Ever wonder why do design competitors copy? 🤔 Designers usually copy the style, built, design, and all possible similarities and launch new products with slight changes.😵💫This statement begs a question: Why do UX designers copy the exact style?
It is because,
“The majority of users’ time is spent on other websites. This indicates that visitors want your website to operate similarly to every other website they are already familiar with.” –Jakob’s Law
This is the reason why many Decentralized Crypto Exchanges (DEXes) look almost the same with hints of different features to give their users a welcoming look and feel. 🤯
In this analysis, our UX designers picked out the 8 most commonly used exchange platforms and discussed the similarities and differences including unique UX features of the DEXes. We will be discussing the following DEXes:
Orca simplifies the trading, farming, and constructing of cryptocurrencies. On the Solana blockchain, Orca is the best place to exchange cryptocurrencies. On Orca, you may swiftly swap tokens (thanks to their Fair Real-time Price Indicator).
- Users do not have to look for a place to search for any currency token. Right at the top, a search bar is available to directly input the token with its values.
- Hassle-free trade of stablecoins in a separate tab. Users can easily trade the stablecoin with a high Annual Percentage Rate (APR) as compared to other platforms.
Targeted Users: Traders looking for a way to trade cryptocurrencies on the Solana blockchain.
Sushiswap supports 14 chains and offers an alternative to the trading of tokens from liquidity providers (LP). Users can purchase and sell through Sushi DeFi and decentralized exchanges using SushiSwap, which uses the Automated Market Maker (AMM) protocol.
- The Converter provides for two types of users. Those who have the currency limit knowledge can easily swap the amount. The second tab “Limit” indicates all the limits on each currency for the users with no or less limit knowledge.
- Sushiswap provides users with guaranteed security while trading to never lose their assets. The feature is known as SushiGuard. SushiGuard protects users from Maximal Extractable Value (MEV). Sushi developed this feature to protect users from front running.
The repetitively similar feature between Sushi and Ocra is the wallet connection functionality available at the bottom of the converter. It is for the user’s ease to get the wallet connection at a click.
Targeted Users: Crypto traders that seek multiple pool liquidity options.
Symmetry is known to be a fast DEX as it is built on Celo and xDai networks. Symmetric is made with the goal of promoting Decentralized Finance’s mass adoption, and it was created with the needs of new users in mind.
- It has a slider range provided with the converter which allows users to enter the amount using a slider. Users can manage how to enter the amount by changing the input method from text to slider. By using the slider, the user gets quick value information by adjusting the thumb of the slider.
- Secondly, it has a real-time crypto graph indicating the rise and fall of currency value. Easy for a user to make the decision for swapping. It is a comparatively better approach to update the users on the token values because visuals are memorized for a longer period of time than texts and just numbers.
Targeted Users: For the users who want to manage their assets, provides an on-chain pool; which means instead of paying the index holders, users get earning fees and high transaction speeds and almost no cost.
The problems associated with decentralized AMM architecture, such as excessive gas costs, pointless failed orders, and liquidity fragmentations, are addressed by Raydium.
- Price is updated promptly which user can select whether to accept or decline the change. Providing this feature on the platform creates a sense of transparency which build the user’s trust. Having this feature guides the user to make the decision according to the price fluctuation and they will not be uncertain of what comes next.
- Both of the currencies graphs exist on the main converter screen assisting the users to readily make any decision.
- The navigation menu on the left is opened on the landing page for easy access to current or any other features. It also highlights the current page the user is on.
- After every 10 sec, the price updates on every platform. This platform is also the same but here users have to click the approve button to make sure they are well aware of the price change before doing any transaction.
Targeted Users: Users of cryptocurrencies that require an on-chain order book AMM enabling the development of Defi to boost trading control.
Quickswap functions similarly to Uniswap in that users provide liquidity and earn transaction fees when they swap tokens from these liquidity pools.
- Real-time token info and other tokens info before swapping or making a transaction.
