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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. 

Gawd I hate centralized exchanges

19 Jan 2022 3 minute read 3 comments Kovichni

To get directly to the point; Yes they can be very economical. By that I mean I got me some iExec years ago for only 0.40 cents in fees, while doing the exact same on Uniswap or 1Inch today.....well   Those involved in Crypto and decentralized excha...

Why THORChain's Integration with Terra Luna is A Big Deal for Both BTC and LUNA Communities?

22 Mar 2022 5 minute read 2 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...

Bitcoin Cash Universe

8 Apr 2022 2 minute read 0 comments Alther

In the Bitcoin Cash Universe, which is bridged by SmartBCH with its SEP20 Token, has now created a decentralized exchange presence that has made it easier for loyal communities to easily participate, own, and learn about the existence of smart contra...

DODO: The Next Generation of Decentralized Echanges

5 Jan 2022 3 minute read 3 comments 2sats

*obligatory not financial advice*   What is DODO? DODO is a decentralized exchange that features a unique AMM to keep the prices more stable and the slippage and impermanent loss low. It also gives developers the option to launch their own new tokens...

Triangular Arbitrage With Crypto DEX’s: Part One

10 May 2022 3 minute read 1 comment Alex9296

Building an arbitrage bot is harder than they told you Introduction — Does the money printer go brrr? Arbitrage is the practice of taking advantage of the difference in asset prices in the market. Arbitrage has been used in Forex for a long time beca...

Yield Drag (Getting Mega Yield That's Not on Celsius, BlockFi, Coinbase or Gemini)

20 Aug 2021 2 minute read 2 comments AlucardLife

Instead of accepting shit yield from places like Celsius and Gemini while risking your entire stack, here's a trick you can use to get the yield they get to pay you your pittance. I call it "yield drag" because it plays off of the way that swaps conn...

Osmosis: how to use the first Interchain DEX on Cosmos [ENG-ITA]

9 Nov 2021 5 minute read 0 comments ifiwasfrank

🇮🇹 Trovate la versione italiana dell'articolo dopo quella inglese   Cosmos network is in excellent shape and there are several indicators to confirm this. First of all, the volume of trading on its main decentralized exchange, Osmosis, continues to r...

Bitcoin Spikes to $49,5K on FOMC News, UK Bans Crypto Ads, Hackers Stole $12B in Crypto

17 Dec 2021 2 minute read 0 comments GetBlock

Here’s why the U.K. regulator blacklisted Coinbase, Kraken, eToro.Even being controlled by bears, Bitcoin (BTC) price managed to reach weekly highs on the positive announcement from the U.S. regulators. Fed keeps super-low interest rates, Bitcoin...

Is Biswap The New PancakeSwap ... ?

28 Mar 2022 2 minute read 2 comments Nas.A

  Last week there was movement in the Decentralized Exchange DeFi industry. We have heard news that a new player is listed on many exchanges. In a few days, there was a 400% increase in its price. The name of the decentralized exchange is biswap (BSW...

A dive into DeFi, DEX, Sushi and why Morpheus Labs created ABC Swap.

8 Nov 2021 8 minute read 0 comments jonathan a.

Introduction to DeFi, Sushiswap. Decentralised Finance (DeFi) has become a mainstay in the crypto industry since its boom in 2020. Decentralized finance is essentially financial applications that a centralized body would provide (Banks, Financial Ins...