Which Decentralised Exchange Should I Use? PancakeSwap (CAKE) vs UniSwap (UNI) vs Quitriam Finance (QTM)

A Decentralised Exchange or DEX lets users purchase and sell cryptos directly from one another without the need for an intermediary. Users link their cryptocurrency wallet to a DEX, choose their preferred crypto trading pair, input the amount to trade, and click swap. These transactions are enabled by smart contracts, which are self-executing code-based agreements on the blockchain.

Two of the most popular DEXs in circulation at the moment are Pancake Swap (CAKE) and Uniswap (UNI). With the popularity of cryptocurrency increasing every day, several new exchanges are launching with Quitriam Finance (QTM) being one of the most exciting.

PancakeSwap (CAKE)

PancakeSwap is a decentralised exchange (DEX) that allows users to trade BEP-20 tokens, which are based on the BNB Chain. Two of the most popular tokens to come through the BNB chain are Dogecoin (DOGE) and Shiba Inu (SHIB).

The exchange charges its users a minimal 0.2% fee, allowing for more transactions to be completed on the platform.

With several cryptocurrencies launching every day, the PancakeSwap exchange is one of the easiest and most secure exchanges to be listed on. As more people begin to use the site the price of CAKE will likely go up to the levels it saw in early 2021.

The price reached a staggering $44.02 during the bull run of 2021 and capitalised on the meme coin hype that surrounded Dogecoin at the time. CAKE is currently trading at just $9.09 which could be a fantastic buying point for the more traditional long term holder.

Uniswap (UNI)

Uniswap (UNI) is a direct competitor to Pancake Swap. UNI is a decentralised exchange based on the Ethereum blockchain and was created in 2018 making it one of the earliest adoptions. Uniswap has been a pioneer in the DeFi area, being one of the world’s leading decentralised exchanges by trading volume.

One of the biggest advantages of Uniswap is that it is open source. This means that users can list tokens on the exchange for free.

Uniswap reached an all-time high of $44.93 in May 2021, during the altcoin boom, and is now the world’s 24th largest cryptocurrency, according to CoinCodex data.

Similarly to CAKE, it is expected that UNI will see a significant price increase over the coming months and years as more and more people flock to the cryptocurrency world. As the DEX with the most trading volume, we can make predictions that the token could easily break into the top 10 cryptos in terms of market capitalisation. If it were to do this the token would be worth $46.15.

Quitriam Finance (QTM)

Quitriam Finance is a one of a kind, non-custodial, decentralised exchange (DEX). This means that, unlike centralised exchanges, Quitriam Finance does not need to store your tokens for you to trade them. On the other hand, Quitriam Finance allows users to trade securely and safely by employing a peer-to-peer connection with liquidity provided by other users.

Quitriam Finance differs from CAKE and UNI in that you can trade tokens from several different blockchains. This alone should make QTM a favourable destination for traders looking for the low cap gems. Alongside this, Quitriam Finance will also offer its users the opportunity to stake and lend their tokens to provide liquidity for the network. To reward people for this, extra QTM tokens will be dropped into existing wallets.

The presale of Quitriam Finance has started phenomenally. Currently, the price sits at $0.000017 which is 56% up from its initial price of $0.000006. If the DeFi token continues with the same explosive growth then it could increase by over 1000% by the end of the presale. This means that a $1,000 investment could easily see you with £$10,000 in the near future.