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Decentralized exchange

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A decentralized exchange (DEX) is a cryptocurrency exchange which operates in a decentralized way, i.e., without a central authority. Decentralized exchanges allow peer-to-peer trading of cryptocurrencies.[1]

 
Ledger login on Switcheo Exchange

Because users do not need to transfer their assets to the exchange, decentralized exchanges reduce the risk of theft from hacking of exchanges.[2][3] Decentralized exchanges can also prevent price manipulation or faked trading volume through wash trading, and are more anonymous than exchanges which implement know your customer requirements.

There are some signs that decentralized exchanges have been suffering from low trading volumes and market liquidity.[1] The 0x project, a protocol for building decentralized exchanges with interchangeable liquidity attempts to solve this issue.[4]

https://en.wikipedia.org/wiki/Decentralized_exchange

 

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