From Uniswap to SushiSwap: A Deep Dive into Ethereum's DEX Ecosystem

Decentralized exchanges (DEXs) have become a fundamental component of the Ethereum ecosystem. Unlike centralized exchanges, which match buyers and sellers through a central operator and hold users’ funds, DEXs run as smart contracts: users keep custody of their assets throughout and trade straight from their wallets. This piece compares the leading venues and then looks at what on-chain data says about them.