Bitcoin

Decentralized exchanges (DEXes) are cryptocurrency exchanges that operate on a decentralized blockchain network, allowing users to trade cryptocurrencies without the need for a centralized authority or intermediary.Decentralized exchanges can be contrasted with centralized exchanges (CEXes), which are run by a central authority that controls the exchange and facilitates trades between users. Decentralized exchanges, on the other hand, use smart contracts and peer-to-peer networks to facilitate trades in a trustless and transparent manner.One type of decentralized exchange is a decentralized order book exchange, which operates similarly to a centralized exchange but without a central authority controlling the order book. Instead, the order book is maintained on the blockchain and updated by users submitting transactions.Another type of decentralized exchange is an automated market maker (AMM) exchange. In an AMM, liquidity is provided by users who deposit assets into a liquidity pool. The price of assets in the pool is determined by a mathematical algorithm that balances the supply and demand of the assets. Users can then trade against the liquidity pool without the need for order books or an intermediary.Decentralized exchanges offer several benefits over centralized exchanges, including increased security, transparency, and censorship-resistance:#BNB#BTC#crypto2023

WHAT IS A DEX ?

Terry Junior

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