Decentralized exchanges (DEXs) have become a cornerstone of the DeFi landscape, offering users a way to trade cryptocurrencies without relying on centralized platforms.
While well-known names like Uniswap often take center stage, there’s a growing number of smaller, under-the-radar DEX tokens quietly pushing boundaries and developing unique solutions.
In this article, we’ll explore five DEX tokens with market capitalizations under $10 million—projects that may not yet be on the mainstream radar but hold potential for those looking to discover the next breakout in decentralized trading.
Note: This list is sorted in no particular order. All data and information are from CoinMarketCap.
MUX PROTOCOL (MCB)
MUX Protocol is the first decentralized perpetual aggregator; it offers deep aggregated liquidity, optimized trading cost, up to 100x leverage, diverse market options and unique aggregator features like smart position routing, aggregated position, leverage boosting and liquidation price optimization. MUX Protocol has aggregated leading perps liquidity sources like GMX, Gains and MUX native pool and will continue integrating with more protocols. MUX Protocol shares all protocol income with LPs and governance token holders; the rewards are distributed weekly as ETH.
- Price: $2.37
- Market cap : $9.08M 1.7%
- Volume (24h) :$2.04K 0.91%
- Vol/Mkt Cap (24h) :0.02288%
- TVL :$2.05M
- Market cap/TVL : 4.42
- Total supply : 4.8M MCB
- Max. supply : 4.8M MCB
- Circulating supply : 3.82M MCB
Exchanges: PancakeSwap v2: MCB/WBNB, CoinEx : MCB/USDT
VOLT INU (VOLT)
Volt Inu ($VOLT) is a highly deflationary token on the Ethereum blockchain that keeps growing through the use of true deflationary techniques and additional revenue generation. In addition to the classic revenue streams such as: Blue chip NFTs – Stablecoin staking – Big and medium cap altcoins – Yield farms, $VOLT will generate passive income that will benefit all hodlers through NFTs fractionalization that will be distributed to top holders and through the acquisition of nodes that will allow for continuous revenue generation to be funneled back into $VOLT.
- Price: $0.061474
- Market cap : $8.06M 5.02%
- Volume (24h) : $580.51K 53.44%
- Vol/Mkt Cap (24h): 6.83%
- Total supply: 69T VOLT
- Max. supply :69T VOLT
- Circulating supply : 54.76T VOLT
Exchanges: Uniswap v2: VOLT/WETH, PancakeSwap v2: VOLT/WBNB
SHADOW EXCHANGE (SHADOW)
Shadow Exchange is a decentralized exchange (DEX) built on the Sonic blockchain. Designed to support efficient trading of digital assets, Shadow Exchange utilizes a ve(3,3) model, which combines vote-escrowed token mechanics with liquidity incentives. This model encourages long-term alignment between liquidity providers, token holders, and governance participants.
- Price: $21.33
- Market cap : $7.73M 2.97%
- Volume (24h) : $2.46M 101.53%
- Vol/Mkt Cap (24h): 31.99%
- Total supply: 3.06M SHADOW
- Max. supply : 10M SHADOW
- Circulating supply : 362.66K SHADOW
Exchanges: Shadow Exchange: WS/SHADOW , MEXC: SHADOW/USDT
DHEDGE DAO (DHT)
dHedge is described to be a project that focuses on non-custodial mimetic trading for synthetic assets on Ethereum. dHedge further claims to be a one-stop location for managing investment activities on the Ethereum blockchain where users can put their capital to work in different strategies based on a track record of performance.
- Price: $0.1322
- Market cap : $7.59M 2.02%
- Volume (24h) : $5.37K 34.76%
- Vol/Mkt Cap (24h) : 0.1863%
- Holders : 9.76K
- Market cap/TVL : 0.1886
- Total supply : 100M DHT
- Max. supply : 100M DHT
- Circulating supply : 57.42M DHT
Exchanges: Velodrome Finance v2: WETH/DHT, CoinEx: DHT/USDT
AIRSWAP (AST)
AirSwap describes itself as a decentralized, peer-to-peer token trading network powered by Ethereum. AirSwap aims to make the buying and selling of tokens secure, simple, and without fees. Its mission is to empower people with global, frictionless trade. AirSwap implements the Swap protocol and currently has three products: Instant, Spaces, and DexIndex. The technology behind AirSwap is a decentralized trading network that allows for efficient and secure swaps between tokens. Launched in 2017, AirSwap is powered by Ethereum, a blockchain known for its robust smart contract capabilities. Unlike traditional exchanges, AirSwap operates without a central authority, leveraging the Ethereum blockchain to facilitate peer-to-peer transactions.
- Price:$0.04161
- Market cap : $7.26M 0.44%
- Volume (24h) : $361.88K 16.12%
- Vol/Mkt Cap (24h) :4.82%
- Holders : 12.04K
- Total supply : 500M AST
- Circulating supply : 174.47M AST
Exchanges: Coinbase Exchange: AST/USD, Gate: AST/USDT
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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