@dreamrush
A decentralized exchange (DEX) allows users to trade cryptocurrencies directly with one another without the need for a central authority or intermediary. DEXs use smart contracts to facilitate trades, providing users with more control over their funds. Centralized exchanges (CEXs), on the other hand, are operated by a central entity, which holds users' funds and facilitates trades on their behalf. While CEXs offer higher liquidity and faster transactions, DEXs are more private, secure, and resistant to censorship, but they can have lower liquidity and higher fees during times of congestion.
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