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What is a DEX? How A Decentralized Exchange Works1. Uniswap. Uniswap. The first on the list of the best decentralized exchanges is Uniswap � Ethereum's first and largest DEX. Uniswap. The top 5 DEX protocols for include Uniswap, SushiSwap, PancakeSwap, 1inch, and Balancer. 2. How Do DEX Protocols Differ From Traditional Centralized. Top Decentralized Exchanges Ranked by 24H Trading Volume ; 1. Uniswap V3 (Ethereum). $,, ; 2. Jupiter. $,, ; 3. Orca.