Top DEXs in June 2025: Orca, PancakeSwap, SushiSwap, Raydium, Curve Finance, 1inch, dYdX, Shadow Exchange, THORChain

Decentralized exchanges, or DEXs, are blockchain-based peer-to-peer marketplaces that enable users to conduct transactions directly, without relying on any central authority or intermediary. This decentralized approach reduces the risk of hacks, breaches, or mismanagements associated with centralized exchanges. DEXs also address privacy concerns by requiring minimal personal information and promoting censorship resistance and anonymity. They offer global access, allowing anyone with a wallet and an internet connection to participate. Here are some of the top DEXs to watch out for in June 2025.

Orca, a leading DEX on the Solana blockchain, aims to revolutionize asset trading by making it more efficient and transparent. Launched in 2024, Orca V2 caters to four user groups: traders, liquidity providers, token creators, and builders. The platform supports near-instant swaps with minimal transaction fees and features like Whirpools, which help concentrate liquidity and support upcoming projects.

PancakeSwap V3, based on the Binance Smart Chain, offers efficient trading options and concentrated liquidity. Users can access yield farming, staking, lottery features, and support for NFTs in a user-friendly interface with low fees and quick transactions. It is an ideal option for beginners who prefer an Automated Market Maker system, enabling traders to earn fees and provide liquidity easily.

SushiSwap, built on the Ethereum blockchain, started as a token swap platform and has evolved into a full DeFi ecosystem. It offers services like BentoBox for capital efficiency and Kashi for lending and margin trading. SushiSwap has integrated across various blockchains, allowing users to swap, lend, borrow, leverage, and trade crypto assets. The native $SUSHI token enables community participation in governance and rewards.

Raydium, an Automated Market Maker and decentralized exchange on the Solana blockchain, is known for its high-speed and low-cost trading. It offers both AMM-style swaps and order book liquidity due to its integration with Serum. Raydium provides staking opportunities, AMM-style swaps, and order book liquidity, with deeper liquidity and better price execution for traders and liquidity providers. It also features dual-yield farming and a launchpad called AcceleRaytor for new projects on Solana.

Curve Finance, a DEX and AMM on the Ethereum blockchain, is designed for efficient stablecoin trading with low slippage and minimal fees. It focuses on capital efficiency and stability, offering steady and predictable returns for liquidity providers. Curve Finance is deeply integrated into the DeFi ecosystem, powering the core liquidity layer for protocols like Aave, Convex, and Yearn.

1inch is a DEX aggregator that sources liquidity from various other DEXs to provide users with the best token swap rates. Unlike traditional DEXs, 1inch does not have its own liquidity pool; instead, it scans and splits orders from other platforms to optimize returns, minimize slippage, and reduce trading fees. The platform uses the Pathfinder algorithm, which analyzes trading paths and picks the most efficient one. It also has its own AMM that reduces front-running and improves earnings for liquidity providers.

dYdX is a decentralized derivatives exchange offering trading options such as perpetual contracts, margin trading, and leverage up to 20X. The platform uses a professional-grade order book system, providing traders with speed, depth, and functionality. dYdX is permissionless and disintermediated, offering low fees and minimal slippage. Built for professional traders, it features advanced order types, deep liquidity, instant market listings, and a high-performance API.

Shadow Exchange, built on the Sonic network, focuses on efficient trading through concentrated liquidity and an innovative incentive model. The platform allows liquidity providers to concentrate their capital within specific price ranges, optimizing liquidity utilization and reducing slippage for traders. Shadow Exchange also features a dynamic fee system that adjusts to market activity algorithmically, with customizable fee splits for creator fees, providing a user-friendly trading experience.

THORChain is a protocol that enables users to swap native assets directly, ensuring full custody and trustless transactions. Unlike other DEXs, it does not rely on wrapped or pegged assets for trades. Powered by Cosmos SDK and Tendermint, THORChain has a native token called RUNE, which is used for settlements, incentives, and governance. Liquidity providers on THORChain can be rewarded for contributing to pools that facilitate swaps across various chains.

DEXs offer a range of tools for traders of all experience levels, from simple swaps to leveraged trading, cross-chain swaps, yield optimization, and dynamic liquidity. While there are many options available in the crypto space, it is important to conduct thorough research and use discretion when choosing the right DEX.