By USA Goldmines 
DeFi is making a comeback. Part of this comeback is the shift to DeFi 3.0. This offers a better user experience. For example, with card payment options. Adding fiat options is a great improvement for DeFi. DeFi coins also all have, per definition, utility.
Currently, the memecoin casino is under scrutiny. As a result, the Altcoin Buzz team and I, see a return to utility tokens. This rotation from the memecoin casino to utility tokens is imminent. Mark my words. So, that’s why today I look at some of the top DEXes out there.
Aave ($AAVE)
Aave ($AAVE) is a lending and borrowing protocol. It is also one of the OG DEXes. Its current Aave V3 is a top-notch platform. For example, Trump’s DeFi platform, World Liberty Financial, plans to use Aave V3. WLFI invested $6.71 million in $AAVE tokens. Other platforms can use Aave V3, since it’s open source.
DeFi Renaissance.
— Aave (@aave) February 20, 2025
Aave is also one of the biggest DeFi protocols around. It ranks in second spot for TVL from all platforms. Its TVL is no less than $20 billion. Only Lido, the liquid staking platform, has more TVL.
It was launched in 2019 on Ethereum. However, currently, it’s available on 14 chains. This includes Arbitrum, Optimism, Base, Avalanche, and more. It has its own $GHO stablecoin. As a user, you can mint it, and you need to over-collateralize it. It pegs 1:1 to the $USD.
Currently, the easiest to way to take part in Aave is by lending assets. The current highest APY is 6.67% for lending $GHO on Arbitrum. However, Aave also offers three staking options.
- $AAVE with a 4.55% APY
- $GHO with a 6.92% APY
- $ABPT on Aave V2 with a 19.58% APR. This token represents a share in a Balancer pool. These are pools designed to maximize liquidity provider (LP) returns.
The current $AAVE price is $261 with a $3.9 billion market cap. Out of the 16 million max token supply, 15 million circulate.
Uniswap ($UNI)
Uniswap ($UNI) is another one of the top DEXes. It also started out on Ethereum. That was in 2018. However, currently it’s available on 31 EVM compatible chains. It’s also a top 10 platform, measured by TVL, which stands at $4.88 billion. Uniswap is an AMM or an Automated Market Maker. AMMs use liquidity pools instead of order books, like on a CEX.
Interoperability is happening
Next up, cross-chain UX
pic.twitter.com/QN2S0yYZ0S
— Uniswap Labs
(@Uniswap) February 20, 2025
So, on Uniswap you can swap ERC-20 tokens. It also has its own Uniswap wallet. This is available on Chrome, iOS, and Android. So, besides swapping, you can also earn rewards by adding assets to its liquidity pools.
The safest and easiest way is to supply tokens to a stablecoin pool. However, the APR is low for these pools, below 1%. The big advantage now is that you won’t have to deal with IL (Impermanent Loss). Impermanent loss is when you add liquidity to a pool of equal amounts in 2 assets, and the price of one of the assets changes. Find out more on IL in our dedicated article IL article.
Currently, the best APR is in the $MOVE/$ETH pool, with 67.63%. Uniswap offers other pools with good APR, ranging between 10% and 20%. For instance,
- $AAVE/$ETH 12.04%
- $ETH/$SOL 10.59%
- $LDO/$ETH 20.33%
And a few more. However, with all these pools, you have the chance of IL.
The current $UNI price is $9.32 with a $5.58 billion market cap. Out of the 1 billion $UNI tokens, 600 million circulate.
If you’re looking to buy one of today’s coins, look no further. BYDFi is one of the easiest places to find these coins. You can trade spot markets without KYC. Give BYDFi a try today and get some bonuses for opening an account.
Hyperliquid ($HYPE)
Hyperliquid ($HYPE) set the DeFi world on its head with its recent airdrop in late November 2024. These ranged from $300 to $30k. It really set a new standard for airdrops. Ever since its TGE, the token only has gone up and is now going sideways in the $20 to $25 range. Very few of the airdrop receivers sold their allocation. That’s impressive.
