Decentralized cryptocurrency exchanges (DEX) are cryptocurrency exchange platforms that operate without a central intermediary. Unlike centralized exchanges, where transactions pass through a central structure, DEXs operate on the basis of blockchain technologies and smart contracts, which provides a higher level of security and anonymity. DEX users control their funds directly, since transactions do not require transferring assets to the exchange for safekeeping. This minimizes the risks of hacking and fraud, but such platforms may have limited liquidity and a more complex interface compared to centralized counterparts.
Uniswap v3 (Ethereum)