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January 22, 2025 by Vaigha Varghese
Decentralized exchanges are the cornerstone of their respective blockchain ecosystems. Most recently, Elluminex (ELX) has captured the spotlight for its potential to transform the TON blockchain. However, traders are not wondering how it stacks up to DeFi giants like Uniswap and PancakeSwap.
Elluminex vs. Uniswap
Established in 2018, Uniswap (UNI) is one of the largest, and oldest decentralized exchanges. It was the first exchange to enable traders to trade ERC-20 tokens while retaining custody over their assets. Here’s a comparative look at Uniswap vs Elluminex.
Uniswap is based on Ethereum, taking advantage of its expansive ecosystem and infrastructure. At the same time, it suffers from high gas fees, and frequent network congestion. Elluminex, at the same time, benefits from TON’s scalability. At the same time, TON’s integration with Telegram gives it access to 950 million users.
In terms of cross-chain compatibility, Uniswap mostly supports ERC-20 tokens. Its operability across other chains is limited. Elluminex, on the other hand, will enable users to swap assets across 40 major blockchains. This way, Elluminex hopes to address fragmentation of liquidity, especially for TON.
When it comes to accessibility, Uniswap requires users to have an Ethereum wallet. Users also have to keep ETH to pay for gas fees for their transactions. In comparison, Elluminex aims to integrate seamlessly with Telegram, simplifying access for traders.
Elluminex vs. PancakeSwap
PancakeSwap (CAKE) is a DEX operating on the Binance Smart Chain (BSC). Just like Uniswap, it uses an automated market maker (AMM) model for BEP-20 tokens. It also enables users to trade while maintaining custody over their assets, just like Uniswap and Elluminex. Here’s how it stacks up with Elluminex when it comes to its other features.
PancakeSwap works on BSC, which offers low fees and fast settlement times. On the other hand, Elluminex works on TON, which offers comparative scalability. However, TON also has access to Telegram’s 950 million users.
In terms of its offerings, PancakeSwap has an expansive ecosystem. It features token swaps, NFTs, yield farming, liquidity pools, and more. On the other hand, Elluminex will provide token swaps across 40 different blockchains, staking, token farming and an AI portfolio tracker.
When it comes to accessibility, PancakeSwap caters to experienced users. To engage with PancakeSwap, users have to have their own crypto wallet, and have to be familiar with DeFi. Elluminex, on the other hand, wants to make DeFi much simpler, by leveraging Telegram’s mini apps.
Conclusion
Uniswap and PancakeSwap are established platforms, offering comprehensive DeFi features for traders. They cater to a user base which already has extensive knowledge of DeFi. Elluminex, on the other hand, wants to leverage TON and Telegram to make DeFi more accessible.
Thanks to its new approach to DeFi, Elluminex has the potential to bring trading to a new segment of traders. Thanks to its cross-chain compatibility, it also has the potential to bridge scattered liquidity across many chains. Its success will depend on making trading as simple as possible.
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