DEX (Decentralized Exchange)
A peer-to-peer crypto exchange where trades execute directly between users' self-custodial wallets via smart contracts.
In-Depth Explanation
Unlike centralized exchanges, DEXs do not take custody of deposits, require KYC identification, or hold centralized order books.
Practical Market Example
Real-World Application
Swapping USDC for ETH directly on Uniswap executes entirely on-chain through a smart contract.