Finance glossary
Decentralized Exchange (DEX)
Definition
A crypto exchange that runs on smart contracts without a middleman.
A decentralized exchange lets users trade cryptocurrencies directly from their wallets via smart contracts, with no central operator holding funds. DEXs offer self-custody and permissionless access but can have lower liquidity and higher complexity than centralized exchanges.
In a sentence
She swapped tokens straight from her wallet on a Decentralized Exchange (DEX), never handing custody to a company.
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