An order book model is a good approach but it is not cost-effective. Whenever you are depositing your crypto for trade, centralized exchanges operating on an order-book model charge a small fee. At this point, kicking off with a DEX makes a lot of sense. On the DEX, you can do a peer-to-peer transaction and there are no intermediaries. You hold your assets in your own hands. On top of this, you get security and sovereignty operating on a DEX.  With that said, if you wish to pick among the 35 DEXes operational at present in the world, Trader Joe is a good option to start with. 

Trader JOE is an AMM built on top of the Avalanche chain. The community governs the ecosystem and gets rewards in return. The rewards are in the form of liquidation and swap fees. These fees make way to the users through smart contracts. In the process, making the entire Trader JOE ecosystem sustainable and decentralized.  Trader Joe is also famous for its smart UI and UX facilitating quicker trade and innovative yield farming products. 

The project started in September 2021 with $540 million liquidity. The rise in liquidity happened because of the shortcomings of the Pangolin DEX. Since Pangolin failed to keep pace with innovation, Trader JOE dominated. The platform raised $5 million from Defiance Capital, Delphi Digital, Three Arrows Capital. These are top shots in the VC list. At the same time, even the trading volume of Trader JOE has skyrocketed post its release. At the time of writing, the TVL or Total Value Locked stands at $1 billion. The growth has happened in a month's time. Trader Joe also introduces new products in quick succession stimulating its growth. For example, the lending/borrowing product which they introduced shortly amassed 40% APY.

At the moment, the DeFi market is ripe for innovation. Trader JOE has introduced new concepts in lending and borrowing. The utilities that users get have kept the platform ahead of the learning curve. Trader JOE is also introducing limit order which will make the ecosystem unique in DeFi. In a nutshell, one can look forward to investing in Trader JOE for a long-term benefit. 

Bancor pioneered the order book-less automated market maker (AMM) concept back in 2017 and has since launched a second iteration of the decentralized exchange (DEX) platform in July 2020 featuring Chainlink oracles integration, single asset liquidity, reduced slippage, impermanent loss (IL) protection, support for lending pools, etc. Now, Bancor v3 will be revealed on Nov 30 at the Dcentralcon conference in Miami, FL and it will be launching soon by early 2022 with even more powerful features, in three distinct phases of Dawn, Sunrise, and Daylight.

Bancor v3 will focus on profit maximization, fees minimization, dual-sided rewards, automated yield generation, and protection against impermanent loss. The new iteration of the platform aims to abstract the complexity, so even average users can participate in DeFi and become profitable liquidity providers, even without much technical knowledge and former experience.

It's been planned to be introduced by next year first quarter. Bancor v3 will attempt to optimize for low gas consumption resulting in cheaper transactions, finally launch on multiple chains (likely Ethereum L2s), easy migration from earlier versions of the Bancor protocols, ability to use liquidity pool (LP) for other purposes (especially additional yield generation), sourcing impermanent loss (IL) protection from third parties, a new user interface and integration with Chainlink Keepers to automate "housekeeping" tasks efficiently.

Bancor v3 will introduce the "Omnipool concept", which will allow for bypassing BNT related transfers, as seen in earlier versions resulting in additional cost. This will allow Bancor to be competitive against other AMM protocols and save users fees incurred on transactions, increasing capital efficiency. The platform will also offer impermanent protection from the time of liquidity deposit, unlike 100 days staking requirement in earlier iterations.

There are no deposit limits also on Bancor v3 anymore, which means that any user can deposit as much as they want at any time, without waiting for spaces to open up like earlier Bancor v2.1 pools. This will result in liquidity growth in the protocol at an accelerated unbound rate. The team calls it the "infinity pool" concept and this superfluid / easy moving liquidity would be able to be simultaneously used for marketing making and fee earning strategies.

Since it's unnecessary to have to manually restake your fees+rewards again, Bancor v3 will introduce an auto compounding feature, which will allow the smart contract to automate this task for the users, if they elect to go for it. This will allow deep automation to come into play, saving users gas and time.

Bancor v3 will also enable the native DAO to choose the liquidity direction, allowing it to invest in the protocol-owned BNT tokens to generate fees for the protocol. The DAO would also be able to monitor and redirect BNT liquidity to more optimized and better-performing pools, thereby allowing the protocol to grow further and serve its users better.