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Decentralized Exchange (DEX)

An exchange that leverages blockchain technology and smart contracts to allow traders and investors to buy and sell cryptocurrencies peer to peer.

DEXs are different from traditional centralized exchanges (or CEXs) because they do not require the use of intermediaries to match and process trade orders between a buyer and a seller. 

Instead, DEXs use a combination of smart contracts, price oracles, liquidity pools and automated market makers to enable buyers and sellers to exchange crypto in an open and permissionless manner while maintaining efficient price discovery.

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