A decentralized exchange (DEX) is a type of cryptocurrency exchange that operates in a decentralized manner, meaning there is no central authority or intermediary controlling the platform. Users can trade directly with each other using smart contracts and blockchain technology, which eliminates the need for a third party to hold users' funds. This gives users more control over their assets and reduces the risk of hacking or fraud. Popular DEX platforms include Uniswap, SushiSwap, and PancakeSwap.
