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A decentralized exchange (DEX) is a cryptocurrency exchange which operates in a decentralized way on a distributed ledger. One of the first DEX’s was launched in 2014 by the team behind the NXT cryptocurrency. Since then, a multitude of decentralized exchanges have launched but they are still very much in their early stages. 

Unlike centralized exchanges (CEX), which operate from centralized servers and are controlled by a central authority, DEX’s operate on a blockchain and enable peer-to-peer trading of cryptocurrencies. This is the primary difference between centralized and decentralized exchanges, but there are also many more:

Anonymity: Decentralized exchanges grant their users full anonymity, while centralized exchanges generally need to comply with KYC (know your customer) and AML (anti-money laundering) laws. 

Control of Funds: At centralized exchanges, users must trust their money to a third party. Their crypto funds are held by the centralized exchange, not the user. With decentralized exchanges, the user controls their funds as they make transactions directly from their personal wallets.

Hacks & Server Downtime: Centralized exchanges can be hacked and have downtime because they have central points of failure for hackers to target. Decentralized exchanges are impossible to hack because all participants are servers and if someone is hacked, the DEX will not notice and continue running. 

Open Source: A true decentralized exchange is completely open source so that anyone can open its code and see the algorithms and technologies it uses. With centralized exchanges, everything is privately owned and the user cannot identify what algorithms are being ran or technologies being used. 

#SymbiosisDeFined Writing Contest and Giveaway - $1,200 in ETH Prizes!

9 Mar 2022 3 minute read 90 comments igort

The wait is over - time for another writing contest and giveaway. This contest is about a project I'm personally very excited about - Symbiosis, a decentralized exchange / swap (think of a decentralized Changelly) that allows you to swap any token ac...

DarkKnight Finance dKNIGHT: Another DEX on the Spooky Fantom Blockchain

4 Jun 2022 3 minute read 0 comments 2sats

*obligatory not financial advice*   What is DarkKnight? DarkKnight is the sister project of the KnightSwap DEX on the Binance Smart Chain and is also a decentralized exchange but on the Fantom blockchain. Fantom is a smart contract blockchain with a...

ALEX: The First Complete DeFi Protocol the Stacks Blockchain

7 May 2022 3 minute read 0 comments 2sats

*obligatory not financial advice*   What is ALEX? ALEX is short for Automated Liquidity Exchange and it is an all-in-one DeFi application and the most used dApp on the Stacks blockchain, which is a special smart contract blockchain that is connected...

TangoSwap likes Rock 'n Roll ... I like a slow Viennese Waltz

18 Feb 2022 2 minute read 0 comments PVMihalache

A new chapter started on SmartBCH, when Tango Swap landed on the SmartBCH. The new DEX was ready to teach people to dance with SEP-20 tokens, in a more secure way. The extra layer of confidence was given by the two names behind the project, two well-...

A Deep Dive In HydroSwap

20 Nov 2021 2 minute read 6 comments Project Hydro

HydroSwap is not the typical decentralized exchange that the DeFi space comes across regularly. It has evolved to involve much more than that, and it runs on the Binance Smart Chain to offer high scalability and better transactional experience by us...

What is a DEX? Decentralized Exchange Explained

2 May 2022 4 minute read 0 comments EverythingBlockchain

Supporting peer-to-peer transactions, Decentralized Exchanges (DEXs) operate in a decentralized manner sans third-party interference. Leveraging the functionality of smart contracts that self execute under set conditions, DEXs are non-custodial in na...

21 APR 2022- Loopring (LRC) Report Card

22 Apr 2022 1 minute read 0 comments quantdoge

Investment Disclaimer: I am not a registered investment, legal, or tax adviser or a broker/dealer, and all opinions expressed by me are from my research for educational purposes only. Past performance presented here is not an indicator of future per...

The age of ADA crowdfunding has begun.

11 Sep 2021 4 minute read 26 comments ChildOfTheMany

In one of my last posts, I wrote about some of the methods I use to invest small amounts of money early with the hopes for big returns, and acquire ADA for cheap. I also wrote about one of the platforms that I use to do so; Exmarkets. If you haven't...

🐻 Bear Market Coming? These 3 Facts Could Prove You💡

7 Jul 2021 1 minute read 7 comments

  Crypto traders, how’s your portfolio recently? Have you sniffed out some bearish signs of the crypto market? By tracking dapp’s on-chain performance, we discover 3 data facts that might prove you a coming bear market. Dex, DeFi and NFT market volu...

SUSHI: A Bentobox of DeFi Applications with a Controversial Launch

14 Jan 2022 5 minute read 3 comments 2sats

*obligatory not financial advice*   What is Sushiswap? Sushiswap started as a fork of the Uniswap DEX. The only difference was that it had its own token before Uniswap did and this governance token let its holders earn a part of the trading fees. The...