Decentralized Exchange

Decentralized exchanges (DEXs) enable the permissionless, non-custodial trading of cryptocurrencies and tokens. Unlike a centralized exchange such as Coinbase, users exchanging on DEXs do not have to provide personal information, relinquish their private keys, or give over control of their funds to participate. While centralized exchanges use traditional order books (based on the bid-ask spread) to price trades, DEXs use an automated market maker that prices trades based on an algorithm.