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A DEX, short for Decentralized Exchange, is a type of cryptocurrency exchange that operates on a decentralised network, such as a blockchain. Unlike traditional centralized exchanges that rely on a central authority to facilitate transactions, DEXs enable peer-to-peer trading directly between users. They typically utilize smart contracts and decentralized #protocols to execute trades in a secure and transparent manner.
DEXs offer several advantages over centralized exchanges, including increased #privacy, reduced reliance on intermediaries, and greater control over one's funds. Since transactions occur directly between #users, there is no need for a centralized party to hold and manage user funds.
This enhances security and eliminates the risk of #hacking or theft associated with #centralized exchanges.
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