DEX (Decentralized Exchange)

Exchange that runs entirely on smart contracts, with no custodian.

DEXs let users swap tokens directly from their wallet without depositing into a centralized account. There's no custodian, no KYC for most venues, and no withdrawal queues — but you also have no recourse if you sign a malicious transaction.

Major DEX categories: AMMs (Uniswap, PancakeSwap, Curve), order-book DEXs (dYdX, Hyperliquid), aggregators (1inch, Jupiter, CoW Swap).