Automated market makers (AMMs) enable digital assets to be traded without permission and automatically with the help of liquidity pools, rather than a traditional market of buyers and sellers.
In other words, AMM is the underlying protocol that powers all decentralized exchanges (DEXs), which in turn, allows users to directly exchange cryptocurrencies without the need of an intermediary. AMMs automate the pricing and order matching process on the exchange. Let’s take a look at the 10 biggest AMM cryptocurrencies.
10 Biggest AMM Cryptocurrencies
We have used the market capitalization of AMM cryptocurrencies as of Feb. 21, 2023 (from coinmarketcap.com) to rank the 10 biggest AMM cryptocurrencies. Here are the 10 biggest AMM cryptocurrencies:
10. Mdex (MDX)
Launched in 2021, Mdex is a decentralized exchange protocol that works on the concept of fund pools. MDX is up by over 52% year to date, bringing their 90-day return to over 15%. As of this writing, MDX is trading at $0.1048, giving the cryptocurrency a market capitalization of more than $99 million. MDX has an all-time high of $10.06 (Feb 2021) and an all-time low of $0.05961 (Sep 2022).
9. Kyber Network Crystal v2 (KNC)
It is a multi-chain hub of liquidity protocols that combines liquidity from several sources to offer secure and instant transactions on DApp (decentralized application). KNC is up by over 93% year to date, bringing their 90-day return to over 49%.
As of this writing, KNC is trading at $0.8708, giving it a market capitalization of more than $143 million. KNC has an all-time high of $5.72 (Apr 2021) and an all-time low of $0.4489 (Jan 2023).
8. Anyswap (ANY)
Launched in 2020, Anyswap allows tokens to be swapped across numerous platforms. ANY is up by almost 173% year to date, bringing their 90-day return to over 229%. As of this writing, ANY is trading at $12.46, giving it a market capitalization of more than $232 million. ANY has an all-time high of $34.24 (Jan 2022) and an all-time low of $0.08365 (Jan 2021).
7. SushiSwap (SUSHI)
Launched in 2020, SushiSwap aims to diversify the AMM market, as well as add new features to it. SUSHI is up by almost 55% year to date, bringing their 90-day return to over 20%. As of this writing, SUSHI is trading at $1.45, giving it a market capitalization of more than $322 million. SUSHI has an all-time high of $23.38 (Mar 2021) and an all-time low of $0.4737 (Nov 2020).
6. Balancer (BAL)
Launched in 2020, Balancer is a self-balancing weighted portfolio, price sensor and liquidity provider. BAL is up by almost 40% year to date, bringing their 90-day return to almost 33%. As of this writing, BAL is trading at $7.27, giving it a market capitalization of more than $343 million. BAL has an all-time high of $74.77 (May 2021) and an all-time low of $3.65 (Jun 2022).
5. 1inch Network (1INCH)
1inch Network unites decentralized protocols to ensure lucrative, fast, and protected operations in the DeFi space. 1INCH is up by almost 65% year to date, bringing their 90-day return to almost 19%.
As of this writing, 1INCH is trading at $0.6389, giving it a market capitalization of more than $507 million. 1INCH has an all-time high of $7.87 (May 2021) and an all-time low of $0.3738 (Dec 2022).
4. Loopring (LRC)
Launched in 2017, Loopring is an open protocol that facilitates the development of decentralized crypto exchanges. LRC is up by over 126% year to date, bringing their 90-day return to over 78%.
As of this writing, LRC is trading at $0.4242, giving it a market capitalization of more than $564 million. LRC has an all-time high of $3.83 (Nov 2021) and an all-time low of $0.01986 (Dec 2019).
3. PancakeSwap (CAKE)
Launched in 2020, it enables users to exchange tokens, as well as earn fees in return. CAKE is up by almost 33% year to date, bringing their 90-day return to over 5%.
As of this writing, CAKE is trading at $4.19, giving it a market capitalization of more than $782 million. CAKE has an all-time high of $44.18 (Apr 2021) and an all-time low of $0.0002318 (Sep 2020).
2. Curve DAO Token (CRV)
Launched in 2020, it is a decentralized exchange for stablecoins that utilizes the automated market maker (AMM) to manage liquidity. CRV is up by almost 128% year to date, bringing their 90-day return to over 97%.
As of this writing, CRV is trading at $1.20, giving it a market capitalization of more than $870 million. CRV has an all-time high of $60.50 (Aug 2020) and an all-time low of $0.3316 (Oct 2020).
1. Uniswap (UNI)
Launched in 2018, Uniswap is a decentralized trading protocol that facilitates automated trading of decentralized finance (DeFi) tokens. UNI is up by over 36% year to date, bringing their 90-day return to almost 31%.
As of this writing, UNI is trading at $7.17, giving it a market capitalization of more than $5.46 billion. UNI has an all-time high of $44.97 (May 2021) and an all-time low of $0.419 (Sep 2020).
This article originally appeared on ValueWalk
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