The blockchain Sui has exceptional technical characteristics and is very usable for decentralized applications (dApps) building. Its speed can theoretically exceed 100,000 TPS, while its object-centered data model helps developers build scalable applications. Here, we’ll explore the best decentralized exchanges on Sui.
Introduction to SUI decentralized exchanges (DEXs)
There are several aspects of Sui that make it perfect for dApp development, token creation, and trading.
What is a Sui DEX?
Decentralized exchanges are specialized DeFi applications where users can exchange various tokens on a blockchain network. In the case of Sui, it includes all tokens and coins issued on Sui and supported by a specific DEX. Mostly, they support all more or less popular tokens, but it’s important to check liquidity pools and ensure that their liquidity remains high.
Read more about Sui DeFis in our detailed guide!
Liquidity pools are platforms where users lock their tokens and earn an income, expressed in the annual percent rate (APR). Note that APRs may fluctuate depending on the market conditions. Generally, they are about 8—10% but can exceed 100% for some hyped and actively traded tokens. The larger APR, the riskier the investment, as it usually drops drastically after the hype ends.
Locked tokens are utilized for exchange: as users buy tokens, they take them from their liquidity pools, while the sold token is added to another pool.
Why are DEXs important for the Sui ecosystem?
Simply put, they are token marketplaces, where you can quickly exchange Sui tokens and get those you need—for example, for high-APR staking, gaming, or DeFi activities.
There are several ways to get the needed token, including buying it directly using fiat money or trading on centralized crypto exchanges (CEXs). However, using a decentralized exchange is much more secure and cheap, despite requiring responsibility and experience in crypto usage. DEX users manage their money by themselves, without intermediaries like banks or CEXs.
Therefore, DEX services create an ecosystem where thousands of users around the world can exchange tokens they believe in or want to use for any purpose. No country or nationality limitations apply here as all operations are 100% performed on-chain.
How to choose the best DEX on Sui
The best is often a relative term, as everything depends on the user’s purpose. We’ll overview five different DEXs, and while they all are similar, they are best suited for different purposes. However, there are features that must be present in any good DEX dApp. Let’s explore them.
Key features of a reliable DEX on the Sui network
There are five functionalities essential for Sui DEXs, as well as for any other chains.
- Low commission fees, as DEXs aim to minimize trading costs. Usually, a good DEX will search for the best options across various services.
- Non-custodial trading means that users retain full control over their funds and trade directly from their wallets, which reduces risks associated with centralized custody.
- Smart contract automation is crucial for secure, transparent, and automated trade execution without intermediaries.
- High liquidity is essential for app scalability and efficient trading with minimal slippage, even during high demand.
- Global accessibility means no geographic, national, or political restrictions should be present, so anyone with internet access can participate in trading.
They identify how a good DEX should function, so users can exchange and stake tokens with convenience and low fees.
Security and performance metrics of Sui DEX apps
Let’s explore security features now. They are fundamental for every dApp, including DEXs.
While each dApp is unique in many ways, there are indicators of a reliable blockchain application. Let’s look at them.
- Security audits are necessary to ensure the smart contracts reliability. Code vulnerabilities are inevitable, and they should be traced down and fixed.
- A thriving community indicates that the product is trusted and actively used. It’s also the primary place to get support and ask any product-related questions.
- Transparency includes regular dev updates and open communication channels with developers, showing that their intents are serious and the product can be trusted.
Make sure that all DEXs and other dApps you use comply with these basic security rules. While your financial operations are protected by the Sui blockchain and the app’s smart contracts, no one can protect you from social engineering except yourself. Avoid phishing, impersonation, requests to share your private information, and low-quality dApps.
Review of the best Sui DEX tools
Let’s explore the list of five DEXs that may be useful for various purposes.
- Kriya
- Aftermath Finance
- Cetus
- Turbos
- Bluefin
While each has its distinctive features, they are overall similar. GetBlock recommends checking all of them regularly. Transaction fees and APRs can be changed at any moment due to market fluctuations, so one exchange can be more or less beneficial than others.
Please note that all total value locked (TVL) mentioned here is as of 14th February, 2024
Kriya
TVL: $54.98m
Best for beginners to start Sui token exchange
This app is a DEX aggregator, which compares prices on different services automatically and provides users with the best price and minimum transaction fees. It also allows limit order and has a variety of liquidity pools. Along with DEX features, it operates as a lending protocol and enables users to borrow and lend SUI.
Source: Kriya
Aftermath Finance
TVL: $77.53m
Best for beginner traders and liquidity staking
Acting as a DEX aggregator, too, this tool provides charts to track price fluctuation. With a variety of liquidity pools with different APRs, it’s also good for those who want to stake their SUI or other tokens. Similar to other tools, it has additional features like limit orders for more efficient trading.
Source: Aftermath Finance
Cetus
TVL: $167.03m
Best for liquidity staking and Sui ecosystem interactions
Cetus is more universal, and among all modern Sui DEX services, it’s the largest. It supports various tokens, features trading instruments like limit order, and has a wide variety of liquidity staking pools. Along with that, it has other services, like tools for yield farming and a launchpad for Web3 projects on Sui.
Source: Cetus
Bluefin
TVL: $75.76m
Best for regular Sui token trading
Bluefin is another popular DEX with advanced graphs and features like perpetual trading. It supports perps on various chains while requiring only a Sui wallet for signing up and using its functionalities. It also has a variety of liquidity pools with fluctuating APRs and bridging tools.
Read more about [Sui bridges](How to Bridge to SUI: Top Bridges on SUI | GetBlock.io) in our specialized article!
Source: Bluefin
Turbos
TVL: $13.98m
Best for memecoin tracking and trading
Turbos features a user-friendly interface and limit orders for efficient trading. It also tracks the hottest tokens for the last 24 hours. Additionally, it has a special Turbos.fun platform, similar to Pump.Fun on Solana, where users can check the latest memecoin launches or launch their own.
Source: Turbos
Innovations in DEX for Sui blockchain
Sui is unique with its parallel smart contract execution, which leads to much quicker transaction processing and lower network congestion. The theoretical Sui speed is 200,000 TPS, while almost 1,000 TPS has already been reached. Additionally, it features a specific object-based architecture. All programmable smart contract data are stored directly on-chain and can be used by other developers. Therefore, Sui development becomes much quicker and easier.
GetBlock is always eager to support Sui developers and offers the best Sui RPC nodes. Whether you develop a small project with your friends or have plans to go large, our shared and dedicated nodes are here to help. Sign up now and explore what we have for you!
