What Is Decentralised exchange?
Decentralised exchange (DEX) is an asset trading exchange where all trades happen purely on-chain.
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.