Onchain Finance · 01 / 8
Swap tokens without a broker
A spot DEX lets anyone swap one token for another directly from their wallet. Prices come from a formula over pooled liquidity (an AMM) or from an onchain orderbook, and trades settle atomically: either both sides move or nothing does.
Value locked · live
$13.7B
DefiLlama categories: Dexs
Largest
Uniswap V3
11% of the category · $1.6B
Live from DefiLlama · 17 Oct 2026 19:51 UTC · refreshed hourly
Constant product AMM
x·y=k across the whole price range. Simple and always liquid.
StableSwap
Flattens the curve near 1:1 for assets that should trade at par.
Concentrated liquidity
LPs choose price ranges, so capital works harder near the market.
Onchain orderbook
Limit orders matched by price-time priority, like an exchange.
Ranked by value locked, live from DefiLlama.
| # | Name | TVL | Share | Chains |
|---|---|---|---|---|
| 01 | Uniswap V3 | $1.6B | 11.5% | 44 |
| 02 | PancakeSwap AMM | $1.6B | 11.4% | 11 |
| 03 | Uniswap V4 | $1.4B | 10.0% | 19 |
| 04 | Curve DEX | $1.2B | 8.7% | 32 |
| 05 | Raydium AMM | $1.2B | 8.5% | 1 |
| 06 | Uniswap V2 | $972M | 7.1% | 16 |
| 07 | PancakeSwap AMM V3 | $489M | 3.6% | 11 |
| 08 | Bittensor dTAO | $482M | 3.5% | 1 |
Impermanent loss
LPs underperform holding when prices diverge.
MEV and sandwiching
Searchers reorder trades to extract value from swappers.
Thin liquidity
Large trades on small pools pay heavy price impact.
On Tempo
Tempo enshrines a stablecoin orderbook DEX in the protocol: one routing tree through pathUSD, 1bp ticks within ±2% of peg, and flip orders for passive liquidity.