What is DEX?
A decentralized exchange settles trades on-chain via smart contracts. Users keep custody of funds. AMM-based DEXs (Uniswap, Curve, Balancer, Aerodrome) dominate spot; CLOB-based DEXs (dYdX, Hyperliquid, Vertex) dominate perps.
How it works
A decentralized exchange settles trades on-chain via smart contracts. Users keep custody of funds. AMM-based DEXs (Uniswap, Curve, Balancer, Aerodrome) dominate spot; CLOB-based DEXs (dYdX, Hyperliquid, Vertex) dominate perps.
For deeper protocol-level mechanics, see the related glossary terms below or the linked DeFi Intel topic deep-dive.
Why it matters
DEXs let users trade without custody risk. They have grown to ~25% of total spot crypto volume and >50% in some L2 ecosystems.
Real-world examples
Uniswap, Curve, Balancer, Aerodrome, PancakeSwap, Jupiter (Solana), Hyperliquid (perps), GMX (perps).
Related terms
- CEX (Centralized Exchange)
- AMM (Automated Market Maker)
- CLMM (Concentrated Liquidity Market Maker)
- Uniswap
- DEX Aggregator
Go deeper
Read the full DeFi Intel topic deep-dive or browse the complete crypto glossary.
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