What Is Decentralised exchange?
Decentralised exchange (DEX) is an asset trading exchange where all trades happen purely onchain.
These exchanges are public, fair, cheap and especially censorship proof. There is no middleman like a broker when you are trading on these venues, but you get equal access to the trade flow. Users trade using their non-custodial wallets performing swaps.
A decentralised exchange is an opposite of CEX. Decentralised exchanges are always smart contract based.
Decentralised exchanges can be based on different models:
Some of the most popular decentralised exchanges are Uniswap, Sushiwap and PancakeSwap.
See also