Comparing and Identifying Which of the Top DEXs is Still Undervalued

4 min readMar 30, 2022

As you may know, DEXs, or decentralized exchanges, allow users to buy and sell cryptocurrencies without the involvement of middlemen. Users can connect their wallet to a DEX, choose their preferred crypto trading pair, enter the amount, and click the swap button.

In this piece, I’ll make a comparison of some of the top Decentralised Exchanges in a bid to identify the most undervalued.

Exchanges I’ll look at include:

  1. Uniswap (UNI)
  2. PancakeSwap (CAKE) and
  3. Quickswap (QUICK)

Uniswap (UNI)

Uniswap is the most popular Ethereum-based DEX that uses an AMM model, employs liquidity pools instead of order books, and has LP tokens for liquidity providers. As one of the first wildly successful DeFi protocols, most DEXs have, in one way or another, borrowed features from Uniswap to run their platforms.

  • Total Value Locked: $7.75 billion
  • Mcap/ TVL ratio: 0.67

Uniswap Native Token — UNI

The total supply of Uniswap’s governance token, UNI, is 1 billion units with a market cap of $7,862,607,671 and the price today is $11.41. The UNI token serves the purpose of enabling shared community ownership in the growth and development of the decentralized protocol. This allows UNI holders to participate in the governance of the Uniswap protocol and wider ecosystem, in a neutral and trustless manner.

UNI’s utilities include:

  1. Providing Liquidity
  2. Voting on Governance Decisions
  3. Speculating and trading

PancakeSwap (CAKE)

PancakeSwap is a DEX powered by the BNB Chain, which uses an automated market maker (AMM) model to fulfill orders. As such, PancakeSwap replaces an order book with a liquidity pool.

  • Total Value Locked: $5.08 billion
  • Mcap/ TVL ratio: 0.477

PancakeSwap Native Token — CAKE

Pancakeswap has a circulating supply of 285,154,206 CAKE coins with no maximum supply, a market capitalization of $2,392,526,474, and a price of $8.39 currently. CAKE is PancakeSwap’s base asset, which doubles as a governance token, as well as provides farming and staking functionalities. Users can get their hands on CAKE by either providing liquidity, staking, or buying them on an exchange

Quickswap (QUICK)

QuickSwap is a fork of the originator of Automated Market Makers in the now rapidly expanding DeFi sector of the Cryptocurrency industry, Uniswap. Both, of course, are magical. Only, rather than settling for the magic of unicorns, Users opted for the magic of dragons. It’s a much faster kind of magic, currently only available in a land far far away, known by the locals as Layer 2. On Polygon layer 2, only V3 of Uniswap is available, which has its pros and cons. Quickswap is the leading DEX on Polygon. Also, Quickswap has many features that Uniswap doesn't offer like single asset staking, dragon’s syrup, liquidity mining rewards, and Quickstart IDOs. Quickswap is exciting for farmers and users on Polygon in my opinion.

  • Total Value Locked: $875.54 million
  • Mcap/ TVL ratio: 0.097

Quickswap Native Token — QUICK

As of the time of writing, Quickswap has a circulating supply of 327,100 QUICK coins and a maximum supply of 1,000,000 QUICK coins, with a market cap of $76,088,873 and a price of $231.34. Although Quickswap’s community recently voted to do a token split to increase QUICK’s max supply. As of now, it looks like $QUICK will soon have a max supply of 1 billion (rather than its original 1 million max). Although QUICK’s supply will increase, the token’s fundamentals remain the same. QUICK was a fair launch token. There was no seed round, no private sale, and no public sale. 90% of all QUICK was or will be distributed to the QuickSwap community via liquidity mining rewards, which are slated to be paid out until 2025.

QUICK’s 7 utilities available on the native QuickSwap platform Include:

  1. Providing Liquidity
  2. Yield Farming
  3. Voting on Governance Decisions
  4. Staking in the Dragon’s Lair to earn more $QUICK
  5. Staking in Dragon’s Syrup Pools to earn other tokens
  6. Participating in IDOs
  7. Speculating and trading

QuickSwap has released a new user interface that makes it easier for users to interact with it. QuickSwap has all of the popular features of top DEXs and it also has the missing key components that make for a completely smooth user experience.

Closing Thought:

For some perspective. Look at the top fully diluted DEX’s market caps:

$QUICK — 76M

$UNI — 7.8B

$CAKE — 2.3B

One of these projects is extremely undervalued…


The values are rounded off as of March 28, 2022. CoinMarketCap and DeFiLlama were used as sources. TVL stands for Total Value Locked and Mcap stands for Market Capitalization.

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