Decentralized Exchange — a smart-contract-based venue for trading cryptocurrencies without an intermediary. Uniswap (AMM-based) is the canonical example; dYdX and Hyperliquid offer order-book-style DEXes. DEXes avoid custody risk and KYC requirements, but typically offer lower liquidity than CEXes and require gas fees to trade. Daily DEX volume is roughly 15–25% of CEX volume in 2026.
DEX
Decentralized Exchange — a smart-contract-based venue for trading cryptocurrencies without an intermediary. Uniswap (AMM-based) is the canonical example; dYdX and Hyperliquid offer order-book-style DEXes. DEXes avoid custody risk and KYC requirements, but typically offer lower liquidity than CEXes and require gas fees to trade. Daily DEX volume is roughly 15–25% of CEX volume in 2026.
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