ONE MILLION COLD HARD UNITED STATES DOLLARS FOR 1 HYPERLIQUID AIRDROP@chameleon_jeff, @KingJulianIAm, and the rest of the Hyperliquid team changed my life FOREVER:
Eternal bliss – forever grateful pic.twitter.com/gdUbCbUput
— CC2 (@CC2Ventures) November 29, 2024
Hyperliquid has its own chain. A disadvantage is that you can only bridge $USDC from Arbitrum to Hyperliquid. It has been around since 2020 and is currently ranked as 14th chain measured by TVL. Its TVL is $653 million. Hyperliquid is a DEX, but it uses an orderbook.
Hyperliquid’s new bridge contract supports native Arbitrum USDC and has been audited by @zellic_io.
The new bridge enables CEX-like onboarding flow. Users will be able to trade on Hyperliquid without even creating a wallet, while still being permissionless and decentralized. pic.twitter.com/keZVzBa6dn
— Hyperliquid (@HyperliquidX) December 19, 2023
It’s a Layer 1 app chain, and it is very fast. It can handle 20k tasks per second. This includes the best of what a DEX or CEX needs. For instance, orders, cancellations, or liquidations. It offers perps and vaults, and it’s built from the ground up. Its current flagship is a perps DEX. These perps DEXes always seem to be popular.
Hyperliquid now supports builder codes, which let anyone permissionlessly monetize applications on the L1.
Regional frontends, fiat onramps, mobile wallets, social trading — all are one line of code away from earning upside proportional to their volume. This upside can be… pic.twitter.com/K3K4WxGVAp
— Hyperliquid (@HyperliquidX) October 1, 2024
Hyperliquid is also 100% self-funded. This can be one of the reasons that its $HYPE token price remains so strong. There was and is no real selling pressure. You can use its vaults, which offer 22.59% in the protocol vault. However, in user vaults you can earn up to 800% APR. These have higher risk, though. You can also stake $HYPE at around 2.07% to 2.27% APY.
The current $HYPE price is $25 with an $8.3 billion market cap. Out of the 1 billion tokens, 334 million circulate.
Raydium ($RAY)
Raydium ($RAY) is one of the most popular DEXes on Solana. It ranks 28th among all DEXes with a $1.5 billion TVL. Like Uniswap, it’s an AMM and works with liquidity pools. However, it also uses an orderbook by integrating OpenBook. This is a decentralized order book protocol.
It calls itself lightning-fast and offers permissionless pool creation. It has been around since 2021 and was the first AMM on Solana.
As you may know, Solana fees are cheap. So, that’s an advantage Solana DeFi has over Ethereum DeFi. Besides adding liquidity, you can also trade perps. Be aware though, just like Hyperliquid, trading in perps is risky. You can use leverage and thus increase your gains. However, your losses are equally high. Before you use leverage, understand what you’re getting into.
You can earn great APR rates by using its pools. Some $SOL and stablecoin pools offer up to 92% APR. Since everyone can create permissionless pools, you can find pools with the same pairs. Be careful, if the APR sounds too high, like 1000% or higher, it’s probably also very high risk. Check the liquidity and the volume of these pools. It’s also possible to stake $RAY with a 5.5% APR.
The current $RAY price is $3.06 with a $900 million market cap. Out of the 555 million $RAY tokens, 290 million circulate. 8A That’s a 29% price drop, due to a surprise event over the weekend. It seems that Pump.fun has plans to launch its own AMM. This would sideline Raydium.
LATEST: $RAY (@RaydiumProtocol) falls by 22.9% to $3.30 as multiple reports emerged that @pumpdotfun intends to launch its own Automated Market Maker (AMM).
Track Raydium
https://t.co/Y92TGgMxzb pic.twitter.com/ZLNh3LCeZj
— CoinGecko (@coingecko) February 24, 2025
Have you ever used one of these DEXes? If so, which is your favorite one, or did I miss that one? Let me know in the comments and join our discussion on Discord and X.
Disclaimer
The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment and informational purposes only. Any information or strategies are thoughts and opinions relevant to accepted levels of risk tolerance of the writer/reviewers, and their risk tolerance may be different from yours.
We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments, so please do your due diligence.
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The post Top Crypto DEXes For 2025 – Aave, Hype and 2 More appeared first on Altcoin Buzz.
This articles is written by : Nermeen Nabil Khear Abdelmalak
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