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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.
24 Aug 2021 4 minute read 0 comments CryptoPlankton
HeadlinesA lot has happened in the world of Leonicorn since I last posted, but it seems something new happens every day with Leonicorn Swap. There is a lot to cover so I will start with the headlines– Single token staking on native platform – launch...
22 Aug 2021 1 minute read 0 comments FATExDAO
Each society in human history has failed to prevent overcharging for basic human needs: home, education, health, and food. The concept of “indentured” has not changed; inefficiencies & a sense of “unfair” prevail. Good work is rarely awarded without...
21 Aug 2021 1 minute read 0 comments 0xPunchline
Step 1: Open PancakeSwap via special link: PancakeSwap Click here to buy PUNCH on PancakeSwap You can also copy this link: https://exchange.pancakeswap.com/#/swap?outputCurrency=0x8f661a8698DCa0A0256b68C6E4fBF235bBFa6281 and paste it in your DApp...
20 Aug 2021 7 minute read 7 comments CryptoTjark
Intro Hey Humans,Just after the global news outlets acclaimed the death of Crypto again only a while ago, ADA just hit a new all time high of 2,54 $ (the last one being around 2,50 $). Cardano is the third biggest cryptocurrency by market cap, and th...
20 Aug 2021 2 minute read 2 comments Hamminy
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...
20 Aug 2021 2 minute read 5 comments Hamminy
I'm gonna drill it in your head until you get it — these little 6% returns on your crypto isn't worth giving up your keys. Liquid Exchange was recently hacked for $XXX million, and all of a sudden we hear Celsius hemming and hawing about it. Why? Be...
19 Aug 2021 2 minute read 0 comments RitabeII
The blockchain world is for the first time seeing a big leap forward with some mind-blowing ideas since the inception of forks on the ethereum blockchain, many forks have come on the blockchain, bring solutions like never before, some clogging the ne...
19 Aug 2021 2 minute read 0 comments RitabeII
Introduction More exchanges are coming up these days with amazing problem-solving ideas, each with their network, mode of operation and their native coin and some with outrageous gas fees. Traders both great and small have been limited to buying a pa...
17 Aug 2021 4 minute read 0 comments Greenchic
What an entertaining crypto show - a glimpse into these Poly Network after hack episodes What a crypto show, although unintended. I am talking about last week’s biggest DEFI crypto thrift event in history, yes, the 600$ million hack of the Poly Ne...
17 Aug 2021 2 minute read 2 comments CryptoTjark
Hey Humans,You already know I like Cardano and the projects that surround it. One of the most exciting projects for me personally is SundaeSwap. With the launch of Smart Contracts after the Alonzo Hard Fork, SundaeSwap is also going live with their s...