- Token history right off the main panel for the past 5 years max. It is available in the pro mode for crypto experts to analyse the patterns.
- After selecting the pair, it not just shows the information but also the pools where these tokens are present so the user can directly add the liquidity in that pool.
Targeted Users: Cryptocurrency traders that want to transact on a DEX powered by Polygon with almost no gas fees.
Other DEXes support the address access manually known as the pilot token, but in traderjoe, the token is reflected automatically at the converter. In many aspects, Traderjoe is similar to other decentralized exchange platforms accessible in the Defi area. Although it has tools for trading, liquidity pools, and yield farming, its standout feature, “The Rocket Joe,” is the main reason consumers utilize it.
This rocket will serve as the starting point for Defi protocols. It enables cryptocurrency producers to introduce their own token and build their Protocol Owned Liquidity from scratch.
- In other DEXes, there is no functionality to know when a new token is added to your wallet. But it is available in Traderjoe. The import token option shows you if the token has been charged to the wallet.
- The procedure goes like this, add tokens directly to the wallet from the platform and after the swap, we have to manually add the tokens to our wallet by copying the token address to check the token amount.
- For pro-crypto experts the chart with token history is also available by default, the users do not need to click and open any tab like quickswap. This chart helps them visualize and make a decision based on the crypto value patterns.
- Traderjoe gives you an option to add the swapped token to your connected wallet. Right after the users trade the token, they are provided with the option to send the swapped token directly to their wallet, and it notifies the user when the token has been charged.
Targeted Users: It promotes the consumers’ usability with compelling advantages such as incentivisation. The system is user-friendly for new users.
A TRON-based trade protocol is called SunSwap. Its unique feature is that all trading fees are paid out to the protocol’s liquidity providers rather than the protocol itself.
- Sunswap minimizes the additional step that is supported by other DEXes. Providing the direct sending of the amount to the other address after swapping. It allows the addition of the recipient and sending of the swapped token directly to another address.
- It also provides a feature if in case the user wishes to swap and send the tokens to someone else then he or she can swap the token first and then send it to the respective person.
Targeted Users: Per users’ requirements, conversion between any two TRC20 tokens is possible based on system price.
At first look, Osmosis provides a welcoming attracting interface with colors and design elements. Vibrant colorful illustrations can easily attract users to engage with the platform. It can be appealing to some newbies as well.
- Bigger token icons to clearly ease the user in indicating the currencies. Most of the dexes show the token icons in small size in contrast to that here on osmosis, they made them reasonably larger to show the tokens symbol in a more efficient way.
- It also provides a simple navigation panel on the left side for the current and other available features.
Targeted Users: Crypto traders interested in an AMM on Cosmos blockchain.
Final Note 🏁
Before beginning the analysis, we discussed similarities among the DEXes and why users prefer them. This is why in the majority of the DEXes, the converter block being the heart of the DEX, is placed in the middle of the home page. Furthermore, we have noticed in Symmetry, Raydium and Traderjoe that they have enhanced the UX by adding a graph of crypto value. The visualization helps the users to make a decision based on the patterns, also, it is easier to memorize an image rather than text or numbers.
Two of the above-enlisted DEXes, focus on the usability of new users. Their platform is designed per the concept of ease for new users. This also adds to the favour of unique feature points. The user will only feel attended to if they get a proper guideline 📝 or a walkthrough 🚪 on any new website they enter.
To buildup a great user experience, speedy transactions, supporting rare digital tokens and providing users with better prices than the other DEXes are all secondary. Firstmost element is the interaction of the consumer with the platform. 👨💻
To achieve a top-notch neat user experience, the effort goes in by the creative and analytical thinking of the designers, the substructure and assistance of the developers as well as the rational guidance and support of the project managers. Only then, do the users get to enjoy a smooth interface with their desired options. As proven, teamwork makes the dream work! 🏆
We at Expedite, create experiences that are based on the best UX practices, market research, and user testing. Schedule your meeting with us right away to get your products best for a smooth user experiences.
Check out our METAMASK case study.