When you trade on a decentralized exchange, a crypto trading platform that lets you swap tokens directly from your wallet without a middleman. Also known as a DEX, it’s the backbone of DeFi — but it’s not magic. You’re in control, but you’re also on your own. No customer support, no chargebacks, no one to blame when things go wrong. That’s the trade-off.
Most DEXs use automated market makers, or AMMs, algorithms that set prices based on token supply in liquidity pools. That’s great for 24/7 trading, but it also creates impermanent loss, a hidden risk where your deposited tokens lose value compared to just holding them. If you’re adding liquidity to a DEX, this isn’t theoretical — it’s a real way to lose money even when prices go up. And it’s not rare. Posts on this page show users getting burned by it on platforms like KyberSwap and Libre, where low liquidity makes the risk worse.
But DEXs aren’t just about swapping tokens. They’re where people try to earn by providing liquidity, join new token launches, or test out obscure projects. That’s why you’ll find reviews here on real DEXes like KyberSwap Classic on Avalanche, and scams pretending to be DEXes like AnimeSwap on Sui. Some are niche tools with only two trading pairs. Others are full-blown platforms with no audits or user reviews. The line between legit and fake is thin, and scammers know it. That’s why you need to know what to look for: trading volume, liquidity depth, contract audits, and whether the team is real. If you can’t find any of those, walk away.
And it’s not just about the tech. Your wallet, your keys, your decisions — that’s all that stands between you and a drained account. A DEX review isn’t about which one has the prettiest interface. It’s about who’s behind it, how much money’s locked in, and whether anyone’s actually using it. The posts below cover real cases: exchanges that vanished, liquidity pools that collapsed, and tokens that went to zero overnight. This isn’t a guide to getting rich. It’s a guide to not getting wiped out.
Shadow Exchange is the leading DEX on the Sonic blockchain, offering sub-second trades, 95% lower fees than Ethereum, and concentrated liquidity. Learn how it works, why it's dominating, and whether $SHADOW is worth your attention.