DEX Token Wheel
Exchanges with no company in the middle, and tokens that rarely earn the fees.
Press Spin. Every coin on the wheel has the same chance.
Your cryptocurrencies
The DEX token wheel picks one of twenty decentralised exchange tokens at random. These govern venues where trades settle against a smart contract rather than through a company holding customer funds.
Trading without a company in the middle
On a centralised exchange, you deposit funds and the company holds them while its internal ledger records what you own. On a decentralised one, the trade settles against a smart contract and the assets never sit in anybody's custody. That difference is the product, and it is the reason this category exists at all.
What it removes is the risk that the operator loses or takes your money, which has happened repeatedly and at enormous scale. What it introduces is that the contract holds the funds instead, and contracts have bugs that are exploited irreversibly and in public. Neither arrangement is risk-free; they fail in different ways.
The fee question decides everything
This is the single most useful thing to establish about any token on this wheel. Exchanges generate fees, sometimes very large ones. The question is where those fees go, and for most of these tokens the answer is: not to the token.
Typically fees are routed to liquidity providers, who take real risk and are being compensated for it. The governance token holds a vote on whether some share might one day be redirected — a switch that in several cases has been debated for years without being flipped. Holding one is a position on that decision, not on the trading volume itself.
Volume is easier to manufacture than it looks
Because anyone can trade against these contracts and rewards often scale with activity, reported volume can include a great deal of trading that exists to earn the reward. Filtering that out is genuinely difficult from outside, and headline figures rarely attempt it.
The wheel picked one of twenty names at random. Which venue is actually used by people trying to trade, rather than by people farming, is a question that outlasts any spin.
What is on this wheel
| Rank | Ticker | Name |
|---|---|---|
| 9 | HYPE | Hyperliquid |
| 16 | XLM | Stellar |
| 33 | UNI | Uniswap |
| 40 | ASTER | Aster |
| 67 | LIT | Lighter |
| 69 | JUP | Jupiter |
| 75 | CAKE | PancakeSwap |
| 80 | CRV | Curve DAO Token |
| 102 | GNO | Gnosis |
| 126 | RAY | Raydium |
| 142 | RUNE | THORChain |
| 157 | 1INCH | 1inch |
| 158 | EDGE | edgeX |
| 164 | MET | Meteora |
| 172 | DYDX | dYdX |
| 188 | NEX | Nexus |
| 191 | DEEP | DeepBook Protocol |
| 192 | XPR | XPR Network |
| 195 | GMX | GMX |
| 199 | O | o1.exchange |
Market data provided by CoinMarketCap — CoinMarketCap. Rank, ticker and name only; this site stores no prices.
This list is a judgement about what belongs in the category, not a market-cap ranking, so it carries no date. See how the lists are chosen.
Questions
Which coins are on the dex token wheel?
All 20 of them are printed under the wheel: HYPE, XLM, UNI, ASTER, LIT, JUP, CAKE, CRV, GNO, RAY, RUNE, 1INCH, EDGE, MET, DYDX, NEX, DEEP, XPR, GMX and O. Stablecoins and wrapped tokens are left off, and you can replace the whole list in Custom mode.
Do DEX tokens earn trading fees?
Sometimes, and it is the single most important thing to check. Many route fees entirely to liquidity providers, with the token holding only a vote on whether that might change one day.
Is a DEX safer than a centralised exchange?
It removes one risk — nobody is holding your funds — and introduces another, because the contract holds them instead and contracts have bugs. It is a different risk, not an absent one.