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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.
3 Dec 2020 1 minute read 2 comments Abhimanyu Krishnan
The Loopring (LRC) project announced the launch of its zkRollup AMM on Loopring 3.6, according to a blog post published on Dec. 2. Loopring has launched its Ethereum zkRollup implementation on Loopring 3.6, bringing instant and gas-free transactions...
3 Dec 2020 1 minute read 0 comments Abhimanyu Krishnan
The 1Inch DEX project has raised $12 million in a funding round led by Pantera Capital, according to a blog post published on Dec. 2. The $12 million comes from institutional investors Pantera Capital, ParaFi Capital, and Nima Capital, among others...
3 Dec 2020 1 minute read 2 comments Allen Walters
DEXter, the decentralized exchange that is built on Tezos, is now available on Magma wallet on iOS and Android. Magma wallet is a Tezos wallet, which you can find on Apple Store and Google Play. This enables anyone to make trades anywhere, any time o...
2 Dec 2020 1 minute read 0 comments FreedomBuilder
🏦 Pluton (PLU) is Already listed in CoinMarketCap. 🔴 Note: Airdrop available only for UK and EEA countries. 🎁 Total Reward: Receive up to 1.50 PLU ≈ $9👥 Receive 0.05 PLU ≈ $0.30 for each referral. 📈 Sign-up on Latoken Exchange and complete KYC...
30 Nov 2020 5 minute read 4 comments DrBreakThru
On November 2, 2018, Uniswap (UNI) – a protocol for the automated exchange of ERC-20 tokens on Ethereum – was publicly announced and deployed to the Ethereum mainnet: The launch of Uniswap was perhaps the most important event to happen on Ethereum i...
30 Nov 2020 3 minute read 11 comments ScreenTag
KYC, AML, SEC, FED, and above all IRS. The initials everyone loves to hate. Crypto assets are supposed to offer freedom to do whatever you like with your money, regardless of how much or how little you own. Isn't that right? Unfortunately, things are...
30 Nov 2020 1 minute read 3 comments Abhimanyu Krishnan
On Nov. 25, the Loopring (LRC) announced the release of a beta version of the Loopring Wallet, an Ethereum smart wallet with the zkRollup scaling solution built in. The Loopring wallet lets users transfer funds for free and instantly to other users...
29 Nov 2020 1 minute read 0 comments Ariman
More than once I told you about the FTX exchange, which I find wonderful, and now once more I'm here to tell you that they are working, in collaboration with the Solana (SOL) team, on a new DeFi platform, named "ProjectSerum" , togheter with the omo...
28 Nov 2020 3 minute read 0 comments SolarEclipse
I hope everybody is fine in these crazy rollercoaster times, still healthy and curious about what's coming next. Today I want to give you an update about the progress of the Stakenet project, especially about the progress with their DEX and their Roa...
28 Nov 2020 1 minute read 0 comments DeFiNFTNews
1. WanSwap is the world’s first crosschain AMM Dex built on Wanchain 2. WanSwap is a 100% community driven project built with the passion and dedication of Wanchain community members 3. WanSwap draws heavily from the Uniswap codebase for the general...
