A decentralized crypto exchange (DEX) is a platform that enables peer-to-peer trading of cryptocurrencies without the need for a central authority. DEXs operate on a blockchain network and use smart contracts to automate transactions, eliminating the need for intermediaries. Users remain in control of their funds and have the ability to trade directly with each other. DEXs offer increased security and privacy compared to centralized exchanges but can sometimes have lower liquidity and fewer trading pairs.
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