Uniswap

Uniswap is the largest decentralized exchange by trading volume. Hayden Adams founded the protocol in 2018 after he received a $50,000 grant from the Ethereum Foundation. Uniswap pioneered automated market-making. Instead of a centralized entity matching buy and sell orders, traders swap tokens into liquidity pools managed by other users. Those users who seed the pool of popular tokens receive rewards. Since its launch, the protocol has processed $3.7 trillion in total trading volume.