Decentralized Exchanges (DEX)

A decentralized exchange (DEX) is a peer-to-peer trading platform that runs on a blockchain through smart contracts, with no central authority controlling your funds. Unlike centralized exchanges, DEXes let you trade directly from your own wallet — you keep full control of your private keys at all times. Trades settle on-chain, making them transparent and censorship-resistant. Popular models include Automated Market Makers (AMM) such as Uniswap and SushiSwap, and order-book DEXes like dYdX. Most DEXes require no account registration or identity verification.