A decentralized exchange (DEX) is a financial services platform that allows users to buy, trade, and sell digital assets. On a DEX, users conduct peer-to-peer (P2P) transactions directly on the blockchain, eliminating the need for a centralized intermediary. DEXs do not act as custodians of users’ funds and are frequently managed democratically through a decentralized governance structure. DEXs may be less expensive than centralized crypto exchanges because there is no central authority charging transaction fees for services.
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