When you hear decentralized exchange, a crypto trading platform that runs on blockchain without a central company controlling it. Also known as DEX, it lets you swap tokens directly from your wallet—no sign-up, no KYC, no middleman. Sounds simple, right? But most DEXs you find online are dead. Zero trades. No liquidity. Just a website with a logo and a promise. In 2025, the real ones are few, and the rest are ghosts.
Take SushiSwap, a well-known DEX that started on Ethereum and later expanded to other chains like Arbitrum. On Arbitrum Nova, it’s barely alive. You won’t find meaningful trades or farming rewards there—it’s a ghost town with low fees and no users. Then there’s OpenSwap, a deflationary DEX built on Harmony that promised better tokenomics but shut down completely in 2024. Its website still loads, but the liquidity pools are empty. And KCCSwap, a DEX on KuCoin Community Chain that some claim has an airdrop? No official airdrop exists. People are chasing a rumor, not a platform.
What makes a DEX actually work? Liquidity. Real users. Active trading. A team that still shows up. Most DEX reviews you find online are written by bots or scammers trying to push fake tokens. The truth? If a DEX doesn’t have at least $10 million in total value locked and daily volume over $1 million, it’s not useful for trading. You’re just swapping tokens into a black hole.
That’s why the posts below aren’t just reviews—they’re autopsies. You’ll find real breakdowns of DEXs that looked promising but collapsed, platforms that are still running, and scams disguised as DeFi tools. No fluff. No hype. Just what’s left standing in 2025. If you’re looking to trade without a centralized exchange, these are the only DEXs worth your time—and the ones you should avoid at all costs.
3 June
Taffy Finance claims to be a gaming-focused crypto exchange on the Saakuru blockchain, but it has virtually no trading volume, no community, and no transparency. Avoid this high-risk platform with no real operation.
