DeFi & Protocols
Also: DEX, decentralized exchange
Decentralized Exchange DEX
A peer-to-contract trading venue where users swap tokens directly from their wallets without custodying funds.
A decentralized exchange allows users to trade cryptocurrency directly from self-custody wallets through smart contracts — no account creation, no KYC, no counterparty risk from the exchange itself. Most DEXs use automated market makers rather than order books. Uniswap, Curve, and dYdX are among the largest; DEX volume is a key indicator of on-chain activity and often a leading signal for DeFi market cycles.