DEXs, or decentralized exchanges, are cryptocurrency platforms that operate without a central authority. They facilitate direct peer-to-peer trading of digital assets, offering enhanced privacy and security. Users retain control over their funds through private keys. DEXs use smart contracts to automate transactions, eliminating the need for a central order book. Popular DEXs include Uniswap, PancakeSwap, and SushiSwap. These platforms play a significant role in the decentralized finance (DeFi) space, providing a more inclusive and open financial ecosystem for crypto enthusiasts worldwide.
