DEX

A Decentralized Exchange (DEX) is a cryptocurrency exchange that operates without a central authority, enabling peer-to-peer trading directly from users' wallets through smart contracts. Unlike centralized exchanges, DEXs do not hold user funds, reducing the risk of hacks and allowing users to maintain full custody of their assets. Popular DEXs like Uniswap and SushiSwap use automated market maker (AMM) models with liquidity pools instead of traditional order books.