A DEX (Decentralized Exchange) is a cryptocurrency exchange that operates through smart contracts on a blockchain, allowing peer-to-peer trading without intermediaries.
How DEXs work: Users connect wallets directly, smart contracts handle trades, no account creation or KYC required, users maintain custody of funds, and trades execute on-chain.
Types of DEXs include AMM-based (Uniswap, PancakeSwap), Order book DEXs (dYdX, Serum), and Aggregators (1inch, Paraswap).
Popular DEXs include Uniswap (Ethereum), PancakeSwap (BNB Chain), Raydium (Solana), and Curve (stablecoin swaps).