8 DEX Decentralised Exchanges
Decentralized exchanges (DEX) are online peer-to-peer (P2P) platforms that act as intermediaries between buyers and sellers of digital assets. They are commonly referred to as DEX, which stands for decentralised exchanges. Unlike centralized exchanges, DEXs are non-custodial, meaning that users remain in control of their private keys and assets. DEXs typically use smart contracts as the authority that authenticates transactions of the liquidity pairs. There is generally no order book on a DEX, as trades are typically facilitated through an automated market maker (AMM) system.