Decentralized exchange
An exchange whose trading execution or settlement relies on blockchain protocols.
In more detail
A DEX lets trades settle through onchain mechanisms such as liquidity pools or order books. That changes how custody and execution work, but the website you use may still be operated by a team or hosted centrally. Check the actual protocol and transaction rather than treating the word decentralized as a complete description.
How you might use it
A DEX website helps you prepare a swap, and your wallet shows the contract transaction that will settle it onchain.
- Short name
- DEX
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