AirSwap is working to create a decentralized peer-to-peer exchange for ERC-20 tokens. Instead of using a centralized order book to execute trades, AirSwap is developing an indexer that will act like a search engine to connect traders. The AirSwap Oracle gives pricing recommendations in a way that is drastically different than the market maker pricing of centralized exchanges. The exchange is fueled by the AST token, which allows anyone to become a liquidity maker.

Tokens is developing a cryptocurrency exchange for ERC20 tokens that will be powered by their native Dynamic Trading Rights token. Their exchange places a strong emphasis on community driven governance. They have developed a mechanism that allows DTR token holders to be consulted about the future direction of their trading platform and what additional token pairs will be listed.

Bancor is a decentralized exchange protocol that is designed to increase liquidity for Ethereum and EOS tokens. The company has been at the center of the debate about Decentralized vs Centralized Exchanges, as well as the overall need of institutions to serve as a hub for decentralized networks. Their protocol, and exchange, enable any token to hold one or other additional tokens in reserve. Bancor allows conversions between tokens on their decentralized exchange with smart tokens that increase liquidity, and establish market prices for smaller tokens. Specifically, for those that do not have large trading volumes. Bancor tokens facilitate the exchange and act as a connective tissue, and have a centralizing effect on the exchange.