24-hour trading volume of TerraSwap is around $7 Million.
To read more about TerraSwap, click here. Further, to try out TerraSwap DEX, click here.
TerraSwap Resources
Documentation
Web Application
Blog
Twitter
Discord
2. Loop Finance
Loop.Finance DEX – Top DEX on Terra
Loop Finance is the second Automated Market Maker DEX on Terra after TerraSwap. The platform has substantially improvised upon the limitations of TerraSwap exchange.
The platform would list Terra-based tokens and allow swapping of Ethereum and Solana tokens with the help of Wormhole Bridge. Further, the platform would integrate with Thorchain and enable access to many other crypto assets such as BTC, LTC, BNB, and ThorChain Synthetic Assets. Thus, the Loop team is working to make it a complete multi-chain DEX on the network.
The platform would majorly facilitate the following features:
Token Swaps
Access to Terra DeFi ecosystem such as Anchor Protocol and Mirror Protocol
Fiat – Crypto transactions (through a 3rd party)
NFT Marketplace for Terra NFTs
In addition to this, the platform has planned a mobile app which, according to the roadmap, is expected to be released in Q3 of 2022. Currently, the platform only supports the TerraStation wallet, but it will have its in-house wallet in the future.
LOOP Token
LOOP is the in-house governance token of Loop DEX.
Tokenomics
Particulars
Amount
Maximum Supply
1 Billion
Token Allocation
Particulars
%age of tokens
No. of tokens
Core Team
15%
150 Million
Token Sale
15%
150 Million
Partnerships
20%
200 Million
Liquidity Mining Rewards
25%
250 Million
Community Fund
25%
250 Million
Total
100%
1 Billion
LOOP Token Allocation
LOOP Token Emission
The use cases of the LOOP token are as follows:
Community Governance,
Staking, and
Liquidity Mining
Loop Finance Resources
Website
Loop DEX
Whitepaper
Twitter
Discord
Telegram
3. Astroport
AstroPort DEX – Top DEX on Terra
Astroport is another excellent DEX being built on the Terra Network by Astroport Joint Venture (a venture between Delphi Labs, IDEO CoLab Ventures, TerraForm Labs, and Astroport Builders). The objective of Astroport is to empower the whole DeFi ecosystem built on the network.
Compared to TerraSwap, a simple 2 Asset Liquidity Pool DEX, Astroport is expected to be a bit complex and advanced to bring more capital efficiency to the Terra ecosystem.
The team is currently focusing on:
A better user interface and user experience,
Combining various types of liquidity pools and routing transactions through them seamlessly,
An in-house token called ASTRO would be used for community governance, LP (Liquidity Providers) incentives, and decentralization,
Terra’s first Liquidity Bootstrapping Pool (LBP) would facilitate new projects and provide them with a fair launch.
Astroport would have its own Liquidity Pools and fetch liquidity from various other liquidity pools. Thus, making it a one-stop-shop for all Terra-based tokens. Further, this can make AstroPort the liquidity hub of the Terra DeFi Ecosystem.
The platform is expected to launch its Beta version within this Quarter.
ASTRO Token
ASTRO is the in-house token of the Astroport platform. The primary purpose of this token is community governance which will be done through the Astral Assembly, which is AstroPort’s DAO (Decentralised Autonomous Organisation).
Further, to incentivize Liquidity Providers on the platform, the token will be distributed to the Liquidity Providers through Liquidity Mining.
Tokenomics
Particulars
Amount
Maximum Supply
1 Billion
Token Allocation
Particulars
%age of tokens
No. of tokens
Astroport Joint Venture
30%
300 Million
Community Reserve
10%
100 Million
Airdrop
5%
50 Million
LPs
55%
550 Million
Total
100%
1 Billion
ASTRO Token Allocation
Use Case of ASTRO token would be as follows:
Community Governance,
Staking, and
Liquidity Mining
AstroPort Resources
Website
Lite paper
Blog
Twitter
Telegram
Conclusion: Best LUNA DEXs
So, this was our list of Top DEXs on the Terra Network. Out of these, TerraSwap and Loop are already live, and you can use them. I would suggest you explore these exchanges and let us know your experience. Personally, I loved Loop Exchange.
One suggestion, as a best practice, you should always use a hardware wallet such as Ledger or Trezor with these platforms. You can connect your Terrastation wallet with Ledger and then connect with these DEXs.
With the ever-growing Terra ecosystem, these DEXs would help smooth the exchange of assets along with a lot of rewards for the Liquidity Providers.
Alright now its your turn to let us know which one of these DEXs you are using on LUNA ecosystem? Are there more DEXs project which are coming on LUNA that we should include in this list? Let us know in the comment section below.
