How Do Decentralised Exchanges Work? (Uniswap Case Study)
A Decentralized Exchange (DEX) is the opposite of a Centralized Exchange (CEX). It is a type of exchange that does not require a third party to have custody of customer assets. No central body is in charge of transactions and trades. DEX are non-custodial meaning that users have control over their assets and trades. The exchange only serves as a platform to bring traders together. DEX uses an order book to connect buyers and sellers and also transfer funds between users’ wallets. A DEX operates on the blockchain network to guarantee smooth and secure transactions without a third party. DEX users are in charge of their assets and can store their coins in cold wallets. Because a DEX does not hold users’ assets, it makes them less vulnerable to hackers. DEX registration doesn’t require personal information or proof of identity. Some DEXs don’t even require registration.
Read the full explainer: https://decentralised.news/how-decentralised-exchanges-work-uniswap-case-study/
Read our guide of the different types of crypto exchanges: https://decentralised.news/different-types-of-crypto-exchanges-explained/
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